I posted this in hardware specific just before $1
https://bitcointalk.org/index.php?topic=162839.msg1712607#msg1712607EDIT::After some technical advices, an LTC ASIC appears to be the best way to maximize investment, we are not yet ruling out FPGA's though as the cost/return/risk profile has to be finalized
EDIT:: Due to interest I am proposing the following terms and am open to views of how much we need to see this through. IT is my view in the order of 1000 BTC./ 100000K LTC
EDIT :: LTC just hit $1 after I wrote this.
I PROPOSE THE FOLLOWING TERMS OF LTC HARDWARE FUND /OPEN BID MODEL
[1] CAPITAL RAISE
of XXX BTC
[2] PROGRESS PAYMENT MODEL
Total Each Payment
5% 5% Down:
10% 5% Initial Design including expected hash and Power, cost per unit
11% 1% Independent design review
12% 1% Travel
22% 10% Prototype
24% 2% Independent Prototype review
25% 1% Travel.
55% 30% Manufacture
65% 10% Independent Manufactured review
70% 5% Travel.
85% 10% 1st Production run of X units
Residual
95% Legal 10%, IP rights and licenses:
100% ADMIN/PROFITS 5% blanket Fee for admin of profits.
Terms
[3]PROFIT SHARING OF ALL MINING AND HARDWARE SALES minus 5% fee of admin/profits, in proportion to investment.
[4] Only a minimum of integer numbers of X BTC will be accepted per investor and no fractional BTC will be accepted (any fraction will be returned to sender)
[5] No promise as to delivery date will be made or as to any hardware being able to work, this is highly speculative. All investors must be prepared to lose all investment value.
[6] No investor will be replaced with any other investor, except in the most extenuating circumstance.
[7] At any point if the project looks unable to be realized all residual funds will be proportionately returned minus transfer fees
[8] If any investor or group of investors wishes to create shares or other tradeable instruments this is a matter for them based on their shares
[9] Profits will come from a maximization of hardware mining and sales.
[10] Open bid system for delivery of Hardware and software.
[11] Any residual for bid below market raise will be returned after terms for Bid is finalized. Note Travel, Review and Legals may have to be separated out as those costs will be more likely fixed
DO NOT SEND ANY BTC/LTC YET
Start::
How possible is this???
I propose a fund to do this, ASICS are too late, time for LTC specialist hardware.
Suggestions on how much we need to raise and spec for hardware
