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Author Topic: [GLBSE] Interest in a Thoroughbred Racehorse  (Read 13262 times)
TTBit
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October 05, 2011, 05:07:08 PM
 #1



-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

GLBSE Ticker: SATOSHISDAEMON.horse
GLBSE AssetID: 277bec9bb692184762958f7942fd1e64442644cf14af5f99e16f1482ad48cb60

www.satoshisdaemon.com

I have entered into a partnership to purchase a 2 year old Louisiana-bred thoroughbred filly with the intent on racing her in Louisiana. Because Louisiana has four race tracks, we will be able to race year-round for attractive purse money. The horse has been named "Satoshi's Daemon". To try and offset some of our initial costs, we're going to offer what we call "Bitcoin Interest Rights" (BIRs) for the entire career of the horse under our ownership.

When the owners take money out of the partnership, there will be an equivalent bitcoin dividend paid to all BIR holders. A portion of all winnings will have to be retained to maintain the horse. When the horse is claimed or sold, BIR holders will also get their pro-rata interest in the sale.

Please visit the website for complete bylaws.

General Info:
We each put in $5,000 USD
Cost of horse was $1,500 + first $500 of winnings go to original owner
Cost of maintenance is ~$1,500 / mo
Planning for first race in January, 2012 at either Delta Downs in Vinton, La. or Fair Grounds Race Course in New Orleans, La.

We'd like to maintain a balance of ~ $3,000 while racing.

On race day:
Purses range from $9,000 - $35,000 for Maiden races, where Satoshi's Daemon will start.

Win: 60%
Place: 20%
Show: 11%
Fourth: 6%
Fifth: 3%
The rest: ~$80 each
Jockey Commission is 10% of our revenue from the race for a win(we offer $500 bonus to jockey for win)
Jockey Commission is 5% of our revenue from the race for a second or third place finish (no bonus to jockey)
Jockey is paid a mount fee ranging from $60 - $115 for 4th - last. (The amount is based on race purse money)
Trainer Commission is 30% of our revenue from the race
Trainer/Jockey commission may seem high, but we are getting preferential training rates. If Satoshi's Daemon goes onto bigger purse races, this could possibly be re-negotiated with the trainer, but the jockey commissions are standard and set by the Louisiana Racing Commission.
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Initial offer is for 500 BIRs at 0.21 btc. Thank you for looking!


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teek
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October 05, 2011, 05:28:33 PM
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So you are asking for 500 * .21 = 105 btc..   I am unclear what percentage of the profit will be distributed to the holders of the asset?   

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October 05, 2011, 05:33:31 PM
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So you are asking for 500 * .21 = 105 btc..   I am unclear what percentage of the profit will be distributed to the holders of the asset?   

Owners hold 10,000 BIRs and we're offering 500 of them, a 5% stake.

Whenever there is an owner distribution in USD, we'll make an equivalent distribution in bitcoins. So if SD wins $15,000 and owners take out $8,000 of it, we'll make a 1,600 btc dividend (with bitcoins at $5 each), or 0.16 / interest. We'll essentially be paying ourselves 95% of the 1,600 btc.

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October 05, 2011, 05:43:41 PM
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Excuse my ignorance, but how often does a horse race? 

TTBit
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October 05, 2011, 05:59:10 PM
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Excuse my ignorance, but how often does a horse race? 

Excused.  Tongue

The horse is in training right now. Once she is in shape, she should be able to run every 3-4 weeks. Expect a month off each year as well. If all goes as planned, she should run in top condition for at least a few years under our ownership.

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October 05, 2011, 07:19:41 PM
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This is an extremely weird and interesting proposition lol.  I love it!

But I think you should call it something that would promote Bitcoin to non-Bitcoiners. Only those who are already interested in this currency would know of Satoshi.

I like, "Bernanke Loves Bitcoin"... that's an excellent name for a racehorse  Grin
TTBit
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October 05, 2011, 07:49:37 PM
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This is an extremely weird and interesting proposition lol.  I love it!

But I think you should call it something that would promote Bitcoin to non-Bitcoiners. Only those who are already interested in this currency would know of Satoshi.

I like, "Bernanke Loves Bitcoin"... that's an excellent name for a racehorse  Grin

I would have liked that as well, but had to be careful. No names of people are allowed without written consent of that person on file at the jockey club. No organization names either, which bitcoin could apply. I was somewhat worried with "Satoshi" being called a person's name, but my argument is that the name is fictitious, like "Santa Claus".

Rule #6(f): http://www.jockeyclub.com/rulebook.asp#six

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October 05, 2011, 08:04:43 PM
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i like the name.. bought a few for fun Cheesy

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October 05, 2011, 08:20:09 PM
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i like the name.. bought a few for fun Cheesy

We appreciate your capital and the risk you're taking. Best of luck!


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Bitcoin Swami
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October 06, 2011, 02:25:02 AM
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Cool I used to live right next to the fairgrounds in NOLA. Smiley
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October 06, 2011, 03:30:45 AM
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Tried buying some shares.  GLBSE not allowing.

bitinc-investing.com   bitcoinmetals.us- copper, gold and silver
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October 06, 2011, 03:33:11 AM
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Tried buying some shares.  GLBSE not allowing.

Make sure you spell the name right, its case sensitive. 

SATOSHISDAEMON.horse
marks1976
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October 06, 2011, 03:35:17 AM
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Tried buying some shares.  GLBSE not allowing.

Make sure you spell the name right, its case sensitive. 

SATOSHISDAEMON.horse

copied it right from contracts.  Also copied the id neither worked.

bitinc-investing.com   bitcoinmetals.us- copper, gold and silver
TTBit
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October 06, 2011, 04:18:06 AM
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Tried buying some shares.  GLBSE not allowing.

Make sure you spell the name right, its case sensitive. 

SATOSHISDAEMON.horse

copied it right from contracts.  Also copied the id neither worked.

The GLBSE can be temperamental at times. GLBSE says I have 294 left to sell from my 500 order.

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JL421
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October 06, 2011, 04:33:34 AM
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GLBSE wasn't working correctly for the last few hours, seems to be back up and running now though.
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October 06, 2011, 07:00:53 AM
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This is an extremely weird and interesting proposition lol.  I love it!

So amazing and funny.  I was on GLBSE for something else, noticed the ticker for SATOSHISDAEMON.horse, and all I can think of is something else got hacked.  I was about make a thread and did one last search to find this.   I still think this all might be a ruse.

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October 06, 2011, 09:51:51 AM
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I was trying to find an excuse to give the glbse a try. Thank you for coming up with a completely "out of the box" way!

I'm holding a handful of those 'stocks' now, so I'll just wait until my conscience kick in, I've always thought of horse racing as animal brutality. But anything to make the bitcoin ecosystem thrive Wink
TTBit
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October 06, 2011, 01:54:07 PM
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I was trying to find an excuse to give the glbse a try. Thank you for coming up with a completely "out of the box" way!

I'm holding a handful of those 'stocks' now, so I'll just wait until my conscience kick in, I've always thought of horse racing as animal brutality. But anything to make the bitcoin ecosystem thrive Wink

Great to have you on board!

Best of luck.

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October 06, 2011, 06:11:43 PM
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I can officially say I own part of a race horse.

BitcoinMint.US
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October 07, 2011, 12:07:00 AM
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Nice.  Slap a bitcoin sticker on her halter and snap a photo.
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