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Author Topic: BitFlowSystems IPO  (Read 16444 times)
SgtSpike
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June 17, 2011, 09:45:21 PM
 #21

Thanks - I will consider making an investment.
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WiseOldOwl
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June 17, 2011, 09:46:58 PM
 #22

NP. Look forward to cutting you a dividend Smiley

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Jdumond
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June 17, 2011, 10:46:09 PM
 #23

I am in for 150 shares, mostly because I am proud of myself for figuring out how to work glbse.

Good luck!

I dont like the guy. How many reasons do I have? alot.
How many reasons do I need? none.
I just dont like the guy.

Donate here: 1Juv5x7PHcNQdRzdUpWK1DHMKwMy7j7zxj
Tradehill: TH-R11447
Benjie
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June 17, 2011, 11:59:33 PM
 #24

I cant see the business plan the link isnt working
WiseOldOwl
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June 18, 2011, 12:41:52 AM
 #25

The linke has a lot of encryption which is supposed to be their for the glbse server but down towards the bottom you can see the actual text and terms of contract.

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June 18, 2011, 12:54:32 AM
 #26

to clarify how much hash are you running right now?
WiseOldOwl
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June 18, 2011, 01:25:54 AM
 #27

About 1 g/hash atm. I ordered a cable from cablesrus here on bitcoin forum that should be here on monday. I have another 5850 sitting here for that cable.

I got that together in about 8 days. I also have a refund from some msi 6950's twin frozrs that were broken, so i shuold get a couple of those soon.

The PC Cafe owner has been generous with hardware such as PSU MB RAM etc. I pretty much just focus on cards.

While i'll admit that 1 G hash is nothing special, Within a couple weeks it will be >2.5 and if the IPO sells out it would be roughly 6g /hash. And I intend to increase this number at a constant rate.

The PC Cafe owner has 5 Comps with 2 6970's each that I personally have 30% ownership in, Which is about another .9G/hash in my pocket. If your wondering how I am keeping my sanity only running 2 G/hash the answer is "its difficult" I would love to fill my "server room" (5x10 Closet With A/C and Exhaust Routed to it) with mining rigs. I should show pics of this...remind me, I am not at home. That is the goal, We have the space for it, and ample amperage on the circuit. Should be a while before we expand beyond its abilities.

We need to beef the hash rate, that's why, as stated earlier, 75% of the IPO goes towards mining.

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June 18, 2011, 02:17:10 AM
 #28

i have some coins leftover in GLBSe ill buy some shares in the morning. Hopefully we can get a vote going and change the payouts to one a month.
WiseOldOwl
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June 18, 2011, 02:38:23 AM
 #29

Sounds Good,
We also would like to see monthly payouts.
I just want them to be worth it first.
So far the general consensus is too do the first quarter and switch to monthly after that.
So the latest you would see a vote is end of quarter 1.

We appreciate your confidence as investors,
Thank you!!

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Ben Walsh (beamer)
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June 18, 2011, 10:43:14 AM
 #30

I am tempted by this, however, I have a few questions before I invest. I think these results from these will also help to encourage others to make an investment ...

     You mentioned USD investors in the initial thread, which I am assuming are the two investors you mentioned here.
     What assets/cash does the company currently hold as a result of the funds raised from these two investors ?

     You mention "The backing is the equipment, money, and labor i already have invested." for the 51% of the shares you own.
     What assets/cash does the company currently hold as a result of this ?

     What liabilities does the company currently hold ? You mentioned debt earlier - are there any as of now ? What the retainer arrangement with the programmer ?

     I am not clear on your plans for the websites bitcoinbux.com and betterbitcoinbureau.info.
     Can you put together a business plan covering what you intend to do with these ?
     How do you plan to bring income into the company through these sites ? Please ensure this includes projected user growth figures and revenues.
     I am more clear on the mining side of the company but it would also be extremely helpful to have that documented in the business plan too.
     Please include plans for how you intend to deal longer term with the move from GPUs to hardware designed specifically to mine Bitcoins.

     Are the websites bitcoinbux.com and betterbitcoinbureau.info owned by the company now ?

     I am uncomfortable with the two USD investors having greater control (29%) than the other shareholders excluding yourself (20%).
     I think this is particularly important as the during the initial stages of the company a lot of decisions will need to be made through votes and you have already stated they
     do not understand Bitcoin - something I personally feel essential for such large owners of a Bitcoin company. How could you change this situation before 12/31/2011 as I
     feel that will act as a significant drag to investor takeup ?

BTC Difficulty Avg Change Google Gadget - http://bit.ly/nWZLkr
How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
BTC Donation Address : 13Wu7W7jmjQot7xnqogHYSmUmR1MzyB3YE
Ansem
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June 18, 2011, 12:49:50 PM
 #31

Just got an amazing amount of 3 shares Tongue Would get more if I had more bitcoins, maybe at a later date. Took me a while to figure the client out but I'm getting there..

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WiseOldOwl
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June 18, 2011, 05:06:59 PM
 #32

I have
roughly 25 Bitcoins.
(2) 6870's
(1) 5850
(2) 6950

Plenty of hardware

Bitcoinbux/betterbitcoinbureau

Internet/Electricity

Server Room Converted And Ready to go.

Just our experience in trading alone is worth 200 btc.

From the 2 investors I got most of the cards, Although I put in 600 Cash as well.
They also Took a leap of faith giving me any money for something like bitcoin.
They risked their money and time when we were at stage 1 100% risk factor.

BetterBitcoinBureau is going to be based off of the BetterBusinessBureau concept. This site is the brainchild of one of our  (2) investors who used to work for the BBB. Here you would be able to list your new company or file complaints about a company. It is like a rating system Smiley A small fee for listing a company and a smaller fee for filing a complaint to be posted online.

BitcoinBux on the other hand is going to be a financial epicenter. We plan on including an exchange, gambling games, financial products, etc.. Lately we have been discussing a payday loan for miners, Where they show their "Bank statements" (how much they mine a week), and get a bitcoin front until next mining pay day. Nothing is set in stone but these are the general ideas behind each.
When it comes to projected income and growth for each site, I simply in good faith could not give you that estimate as it would have absolutely no validity to the numbers.
For a good estimate, look at what other projects currently make. Casinos are roughly 4% favored. Payday loans are unbelievable at 460%, Transactions for exchange related or transfers command roughly<1%. So a combination of those multiplied by traffic = revenue.

The (2) investors will not vote against you guys unless it is absolutely vital to their existence. I made it perfectly clear that
I answer to you guys, and it would be very difficult to get me to vote against you ( the public investors). I can personally buy them out, but these are good friends who believed in me not even knowing what bitcoin was. They deserve a little action. But they respect your opinion as i do. They know you guys know what your talking about and they look to this forum for guidance

When it comes to debt, we owe about 1K to ourselves (me and the investors). We ate a lot of the costs, and donated some hardware. We also used cash so the payments could be postponed. Most of that money will be made back before the IPO is sold anyways.

The programmer situation has been discussed previously I believe. Basically we have him on hold and it costs us nothing until we are ready.

The investors control has been discussed earlier as well
The investors will not be involved in the glbse votes for now. They only are to be involved if we start spending money, not deciding how we handle our business.

A lot of these questions seem to be discussed previously so I am going to ask that everyone please read through all BitFLowSys Threads before asking questions, (not directed at you beamer, i just want to post this because there is a lot of info out there now and I could see myself having to re-answer stuff non stop from lack of DD (due-Diligence).
Thank You.

*EDIT*
I should add that our investors understand bitcoin "enough". Maybe they dont understand the HASH process and the technical stuff but they are very versed in currency and exchange. They know there place and would not vote on anything unless they really felt they understood it fully.


As of this post 549 Shares have been sold !! Smiley

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June 18, 2011, 07:13:24 PM
 #33

I have 1 more question what makes your "company" better then SkepsiDyne Integrated Node?
Ben Walsh (beamer)
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June 18, 2011, 07:41:42 PM
 #34

Thank you for your answers. Much appreciated.

I now own 500 shares. Further bigger investment very likely when the first dividend is paid out.

I look forward to making our company one of the best in the Bitcoin community.

BTC Difficulty Avg Change Google Gadget - http://bit.ly/nWZLkr
How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
BTC Donation Address : 13Wu7W7jmjQot7xnqogHYSmUmR1MzyB3YE
WiseOldOwl
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June 18, 2011, 07:45:48 PM
 #35

Before I even go look at them let me say I haven't checked them out.
So I don't know.
We are going on about this business regardless of what other companies may be doing, even if it is identical (is it?). . Not that we shouldn't or wouldn't  analyze competition, it's just that the market isn't exactly saturated with any one industry. So to let what someone else is doing alter our decisions would only be bad for the company.
If the company you mentioned has a similar business model, then I commend them. You as investors can make the choice to invest in one or the other, both, none.

My general feeling about bitcoin is that it will continue to grow. Meaning any portion of the market we can seize now will be exponentially bigger the longer we can maintain it.

Thanks, Good Question. To be honest, it is not very uplifting to see someone doing the same thing you are. I don't plan on investigating that company as of the moment. I will have a more impartial third party look at it and give me a review. I know full well it does not matter if we are doing something remotely similar or exactly the same thing, the pie is big enough for two companies in the bitcoin game atm.

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WiseOldOwl
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June 18, 2011, 07:47:05 PM
 #36

Thank you for your confidence beamer,
I look forward to it as well Smiley

Update: 1249 Shares sold as of this update Smiley

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June 18, 2011, 08:49:02 PM
 #37

Okay Ill be investing a little bit. Still interested in what you have to say after you get a review of SIN.
Ben Walsh (beamer)
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June 19, 2011, 01:56:08 PM
 #38

Me too.

Okay Ill be investing a little bit. Still interested in what you have to say after you get a review of SIN.

BTC Difficulty Avg Change Google Gadget - http://bit.ly/nWZLkr
How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
BTC Donation Address : 13Wu7W7jmjQot7xnqogHYSmUmR1MzyB3YE
WiseOldOwl
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June 19, 2011, 09:30:21 PM
 #39

Okay,
Hello everyone.
I looked over SkepsiDyne, and It seems to be a legit mining operation. I think he said he raised 8,000 usd through the IPO or sale. This is definitely not a threat to us. I like the graphs that show the investors the hash rate (so that will be incorporated). If you have more particular concerns regarding them let me know please so we can go over them. I saw that they were worried about the SEC getting involved. This is a non-issue at this point for us and them.

It brings me to another issue, Did we under-value this operation? Should we of initially tried to raise more, and started with a bigger project?
Any current share holders are encouraged to reflect on these questions and post feedback, as will we. There are solutions if we want to make a change, but let me assure I am just suggesting the discussion, and not changing anything prior a vote.

An option would be for me to recall this rest of the available shares and offer them at .02 (or whatever), if you guys think that is the true value and that people will feel the same way. Those of you who bought in early would reap the benefits of a 100% gain in stock price. And the total money raised by the IPO would be significantly more, meaning we get more mining hardware and start off a little bigger.

Let us know how you feel about the situation, going on about the original plan is never a bad idea, so don't think I am here trying to lobby for a change. I just noticed the numbers and would like to bring it to everyone's attention.

As of this post over 2100 shares have been purchased!!
Good luck and congratulations on your stake in what looks to be a successful project!

http://cryptoswap.com
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elmom
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June 19, 2011, 09:52:58 PM
 #40

Do not artificially inflate the price, SIN or DISHWARA (don't remember which) did that (based on a vote) and it resulted in shareholders undercutting the IPO, meaning FREE MONEY.

You do have the option of stopping this particular IPO and starting a new one, but the "B" stock then needs to be somehow "worth" the higher price.
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