[796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]

[matthewh3]

i dont use coinconnect, so dont lock this thread

Ok Sen I won't but can't you use the blog 

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[zapeta]

Honestly, this is pretty distressing how this all unfolded.  My support for the move earlier this afternoon assumed that any changes would be put to a shareholder vote.  The company shares that are unsold should not have a vote in the process, which is why this should have been decided by a shareholder motion.  I don't think the improved efficiency is a justification for what happened.

[MPOE-PR]

he didnt want to do motion, and thought he had 70% of the shares in RSM

Add to that the "I will lock this thread and only discuss the matter on my shitty venue which nobody uses but at least I can edit what people say if I feel like it" attitude and it sums up pretty much to what bulanula said.

[OgNasty]

I may sound like I'm doing poor/bad business but for the second time I have managed to increase profits before production has even began.

I've never done one of these before, but I couldn't resist.

[Nefario]

I'm just after getting back from London(gone since Tuesday),  charts.glbse.com is not showing any updates since the 12th.

For the moment, all the latest trades for GLBSE can be found on it's twitter feed here.

I'm contacting the operator of charts to find out what the story is.

Nefario

[matthewh3]

   The new FPGA board should be ready to ship within two weeks    So as for delivery costs should we pay $60 for 6 - 10 days delivery or $74.95 for 3 - 5 days delivery or hold a vote?  
As I personally own over 25% of all shares so far issued if general feedback goes for the $74.95 delivery I'll go for that without a vote.  If the feedback is mixed then we should probably hold a motion?  
   This new board will operate around 800MH/s@40W.  As my main PC is already on 24/7 RSM will only pay for the 40W FPGA board or probably £0.75 a week of electricity once I get my new supplier from approximately ~3.65BTC generated a week from one board.  So if only ~800 shares remain in circulation a dividend of approximately ~0.00425BTC per share should hopefully be paid within a month.  If more shares are sold from the IPO (1105 remaining I think) the dividend will decrease but will be moving us on to the purchase of board two.  With just two boards running and all 1900 shares issued a weekly dividend of approximately ~0.00358BTC per share should be paid.  
   Although we are planning on getting RSM its own dedicated £30 RaspberryPi (5v at ~770mA so an extra ~3.85W so an extra £0.70 a week costs) as we can't rely on my single ageing PC to run the boards for ever.  Also what are people views on issuing more shares at 3.1BTC once the IPO is completed to purchase more FPGA boards or should we hold on to 50% of profits for expansion rather then pay it out in dividends.  A tough decision that a vote will definitely held over once the IPO is completed.

I've also posted this in the RSM CoinConnect group - http://www.coinconnect.org/blog/view/29977/ipo-update-and-about-delivery-of-the-first-fpga-board - for the five current members and shareholders to discuss on.  If your not a member of the RSM CoinConnect group and you are a shareholder please join up as I'm the website administrator and moderator of CoinConnect.  So your usually find me in the CoinConnect chatroom for any quick questions. 

[matthewh3]

yes do motion, once we get all boards, and we are getting dividends each week, we can decide in vote whether to sell more shares or hold 50% of profits for expansion

Shall I do a motion on delivery costs too or just go for the fastest delivery? 

[matthewh3]

yes fastest delivery

   Cool it should be mining away then within three weeks then 

[matthewh3]

you havent updated the op

Updated it a bit but it needs drastically improving.  Working on the new FPGA company's website at the moment so will sort it out proper by tomorrow hopefully.  Any major shareholders have good prose 

[zapeta]

I think we should go with the fastest shipping.  

Edit:  As for a plan to issue additional shares, lets get the IPO shares sold before any decisions are made.  Once mining starts and dividends are being paid I think that will inspire a bit more confidence and help get the IPO shares sold.  At that point it might be worthwhile to issue additional shares, but I don't know that they'd sell at 3.1 BTC which seems to be a number plucked from thin air.  Perhaps we'd be better off to hold back a certain percentage for expansion instead.

[matthewh3]

can you transfer RSM account to 2.0

thank you

Done.  Thanks for letting me know it was ready.

[DeathAndTaxes]

Where are you getting 130W from?

[matthewh3]

Where are you getting 130W from?

800MH/s@40W boards and a 4W RaspberryPi

[DeathAndTaxes]

That is what I was confused about.

BFL Singles are 85W to 90W.

[matthewh3]

BFL Singles are 85W to 90W.

Were not using BFL's but a new board that will be announced to the general public in about a week or just over.  Hoping for our first board to be shipped within two weeks.

[DeathAndTaxes]

BFL Singles are 85W to 90W.

Were not using BFL's but a new board that will be announced to the general public in about a week or just over.  Hoping for our first board to be shipped within two weeks.

Interesting.  So why does your unmodified title say 3x BFL Singles 2.5GH/s @ 130W?

[guruvan]

Hmmm.

[JWU42]

Hmm is right - I am thinking this is the next Icarus -- 2+x the hash rate and 2x the the wattage.

Maybe the first board with 4 chips?

[matthewh3]

The board supplier is just waiting for his final parts to assemble our board which should be recived by the end of the week so hopefully he can ship it next week 

[matthewh3]

The board supplier is just waiting for his final parts to assemble our board which should be recived by the end of the week so hopefully he can ship it next week 

So all going well the board will be hashing away a week on Friday with the first dividend paid eight days later. So the first dividend should be paid by in just over two weeks time (13th - 16th of March).  With only 800 shares only so far sold from the IPO and if the board runs as expected the first weekly dividend should be over 0.00400BTC