Can you explain what you mean by "backed by ... ASICMINER shares"? Does this mean that TAT.VM holds shares of ASICMINER, and these shares belong to bond holders? Or, does it just mean that TAT.VM promises to hold a certain number of shares of ASICMINER as assurance that TAT.VM dividends will be paid?
Also, does "ASICMINER shares that represent an amount of hashing power" mean average hashing power per ASICMINER share? For example, the current ASICMINER hashing power is about 20 Th/s, or about 50 Mh/s/share, so each TAT.VM share would be backed by 1/50th of an ASICMINER share, right?
Finally, in addition to mining, a portion of ASICMINER dividends is based on the profits from sales of hardware. What happens to this portion of the dividends?
TAT.VM promises to hold a certain number of ASICMINER shares as extra assurance that the daily payouts will be made. This is in addition to the confidence that I have enough personal bitcoin to make payouts, even if I didn't hold backing assets.
Your understanding of the hashing aspect and how it works to back this asset is correct. Essentially, I am promising to hold an amount of AM shares that provably represents and equal or greater amount of hashing power to the amount of TAT.VM I have sold.
The only relationship my AM holdings have to this asset is as a form of assurance that the daily payout, as determined by the 24-hour hashing reward formula, will be paid with total confidence. TAT.VM is strictly meant to represent a virtual 1MH/s of hashing power, and the average mining rewards that might reap in a real-world setting, as determined by the formula.
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If I may, I'm hoping to address your dissenting vote for TAT.VM to list on BTCTC
TAT.VM is more than a simple bond, as it provides a speculative instrument that is very relevant within the current market environment. Due to the overpriced and obfuscated value of the majority of mining assets on the market, there will be creative ways to "play" this asset that will also lead to making a profit, due to its daily payout frequency and that the market likely considers TAT.VM to be underpriced.
What I am offering, despite its obvious exposure to mining difficulty increases, is one of the best value hashing representations out there.
Additionally, no matter how unlikely it may seem, it is not a guarantee the mining difficulty will go up forever, and this asset does provide a method for someone to hedge against that. In this sense I do have real risks on the table, risks that I had to consider heavily in pricing this asset.
Thank you for your questions, I do hope my answers help you to reconsider your vote for TAT.VM on BTCTC!
