towtoad
Member
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Activity: 98
Merit: 10
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September 13, 2013, 08:26:32 AM |
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To check my luck, I placed a single bet on JD with 300BTC: https://just-dice.com/roll/124870903Since I won, I'll do another spread out: 1 BTC for 10 BTC investment on http://ipo.letsdice.comfrom now on, 120 BTC available! and in case you all didn't notice, I'm quoting Martin's new message here: Update - September 13th - New Bankroll Info
1. About the Bankroll
a) The first 10,000 BTC bankroll belongs to the shareholders of the initial 20% of shares released.
b) These original IPO shares are specially noted and traceable (so we know who owns IPO shares)
c) Every time the bankroll increases by 10,000 BTC, we will send 2,000 BTC back to the shareholders who bought in at the IPO. So, when the bankroll reaches 20,000 BTC, a payment of 2,000 BTC will be spread among the original 1,000,000 shares.
i. Bankroll: 20,000-2,000=18,000
ii. Bankroll: 28,000-2,000=26,000
iii. Bankroll: 36,000-2,000=34,000
iv. Bankroll: 44,000-2,000=42,000
v. Bankroll: 52,000-2000=50,000
d) In this way, when the bankroll hits 50,000 BTC, the original shareholders will have recovered their investment, while still retaining their shares. The entire bankroll belongs to the shareholders.
e) The initial bankroll is planned to grow by [wagered amount x 1% x 25%] (although this will be decided in the initial board member meeting). Board members may decide in the early stages to increase this percentage to allow for faster bankroll growth.
f) If the bankroll drops below 5,000 BTC, we have the following plan (which we hope we will not have to ever use!)
i. We will sell the necessary number of shares at market price to bring the bankroll back up.
ii. The IPO shareholders will have first preference to buy these shares.
iii. This 5000 BTC bankroll is also the property of all shareholders, and will follow the aforementioned restitution plan (i.e., 2,000 BTC back to the original shareholders per 10k raised)
2. Regarding the Board of Directors
a) To become a board member, one must own at least 20,000 shares and hold them for more than 2 months.
b) Any given shareholder may only have one board seat, regardless of number of shares held.
c) The LetsDice team has only one board seat (although we retain a veto power) I have invested 20 bitcoins yesterday, could you pls give me 2 bitcions feedback? Sorry, you invested before this policy... However, to be fair, if you invest 20 more, I'll give you back 4. is that OK for you? |
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David Chen
Member
Offline
Activity: 91
Merit: 10
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September 13, 2013, 09:19:43 AM |
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To check my luck, I placed a single bet on JD with 300BTC: https://just-dice.com/roll/124870903Since I won, I'll do another spread out: 1 BTC for 10 BTC investment on http://ipo.letsdice.comfrom now on, 120 BTC available! and in case you all didn't notice, I'm quoting Martin's new message here: Update - September 13th - New Bankroll Info
1. About the Bankroll
a) The first 10,000 BTC bankroll belongs to the shareholders of the initial 20% of shares released.
b) These original IPO shares are specially noted and traceable (so we know who owns IPO shares)
c) Every time the bankroll increases by 10,000 BTC, we will send 2,000 BTC back to the shareholders who bought in at the IPO. So, when the bankroll reaches 20,000 BTC, a payment of 2,000 BTC will be spread among the original 1,000,000 shares.
i. Bankroll: 20,000-2,000=18,000
ii. Bankroll: 28,000-2,000=26,000
iii. Bankroll: 36,000-2,000=34,000
iv. Bankroll: 44,000-2,000=42,000
v. Bankroll: 52,000-2000=50,000
d) In this way, when the bankroll hits 50,000 BTC, the original shareholders will have recovered their investment, while still retaining their shares. The entire bankroll belongs to the shareholders.
e) The initial bankroll is planned to grow by [wagered amount x 1% x 25%] (although this will be decided in the initial board member meeting). Board members may decide in the early stages to increase this percentage to allow for faster bankroll growth.
f) If the bankroll drops below 5,000 BTC, we have the following plan (which we hope we will not have to ever use!)
i. We will sell the necessary number of shares at market price to bring the bankroll back up.
ii. The IPO shareholders will have first preference to buy these shares.
iii. This 5000 BTC bankroll is also the property of all shareholders, and will follow the aforementioned restitution plan (i.e., 2,000 BTC back to the original shareholders per 10k raised)
2. Regarding the Board of Directors
a) To become a board member, one must own at least 20,000 shares and hold them for more than 2 months.
b) Any given shareholder may only have one board seat, regardless of number of shares held.
c) The LetsDice team has only one board seat (although we retain a veto power) I have invested 20 bitcoins yesterday, could you pls give me 2 bitcions feedback? Sorry, you invested before this policy... However, to be fair, if you invest 20 more, I'll give you back 4. is that OK for you? Sad, I have no more bitcoins... |
reputation is everything.
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DaSheep
Member
Offline
Activity: 112
Merit: 10
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September 13, 2013, 09:38:42 AM |
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I'm thinking about putting some coins in this because I lost trust in JD but I have some questions:
1. Will I be able to send invites if i decide to invest?
2. Will bets be realtime or delayed?
3. Is it provable fair? If so how?
4. Is it possible to sell shares back to you or am I only able to sell if I find a private buyer?
Thanks
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"That’s all I know."
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Martin Gale (OP)
Newbie
Offline
Activity: 53
Merit: 0
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September 13, 2013, 09:52:56 AM |
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I'm thinking about putting some coins in this because I lost trust in JD but I have some questions:
1. Will I be able to send invites if i decide to invest?
2. Will bets be realtime or delayed?
3. Is it provable fair? If so how?
4. Is it possible to sell shares back to you or am I only able to sell if I find a private buyer?
Thanks
1. All users can send invites, but investors will have the first chance to create a "seed user" account (meaning you are at the top of the invite chain). 2. Realtime (the beta of the site is up and running, check it out). We also have an on-chain mode which works like SatoshiDice, which is slightly delayed. 3. https://letsdice.com/fair/4. I make no guarantees of a share buyback, although I may be willing to. In general you will have to find a private buyer (although this will be much easier once passthrough shares are created) |
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deathmul
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September 13, 2013, 10:08:47 AM |
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Shares will be listed on Bitfunder, Havelock or other market?
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towtoad
Member
Offline
Activity: 98
Merit: 10
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September 13, 2013, 10:13:38 AM |
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Shares will be listed on Bitfunder, Havelock or other market?
you can passthrough your shares to any market. |
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chicobr
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September 13, 2013, 10:50:03 AM |
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I think this point is clear for everyone, but still, I'd like to ask again:
If the IPO don't reach the 8k BTC until the 15th (1,5 days remaining). The site won't go online, and all the investments will return to the correspondent wallets?
Thanks!
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manrus
Legendary
Offline
Activity: 1334
Merit: 1004
TTM
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September 13, 2013, 11:05:33 AM |
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deathmul
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September 13, 2013, 12:36:06 PM |
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towtoad
Member
Offline
Activity: 98
Merit: 10
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September 13, 2013, 02:42:48 PM |
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I think this point is clear for everyone, but still, I'd like to ask again:
If the IPO don't reach the 8k BTC until the 15th (1,5 days remaining). The site won't go online, and all the investments will return to the correspondent wallets?
Thanks!
It WILL reach 8,000 BTC, since I'll buy the rest up. lol |
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kmtan
Full Member
Offline
Activity: 196
Merit: 100
I love Bitcoin
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September 14, 2013, 12:09:23 AM |
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too bad i a bit early that this policy post.. To check my luck, I placed a single bet on JD with 300BTC: https://just-dice.com/roll/124870903Since I won, I'll do another spread out: 1 BTC for 10 BTC investment on http://ipo.letsdice.comfrom now on, 120 BTC available! and in case you all didn't notice, I'm quoting Martin's new message here: Update - September 13th - New Bankroll Info
1. About the Bankroll
a) The first 10,000 BTC bankroll belongs to the shareholders of the initial 20% of shares released.
b) These original IPO shares are specially noted and traceable (so we know who owns IPO shares)
c) Every time the bankroll increases by 10,000 BTC, we will send 2,000 BTC back to the shareholders who bought in at the IPO. So, when the bankroll reaches 20,000 BTC, a payment of 2,000 BTC will be spread among the original 1,000,000 shares.
i. Bankroll: 20,000-2,000=18,000
ii. Bankroll: 28,000-2,000=26,000
iii. Bankroll: 36,000-2,000=34,000
iv. Bankroll: 44,000-2,000=42,000
v. Bankroll: 52,000-2000=50,000
d) In this way, when the bankroll hits 50,000 BTC, the original shareholders will have recovered their investment, while still retaining their shares. The entire bankroll belongs to the shareholders.
e) The initial bankroll is planned to grow by [wagered amount x 1% x 25%] (although this will be decided in the initial board member meeting). Board members may decide in the early stages to increase this percentage to allow for faster bankroll growth.
f) If the bankroll drops below 5,000 BTC, we have the following plan (which we hope we will not have to ever use!)
i. We will sell the necessary number of shares at market price to bring the bankroll back up.
ii. The IPO shareholders will have first preference to buy these shares.
iii. This 5000 BTC bankroll is also the property of all shareholders, and will follow the aforementioned restitution plan (i.e., 2,000 BTC back to the original shareholders per 10k raised)
2. Regarding the Board of Directors
a) To become a board member, one must own at least 20,000 shares and hold them for more than 2 months.
b) Any given shareholder may only have one board seat, regardless of number of shares held.
c) The LetsDice team has only one board seat (although we retain a veto power) |
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wsgmbl
Newbie
Offline
Activity: 6
Merit: 0
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September 14, 2013, 01:29:29 AM
Last edit: September 15, 2013, 01:29:20 PM by wsgmbl |
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towtoad
Member
Offline
Activity: 98
Merit: 10
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September 14, 2013, 05:28:02 AM |
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too bad i a bit early that this policy post..
You can invest more and I'll give you coins.  |
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willphase
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September 14, 2013, 10:26:12 AM |
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Celeste - can you ask Martin to answer my final two questions on the letsdice forum then I might be able to make an informed decision whether to invest or not. To be honest, I rate strong two-way communication with investors as being one of the most important things when making a decision to invest or not.
Will
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towtoad
Member
Offline
Activity: 98
Merit: 10
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September 14, 2013, 10:38:01 AM |
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Celeste - can you ask Martin to answer my final two questions on the letsdice forum then I might be able to make an informed decision whether to invest or not. To be honest, I rate strong two-way communication with investors as being one of the most important things when making a decision to invest or not.
Will
I can answer you that: 1. Is this in addition to the continual daily dividends from the wagers happening on the site? Also, investors should be aware that this will take over two years at a daily wagering amount of 5,000 BTC (this might grow). yes, this return is in addition to the continual daily dividend. yes, it might well take over a long period. 2. If this is the case, then if an investor wants out, can an IPO shareholder sell their stock back for the equivalent amount of bankroll that they own? e.g. sell their shares back at face value price. Face value would be the price they paid plus/minus the bankroll amount e.g. if bankroll is still 10,000 then it would be 0.01 BTC per share (what they paid for their portion of the bankroll), if bankroll is at 15000 then it would be 0.015 per share? Or, is their only option to sell the shares online e.g. on the open market or bitcointalk? after all the initial bankroll (10k) is returned, in which case bankroll goes above 50k, face value price >= bankroll / total shares since shares have a quite stable daily dividend. However, we have no buy-back plan. |
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toffoo
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September 14, 2013, 05:30:56 PM |
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Will all the existing beta accounts and invited users be wiped today before the site goes live tomorrow?
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