FPGA Mining Contract

[gusti]

Bonus received, thanks. Do you plan to issue more shares to keep share price at a fixed 0.25 ?

I won't issue more shares unless a motion passes by 2/3 majority, as required in the contract. If more shares are issued, it would be at the going market price, I suppose. Doesn't that make the most sense?

It does make sense to issue more shares at face value, if you always back your issue with new hashing power.

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[zapeta]

I put FPGA.contract as an asset, requested to but 120 shares at 30BTC and now its sitting in 'orders'

Do i need to do anything else?

If you go in to GLBSE and click Portfolio it will show you what you own.  Its the easiest way to see if your trade has executed.  I'm guessing it hasn't based on what you said.  In the buy screen, you'd want to put FPGA.contract as the asset, 120 shares, and the final line you put in the amount you are willing to pay per share, in this case 0.25.

Also, look out for the "short_btc" bug. It seems that if you place your order before your deposit is confirmed, or even too soon after it is confirmed, it will get stuck waiting for you to make a deposit even though the funds are there. If it says "short_btc" under "status" on the Orders page, just cancel it and place the order again.

Bonus received, thanks. Do you plan to issue more shares to keep share price at a fixed 0.25 ?

I won't issue more shares unless a motion passes by 2/3 majority, as required in the contract. If more shares are issued, it would be at the going market price, I suppose. Doesn't that make the most sense?

Cheers, i missed the 0.5 charge so was insufficent funds Waiting now and will purchase once its all ready. Hoping these will come into there own and its worth a bit of a gamble i think, I'd pay £250 for a 400 m'hash card so these arnt far from been worth while and the power saving will make that up (even if it will be about 2+ years at the current rate )

Thanks

There is only a 0.5 BTC charge if you are creating a new asset...buying doesn't have a transaction fee.  Did you click "New Asset" in GLBSE?  What you want to hit is "Buy", then put in FPGA.contract as the asset on the first line, 120 shares on the second line, and 0.25 on the third line.

[fizzisist]

Eligius is back up! http://eligius.st/~artefact2/5/1FPGAxkfHskMq9fg2gbAWhPrnqwXydbX93

I've been pointing the X6500 and my two GPUs at it for the last few hours. As I've said before, there could be a lot of downtime with the FPGA board when I'm working on the software or running other tests. To make up for that, I'll keep the GPUs running so that we have some steady income.

[Dexter770221]

Almost all shares are sold out...
I'm just wondering, it is possible that you will share with us a worker name and password to eligius? I'm considering to setup it as a backup server. After all, shares submitted by my rig will return in form of dividends (well, few percent of it )
Maybe other users will go that route and this will increase value of shares... It may pay off in time...

[zapeta]

Eligius is back up! http://eligius.st/~artefact2/5/1FPGAxkfHskMq9fg2gbAWhPrnqwXydbX93

I've been pointing the X6500 and my two GPUs at it for the last few hours. As I've said before, there could be a lot of downtime with the FPGA board when I'm working on the software or running other tests. To make up for that, I'll keep the GPUs running so that we have some steady income.

I noticed after following the link to our miners that we need to register an NMC address so we can collect the namecoins.  It doesn't make sense to let part of the reward go to waste.

Almost all shares are sold out...
I'm just wondering, it is possible that you will share with us a worker name and password to eligius? I'm considering to setup it as a backup server. After all, shares submitted by my rig will return in form of dividends (well, few percent of it )
Maybe other users will go that route and this will increase value of shares... It may pay off in time...

Eligius doesn't require worker names or passwords.  The worker name is just the address you want the payout to go to, and the password can be anything.  To set it up as your backup, the worker name would be 1FPGAxkfHskMq9fg2gbAWhPrnqwXydbX93 and choose anything for the password.  More info can be found at:  http://eligius.st/wiki/index.php/Getting_Started

[fizzisist]

Almost all shares are sold out...
I'm just wondering, it is possible that you will share with us a worker name and password to eligius? I'm considering to setup it as a backup server. After all, shares submitted by my rig will return in form of dividends (well, few percent of it )
Maybe other users will go that route and this will increase value of shares... It may pay off in time...

You're right, all shares are almost gone. Should I raise a motion to issue more? If we did, I would personally buy at least a few hundred shares myself. This would be for an increase in total hash rate, not to dilute the value of each share.

I noticed after following the link to our miners that we need to register an NMC address so we can collect the namecoins.  It doesn't make sense to let part of the reward go to waste.

You're right, I haven't set up merged mining yet, but I plan to soon.

Eligius doesn't require worker names or passwords.  The worker name is just the address you want the payout to go to, and the password can be anything.  To set it up as your backup, the worker name would be 1FPGAxkfHskMq9fg2gbAWhPrnqwXydbX93 and choose anything for the password.  More info can be found at:  http://eligius.st/wiki/index.php/Getting_Started

Yep, that's what's so cool about Eligius!

[Dexter770221]

Ok, it's done. But I don't know if it's working. Some shares are accepted but I don't see any increase in hashrate on stats page...

This would be for an increase in total hash rate, not to dilute the value of each share.

Well, when last share will be sold the price will start depend on share holders. It's just how stock exchange works...

[zapeta]

You're right, all shares are almost gone. Should I raise a motion to issue more? If we did, I would personally buy at least a few hundred shares myself. This would be for an increase in total hash rate, not to dilute the value of each share.

I'd like to have the final 230 shares sold before we go out and issue more.

[fizzisist]

You're right, all shares are almost gone. Should I raise a motion to issue more? If we did, I would personally buy at least a few hundred shares myself. This would be for an increase in total hash rate, not to dilute the value of each share.

I'd like to have the final 230 shares sold before we go out and issue more.

Ok, good point. I'll probably buy about that many, but I'll give others the opportunity first.

I'm right now adding up all of the current holdings as a result of the IPO. This will determine how many boards we will be able to afford. Remember that I calculated 8 boards for 5000 shares (1250 BTC) when the exchange rate was at $3.65. The markets really crashed right after the IPO, so we're definitely going to have somewhat less. I've been exchanging BTC for USD as shares are sold, so it's time to take a look now at the total USD raised.

[fizzisist]

Ok, it's done. But I don't know if it's working. Some shares are accepted but I don't see any increase in hashrate on stats page...

This would be for an increase in total hash rate, not to dilute the value of each share.

Well, when last share will be sold the price will start depend on share holders. It's just how stock exchange works...

Wow, it looks like you added about 400 MH/s! Thanks for your contribution!

As for the share price question, yes, the price can be set by the "hand of the market," but FPGAs aren't sold in BTC, unfortunately. If the shares sell for more, the BTC will be converted into USD and as many boards as we can afford will be purchased. If it looks like we can buy an additional board for say, 200 BTC, then we can issue enough shares to raise that much BTC at whatever is the current market price for shares.

It's a little bit of a confusing concept, I know. In a sentence, the Share <-> BTC <-> USD conversions might fluctuate, but in the end the only constant thing is USD <-> FPGAs. That's what the contract is based on, and what will ultimately determine our earnings.

[Dexter770221]

Wow, it looks like you added about 400 MH/s! Thanks for your contribution!

Something like that, for test. I can see now a spike If primary pool will fail, theres should be over 800 MH/s added. So, if more share holders will follow my steps dividends should skyrocket

[fizzisist]

Summary of holdings:

As of right now, 4770 shares have been sold at 0.25 BTC, for a total of 1192.5 BTC. I've been exchanging this for USD as it comes in, trying to get the best possible exchange rates, but hedging against the market dropping further. Mostly, this meant setting up a lot of sell orders at various levels. Right now, the current balances are: $2771.53 and 255.34 BTC.

If the BTC was converted to USD right now ($2.65), this would be $676.65, for a total of $3448.18.

If we include the 230 remaining shares, this is 57.5 BTC, or $152.38. Because I will buy those extra shares if no one else does, we can assume they are sold for calculation purposes. This brings the grand total of holdings to approximately $3600.

This is quite a bit short from the $4560 I originally budgeted (21% less). This shouldn't be a surprise because the market is currently 27.4% down from the price at the time. Subtracting $100 for the PSU and various parts, that leaves $3500 for FPGA boards. At $560/board, this is only enough to buy 6.25 boards. I'm willing to lower the price per board to $545, given that those that pre-ordered can currently buy a board at $560 and I promised that this company would get the boards at a lower price than anywhere else. This brings us to 6.4 boards. I suggest issuing at least enough shares to buy that additional 3/5ths of a board. This would be $327, or 125 BTC, or 500 shares at 0.25/share.

If I've lost you with all these numbers, please let me know and I can either send you my spreadsheet or write a more clear explanation.

[dmcurser]

im jsut waiting for money to transfer over im buying 40 shares.

[jduck1987]

Motions can be raised to sell more shares for the purpose of investing in additional hardware...
The operator of the company retains two special rights, regardless of the number of shares held by the operator: 1) the right to raise a motion...

So are you going to raise a motion to release additional shares?

[fizzisist]

Motions can be raised to sell more shares for the purpose of investing in additional hardware...
The operator of the company retains two special rights, regardless of the number of shares held by the operator: 1) the right to raise a motion...

So are you going to raise a motion to release additional shares?

Yes, when all shares have sold. Only 166 left so this could be very soon.

[fizzisist]

All shares from the IPO have been sold!

I raised a motion to issue 500 additional shares, which should be enough to bring our 6.4 boards up to 7. You can't really mine with 2/5ths of a board, so it makes a lot of sense to me!

The motion will pass with 3667 votes, or fail with 1834 nay votes. The motion will expire in one month (Nov. 24).

I personally am interested in buying this many shares if no one else is, so please vote yes for my sake!

[zapeta]

All shares from the IPO have been sold!

I raised a motion to issue 500 additional shares, which should be enough to bring our 6.4 boards up to 7. You can't really mine with 2/5ths of a board, so it makes a lot of sense to me!

The motion will pass with 3667 votes, or fail with 1834 nay votes. The motion will expire in one month (Nov. 24).

I personally am interested in buying this many shares if no one else is, so please vote yes for my sake!

Just voted my shares yes.  Assuming my pending deposits show up while shares are available I will be buying.

[fizzisist]

All shares from the IPO have been sold!

I raised a motion to issue 500 additional shares, which should be enough to bring our 6.4 boards up to 7. You can't really mine with 2/5ths of a board, so it makes a lot of sense to me!

The motion will pass with 3667 votes, or fail with 1834 nay votes. The motion will expire in one month (Nov. 24).

I personally am interested in buying this many shares if no one else is, so please vote yes for my sake!

Just voted my shares yes.  Assuming my pending deposits show up while shares are available I will be buying.

Thanks, zapeta!

I'm still learning to use GLBSE, so I realize now I should have put the name of the asset in the motion. I hope you folks with big portfolios can tell which asset this came from...

[ArsenShnurkov]

Should I raise a motion to issue more?
This would be for an increase in total hash rate, not to dilute the value of each share.

1) You should first fulfill your promises and build first 6 FPGA cards and give their photos
to prove and describe the setup (might be there will be USB-performance or other issues?)

After that it will be logical to issue more shares with the promise to setup proportional amount of new FPGA cards.

2) What be the price of new shares?
Will they cost more, because of exchange rate drop ?

If not - it will be unfair to previous holders

[fizzisist]

All shares from the IPO have been sold!

I raised a motion to issue 500 additional shares, which should be enough to bring our 6.4 boards up to 7. You can't really mine with 2/5ths of a board, so it makes a lot of sense to me!

The motion will pass with 3667 votes, or fail with 1834 nay votes. The motion will expire in one month (Nov. 24).

I personally am interested in buying this many shares if no one else is, so please vote yes for my sake!

The current tally on the motion is:

Yea: 4008
Nea: 317

So, the motion passes. I will issue 500 additional shares, but at what price? It looks like there were a few trades after the IPO ended at higher prices:

Price, Volume
0.29990, 3.00
0.29990, 1.00
0.29000, 1.00
0.30000, 3.00
0.30000, 12.00

What do you guys think, what's the right way to price it? Based on the last price? Some kind of weighted average? The current weighted averages based on time:

4h: 0.299 (4 shares)
12h: 0.2577 (128 shares)
24h: 0.2519 (509 shares)

I'm leaning towards the 24 hour average, as that is the generally accepted method for the BTC-USD rate. Please let me know your thoughts on this.