FPGA Mining Contract

[fizzisist]

Dividends have been paid for the week of 11/14!

Another week, another payment for our loyal shareholders.

Total paid to 6000 shares: 5.19582123 BTC
Per share: 0.00086597 BTC

Also, a quick update on the status of the rest of the boards. Everything is moving and they are being built right now. The latest from the manufacturer is that the PCBs are finished, and they will begin assembly on Monday. We expect them to be here on the Wednesday after Thanksgiving, Nov. 30th.

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[ArsenShnurkov]

The latest from the manufacturer is that the PCBs are finished, and they will begin assembly on Monday.

What is PCBs? programmable controller boards ?
The assembly here actually is packaging for transfer?

We expect them to be here on the Wednesday after Thanksgiving, Nov. 30th.

They will fly by plane? where manufacturer is located ?

If this is internal information - will the shareholders only forum be created ?

And I have two more questions unanswered in the thread above:
1) did you do something to create the right of the first hand for existing shareholders, when new actions will be issued
2) is it possible to issue obligations instead of shares

[fizzisist]

The latest from the manufacturer is that the PCBs are finished, and they will begin assembly on Monday.

What is PCBs? programmable controller boards ?
The assembly here actually is packaging for transfer?
They will fly by plane? where manufacturer is located ?

PCBs are printed circuit boards. Assembly means soldering the FPGAs and other components to those boards. When they arrive here, the only thing to do will be to mount the heatsinks and plug them in.

They are being manufactured in Colorado and will ship overnight here to California.

If this is internal information - will the shareholders only forum be created ?

We do not plan to keep this information private, and I can't really think of any other private information that might arise in the future. In this contract and in the FPGA development project we're very interested in transparency. We consider this a community project and the more community involvement the better!

And I have two more questions unanswered in the thread above:
1) did you do something to create the right of the first hand for existing shareholders, when new actions will be issued
2) is it possible to issue obligations instead of shares

No, GLBSE doesn't provide any way to give certain shareholders the first rights to buy additional shares. In fact, there isn't even a way for me to know who the shareholders are! If there was a way, I suppose I could offer the shares for sale outside of GLBSE, and transfer the shares directly to your account, in an OTC trade. I don't see why you want to do this, though. Shouldn't everyone have equal rights to shares?

I suppose it will be helpful to announce in advance at what time the shares will be issued. A script could be triggered to issue the shares exactly at that time. Another way to do it would be for you to put in your buy orders in advance, and they will be automatically filled by the newly issued shares, if your buy offer is equal or higher than the sell offer.

I'm not sure what you mean by obligations. Do you mean like a bond? Why are you interested in this?

[fizzisist]

On GLBSE you can sell shares over the counter and then put them into their accounts.

For example if I sent you 50 bitcoin outside of GLBSE then you could just send me the shares to my GLBSE account.

This would let old investors buy the new shares (assuming you know who the old investors are).

The more you know...

Yep, in fact some of the IPO was sold this way. The problem is of course that I have no idea of knowing who you folks are. Still, why do you think the original investors should get first dibs on new shares?

http://www.youtube.com/watch?v=v3rhQc666Sg 

[kakobrekla]

What is stopping me from making several 'identification sell orders', one after another?

Example
sell order: 10 shares for 1000.12345
*got 10 shares with preowner right*
just after that
sell order: 10 old plus 10 new shares total 20 for 1000.67891
*got 20 shares with preowner right*
repeat

[btc_artist]

Dividends have been paid for the week of 11/14!

Another week, another payment for our loyal shareholders.

Total paid to 6000 shares: 5.19582123 BTC
Per share: 0.00086597 BTC

Also, a quick update on the status of the rest of the boards. Everything is moving and they are being built right now. The latest from the manufacturer is that the PCBs are finished, and they will begin assembly on Monday. We expect them to be here on the Wednesday after Thanksgiving, Nov. 30th.

So 5.2 BTC was mined in a week with the current boards, correct?  What might be a projection of how much this might go up once the new boards are in place?

[fizzisist]

Dividends have been paid for the week of 11/14!

Another week, another payment for our loyal shareholders.

Total paid to 6000 shares: 5.19582123 BTC
Per share: 0.00086597 BTC

Also, a quick update on the status of the rest of the boards. Everything is moving and they are being built right now. The latest from the manufacturer is that the PCBs are finished, and they will begin assembly on Monday. We expect them to be here on the Wednesday after Thanksgiving, Nov. 30th.

So 5.2 BTC was mined in a week with the current boards, correct?  What might be a projection of how much this might go up once the new boards are in place?

Currently, I have been contributing my two GPUs to this, which will be turned off when the FPGAs get here. The hashrate I'm getting on the X6500 is 250 MH/s and we will soon have 7 of those, or 1750 MH/s. The next difficulty estimate is 1133504, and 1750 MH/s should earn 10.87 BTC/week on average at that difficulty. Of course, there will be occasional downtime (like we had last night when my internet went out in a storm). On the other hand, I fully expect to reach higher MH/FPGA soon, with improvements to the code. That's probably a good ball park on the estimated earnings, though.

[btc_artist]

Thanks fizzisist.

[Red Emerald]

Some people are not content with the centralization and coresponding lack of control surrounding GLBSE.

If a new exchange is setup, would you be interested in moving to it? Migrating/liquidating shares is something that we are going to have to figure out.

There's a thread discussing our GLBSE alternative here: https://bitcointalk.org/index.php?topic=52494.0

[fizzisist]

Some people are not content with the centralization and coresponding lack of control surrounding GLBSE.

If a new exchange is setup, would you be interested in moving to it? Migrating/liquidating shares is something that we are going to have to figure out.

There's a thread discussing our GLBSE alternative here: https://bitcointalk.org/index.php?topic=52494.0

I would certainly not be opposed to alternatives, although they seem some time off. My biggest worry about GLBSE is that I rely on the central authority to tell me who the shareholders are. If that was solved, I would feel much more comfortable.

The idea of listing a sell order with the shares you own is clever, but not bulletproof. One problem I see with it is that you could prove to me that you own shares now, and then immediately sell them. I need to see not only the current shareholders, but also a public list of transactions. I think if GLBSE would list all transaction history with account ids and I could match up users' public keys with those accounts, the problem would be solved. That's not possible already, is it?

[ArsenShnurkov]

We demand regularity of dividend payments!



Automate them!

[fizzisist]

We demand regularity of dividend payments!

Automate them!

Whoa, please don't Occupy GLBSE yet!  It's still the weekend here in California, after all. I don't really like automating things when real money is involved, just because screwups can get expensive. Also, a little variability in the dividend payment helps to encourage long term investment, I think.

I'm traveling this weekend but will make the payment when I get home in a few hours.

[molecular]

We demand regularity of dividend payments!

I, for one, don't care much how/when dividends are payed.

[ArsenShnurkov]

will make the payment when I get home in a few hours

Please also update table at
http://contract.fpgamining.com/?page_id=34
because it miss previous payment information

a little variability in the dividend payment helps

Automation doesn't mean hardcoded amounts per share.
You can gather actual data (from pools?) and provide variability it this way.

Also, if you want a checkpoint you can add an approval step
into the automated workflow

[fizzisist]

Dividends paid for the week of 11/20!

A little later than usual, but also a little bigger.

Total paid to 6000 shares: 6.56708092 BTC
Dividend per share: 0.00109451 BTC

ArsenShnurkov, good eye noticing that our site doesn't list the last dividend. It's actually automatically filled from a custom API kakobrekla built (using the python interface for GLBSE). I'll check with him to see why it's acting up.

As for automation, yeah, I didn't mean that I would automatically pay a hardcoded amount. If I implemented this, it would need to keep track of earnings and make the correct payment to shareholders. There's no way to automatically deposit funds at GLBSE (can't use the same address twice), so I would have to maintain a balance there. Right now, it doesn't seem worth the trouble. It could be a good idea for long term automation of this project in general, though.

[notme]

It wouldn't be hard to modify the glbse python script to hardcoded the password and then you could use that in a script to get the deposit address.

[kakobrekla]

ArsenShnurkov, good eye noticing that our site doesn't list the last dividend. It's actually automatically filled from a custom API kakobrekla built (using the python interface for GLBSE). I'll check with him to see why it's acting up.

Fixed.

[Dexter770221]

One day to difficulty drop. Next dividends will be higher

[ArsenShnurkov]

Astrologers proclaim the month of Hydra!!!
All FPGA cards are multiplied by seven.

[fizzisist]

Astrologers proclaim the month of Hydra!!!
All FPGA cards are multiplied by seven.

Haha! I hope this seven headed beast is born quickly and painlessly (at least from now on). I'm expecting to get it up and running over the weekend. I'll keep you all updated!