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Author Topic: [>100%] MAXKEISER.bitcoinfilm - Dividends where payed -> issue worthless"  (Read 9689 times)
molecular
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November 07, 2011, 04:00:43 PM
 #1

ABORT, payback, see this post for status: https://bitcointalk.org/index.php?topic=51133.msg640461#msg640461

maybe you noticed Max Keiser will come to Prague for the Bitcoin Conference and speak there.

He's also planning to make a 26 minute news feature, titled European Bitcoin - Prague. He's funding it via PirateMyFilm.

Max has gathered quite an audience. He's inventor of GIABO (Global Insurrection against Banker Occupation). He's a ex wallstreet trader, "frontline financial war reporter", film-maker and truth-teller. He regularly exposes "financial terrorists" and rages on Russia Today about global financial issues and related politics.

I think his movie could give bitcoin quite a publicity-boost in certain circles and I also think we should pool some resources to ensure it's being funded (USD 900 (currently about BTC 300) will fund the project)

Idea:

The idea is to pool support of the bitcoin community to fund this film via a "Proxy Contract" on GLBSE called MAXKEISER.bitcoinfilm

People buying shares of this issue on GLBSE will in fact be donating money to the production of this film. There will be no (regular) dividends payed and after the film is funded, the shares will likely be worth BTC 0. This is therefore not an investment in the classical sense, in that there will be no return.

Here's the contract:

Quote
GLBSE contract: "MAXKEISER.bitcoinfilm"
The issuer of shares of this contract (herein called ISSUER) is molec@gmx.de, molecular on irc.freenode.net, molecular on bitcointalk.org.
This is a "proxy" shareholder contract used for funding a specific Project using bitcoin (bitcoin funding is not possible directly) on PirateMyFilms.com (herein called PMF): http://piratemyfilm.com/projects/291, titled "European Bitcoin - Prague" symboled EUROP, herein called "BITCOIN FILM"
Initially, 300 shares will be issued at a price of BTC 1. Additional shares might be offered subsequently if necessary due to exchange rate fluctuations.
All funds raised through this contract will be used to buy shares of BITCOIN FILM by way of exchanging the raised BTC to USD using a public exchange at market rate. This will be done at irregular intervals based on ISSUERs judgment of future exchange rate and time constraints.
Leftover funds: Should funds be left over because no BITCOIN FILM shares can be bought on PMF or should BITCOIN FILM not be realized as determined by PMF or should anything else happen that results in funds being leftover, the remaining (possibly all) funds will be payed to MAXKEISER.bitcoinfilm shareholders via a dividend at most 7 days after BITCOIN FILM is either produced or it is sure BITCOIN FILM will not be produced and the PMF shares will be refunded (or do not have to be paid in the first place).
ISSUER does not take any fee or any other gain from the raised funds.
All raised funds will either be spent on BITCOIN FILM shares on PMF, or be payed back to (then current) shareholders as dividend.
This contract is subject to alterations by shareholder-accepted motions.
Discussion: https://bitcointalk.org/index.php?topic=51133.0

Status: (as of Thu Nov 24 14:14:57 UTC 2011, exchange rate used for calc: 2.32 USD/BTC)

  • Funds needed for project: USD 1.500
  • Shares reserved on PirateMyFilm: 31 (of 300 needed, none of these are reserved by "us" (glbse + donations))
  • Funds received via GLBSE: BTC 41
  • Funds received via donation address: BTC 133.56
  • Project is 37.32% funded (10.33% via "others" on piratemyfilm, 6.34 via glbse, 20.65% via donation address)

Donations:

upon request in this thread, I setup a simple bitcoin donation address for people that dont want to go through the hassle a GLBSE account involves:

1GhJ9QpShc9t1jWNgx8DX8nA44GYojHhE3

Please after donating, make a post here with the transaction id and a return address. That way I can return leftover funds to the respective donator.

Any funds leftover after trying to return to the respective donators will be given to the bitcoin faucet.

LiteCoin donation address: LQoxjfjJWcWh3pNRVDJmaDHWBLoejju27X (funds to this address will be exchanged to BTC pretty much right away, so I might not be able to give back all LTC)

Links:


PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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sadpandatech
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November 07, 2011, 04:55:03 PM
 #2

  you go, you.

  On the GLBSE cost, I believe it is .5 BTC to create a new asset. Atleast it was in the older post from Nef I read on GLBSE...

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
molecular
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November 07, 2011, 05:10:04 PM
 #3

Yes, 0.5 BTC. I'll probably pay that out of my own pocket.

The contract is up.

Asset id: e612adfd38720d4a6d6cdabababed0a5baa6631dd3ca69938fbdbe6625c9dbfb
ticker symbol: MAXKEISER.bitcoinfilm <- you can use that as asset name.

I issued 300 shares, which are on sale for 1 BTC each.

So please, if you want the film made, go buy some shares.

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molecular
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November 07, 2011, 05:27:25 PM
 #4

first share bought, wooohoooo!

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November 07, 2011, 11:56:59 PM
 #5

ok, seems it's a slow start... 7 shares sold so far.

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Let's talk governance, lipstick, and pigs.


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November 08, 2011, 02:19:20 AM
 #6

Max might bring a good message about Bitcoin. I'm looking forward to seeing the final project.

[edit] creating an account on GLBSE is easy.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
molecular
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November 08, 2011, 09:24:13 AM
 #7

Max might bring a good message about Bitcoin. I'm looking forward to seeing the final project.

It doesn't currently look like it'll happen, though: only 21 of the 180 shares on piratemyfilm.com are bought. 10 shares of my glbse contract have been bought. So the film is only (21*5 + 10*3.03) / 900 = 15% funded.

So, please buy some shares if you want to see the final project.

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molecular
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November 08, 2011, 10:03:57 AM
 #8

I'm hesitating to exchange the BTC to USD. I'll probably wait as long as possible before I do this, that way, I can give people their money back in BTC and they haven't lost anything, should the film not get funded and the exchange rate go south.

Thoughts?

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November 08, 2011, 11:16:07 AM
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(Molecular, you need to fix the third link in your original post.)

It would be great if Max could make this film. Unfortunately, both GLBSE and PirateMyFilm have cumbersome payment processes.

Can you just post a simple Bitcoin donation address? You are in good standing at this forum. I'm sure there are people who would donate based on your promise to make the funds available to Max's film, yet those same people would not go through the complex processes required to donate via GLBSE or PirateMyFilm.
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November 08, 2011, 11:24:50 AM
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Can you just post a simple Bitcoin donation address? You are in good standing at this forum. I'm sure there are people who would donate based on your promise to make the funds available to Max's film, yet those same people would not go through the complex processes required to donate via GLBSE or PirateMyFilm.

#2
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November 08, 2011, 11:51:49 AM
 #11

  Yea, not a bad idea. I intend to eventually setup a glbse acct but have not done so.

  However, I would send a few btc your way for the cause.


  +3  ;p

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
molecular
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November 08, 2011, 12:21:04 PM
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Can you just post a simple Bitcoin donation address? You are in good standing at this forum. I'm sure there are people who would donate based on your promise to make the funds available to Max's film, yet those same people would not go through the complex processes required to donate via GLBSE or PirateMyFilm.

#2

Good idea, the only drawback is that I cannot give people money back in case I cannot funnel the funds towards the film for any of the reasons mentioned in the contract.

Therefore: when you donate to the following address, do post the transaction ID and also a return address here if you want funds back in case I have leftovers.

  1GhJ9QpShc9t1jWNgx8DX8nA44GYojHhE3

Any leftovers I cannot give back to the donators will be given to the bitcoin faucet. EDIT: except the donator specifies otherwise to me in PM.

I'm not sure wether I should buy GLBSE shares with the donations or just keep records. Doesn't make much of a difference I guess, at least not until most shares are bought.


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November 08, 2011, 12:49:45 PM
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I'm not sure wether I should buy GLBSE shares with the donations or just keep records. Doesn't make much of a difference I guess, at least not until most shares are bought.


  Does GLBSE have a way to display shares outstanding from an IPO yet?  If so, go ahead and buy the shares and post a link or if they have an api to display it neetly, post that.  Will make it a bit more interactive and hopefully save you a little bit of trouble on keeping track.

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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November 08, 2011, 01:57:17 PM
 #14

For the lazy ones outthere (and me) could you make a litthe howto, on howto buy the shares etc ?

- bitcoinspot.nl - Alles over bitcoin! -
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November 08, 2011, 05:50:00 PM
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I just purchased a share. It was my first time using the GLBSE and I found the web client straightforward to setup and use. Thanks for the initiative molecular.

I really hope this film gets made because Max has an enormous following.
molecular
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November 08, 2011, 07:21:21 PM
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There's good news and bad news:

Bad news: fund needed for the project was INCREASED from USD 900 to USD 1.500. I wrote an email to Max about this. Amongst other things, I asked wether we can expect more increases.

Good news: Someone donated BTC 100 to the donation address! Thanks to whoever that was!

I updated OP, project now 32% funded.

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molecular
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November 08, 2011, 07:24:53 PM
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Bad news: fund needed for the project was INCREASED from USD 900 to USD 1.500. I wrote an email to Max about this. Amongst other things, I asked wether we can expect more increases.

Just saw this "buzz" on PirateMyFilm by "PMF fund" (the owner of the project):

Quote from: PMF Fund
I have just learned that bitcoin prague is NOT picking up our flights So we need to get money into this project ASAP!!!!

I will not comment on this at this point.

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molecular
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November 08, 2011, 07:36:54 PM
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I just purchased a share. It was my first time using the GLBSE and I found the web client straightforward to setup and use. Thanks for the initiative molecular.

I never used any howto when I started using GLBSE couple weeks ago. It's not hard.

I think it might be important to advise to make a backup of the keys and stuff (can be done via the web interface) and to not forget the password.

I searched for a GLBSE howto, but couldn't find any.
Should anyone find one, please post it here.

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November 08, 2011, 07:48:11 PM
 #19

molecular, I'll let you in on the fact that funds are very tight, that organising a conference is no easy feat and extremely expensive. Anyway I'm not sure that the PMF guy there is Max Keiser since I remember Mitchell telling me when he was breaking down the costs that we have to pay for some flights. You can't fault that this conference is going to earn us negative money and a lot of effort and time has gone into it to benefit the community.

Also it still isn't confirmed 'officially' but Wikileaks is sending a spokesman + a prerecorded talk by Julian Assange (who wanted to but couldn't for obvious reasons Smiley)
molecular
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November 08, 2011, 09:34:49 PM
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molecular, I'll let you in on the fact that funds are very tight, that organising a conference is no easy feat and extremely expensive. Anyway I'm not sure that the PMF guy there is Max Keiser since I remember Mitchell telling me when he was breaking down the costs that we have to pay for some flights. You can't fault that this conference is going to earn us negative money and a lot of effort and time has gone into it to benefit the community.

I'm a bit confused. I didn't try to imply the conference should pay for the flights. I was merely taken aback little by the fact that the "needed funds" increased.

I think you guys are doing a tremendously great job organizing and financing the conference in Prague. Thanks so much for that!

I wrote an email to info@piratemyfilms.com and received a reply from max@gmail.com:

Quote from: max@gmail.com
i heard that you guys don't cover our flights - so I had to up the budget
to cover the flights...

the budget can change on any project at any time - users can cancel/add
shares at any time

I'm not sure who "you guys" are supposed to be in this context. The bitcoin community? The bitcoin conference organizers? I also don't know who the "we" in "our flights" are.

At this point, I'll just accept the fact that the budget for the film has increased.

Also it still isn't confirmed 'officially' but Wikileaks is sending a spokesman + a prerecorded talk by Julian Assange (who wanted to but couldn't for obvious reasons Smiley)

Wow, that's awesome news!


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