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foxykah
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July 31, 2013, 04:46:40 PM |
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Up to 12.5 mill orders at or above the IPO price.
I kind of want to order more now but I'm holding off since you said not too.
I still think capping large orders and distributing shares as much as possible to smaller orders would be the most 'fair' way to do this. In the real world IPOs aren't fair at all - banks give shares to themselves and their preferred clients first.
but we dont work like the real world. this is bitcoin world  |
Good things come to those who wait.
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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foxykah
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July 31, 2013, 04:47:28 PM |
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Since no solution at this point will be 'perfect' and we are doing the best we can I would like to apologize in advance to anyone that feels that our solution is unfair. As previously mentioned, we had no way of anticipating asset-release time or interest in the IPO.
Just pull the trigger at the stated time, release the entire amount, at the IPO price and let the market decide. I'll provide a shoulder for anyone to cry on if their feelings got hurt for only 1btc per 5min. This is the correct answer. Let the market decide what to pay. And what if someone decided to buy 7,000,000 share at 0.004 BTC? Would you be happy with that? Free markets simply favour the rich and greedy. The cap and percentage idea is by far the fairest so far. +1 |
Good things come to those who wait.
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burnside
Legendary
 Offline
Activity: 1106
Merit: 1004
Lead Blockchain Developer
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July 31, 2013, 04:47:50 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
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boyohi
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July 31, 2013, 04:48:12 PM |
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Up to 12.5 mill orders at or above the IPO price.
I kind of want to order more now but I'm holding off since you said not too.
I still think capping large orders and distributing shares as much as possible to smaller orders would be the most 'fair' way to do this. In the real world IPOs aren't fair at all - banks give shares to themselves and their preferred clients first.
but we dont work like the real world. this is bitcoin world where we're going we don't need roads |
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Rannasha
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July 31, 2013, 04:49:53 PM |
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- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
FYI: That's 22:00 CEST or 20:00 GMT. |
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Sou
Full Member
Offline
Activity: 210
Merit: 100
(Bitcoin related text here)
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July 31, 2013, 04:51:14 PM |
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Since no solution at this point will be 'perfect' and we are doing the best we can I would like to apologize in advance to anyone that feels that our solution is unfair. As previously mentioned, we had no way of anticipating asset-release time or interest in the IPO.
Just pull the trigger at the stated time, release the entire amount, at the IPO price and let the market decide. I'll provide a shoulder for anyone to cry on if their feelings got hurt for only 1btc per 5min. This is the correct answer. Let the market decide what to pay. And what if someone decided to buy 7,000,000 share at 0.004 BTC? Would you be happy with that? Free markets simply favour the rich and greedy. The cap and percentage idea is by far the fairest so far. +1 for a cap |
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forensick
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July 31, 2013, 04:51:45 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
sounds sane
Cheers.
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TheSwede75 (OP)
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July 31, 2013, 04:52:19 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
This is our solution: Like it or not, me and Ethan could not figure out a more 'fair' way of distributing shares. We are fully aware that this is by NO means a perfect solution but it is as close to a 'real world' IPO as possible and with the situation being what it is ( Please don't hurt me!). |
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foxykah
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July 31, 2013, 04:52:25 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
+1 Chances are, some will move their coins to the other IPO and the ratio will be 1 by the proposed time. many +1, thanks Burnside and TheSwede75 |
Good things come to those who wait.
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Bitcycle
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July 31, 2013, 04:53:14 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
Please respond and confirm that this means there is no point in a pre-cutoff bid above 0.001 as you are looking at nothing other than the number of shares requested in a given bid. |
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davos
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July 31, 2013, 04:54:24 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
Based on current bids, everyone who has bid BTC0.001 or greater will receive 71.14% of their order. |
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ajk
Donator
Sr. Member
Offline
Activity: 447
Merit: 250
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July 31, 2013, 04:54:31 PM |
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this is dumb so the bids over .001 are being taken what is the point of an IPO?
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dhenson
Legendary
Offline
Activity: 994
Merit: 1000
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July 31, 2013, 04:54:43 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
Everyone with higher bids are going to want to move your bids to .001, otherwise you are cheating yourselves out of a chance at more shares. Realistically all bids should be at exactly .001. For example, if you bid 100,000 shares at .0011 you could move those bids to .001 with 0 risk and bid 110,000 shares for the same btc. |
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foxykah
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July 31, 2013, 04:55:22 PM |
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this is dumb so the bids over .001 are being taken what is the point of an IPO?
they arent being taken, but they represent a smaller volume than they could if they were @ 0.001 |
Good things come to those who wait.
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foxykah
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July 31, 2013, 04:56:14 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
Everyone with higher bids are going to want to move your bids to .001, otherwise you are cheating yourselves out of a chance at more shares. Realistically all bids should be at exactly .001. For example, if you bid 100,000 shares at .0011 you could move those bids to .001 with 0 risk and bid 110,000 shares for the same btc. exaclty |
Good things come to those who wait.
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TheSwede75 (OP)
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July 31, 2013, 04:56:36 PM |
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this is dumb so the bids over .001 are being taken what is the point of an IPO?
I will confirm with Ethan Burnside but this is not the intent. Bids of 0.001 AND over will be pooled, only bids below the IPO price will be cleared. |
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ajk
Donator
Sr. Member
Offline
Activity: 447
Merit: 250
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July 31, 2013, 04:56:43 PM |
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this is dumb so the bids over .001 are being taken what is the point of an IPO?
they arent being taken, but they represent a smaller volume than they could if they were @ 0.001 It sounds like they are being taken... someone just said that they are accepting a ratio of it, so please explain how your statement of "they are not being taken" is correct |
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limbaugh
Legendary
Offline
Activity: 1311
Merit: 1000
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July 31, 2013, 04:57:03 PM |
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Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)
TheSwede75 and I have talked a bit and here's what we've come up with:
- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.
Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.
Cheers.
Good job Burnside and theswede75! |
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drawingthesun
Legendary
Offline
Activity: 1176
Merit: 1015
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July 31, 2013, 04:57:15 PM |
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Can someone post the clock for share buying pre-IPO cutoff please
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