-

[twmz]

Tell m if Im wrong, But from what I understand once I have made a backup of my wallet and I dont add any more addresses to it, I dont have to continue to make backups every time I receive or send coins, correct? Its only if i add an address that I have to do another back up. Or am I wrong?

Yes, correct.


grnbrg.

If you are using bitcoin-qt, this is wrong.  Every time you send BTC, a new address is quietly used behind the scenes to receive the change from your transaction.  You don't need to backup your wallet.dat every time you send BTC, because bitcoin-qt pre-creates a bunch of keys for this purpose, but when it runs out of pre-created keys, it will automatically create more and those new ones won't be in your old backups.

tl;dr: backup your wallet.dat regularly, not just once.  Create a cron job or a scheduled task to back it up to a Dropbox account or something once a day and you'll be fine unless you do 100s of transactions per day.

[bigasic]

ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...

[twmz]

ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...

Yes, that is what I mean.

I use and prefer bitcoin-qt (bitcoind, actually, with a custom web frontend).  Backing things up is really not a big deal. It's a one time task that I had to setup.  My backup script copies my wallet to my dropbox every half hour automatically, and my offsite backup software automatically backs that dropbox folder up as well.

I just put this in my crontab:

Code:

*/30 * * * *    /usr/local/bin/bitcoind backupwallet /Volumes/Data/Dropbox/Backups/wallet.dat

Set it and forget it...

[zulover]

serious stuff

[mmmerlin]

ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...

Or.... as I said above - deterministic wallet - problem solved. One backup, and if it's a brain wallet then it's even easier, just avoid car-accidents and you're all set! 

[Ashitank]

I hold 67 shares & dividend I have received is : 0.06198876BTC , which doesn't add-up to BTC0.00129834 x 67 - 0.0025BTC fees

[grnbrg]

I hold 67 shares & dividend I have received is : 0.06198876BTC , which doesn't add-up to BTC0.00129834 x 67 - 0.0025BTC fees

-0.025BTC....


grnbrg.

[Ashitank]

I hold 67 shares & dividend I have received is : 0.06198876BTC , which doesn't add-up to BTC0.00129834 x 67 - 0.0025BTC fees

-0.025BTC....


grnbrg.

Sorted 

[LostDutchman]

New Math.

http://www.youtube.com/watch?v=8wHDn8LDks8

I dunno.

;(

[SimonBelmond]

ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...

The same you recommend. Armory. You backup your deterministic wallet once and that's it. You can crate and use a ton of addresses and the backup is good for all of them. Armory lays focus on backups. The new version has M of N backups and printer safe paper backup. Just easily create 5 backup printouts and any e.g. 3 will be good to restore your wallet. And even if somebody manages to get hold of you printer memory they can not spend the coins with printer safe backups. When Alan is back from his honeymoon the guys will wrap up this version. There seems to be one more bug to be fixed before they can make the release official. My BF Address is an Armory Address and I feel very very comfortable with this. Alan just got a 600k Investment for Armory Development. As there isn't really a concrete buissness model yet, it is more like a 600k donation. They might be offering enterprise solutions once and make some money with support contracts and even more advanced features and such.

[||bit]

Well...

LabRat asset-list address number : 391
Remove the 2 or 3 LabRat address and you have maybe 388. (correct me if you have the good numbers)

388*0.025BTC = 9.7BTC...

9.7BTC for this week and maybee the next.

Sorry but 9.7BTC for manual payout when Bitcoind API's are here to send multiple paiement with a file, i found this very expensive.  

It was not 9.7BTC charged.  It was closer to 5 or 6.  I also do not hold any bonds whatsoever at this moment (even on the issuer account, which is my only account).

I can assure you I don't want to waste another Saturday sending out dividends manually and should have an automated payout in place by next week.

The other way I could have charged a fee is by % and then I have the guys holding thousands of bonds jumping down my throat. Either way it's unfair to someone.  My apologies, but at least I'm paying out dividends instead of looking for a way to jump ship like half the other issuers on BitFunder.

I know this is temporary. But this fee, taken out of bond holder dividends, appears to be wrong no matter how you slice it. For two seemingly obvious reasons:

1) 25% of all mining is taken out for exactly for this kind of expense. Labrat fee's and operational costs and whatever is left is suppose to be for re-investment. How could this not be a LabRat fee or operational cost? So, if it ends up that there is a little less for re-investment, that's just the way the 25% cut got allotted out this time.
2) Even if #1 could be explained away, which seems very unlikely, being paid more on (undisclosed) LabRat fee's an extra $700 to essentially do data entry for about two  hundred bond holders seems very expensive. I imagine it could be done in three hours; and that would come out to about $230/hour doing essentially data entry.

All that said. I do think you wanted to be fair, or at the least wanted to do what is best for LRM. But this seems to be an oversight that directly conflicts with any such positive intention. So, if I'm missing something obvious or key, then sorry, but let us know.

[sparky999]

Yeah that fee is beyond a joke especially when it could have just been sent through bitfunder as normal this week and then use your auto pay out method next week.

[||bit]

I hold 67 shares & dividend I have received is : 0.06198876BTC , which doesn't add-up to BTC0.00129834 x 67 - 0.0025BTC fees

-0.025BTC....


grnbrg.

Any idea on how the trading of bonds will be done after bitfunder? Another exchange, LRM main website or ....Craigslist?

[Ashitank]

I know this is temporary. But this fee, taken out of bond holder dividends, appears to be wrong no matter how you slice it. For two seemingly obvious reasons:

1) 25% of all mining is taken out for exactly for this kind of expense. Labrat fee's and operational costs and whatever is left is suppose to be for re-investment. How could this not be a LabRat fee or operational cost? So, if it ends up that there is a little less for re-investment, that's just the way the 25% cut got allotted out this time.
2) Even if #1 could be explained away, which seems very unlikely, being paid more on (undisclosed) LabRat fee's an extra $700 to essentially do data entry for about two  hundred bond holders seems very expensive. I imagine it could be done in three hours; and that would come out to about $230/hour doing essentially data entry.

All that said. I do think you wanted to be fair, or at the least wanted to do what is best for LRM. But this seems to be an oversight that directly conflicts with any such positive intention. So, if I'm missing something obvious or key, then sorry, but let us know.

+1. Dividend is the sole reason for getting into LRM , any -ve news on dividends hurts  , particularly for early adopters who bought @ 0.15 ~ 0.16 per bond 

[fractal02]

If i understand, this week dividends were the last scooped div' .

The next dividends will be the "493MH/s" per bonds or i'm wrong ?

[Ashitank]

If i understand, this week dividends were the last scooped div' .

The next dividends will be the "493MH/s" per bonds or i'm wrong ?

Lab_rat did not mention any thing about delivery of Bitfury gear which would be spread in 2 batches & also 2 weeks of mining on new gear as per THE PROPOSITION

[fractal02]

Lab_rat did not mention any thing about delivery of Bitfury gear which would be spread in 2 batches & also 2 weeks of mining on new gear as per THE PROPOSITION

Thank you Ashitank 

Got it : "and by mid Oct it should have a virtual boatload of BitFury gear hashing away in it"

So the "493mh/s per bonds" is for early November (in best case).

[maqifrnswa]

I know this is temporary. But this fee, taken out of bond holder dividends, appears to be wrong no matter how you slice it. For two seemingly obvious reasons:

1) 25% of all mining is taken out for exactly for this kind of expense. Labrat fee's and operational costs and whatever is left is suppose to be for re-investment. How could this not be a LabRat fee or operational cost? So, if it ends up that there is a little less for re-investment, that's just the way the 25% cut got allotted out this time.
2) Even if #1 could be explained away, which seems very unlikely, being paid more on (undisclosed) LabRat fee's an extra $700 to essentially do data entry for about two  hundred bond holders seems very expensive. I imagine it could be done in three hours; and that would come out to about $230/hour doing essentially data entry.

All that said. I do think you wanted to be fair, or at the least wanted to do what is best for LRM. But this seems to be an oversight that directly conflicts with any such positive intention. So, if I'm missing something obvious or key, then sorry, but let us know.

Ok, so total fees:
1) 20% of all IPO (~$20,000, what did we get for that much money? Why did we have to pay for a lawyer? That's Zach's responsibility since we don't own the company)
2) 25% of weekly dividends (we get some hardware, but total is unknown - how much goes to management?)
3) .025 BTC per account, one time
4) .025 BTC per account per year is transaction fees

[bigasic]

I know this is temporary. But this fee, taken out of bond holder dividends, appears to be wrong no matter how you slice it. For two seemingly obvious reasons:

1) 25% of all mining is taken out for exactly for this kind of expense. Labrat fee's and operational costs and whatever is left is suppose to be for re-investment. How could this not be a LabRat fee or operational cost? So, if it ends up that there is a little less for re-investment, that's just the way the 25% cut got allotted out this time.
2) Even if #1 could be explained away, which seems very unlikely, being paid more on (undisclosed) LabRat fee's an extra $700 to essentially do data entry for about two  hundred bond holders seems very expensive. I imagine it could be done in three hours; and that would come out to about $230/hour doing essentially data entry.

All that said. I do think you wanted to be fair, or at the least wanted to do what is best for LRM. But this seems to be an oversight that directly conflicts with any such positive intention. So, if I'm missing something obvious or key, then sorry, but let us know.

Ok, so total fees:
1) 20% of all IPO (~$20,000, what did we get for that much money? Why did we have to pay for a lawyer? That's Zach's responsibility since we don't own the company)
2) 25% of weekly dividends (we get some hardware, but total is unknown - how much goes to management?)
3) .025 BTC per account, one time
4) .025 BTC per account per year is transaction fees

Im going to have to agree with you on this one. The 25 percent management fee should have covered the manual send of the dividends.. Its not the amount that Im worried about,  i mean, .025 of a coin, thats like 3 dollars, its the principle.. Also, its not too hard to do the math, 55k bonds were sold... thats a lot of coin..

If there was more transparency, our bonds would be worth a lot more. there are other mining companies that have already announced that they are setting up their own way to sell/buy bonds.. Im sure there will be a platform where we can sell/buy bonds, but transparency is key. I see the grumbling already starting...

But, we are still waiting on a lot of equipment... So my bet is that we will be okay and these little "bumps" in the road will be an afterthought, If everything goes as planned, we will be very thankful that we did this investment.. but in the mean time  these issues that come up aren't good for any type of company, they seem to fester and grow out of control..

One thing im pretty sure of, now, this is purely guessing, but im betting not much of that 25 percent is going towards future equipment(if we have to pay a fee for our dividends). I think we all realize that Zach shouldnt be doing this for free and he deserves compensation, but I dont understand why there isnt an accounting for every bitcoin brought in and spent. He must have his reasons.. Lets hope his reasons are good for us...

Bottom line, we are going to have to trust Zach, thats all there is to it.. We have no choice...

[bittymitty]

1) 20% of all IPO (~$20,000, what did we get for that much money? Why did we have to pay for a lawyer? That's Zach's responsibility since we don't own the company)

This paid for setting up the mine including air con, installation etc( this process is still going on for the next batch of equipment).

2) 25% of weekly dividends (we get some hardware, but total is unknown - how much goes to management?)

This pays for electricity, maintenance, installation of new equipment and rent for mine.  Not sure if Zach is going to divulge this but a public reinvestment fund wallet might be an option?

3) .025 BTC per account, one time

This was for the time to pay manually, I think Zach said he worked on the weekend to do this. Plus I think the cost included setting up an automatic process for next time.

4) .025 BTC per account per year is transaction fees

Not sure about this?

I think this is a full time job for Zach so you have to take into account the man hours involved to manage the mine.  Zach also said that he used some of his own funds to set this all up before the IPO.

I do agree that more transparency would be better especially in this climate of closures and scams happening all around.