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Author Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]  (Read 112575 times)
matthewh3
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October 06, 2012, 10:39:24 AM
 #401

Yes I have just emailed them although I see the GLBSE problem catching up to them.  If a I2p and/or Tor exact clone of the exchange doesn't pop up that everyone can just long into like normal then I think Open-Transactions are the best way to go.  As long as its not too difficult to set up, maintain and attract new investors. 
Agreed. although, I dont think we know exactly what the problem is. only rumours so far. unless you have more info, i know you were closer to nefario.


I have texted (sms) Nafario this morning tho I imagine he is being inundated with calls, texts and emails.

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October 06, 2012, 10:56:06 AM
 #402

I've had a email back from Cryptostocks and they said they would help us in getting listed on there exchange if we choose to do so.  They said won't charge us any extra fees so we just have to pay the normal listing fee.  Although they do suggest in waiting a while "I would suggest to wait for a short while till the smoke clears. Are there actual legal activities going on or are these merely GLBSE specific issuer."  So if it is a legal issue forcing the GLBSE to shut down then the same problem would happen to Cryptostocks eventually.  That's why I recommend we use Open-Transactions if a I2p and/or Tor clone of the GLBSE doesn't pop up.

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October 06, 2012, 11:04:04 AM
 #403

excellent.

i agree again about the tor i2p and the OT option. but at present i dont think OT is mature enough for new users to handle.

Edit: reassuring to know that they replied so quickly.

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October 06, 2012, 11:32:05 AM
 #404

On Tor or i2p you probably want Open Transactions not something like GLBSE because with the server operator being anonymous not having to trust the server becomes important.

-MarkM-

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October 06, 2012, 12:55:27 PM
 #405

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders


Q:I'm a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

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October 06, 2012, 08:00:38 PM
 #406

Once we get access to our coins again I want to put forward the idea of donating BTC6.00 towards this Open-Transactions bounty - https://bitcointalk.org/index.php?topic=105506.new;topicseen#new - read about Open-Transactions and how it could enable us to operate long term here - https://github.com/FellowTraveler/Open-Transactions/blob/master/README.md - what are investors opinions on a making a donation to the bounty?

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October 07, 2012, 10:21:27 PM
 #407

As RSM has had enough investment to pay for 180(GH/s) of ASIC's and we will soon have all shareholders details.  Then I'm probably going to turn RSM into a private mining Co-Op investors club.  I'll set up a spreadsheet to calculate everyone's dividends and once they reach a threshold of say at least BTC1.00 they will payout to your chosen wallet address.  RSM will still save 50% of profits for growth but will now save 5% of profits to buy back holders shares at BTC0.41 (tho that price is not set in stone yet) so everyone who has invested and wants to now get out and profit can do so.  We will also let people join the private miners Co-OP investment club for a reasonable price.  In the long term I will look at helping RSM shareholders in moving there share (ownership) on to a Open-Transaction servers (if they want to) - (https://github.com/FellowTraveler/Open-Transactions/wiki).

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October 07, 2012, 11:15:01 PM
 #408

my opinion, best move to cryptostocks , and pay dividends there and have motions there to decide what to do next

I'm not moving to Cryptostocks it will just follow the GLBSE as the same laws apply.  Also senbo you are an anonymous entity so you can't be taken to court and thrown in jail for the legal reasons the GLBSE has had to shut as long you remain anonymous and/or your anonymity remains strong enough.  I am not anonymous and risk being charged for issuing and running an unlicensed security and RSM can't afford to pay for a lawyer to work things out so that I don't get charged with breaking the law. 

So as RSM has had enough seed funding to buy 180(GH/s) of ASIC's and I will soon have shareholder details.  Once the ASIC's arrive at Inaba's we will start paying dividends and offer to buy back shares.  This is not a matter for a motion to decide if I should continue breaking the law or not by running an unlicensed security.  So we are no longer a mining stock, we are just a group of people who have all chipped in together to buy mining equipment and all receive a share of the profits from that. 

We will offer to buy back anyones shares at BTC0.41 but we can only buy back so many at a time.  So first come first served.  As we buy back any share the percentage of ownership for the other shareholders will go up.  We will save up to 5% of profits to buy back shares.  If no one wants to sell there shares back the 5% saving will stop once the wallet for that is worth a certain amount

I will look at people being able to trade there share ownership on Open-Transaction servers once I've figured it all out (so any help appreciated).  What will probably happen on OT with your shares is if you want to trade them you issue your own assets valued against your RSM share ownership.  Which I with sign to prove its not fake.  This is so I am no longer a securities issuer and if you want to trade your own share ownership then you become your own securities issuer.  Open-Transaction servers can be located within both the I2p and/or Tor networks.

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October 08, 2012, 12:32:10 AM
 #409

If you are an investment club you need to do a few things.

You need to elect officers

Secretary
Treasurer
Accountant
CEO

These have defined roles and could be the same person as long as they get voted on.


Cryptostocks will eventually face the same problems glbse has and probably even more so because of the precedent.




Well I'll probably continue as doing all those roles as I didn't just start RSM I invested over BTC100.00 into it as well.  Should those roles be paid?  If so we'll need a new "contract" or whatever ever its called in a Co-Op.  Once the job gets bigger and/or anyone wants to help then the work can be distributed.

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October 08, 2012, 12:39:29 AM
 #410

If you are an investment club you need to do a few things.

You need to elect officers

Secretary
Treasurer
Accountant
CEO

These have defined roles and could be the same person as long as they get voted on.


Cryptostocks will eventually face the same problems glbse has and probably even more so because of the precedent.




Well I'll probably continue as doing all those roles as I didn't just start RSM I invested over BTC100.00 into it as well.  Should those roles be paid?  If so we'll need a new "contract" or whatever ever its called in a Co-Op.  Once the job gets bigger and/or anyone wants to help then the work can be distributed.

While were going through this transition the only roles I'm not giving up is Secretary or CEO (whichever has more say) and Treasury.  The other two roles are up for immediate taking if any (major) shareholder(s) wants to help.

What we could do with if anyone knows a way is for us to be able to hold secure shareholders voting?

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October 08, 2012, 12:50:43 AM
 #411

If you are an investment club you need to do a few things.

You need to elect officers

Secretary
Treasurer
Accountant
CEO

These have defined roles and could be the same person as long as they get voted on.


Cryptostocks will eventually face the same problems glbse has and probably even more so because of the precedent.




Well I'll probably continue as doing all those roles as I didn't just start RSM I invested over BTC100.00 into it as well.  Should those roles be paid?  If so we'll need a new "contract" or whatever ever its called in a Co-Op.  Once the job gets bigger and/or anyone wants to help then the work can be distributed.

While were going through this transition the only roles I'm not giving up is Secretary or CEO (whichever has more say) and Treasury.  The other two roles are up for immediate taking if any (major) shareholder(s) wants to help.

What we could do with if anyone knows a way is for us to be able to hold secure shareholders voting?

The only way we can do it at the moment is once I've got all shareholders details is to do it through email and for me to work out each shareholders weighting.  Although this requires you all to trust me but so far you have all had to trust in me complicity since February.

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October 08, 2012, 12:54:25 AM
 #412

If you are an investment club you need to do a few things.

You need to elect officers

Secretary
Treasurer
Accountant
CEO

These have defined roles and could be the same person as long as they get voted on.


Cryptostocks will eventually face the same problems glbse has and probably even more so because of the precedent.




Well I'll probably continue as doing all those roles as I didn't just start RSM I invested over BTC100.00 into it as well.  Should those roles be paid?  If so we'll need a new "contract" or whatever ever its called in a Co-Op.  Once the job gets bigger and/or anyone wants to help then the work can be distributed.

Doesnt have to be paid, no. If its an actual investment club you cant just call it that, there are certain rules you cant escape  Tongue

You also need to have meetings (irc is fine) and take minutes. Thats why you have a secretary Tongue
http://en.wikipedia.org/wiki/Investment_club

Probably a good idea to get some investment club software to manage it all.
https://www.myiclub.com/clubhub/starting.aspx

Investment clubs usually are partnerships and each member takes care of their own tax etc.



In the United Kingdom investment clubs and their members are required to submit form 185(new) to HMRC each year.

So were a "cultural" miners Co-Op Wink

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October 08, 2012, 12:56:44 AM
 #413

If you are an investment club you need to do a few things.

You need to elect officers

Secretary
Treasurer
Accountant
CEO

These have defined roles and could be the same person as long as they get voted on.


Cryptostocks will eventually face the same problems glbse has and probably even more so because of the precedent.




Well I'll probably continue as doing all those roles as I didn't just start RSM I invested over BTC100.00 into it as well.  Should those roles be paid?  If so we'll need a new "contract" or whatever ever its called in a Co-Op.  Once the job gets bigger and/or anyone wants to help then the work can be distributed.

While were going through this transition the only roles I'm not giving up is Secretary or CEO (whichever has more say) and Treasury.  The other two roles are up for immediate taking if any (major) shareholder(s) wants to help.

What we could do with if anyone knows a way is for us to be able to hold secure shareholders voting?
The "contract" is called the by-laws.

Setup a freenode channel with a password you give to shareholders.  Its also a good idea to use gpg email for secure communication.

Yeah I did set up a RSM irc channel I just have to figure out how to make it private or make a private version.  I've just started trying to use GPG email but I'm still a newbie on the subject :/

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October 08, 2012, 01:00:43 AM
 #414

We will follow the rules of an investment club (in the UK) but in a matter of fact and in the eyes of the (UK) law we are a mutual cooperative of interested friends.

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October 09, 2012, 12:41:08 AM
 #415

I think your doing the right thing when it comes to being cautious of cryptostocks, if glbse are having these problems, its only a matter of time, sounds best to find another alternative solution that works for the longer term.

I think I'd be happy donating to the OT bounty - would be nice if they helped us get going when its done tho Smiley
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October 09, 2012, 01:30:25 AM
 #416

I think your doing the right thing when it comes to being cautious of cryptostocks, if glbse are having these problems, its only a matter of time, sounds best to find another alternative solution that works for the longer term.

I think I'd be happy donating to the OT bounty - would be nice if they helped us get going when its done tho Smiley

They will simply crack down on the issuers of the securities if thats the case. You need to host your mining rig somewhere physically.

Its the same reason they arrested a guy here because he had silk road drugs delivered.

Face it we are all living in a worldwide police state where almost everything is becoming illegal besides going to work and going shopping.


Eventually you just have to tell them to get fucked or people will just start disappearing off the street for trivial things.

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October 09, 2012, 11:24:59 AM
 #417

I think your doing the right thing when it comes to being cautious of cryptostocks, if glbse are having these problems, its only a matter of time, sounds best to find another alternative solution that works for the longer term.

I think I'd be happy donating to the OT bounty - would be nice if they helped us get going when its done tho Smiley

They will simply crack down on the issuers of the securities if thats the case. You need to host your mining rig somewhere physically.

Its the same reason they arrested a guy here because he had silk road drugs delivered.

Face it we are all living in a worldwide police state where almost everything is becoming illegal besides going to work and going shopping.


Eventually you just have to tell them to get fucked or people will just start disappearing off the street for trivial things.

The way I'm hoping it works out for us on Open-Transactions is for each shareholder who wants to use it, issues there own asset valued against their share ownership of RSM, which I may have to sign to prove is not fake.  That way rather then there be one asset issue for the whole of RSM (just me) there'll be lots of individual asset issuers of smaller amounts.  That should make things safer.  Also for the fact Open-Transaction servers can be hosted within the I2p and/or Tor networks.

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October 09, 2012, 12:03:32 PM
 #418

It doesn't get over the fact you are operating physically somewhere. Bitcoin mining isnt a virtual operation  Smiley


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October 09, 2012, 12:07:29 PM
 #419

I think your doing the right thing when it comes to being cautious of cryptostocks, if glbse are having these problems, its only a matter of time, sounds best to find another alternative solution that works for the longer term.

I think I'd be happy donating to the OT bounty - would be nice if they helped us get going when its done tho Smiley

Face it we are all living in a worldwide police state where almost everything is becoming illegal besides going to work and going shopping.

Aint we just Sad and its getting worse as the years tick by. And whats worse, is most people dont notice it.
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October 09, 2012, 01:16:20 PM
 #420

It doesn't get over the fact you are operating physically somewhere. Bitcoin mining isnt a virtual operation  Smiley



Our ASIC's are going to be operated by a BFL employee which we pay a fee for.  So I'd imagine any business tax is for him to sort out.  All we lot are is part owners of ASIC's and there is currently no taxes, regulations or laws on mining bitcoins.  If a shareholder wanted to sell his/her share of ownership on a Open-Transaction server then that is up to them.  If a potential investor wanted to issue an asset (maybe on Open-Transactions) to raise funding for entry to the cooperative then that is up to them.  Although I think we are a very long way off anyone being able to raise additional investment for us on Open-Transaction servers. 

As the only way I got paid for running the outfit was by 5% of share issues and that can't happen for the foreseeable future plus now I will have a lot more work to do by arranging dividend payments by hand and sorting any voting out.  Then a new way of paying for this new administration work must be sorted out.  I put forward this idea -

2% of profits to be paid to the "CEO"/Director
1% of profits to the Treasury
1% of profits to the Accountant
1% of profits to the Secretary

While we initially go through this change I think I should take all the roles until we have a stable outfit.  Although what I would initially like to offer out is the secretary role.  That person will have to create a private(password) IRC channel for voting and/or count email votes and work out there weighting.  The next role to be offered will be the accountants role to work out our accounts and dividends.  Then the Treasury maybe if we could find someone else trustworthy enough to manage the wallet and pay out dividends.  Finally if I ever run out of time/effort/energy which I doubt for a long long time yet then I could stand down as "CEO"/Director" or take a lesser Directors role.  Say with a split with someone else for the 2% salary.

I'm not going to ask for any payment initally and will do all four roles for free to start us off.  Although once we have all three 60(GH/s)ASIC's and are saving towards our fourth I think I should start getting paid for this new extra admin work.  The only other way I could continue with all this extra admin work without being paid a percentage of profits is to be paid in an increase in share ownership.

Yes I'm also upset the GLBSE got shut down as I was very soon about to receive a 28 share payment.  Of which I earned around almost twenty shares so far by the selling of newly issued shares.

Another job for the four admin roles above could be through raising additional funding for us to purchase new ASIC's.  As we are saving 50% of profits to purchase new hardware the full price of an ASIC need not be raised for someone to enter the or increase there share of the cooperative.  Although this could be quite complicated now?  Maybe I could put forward an idea where individual shareholders agree to a smaller dividend with the subtractions being saved up to help faster purchase new ASIC's.  With there share ownership increasing.  Although this could be quite complicated as I don't have a accounting degree and even looks like it could involve calculus  Undecided

All should we stop any new investment and just stick to our 50% growth plan.  Which is probably for a vote to hold although I can't see any easy way anyone could invest at the moment unless it was by giving/buying us ASIC's. 

Also the 50% growth plan may have to change in future depending on how fast our (MH/s)per share is growing against the growth in the ratio against the growth in network difficulty.  As if our (MH/s) per share doesn't grow faster than the long term growth in network difficulty then we would in fact be running at a loss.  Which we'd soon see through decreasing instead of increasing profits and dividends. 

So if we noticed profits and dividends decreasing on the long term then we would have to bump up the 50% growth to a higher percentage.  Which would see an even bigger decrease in dividends in the short term until it started to rebound after us buying new ASIC's even faster.

 

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