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Author Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]  (Read 112585 times)
matthewh3
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July 15, 2013, 01:46:00 PM
 #641

BTC44.5 pledge so far with the other <£1,600 of BTC also a friend of mine may be pledging up to BTC27.00.  With my pledge this may enable us to purchase up to six 50(GH/s)BFL's.  With the KNCMiner Saturn this would take us to 680(GH/s) over 140,000 shares in total or up to 4.857142857(MH/s)per share up from the current 2.818445158(MH/s)per share. 

The new 76,135 shares would be held by RSM until the new equipment ordered is received.  As there held by RSM they'll receive no dividends until they're distributed amongst the new investors after their newly pre-ordered equipment is hashing.

Two motions will now be held; one to decide on to purchase up to six 50(GH/s)BFL's for nearly 60,000 shares or five for nearly 50,00 shares.  Another motion for a KNCMiner Saturn@200(GH/s) 28nm due for September for nearly 20,000 shares.  All these newly created shares will be held by RSM and receive no dividends until there new pre-ordered equipment is hashing.  If a motion is needed the vote of these new shares will be decided between the £1,600 investor, the BTC27.00 investor and me if I invest the £1,620 of BTC needed to purchase the sixth BFL SC instead of only five, when I would need to only put in around £350 of BTC.

The motion on the BFL's will run for only 48 hours due to the time limit on our 25% discount voucher.  The motion on the KNC will run until Friday.  At least a 51% yes vote is needed for each motion to pass.  Are these motions suitable to put up or do they need altering.  I'd like to have both motions up by midnight tonight GMT/UTC.

This equates to nearly $20,000 of BTC or nearly BTC200 or of fresh stimulus investment after the 25% BFL discount is taken unto account.  The fact the new shares wont affect dividends until they boost them significantly means this is good for all investors and I hope you all vote yes on both motions.  Even if all three of our early pre-orders started hashing today it would still take the reinvestment growth fund until October to raise the amount of funds.  Yet we still don't have our earliest pre-order yet.  So we are at least doubling our growth by this winter.  Which should put us in a lot better position in the new year where we'll hopefully be running over 1(TH/s) or >7(MH/s)per share.

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matthewh3
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July 15, 2013, 02:35:35 PM
 #642

BTC44.5 pledge so far with the other <£1,600 of BTC also a friend of mine may be pledging up to BTC27.00.  With my pledge this may enable us to purchase up to six 50(GH/s)BFL's.  With the KNCMiner Saturn this would take us to 680(GH/s) over 140,000 shares in total or up to 4.857142857(MH/s)per share up from the current 2.818445158(MH/s)per share.  

The new 76,135 shares would be held by RSM until the new equipment ordered is received.  As there held by RSM they'll receive no dividends until they're distributed amongst the new investors after their newly pre-ordered equipment is hashing.

Two motions will now be held; one to decide on to purchase up to six 50(GH/s)BFL's for nearly 60,000 shares or five for nearly 50,00 shares.  Another motion for a KNCMiner Saturn@200(GH/s) 28nm due for September for nearly 20,000 shares.  All these newly created shares will be held by RSM and receive no dividends until there new pre-ordered equipment is hashing.  If a motion is needed the vote of these new shares will be decided between the £1,600 investor, the BTC27.00 investor and me if I invest the £1,620 of BTC needed to purchase the sixth BFL SC instead of only five, when I would need to only put in around £350 of BTC.

The motion on the BFL's will run for only 48 hours due to the time limit on our 25% discount voucher.  The motion on the KNC will run until Friday.  At least a 51% yes vote is needed for each motion to pass.  Are these motions suitable to put up or do they need altering.  I'd like to have both motions up by midnight tonight GMT/UTC.

This equates to nearly $20,000 of BTC or nearly BTC200 or of fresh stimulus investment after the 25% BFL discount is taken unto account.  The fact the new shares wont affect dividends until they boost them significantly means this is good for all investors and I hope you all vote yes on both motions.  Even if all three of our early pre-orders started hashing today it would still take the reinvestment growth fund until October to raise the amount of funds.  Yet we still don't have our earliest pre-order yet.  So we are at least doubling our growth by this winter.  Which should put us in a lot better position in the new year where we'll hopefully be running over 1(TH/s) or >7(MH/s)per share.

Although we have enough to pre order one BFL SC 50(GH/s) (due in October) with the discount (as the £1,600 investor doesn't want his money on KNC ATM), the 200(GH/s)KNC Saturn (day one September pre-order) we've been offered and a 400(GH/s)KNC Jupiter September pre-order.  For just under 70,000 new shares  To take us too 830(GH/s) or 6.384615385(MH/s)per share by October.  Which is an exponential jump from 180(GH/s) and 2.8(MH/s)per share.  With the growth reinvestment fund we should be at least at 1(TH/s) or 7.692307692(MH/s) per share by the end of autumn.  Not including any major delays and if they're delays the new shares will be ring fenced inside RSM account and not affect anything.

With this plan my pledge is not needed as long as my friend puts in BTC27.00 and 10,000 less shares are created while the hashrate is 150(GH/s) higher.  Plus we'd have 600(GH/s) of our 830(GH/s) on 28nm chips.  Which would be a major advantage next year.  28nm chips will have a longer hashing-life and higher resell value.

Edit:  Sorry if this thread is getting difficult to follow but I'm currently dealing with five different private threads and putting the best resultant here.  Nothing is decided yet and I'm just bouncing ideas.  If anyone has any ideas or opinions to add its best they're added here in the public thread.  So everyone can see clearer the direction we're heading towards putting up the motions.

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July 15, 2013, 07:07:52 PM
 #643

All right: to summarize my current understanding: Huh

roughly:

New shares created = more than double current amount

New hash rate = x4 current rate

New shares held without dividends until release

New shares releases when new equipment comes online and hashrate increases
(Oct-Nov depending on final upgrade plan)

Did I miss anything?






claimer:
I have pledged!



please donate: 1FSZY4mqP67yTU5oGvCYmqMNMaqcMRmR3h
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TheSwede75
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July 15, 2013, 08:52:23 PM
 #644

Ordering anything from BFL seems like the worst idea ever.
matthewh3
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July 16, 2013, 01:16:23 PM
 #645

All right: to summarize my current understanding: Huh

roughly:

New shares created = more than double current amount

New hash rate = x4 current rate

New shares held without dividends until release

New shares releases when new equipment comes online and hashrate increases
(Oct-Nov depending on final upgrade plan)

Did I miss anything?






claimer:
I have pledged!




Current shares ~63,000 new shares ~67,000.  New shares for the KNC Saturn and Jupiter could be released as early as September if they ship on time.

Ordering anything from BFL seems like the worst idea ever.

The £1,600 investor doesn't want his money on KNC as they don't have chips plus we have a 25% BFL discount.

I'm still getting a lot of questions of old early investors who are worried their stock is being diluted and that our growth reinvestment fund is enough.  I've tried to explain we still aren't even hashing so the potential growth reinvestment fund just of their pre-ordered equipment is shrinking every day.

Are all the current pledgers apart from the £1,600 investor OK with their pledges going on a KNC Jupiter.

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July 16, 2013, 03:03:28 PM
 #646

Yes, I'm fine with the Jupiter.

please donate: 1FSZY4mqP67yTU5oGvCYmqMNMaqcMRmR3h
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canth
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July 16, 2013, 04:02:17 PM
 #647

FYI:


matthewh3
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July 17, 2013, 11:10:36 AM
 #648

Has everyone who wanted to pledge received their own unique wallet address from within the RSM wallet.  If not pm or email me,  once all the funds are there it'll be easier to move forward.  I've gave everyone their own address in case refunds are needed.  The coins will stay at your given address until spent on ASIC's or in the worst case refunded.

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July 17, 2013, 08:45:33 PM
 #649

Hello everyone I am new investor.
Name is John.
Happy to be here.
matthewh3
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July 18, 2013, 10:24:52 PM
 #650

My friend is unsure and pledges his BTC27.00 and I don't want to spend every coin I own again on RSM.  As I've already bought 23% of all shares off the exchanges personally.  So we have a KNC Saturn pledged and we have the ability to upgrade it to a 400(GH/s) Jupiter and keep its day one pre-order position.  For this we'd need about BTC40.00 of the current BTC60.00 we already have or to create around 40,000 new shares only.  That'd take us up too 580(GH/s) over ~100,000 shares.  Or up to 5.8(MH/s) per share up from our current 2.8(MH/s) per share.  So unless we can raise another BTC15.00 to pre order a KNC Saturn with the Jupiter upgrade some pledges may be refunded.  If we could raise the BTC15.00 we'd get to 780(GH/s) or 6.5(MH/s) per share.  With the option to also upgrade that Saturn to a Jupiter too if/when we can raise the funds.  I could flood the market down to BTC0.01 and raise about BTC8.00 ATM and potentially add the rest personally.  So that's what the two motions will be on coming up shortly.

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July 20, 2013, 02:03:44 PM
 #651

The RSM wallet now has BTC68.56 and we've been offered another BTC30.00.  We need about BTC117 to upgrade the Saturn we've been pledged to a Jupiter and also pre-order another Jupiter.  This would mean creating just under 80,000 new shares to add 800(GH/s)@28nm.  This would take us up to 980(GH/s) over 140,000 shares or 7(MH/s) per share.  Up from 180(GH/s)@65nm and 2.8(MH/s) per share.  New shares are to be created at BTC0.002 while the current thirty day traded average is BTC0.0195.  We're currently only looking for another BTC20 max.  I could potentially add that as a last resort if needed.

So it looks like we've settled on the expansion plan and its a good one.  Are motions still needed or is everyone happy with our direction.  If so I'll try and set it in place next week hopefully.

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July 21, 2013, 08:25:34 AM
 #652

Hi Matthew,

It looks good, but could you please tabulate the offers more clearly?

e.g. (please correct!)
Current assets, 68910 shares, order for 3x60GH BFL Singles
Share Offer #1, additional 20,000 shares @BTC0.02 each, KNC Saturn 200GH, pledges made and paid to cover this
Share Offer #2, additional 20,000 shares @BTC0.02 each, upgrade for above to KNC Jupiter 400GH, pledges made and paid to cover this
Share Offer #3, additional 40,000 shares @BTC0.02 each, addtional KNC Jupiter 400GH, additional BTCx needed.

And IMHO, to dot i's and cross t's, put the motion up.





matthewh3
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July 21, 2013, 11:16:47 AM
 #653

Hi Matthew,

It looks good, but could you please tabulate the offers more clearly?

e.g. (please correct!)
Current assets, 68910 shares, order for 3x60GH BFL Singles
Share Offer #1, additional 20,000 shares @BTC0.02 each, KNC Saturn 200GH, pledges made and paid to cover this
Share Offer #2, additional 20,000 shares @BTC0.02 each, upgrade for above to KNC Jupiter 400GH, pledges made and paid to cover this
Share Offer #3, additional 40,000 shares @BTC0.02 each, addtional KNC Jupiter 400GH, additional BTCx needed.

And IMHO, to dot i's and cross t's, put the motion up.






Yes we're to issue shares at around ~BTC0.002.  We currently have 63,865 shares on the market and I'd like to take us up to 140,000 exactly as its a round number.  So that would mean the creation of 76,135 new shares.  The original price offered was ~BTC0.002055921 but to keep at 140,000 would mean up to BTC0.0021 which is BTC0.002055921 rounded to four significant figures.  But if we've to have an odd number of shares so be it.  It depends on BTC price when we pay for the KNC's

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July 22, 2013, 06:25:16 AM
 #654

Also, can you clarify how you plan on releasing the new shares, as the expansion plan comes in 2 stages- the arrival of the first KNC miner and later on the second.
Will all those who have pledged have an x percentage of shares released on the first batch, and the rest when the second one is shipped? Or will they all be realeased in one go from the shipment of the first order?
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July 22, 2013, 01:14:03 PM
 #655

Also, can you clarify how you plan on releasing the new shares, as the expansion plan comes in 2 stages- the arrival of the first KNC miner and later on the second.
Will all those who have pledged have an x percentage of shares released on the first batch, and the rest when the second one is shipped? Or will they all be realeased in one go from the shipment of the first order?


The shares for the first Jupiter will be released once it starts hashing.  They will go to the investors who pledged the Saturn and the £1,400 investor.  As the investor who pledged the Saturn also pledged BTC10.00.  Plus maybe one or two of or part of the earliest pledgers shares if I don't need to pledge.  Half of the shares which is nearly 40,000 shares will be released then.  The first to have pledged are to get any remaining shares from this half.  After the second Jupiter is hashing the other half of the shares will be released ( <40,000 shares) and distributed amongst the remaining new investors.

We currently have BTC95.81 in the RSM wallet and currently it looks like we'll need BTC116.00 in total.  I'm going to add all the new investors to the spreadsheet.  Then go ahead with our Jupiter pre-order then we can get the pledged Saturn transferred to our KNC account.  Then we just need to raise the final BTC16.00 to upgrade the Saturn to a Jupiter.

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July 22, 2013, 01:27:27 PM
 #656


Yes we're to issue shares at around ~BTC0.002.  We currently have 63,865 shares on the market and I'd like to take us up to 140,000 exactly as its a round number.  So that would mean the creation of 76,135 new shares.  The original price offered was ~BTC0.002055921 but to keep at 140,000 would mean up to BTC0.0021 which is BTC0.002055921 rounded to four significant figures.  But if we've to have an odd number of shares so be it.  It depends on BTC price when we pay for the KNC's

The new shares are being issued at 1/10th of the cost of market?

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July 22, 2013, 01:35:44 PM
 #657


Yes we're to issue shares at around ~BTC0.002.  We currently have 63,865 shares on the market and I'd like to take us up to 140,000 exactly as its a round number.  So that would mean the creation of 76,135 new shares.  The original price offered was ~BTC0.002055921 but to keep at 140,000 would mean up to BTC0.0021 which is BTC0.002055921 rounded to four significant figures.  But if we've to have an odd number of shares so be it.  It depends on BTC price when we pay for the KNC's

The new shares are being issued at 1/10th of the cost of market?

Yeah, run by us again why issuing new shares at 1/10th of market makes sense?

You could just put new ones up for sale on market at .004 and raise same money issuing half the shares without all the invisible pledging junk.

That's IF investors vote to have the share price destroyed of course.  Wjich is unlikely - as anyone wanting to vote yes would be better off selling their shares then pledging them to get new ones at a fraction of the price.

At worst what you should do is auction the shares on the market if there's a desperate need to sell them - that way you at least get the maximum price per share and it doesn't look like giving away shares to mates.
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July 22, 2013, 01:38:41 PM
 #658

Our current market cap is 1,171 BTC, and we're talking about OVER doubling the amount of shares to raise 200BTC?

It sounds like these investor buddies are getting half the company almost for free at the rest of our expense.


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July 22, 2013, 02:19:38 PM
 #659

Our current market cap is 1,171 BTC, and we're talking about OVER doubling the amount of shares to raise 200BTC?

It sounds like these investor buddies are getting half the company almost for free at the rest of our expense.



We currently only have 180(GH/s)@65nm on pre-order.  This new investment is bringing 800(GH/s)@28nm.  With 400(GH/s) in September and the reminding 400(GH/s) in October.  For the record none of my close friends is taking part in this new investment.  £1,400 investor local to me I met on the internet and only became friends through this deal.  The potential BTC27 investor who is my friend is not investing as those are all the coins he's got any doesn't want to risk them.  These new shares are to be distributed amongst eleven different investors so far.  If you own shares they're currently worth 2.8(MH/s) each while this new investment will make them worth 7(MH/s) each.  As has been stated many times recently.  

I'll put a motion up to run until 00:00 Wednesday GMT/UTC.  Let just hope the bitcoin price doesn't tank.

All pledges so far have been recorded on this spreadsheet.  Please check your amount is correct before the motion is over - https://docs.google.com/spreadsheet/ccc?key=0Ap02rO_j4NLvdFZuMlZnRDFDUFBhaGdsSm9tWkhna2c&usp=sharing

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July 22, 2013, 02:42:36 PM
 #660

Our current market cap is 1,171 BTC, and we're talking about OVER doubling the amount of shares to raise 200BTC?

It sounds like these investor buddies are getting half the company almost for free at the rest of our expense.



We currently only have 180(GH/s)@65nm on pre-order.  This new investment is bringing 800(GH/s)@28nm.  With 400(GH/s) in September and the reminding 400(GH/s) in October.  For the record none of my close friends is taking part in this new investment.  £1,400 investor local to me I met on the internet and only became friends through this deal.  The potential BTC27 investor who is my friend is not investing as those are all the coins he's got any doesn't want to risk them.  These new shares are to be distributed amongst eleven different investors so far.  If you own shares they're currently worth 2.8(MH/s) each while this new investment will make them worth 7(MH/s) each.  As has been stated many times recently.  

I'll put a motion up to run until 00:00 Wednesday GMT/UTC.  Let just hope the bitcoin price doesn't tank.

All pledges so far have been recorded on this spreadsheet.  Please check your amount is correct before the motion is over - https://docs.google.com/spreadsheet/ccc?key=0Ap02rO_j4NLvdFZuMlZnRDFDUFBhaGdsSm9tWkhna2c&usp=sharing

Just to confirm then, based on the New Investors sheet, someone who currently owns as little as 1.5BTC worth of shares could (and absolutely should) sell them at market for .017/share, then pledge them back to you and buy back their shares at .002btc/share?

A few hours ago, according to the btct trading history, someone bought 778 shares for a total price of ~14btc.  Meanwhile, Jaejay (on your investor list) pledged 15btc, and stands to receive around 5,500 shares.  

Honestly, this is madness.  I get that, yes, 200btc is needed, and that 7mh/s is better than 2, but I think that selling new shares at 1/9th of market is a worst possible option.  Why not consider people having the option of bidding for more shares; at worst they might sell for half market, which is still 4 times more that what we're diluting with.

At the very least, you should lock these new shares into a fund which can't be converted into tradable shares for 6 months.  As it is, it would only take one of the new shareholders to instantly sell everything at market, push the price down to like .006, and still turn themselves a massive profit.


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