Smoky Mountain mining now offering daily dividends to GLBSE investors.

[Bitcoin Swami]

Hey guys after thinking long and hard I've decided to end the mining operation.  Please read my blog post.

http://smokymountainmining.com/?p=49

That sucks man.  What kind of equipment you have for sale?  We might be interested here at BMMO if the price is right..   I have some shares of SMM too.. 

Pming you

[Bitcoin Swami]

I guess that means it will be easier for the rest of us to mine

if price/difficulty improves, will you start back up again?

No peter I am selling the mining gear.  Selling what i can of another rig that I paid for and will be sharing it with shareholders just to keep a good name for myself and the glbse.

[teek]

Bitcoin Swami, did you see the reply to your PM?  I am wondering if it went through..

[shakaru]

Knew this was going to collapse.

[Littleshop]

I can understand not buying new equipment, as it really is a tough gamble to pay off...  But once equipment is running and making BTC, I just can not imagine with average electricity costs that it makes sense to turn them off.  You would need 30 cent a KW/h electricity to be unprofitable. 

[BitcoinMint.US]

Hey guys after thinking long and hard I've decided to end the mining operation.  Please read my blog post.

http://smokymountainmining.com/?p=49

I'm sorry to see this.  Hard to imagine that with all the shares you sold and the recent drop in your share price, you still can't make things work out.  Since yours was the largest stock by volume on the GLBSE, I can imagine this will seriously damange investor confidence.

With that being said, know that my fund SLV is:
1) committed to paying a dividend through at least the end of the year.
2) holding shares of silver that will not depreciate to 0.
3) backed by http://www.BitcoinMint.US and will not "end the... operation" without a shareholder vote.

https://bitcointalk.org/index.php?topic=45586.0

[LoupGaroux]

As a 2% owner of the total shares, I must say I am disappointed. We seemed to have a great run at it, and Swami was doing an outstanding job in terms of communication and providing investors with data. I would have preferred to see this be done with some investor input, but as majority shareholder, Swami's wishes would have trumped no matter what. Perhaps even a notice via the Motion function to let shareholders know immediately instead of a blog post?

Sorry to see one of the legit assets tank. I am relieved to read that this will be liquidated and investors at least made whole on IPO.

Makes a strong case for de-listing assets that are being shuttered by their founders. Trading needs to be suspended in dead issues. This proclamation was not introduced on the GLBSE forum, so anyone relying on that source for "official" company news would have been way behind the curve on this collapse.

And yes, investor confidence is going to be rocked by the loss of the market leader, and one can only wonder what message it sends to legit asset developers?

[marks1976]

On his blog posting he states he will hold the other investments and paying back the shareholders.

[Bitcoin Swami]

Will the investment part of the company continue, or will that be liquidated too?

Peter I'm holding them as of now.  Might liquidate some holdings to take profit and will probably buy other holdings. Any profit that is made from dividends, buying and selling ect.  Will be shared the day it happens.  I"m not closing up shop. 

[BitcoinMint.US]

I'm not closing up shop. 

Glad to hear it.  Would you advise a new investor to buy shares at this point?

[Ben Walsh (beamer)]

@Bitcoin Swami

Are you still buying back shares from shareholders to repay them ?

What do you consider a fair price ? I'm unsure what would be fair given the BTCUSD change, the dividends paid to date and not knowing what return on purchase price you achieved for the company assets.

I'm assuming the share price in BTC should have increased proportionally to the drop in USD value of BTC - but this depends on the BTCUSD exchange rate you achieved when you purchased hardware.

Although my personal loss, assuming I get nothing more than the dividends to date is manageable, I'm mindful of your understandable desire to preserve your reputation following this.

[teek]

guess this guy took off? 

[Ben Walsh (beamer)]

Bump.

Just want to give Bitcoin Swami a final opportunity to maintain his reputation here.

@Bitcoin Swami

Are you still buying back shares from shareholders to repay them ?

What do you consider a fair price ? I'm unsure what would be fair given the BTCUSD change, the dividends paid to date and not knowing what return on purchase price you achieved for the company assets.

I'm assuming the share price in BTC should have increased proportionally to the drop in USD value of BTC - but this depends on the BTCUSD exchange rate you achieved when you purchased hardware.

Although my personal loss, assuming I get nothing more than the dividends to date is manageable, I'm mindful of your understandable desire to preserve your reputation following this.

[teek]

Bump.

Just want to give Bitcoin Swami a final opportunity to maintain his reputation here.

He doesn't care - hasn't logged in since October.

[LoupGaroux]

The honor of being the first major scammer on GLBSE, but as history has shown us, certainly not the last.

[teflone]

The honor of being the first major scammer on GLBSE, but as history has shown us, certainly not the last.

I wont be using GLBSE until I see some measures to maintain the site and trustworthiness.

If old stocks/scams remain on the new one, I doubt Ill be using it again.

There is no reason for people to be able to buy old dishwara shares or smmm.

Its ridiculous..