[CLOSED] Hosted-Mining (revenue shares) / BTCT.co

[redbeans2012]

people who miss out will just buy in for a higher price, and this is what drives share prices up.  Then you release the second IPO after.. that's how its done

Unfortunately that's not how it was done

Can it still be done?

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[VolanicEruptor]

people who miss out will just buy in for a higher price, and this is what drives share prices up.  Then you release the second IPO after.. that's how its done

Unfortunately that's not how it was done

Can it still be done?

Sure, but that would mean cancelling the IPO right now, completely revising it, and then getting it approved again.  This would all eat up valuable time and so it could be too late.  They should have had someone on their team who know what they were doing with issuing shares, because this is a complete failure right from the start.

[medicine]

I'm not touching this one.  Show us a contract for a whole 90-100TH and then maybe people will start to bite.

[redbeans2012]

people who miss out will just buy in for a higher price, and this is what drives share prices up.  Then you release the second IPO after.. that's how its done

Unfortunately that's not how it was done

Can it still be done?

Sure, but that would mean cancelling the IPO right now, completely revising it, and then getting it approved again.  This would all eat up valuable time and so it could be too late.  They should have had someone on their team who know what they were doing with issuing shares, because this is a complete failure right from the start.

Couldn't he just get the shareholders to vote on it. Its only like 200 shares out there. 

[VolanicEruptor]

You can revise terms and issued shares but it needs approval I think

[Sou]

As a share holder it would be in their best interest.

[hasher87]

even if they were to change the price of the share to 0.1 per share, they need to compensate those who bought the initial share at 0.28

only bought 1 share so far, i need to wait first before i can invest dozens of it

[redbeans2012]

even if they were to change the price of the share to 0.1 per share, they need to compensate those who bought the initial share at 0.28

only bought 1 share so far, i need to wait first before i can invest dozens of it

I dont see why they would need to change the price of the shares, just have less shares available at .28  I dont think any shareholder would disagree.  Not sure if thats allowed though.

[hasher87]

even if they were to change the price of the share to 0.1 per share, they need to compensate those who bought the initial share at 0.28

only bought 1 share so far, i need to wait first before i can invest dozens of it

I dont see why they would need to change the price of the shares, just have less shares available at .28  I dont think any shareholder would disagree.  Not sure if thats allowed though.

okay so reduce the number of shares available at the price .28, once the 1st batch of share is done, the next batch price should go up a bit

thats fair enough

[zif33rs]

Hey..sorry folks..emergency on the farm..had to reboot everything. Hostedmining customers..I apologize for the unexpected down time. Everything is coming back up now.

I will gather up the questions that need to be addressed and have a response shortly.

Thanks

[zif33rs]

I see a huge problem releasing this many shares with the intention of only raising 5000btc to start..
you're narrowing the interest to only long-term investors.  You need the short term ones too.  Speculators aren't going to buy in just to watch the other 230,000 shares just sit there while the share price does nothing.  
If you needed 5000 BTC to get started, then you should have started with a 20,000 share IPO.  That would have caused some excitement...

Because of this method, we are going to see zero action.  

You are absolutely right. I did not take it fully in to consideration I guess.  I would like to propose a change to make the release the 20k share for phase 1 with the second release to come after the 10th start to produce.

I am not sure the fairest way to go about this. I made a news announcement to stop trading in a few minutes so we can figure it out.

Thanks everyone.

[Sou]

First dividends to the first 20,000?

[redbeans2012]

I see a huge problem releasing this many shares with the intention of only raising 5000btc to start..
you're narrowing the interest to only long-term investors.  You need the short term ones too.  Speculators aren't going to buy in just to watch the other 230,000 shares just sit there while the share price does nothing.  
If you needed 5000 BTC to get started, then you should have started with a 20,000 share IPO.  That would have caused some excitement...

Because of this method, we are going to see zero action.  

You are absolutely right. I did not take it fully in to consideration I guess.  I would like to propose a change to make the release the 20k share for phase 1 with the second release to come after the 10th start to produce.

I am not sure the fairest way to go about this. I made a news announcement to stop trading in a few minutes so we can figure it out.

Thanks everyone.

I don't know much about IPO's it seems like you should at least give a price that you will release the second batch at.  I've noticed some problems when companies say they will release a second batch with no price being shown.  Crypto-Trade for example has a few batches I believe and he tells you the prices of each batch. Once you are hashing away, your other batches will sell like hotcakes, the goal is to start hashing ASAP. 

Again I am not an expert on any of this stuff, so want to see other people's ideas.

[zif33rs]

I don't know much about IPO's it seems like you should at least give a price that you will release the second batch at.  I've noticed some problems when companies say they will release a second batch with no price being shown.  Crypto-Trade for example has a few batches I believe and he tells you the prices of each batch. Once you are hashing away, your other batches will sell like hotcakes, the goal is to start hashing ASAP. 

Again I am not an expert on any of this stuff, so want to see other people's ideas.

I have stated that we will release a price structure for the next batch of shares. I think that is most fair. Give a set time and date along with the expected release price.

[redbeans2012]

I don't know much about IPO's it seems like you should at least give a price that you will release the second batch at.  I've noticed some problems when companies say they will release a second batch with no price being shown.  Crypto-Trade for example has a few batches I believe and he tells you the prices of each batch. Once you are hashing away, your other batches will sell like hotcakes, the goal is to start hashing ASAP. 

Again I am not an expert on any of this stuff, so want to see other people's ideas.

I have stated that we will release a price structure for the next batch of shares. I think that is most fair. Give a set time and date along with the expected release price.

Cool I will invest now. 

2 questions first I'm not sure if they've been answered in this thread yet.

1. Are you paying them with BTC or do you have to convert?

2. Have you been to this place and seen it with your own eyes?

[zif33rs]

Cool I will invest now. 

2 questions first I'm not sure if they've been answered in this thread yet.

1. Are you paying them with BTC or do you have to convert?

2. Have you been to this place and seen it with your own eyes?

1. If we reach the launch threshold we will be paying in btc.

2. I have not. But soon as we reach launch I will make that request. I can literally almost look out my front door and see where it is. Its straight across the sound from me.

3. I do have unedited photos from Jinyoung of CoinLab showing the chips and board.

[zif33rs]

I have revised the Prospectus to the following terms and updated the front page.

1.) PHASE I - Initial Offering


Our offering will be in two major batches, both of which contains 250,000 shares.   Initially, we will release 20,000 shares of the first 250,000. They will be price at 0.28 per share.

If the equivalent of 5,000btc worth of shares(17858 shares) or more are sold, we will go ahead and sign the contract to get our initial 10TH. We will then start hashing by no later than Aug. 30, 2013.
If we failed to raise 5,000btc by Aug. 30, 2013, all btc from investors will be returned minus transaction fees.

Starting from no later than Aug. 30, 2013, 100% of the mining revenue will be divided equally with shares sold and delivered as dividend for each share weekly.

END OF PHASE I - HASHRATE: 10TH


2.) PHASE II - Expansion

After the 10TH is online, we will be entering the second phase.    In this phase, we will hold on to the rest of batch one shares(230,000) until we have some firm deals available.   We are already in contact with BTCGarden to negotiate with their hashpower that goes online in mid September. Once we have some contract in hand, we will disclose the necessary details in an announcement and release the shares needed to do the purchase.   These shares released will be priced higher than 0.28btc/share to give an advantage for the initial investors.
We were once BTCGarden's shareholder, so as promised, we can get a discount on their 0.45btc/GH price. Also, we are going to order a large batch from them, we confident this can lower the price even further.    However, Alydian and BTCGarden are just our start. Our potential suppliers could be any current/future mining hardware manufacturer that could offer a competitive price.

Once we are established and running, we will not stop seeking for best priced mining hardwares in large batch until our first 250,000 shares are issued or we have obtained over 51% hashpower of the network.
END OF PHASE II - HASHRATE: Exact hashrate will be available once we have negotiated the price with potential suppliers, but should be well over 100TH.


3.) PHASE III - Second Batch Offering

This phase won't start until we have depleted the fund we raised from our first 250,000 shares.   The releasing process will be similar to phase II.
We will not retain any mining revenue until we have doubled the hash rate in the end of phase II using the fund from the second batch.

END OF PHASE III - HASHRATE: Exact hashrate will be available once we have negotiated the price with potential suppliers.


4.) PHASE IV - Reinvestment Phase

This phase starts when we have doubled the hash rate specified in the end of phase II.

After this threshold, 50% percent of the mining revenue will be retained as growth fund.

The details for this phase will also be available when entering phase III.

END OF PHASE IV

[zif33rs]

Ok folks..We are almost at 10% of whats needed to achieve launch. Not bad for the first night.


Again I thank everyone for the awesome ideas and support you have shown this project. Its very humbling.


I am going to bed but will be up first thing to answer any questions and to talk about getting this contract signed.

Good night.

[stslimited]

this is hilarious, no wonder burnside is so adamant about calling his exchanges a game: you have to pay to play!

I'm never selling my litecoin global shares as long as this continues lmao

[klee]

Bought 5!