[FIMB] Fixed-Interest-Mining-Bond on BTC-TC

[Deprived]

However, if the investment completely and utterly fails, I have more than enough BTC on hand to repay the bond with interest. You can view the balance of my public address here.

So why not just use that instead of issuing a bond?  Or use that to buy then when the equipment arrives sell bonds then to get back your capital.

If the cash is going to sit in that wallet idle then selling bonds makes no sense.
If the cash is NOT going to sit in that wallet then it can't back the bonds.

What am I missing here?

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[Factory]

What would you suggest as a fair rate for the put option? 90% of the face value is something I could do.

That is something you should not be seeking outside advice on. That would require a fully transparent examination of the finances and operations of this venture. I doubt you would provide such transparency.

The bond wil be backed by the hardware purchased with raised funds, and no, the board devs have funding of their own to evolve the boards.

So the funds are being used to buy more chips and boards, and that hardware is the backing for this issue? The depreciation of the hardware has a good chance of outpacing the coupon rate- something that should be a red flag for investors.

This problem is easily solved by creating "FIMB.2" "FIMB.3" etc.

I would highly suggest creating a clause stating this as Senior Issue A, and for subsequent offerings to be B, C, etc. This seniority will somewhat protect it's value for holders, even if future offerings present a more attractive yield.

[odolvlobo]

What happens if you don't sell all 10,000 bonds? The contract states that interest payments don't start until all are sold.

In this case, do the bond holders have to wait 3 years to get their money back? Do they only get 90% back? Do they get 102% back?

[Garr255]

What happens if you don't sell all 10,000 bonds? The contract states that interest payments don't start until all are sold.

In this case, do the bond holders have to wait 3 years to get their money back? Do they only get 90% back? Do they get 102% back?

Excellent point. I just changed the contract, what do you think?


Factory: I will add the seniority clause you specified. Also, I encourage you to check out my existing mining ventures, as I have been commended for being one of the most transparant people in the industry.

However, if the investment completely and utterly fails, I have more than enough BTC on hand to repay the bond with interest. You can view the balance of my public address here.

So why not just use that instead of issuing a bond?  Or use that to buy then when the equipment arrives sell bonds then to get back your capital.

If the cash is going to sit in that wallet idle then selling bonds makes no sense.
If the cash is NOT going to sit in that wallet then it can't back the bonds.

What am I missing here?

My money never sleeps. I frequently need a liquid stash of coins for arbitrage trading, purchasing and reselling hardware, and miscellaneous other things.

[Factory]

Factory: I will add the seniority clause you specified. Also, I encourage you to check out my existing mining ventures, as I have been commended for being one of the most transparant people in the industry.

This offering and project on a whole is hardly transparent. You may be more transparent than the majority of people in the industry, but that really isn't saying much.

You owe it to yourself and to investors to develop a comprehensive and well thought out contract for this offering. Starting with a vague two sentence contract was, to put it plainly, lazy.

The only thing I will commend you on is your willingness to accept criticism- but this issuance is a far ways away from what I would consider reasonable.

[kakobrekla]

Also, I encourage you to check out my existing mining ventures, as I have been commended for being one of the most transparant people in the industry.

Speaking transparant.

Garr255 and Werner = scammer trolls

[Garr255]

The only thing I will commend you on is your willingness to accept criticism- but this issuance is a far ways away from what I would consider reasonable.

I'm certainly not an expert on bond issuance and I'm not going to pretend otherwise.

In the "olden days" (roughly one year ago) one could list an asset on an exchange and call it a perpetual bond with no fixed rate or promise of returning principal ever, and it would receive no criticism. It shows how times have changed, but changed for the better IMO.

I want this to be the best mining bond in existance, and I believe some work needs to be done to make it that. Therefore, I am delaying the release of the first 10,000 bonds until 8:00 AM PST on Monday, July 1.

[ThickAsThieves]

Warning: Trade with extreme caution!

Garr255, it looks like you manipulated a sleeping asset on BTCT.co to skirt listing requirements. You have been moved back to the approval area for voting.

[Garr255]

Warning: Trade with extreme caution!

Garr255, it looks like you manipulated a sleeping asset on BTCT.co to skirt listing requirements. You have been moved back to the approval area for voting.

That was not my intention whatsoever. I simply did this with burnside's aid to avoid paying the 5btc asset creation fee redundantly. This is currently the only real bond offering out there, so I have no fear of getting it approved if that's your chief concern here.

With regards to my negative feedback: I never scammed anybody. All the people who have left me feedback are not the ones that were involved in the wrongdoing. One of them that was involved left me a positive feedback after we resolved the issue. Seems as though I'm not the only one in need of a bit of maturity/sanity.

Also see how this thread got no responses, and the one accusing me gets hundreds. Seems as though what was once a community here, now just enjoys ripping one another apart more than anything. https://bitcointalk.org/index.php?topic=242658.0

[kakobrekla]

With regards to my negative feedback: I never scammed anybody.

Sure you did. You also got caught and paid for your sins (for the ones the community found so far). That does not make you not guilty.

[Garr255]

Saw FIMB was approved and pushed through, congratulations! Can't wait for future details.

Thanks

I'll be making all future announcements for FIMB in the updates section of the assets page, here: https://btct.co/security/FIMB#tab4

Cheers,
Garrett