The Most Competitive Mining Bond - Synergy @ 25Gh/s [GLBSE]

[btc-analyst]

Hi Garrett,

I'm holding some of the synergy bonds at the moment and I'm confused about the dividends.

You are saying, the dividends should equal the output of 1MHash hashing power.

Even at the current difficulty, according to my calculations, this should equal 0.00053 BTC per week. However, your dividends are always far lower than this value. Even in february, when the difficulty was still a lot lower, the dividends never reached 0.00053 BTC per week.

So what's wrong? If it's my calculation, then please explain how you are determining the dividends. If you did not pay enough dividends according to the bond contract, then please tell us when you will pay the overdue dividends.

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[1714492759]

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[Garr255]

Hi all,

Because of the nature of the original contract between myself and Synergy's underwriter, it was no longer in my best interest to continue operating Synergy. Because of this, we have performed a buyback of all bonds as per the contract, at 105% the 30d average price.

I'm going to keep the ticker alive but inactive on BTC-TC, in case I want to issue mining bonds under a new contract in the future.

Best,
Garrett

Code:

Public Contract: 

The holder of this bond will receive as coupons a number of Bitcoins equivalent 
to 100% PPS output of one million hashes per second for the duration of time the 
bond is held. All coupons will be paid on the Saturday of each week for the 
previous seven days of mining. This bond is 100% underwritten by a private 
investor. If operation is ceased at any time, during the same week the Investor, 
not the Manager, will repurchase all bonds at 105% the 744 hour average price.