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

[matthewh3]

We may have a new way to manage and issue shares as well as paying dividends using Coloured Coins - https://bitcointalk.org/index.php?topic=117630.0 - You'll then be free to trade them yourself either Over The Counter or on Open-Transaction servers.

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[matthewh3]

We may have a new way to manage and issue shares as well as paying dividends using Coloured Coins - https://bitcointalk.org/index.php?topic=117630.0 - You'll then be free to trade them yourself either Over The Counter or on Open-Transaction servers.

I think this idea is very important for our asset holders and I put froward the idea we promise the developer a 0.1% stake in RSM once he has made a stable client.  That donation would be (1/1000) stake in us or 180(MH/s) on delivery of our three ASIC's.  What do investors say?  Would a BTC10.00 donation be better if they prefer?

[matthewh3]

For any shareholders who want to contact me anonymously and securely with trust you can do so using Retroshare - (http://retroshare.sourceforge.net/) - if we can get enough of us on there we can have a private forum for asset holders only.  Where we can all communicate privatly, securely, anonymously and direct to each other without using any central servers or such infustructure.  Here is my key, if you add me don't forget to post your key here or inbox me and please sign my key so we can start a PGP web of trust -

Code:

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[matthewh3]

I've put this bounty up

As long as the shareholders don't massively disagree I'm going to offer out a 0.5% ownership of the former GLBSE mining stock/asset RSM - (https://bitcointalk.org/index.php?topic=63257.0) - That works out currently as ownership of 0.9(GH/s) of BFL-SC-Singles although we will be saving 50% of profits towards buying more ASIC's to increase the (MH/s) per share ratio.  For you to implement this idea and maintain it.  You wont receive the coloured coins relating to that 0.5% that will be held in a separate account managed by me but you will receive all profits made from 0.5% ownership as long as you maintain the code.  I've also offered this bounty to this coloured coins project too - (https://bitcointalk.org/index.php?topic=117630.0) - so the first/best implementation will win the bounty.  We don't need to use the coloured coins for about another month yet when we receive our first BFL-SC-Single.

https://bitcointalk.org/index.php?topic=106373.0

So we have a way to manage our shares and pay dividends.  You will also be able to issue your own assets on Open-Transaction servers valued against your coloured coins(shares).  I hope everyone is with me on this as its very important for us to be able to operate and move forward.

[matthewh3]

there is no way to vote on this , I still think crypto is best then vote on there via motions on what to do next

instead of giving away shares of RSM to projects that may not work out

I'm not using Cryptostocks to trade or issue shares.  With coloured coins you could create your own asset on Cryptostocks valued against your coloured coins (shares) if you want to, or on a Open-Transaction server or you could just trade your shares (colored coins) however you want, but I'm not creating, issuing or trading any shares ever again.  Also we are not giving away shares I will hold them.  The devs will just receive the profit from those allocated shares as long as there developing for us.

[matthewh3]

there is no way to vote on this , I still think crypto is best then vote on there via motions on what to do next

instead of giving away shares of RSM to projects that may not work out

I'm not using Cryptostocks to trade or issue shares.  With coloured coins you could create your own asset on Cryptostocks valued against your coloured coins (shares) if you want to, or on a Open-Transaction server or you could just trade your shares (colored coins) however you want, but I'm not creating, issuing or trading any shares ever again.  Also we are not giving away shares I will hold them.  The devs will just receive the profit from those allocated shares as long as there developing for us.

I took the executive decision and unless there is a major shit-storm about it I'm doing it for the health and benefit of our asset.  You should look into 'coloured coins' and how useful they will be to us.  They should also probably enable us to hold secure motions eventually.  The only downside is we will need as many shareholders as possible to hold and run the new copy of our coloured blockchain.  As long as we have enough coloured blockchains running for redundancy (because if we don't keep at least one copy everyone's proof of ownership is lost) then you could keep your coloured coins (shares) on the secure online wallet by blockchain.info.  Which is what I'll recommend everyone does: to keep a copy of our new coloured blockchain running on as many PC's as possible if you don't want eveyone including yourself to loose ownership.  Then keep your coloured coins in a separate online blockchain.info wallet that is backed up to your email or dropbox.  Then you can't loose your coloured coins to hardware failure and blockchain.info's wallet is very secure and they don't hold your coins.  As many new coloured blockchains will need to be held as possible try to have mulitple copies of the new coloured blockchain on as many different machines as possible but they don't need to be running 24/7 just kept updated once a day(s).  Otherwise everyone could loose ownership.  I'll keep a copy of all shareholders (weighting) online privately but that doesn't help if the new coloured coins (shares) are traded.

[k3t3r]

there is no way to vote on this , I still think crypto is best then vote on there via motions on what to do next

instead of giving away shares of RSM to projects that may not work out

I'm not using Cryptostocks to trade or issue shares.  With coloured coins you could create your own asset on Cryptostocks valued against your coloured coins (shares) if you want to, or on a Open-Transaction server or you could just trade your shares (colored coins) however you want, but I'm not creating, issuing or trading any shares ever again.  Also we are not giving away shares I will hold them.  The devs will just receive the profit from those allocated shares as long as there developing for us.

What are you using these projects for?

[matthewh3]

there is no way to vote on this , I still think crypto is best then vote on there via motions on what to do next

instead of giving away shares of RSM to projects that may not work out

I'm not using Cryptostocks to trade or issue shares.  With coloured coins you could create your own asset on Cryptostocks valued against your coloured coins (shares) if you want to, or on a Open-Transaction server or you could just trade your shares (colored coins) however you want, but I'm not creating, issuing or trading any shares ever again.  Also we are not giving away shares I will hold them.  The devs will just receive the profit from those allocated shares as long as there developing for us.

What are you using these projects for?

Basically to prove ownership of our asset and pay dividends.  I recomend you read up on coloured coins.  Try these two links -

https://bitcointalk.org/index.php?topic=106373.0

https://bitcointalk.org/index.php?topic=117630.0

You should be able to hold your coloured coins (shares) in blockchain.info online wallet.  Blockchain.info online wallet is very secure, they don't hold your coins and your wallet can be automatically backed up to your email or dropbox.  What I will be recommending tho is for as many people as possible on as many different PC's as possible is to run a new altered version of the default bitcoin wallet.  To keep a copy of our new coloured blockchain that proves everyone's ownership.

[matthewh3]

For any shareholders who want to contact me anonymously and securely with trust you can do so using Retroshare - (http://retroshare.sourceforge.net/) - if we can get enough of us on there we can have a private forum for asset holders only.  Where we can all communicate privatly, securely, anonymously and direct to each other without using any central servers or such infustructure.  Here is my key, if you add me don't forget to post your key here or inbox me and please sign my key so we can start a PGP web of trust -

Code:

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As I'm new to pgp encyption and Retroshare does it all for you it what I'm going to use for RSM votes.  So if you want to vote I recommend you install it, add my key plus sign it and send me yours.  Although I haven't got our shareholders list yet to work out each shareholders weighting

[matthewh3]

what do others think ? (other shareholders )

The only other shareholder I've spoken to (who is in the Retroshare pgp web of trust) is keen on the idea.  This is not a benevolent thing were doing.  We offering the pay as an incentive to devs to build us a usable product for managing, proving ownership, paying dividends and trading shares in our asset.

[matthewh3]

The company currently ownes $4,022 of hardware assets.  That's $1.71587030716724 per share we also have ~BTC24.00 on the GLBSE and £90 of cash left that I'm converting into bitcoin tonight while the price is low.

[matthewh3]

I've put this bounty up

As long as the shareholders don't massively disagree I'm going to offer out a 0.5% ownership of the former GLBSE mining stock/asset RSM - (https://bitcointalk.org/index.php?topic=63257.0) - That works out currently as ownership of 0.9(GH/s) of BFL-SC-Singles although we will be saving 50% of profits towards buying more ASIC's to increase the (MH/s) per share ratio.  For you to implement this idea and maintain it.  You wont receive the coloured coins relating to that 0.5% that will be held in a separate account managed by me but you will receive all profits made from 0.5% ownership as long as you maintain the code.  I've also offered this bounty to this coloured coins project too - (https://bitcointalk.org/index.php?topic=117630.0) - so the first/best implementation will win the bounty.  We don't need to use the coloured coins for about another month yet when we receive our first BFL-SC-Single.

https://bitcointalk.org/index.php?topic=106373.0

So we have a way to manage our shares and pay dividends.  You will also be able to issue your own assets on Open-Transaction servers valued against your coloured coins(shares).  I hope everyone is with me on this as its very important for us to be able to operate and move forward.

The following quote explains coloured coins a bit

As I'm looking at issuing coloured coins based on the ownership of over $4,000 of ASIC's how do I prove ownership of the issued coloured coins permanently taking into account of hardware failures.

The most important concept to remember is that colored coins are like rules of the road:  they only work because everybody agrees on what side of the road to drive.  There is no law of physics preventing cars from driving in the opposing lane of traffic.  There is no software rule preventing you from using your colored coins to buy Alpaca socks at a web shop.

The basic process works like this:

1. Publicly declare a list of coins in the existing blockchain as colored.
2. Transfer the colored coins to their new owners.  These new owners may freely transfer them to other owners.
3. If the colored coin transfer follows the Colored Coin Rules(tm), software may search the blockchain, and precisely identify the list of colored coin holders.
4. If the colored coin transfer does not follow the Colored Coin Rules(tm), then that person is essentially "burning the money", by making it impossible to track the colored coin beyond a certain point.

It is up to each colored coin owner to keep track of their own public keys.  All other information is stored in the public blockchain.

I think a better version of rule 4 should be: If the colored coin transfer does not follow the Colored Coin Rules(tm), the last owner retains the extra value of the colored coin. (i.e. the last owner will still receive dividend etc.) However, that person may no longer transfer the extra value to other owners. The issuer may re-issue a new colored coin to the last owner to replace the burnt one, with or without service fee charged.

This will prevent most "money burning accident".

Also check this link for more info on coloured coins - https://bitcointalk.org/index.php?topic=106373.0

As well as supporting the coloured coins project(s) we may also want to support this Open-Transactions bounty.  So shareholders can issue their own assets valued against their coloured coins (shares).  That will enable shareholders to trade there shares on a type of stock market.  Open-Transactions may also enable people to issue assets on the OT servers to fund raise for new equipment for us like Mini-Rigs.  Although first it needs to be easy to use to attract new users for the capital to be there. 

https://bitcointalk.org/index.php?topic=105506.0

I'm not even going to pretend to understand all the features & possibilities that Open Transactions offers.

I read a bit about it and felt like I should take the short bus from now on. Baskets here, nyms there, Chaumian something or other... it frankly left my head swimming and I put it on my list of things to look into when I had more free time (and possibly a brain upgrade) to try and wrap my head around it.

But that doesn't stop me from realizing that OT is very powerful and can become extremely useful in the future.

So to claim this bounty we need you to provide an easy to use, open source, cross-platform client. Something my grandma (who thinks firefox is "the google", and "internets" her emails to me) would be able to use.

FellowTraveler has stated that the API is high-level & easy to use, so anyone making a client really only needs to worry about the display layer. He recommends using C++ or Java since those are the best tested.

I simply haven't dug into OT enough to adequately make such judgements, so I will defer to FellowTraveler in this regard. If he says you have created such a client I will make good on my portion of the bounty.

Devs and testers are available in #opentransactions on FreeNode

You can read more about OT here: https://github.com/FellowTraveler/Open-Transactions/wiki


BOUNTIES
-------------

Obsi	-	100 BTC
FellowTraveler	-	80 BTC
da2ce7	-	some BTC
Donations	-	5.2505 BTC

Donations to further fund this bounty may be sent to 1JbgqTVjfrapGQCCup3eZBD69zshoSouKU

As for us supporting this OT bounty and OT in general will be left to a vote after I have each shareholders weighting.  Due to the fact using OT for fundraising is far in the future and not as vital to just basically operate that using coloured coins offers.  Also a coloured coins exchange may pop   Coloured coins are vital for us to be able to prove ownership of shares, paying dividends and for shareholders to be able to trade there holdings as well as enabling us to hold secure motions.  The vote will be held once I have each shareholders holdings so I can weigh the voting out.

The dividends from any shares that may go unclaimed will go towards our coloured coins bounty and possibly to the Open-Transaction bounty if more than 0.5% of shares were to go unclaimed.

[matthewh3]

Here's a bit more info on coloured coins -

It'd be good if the coloured coins could be held in one blockchain.info wallet and dividends paid to any of the coins owners choosing.  Also what keep's the proof of the coloured coins?  If it's just your 'short python script' on my machine then I need a way to back proof up online and to be able to distribute it to each coloured coin owner.  Sorry if that sounds stupid and/or I've missed the point, still trying to figure this all out.

You prove that you own colored coins by holding the private key of the address they held at (same way as you prove that you own any bitcoin, in fact). For my script, the private keys of the addresses you generate with the client for holding colored coins are held in a configuration file. The file is relatively small and in plaintext, and can easily be backed up, sent by e-mail, stored offsite, etc.

Better to show by example, perhaps:
--------
1. An "asset issuer" essentially says something like: "I will use the output number 2 from transaction 630bccacd6f4401fde53822af3f011daa47ec1bedd1702bf7d0be4391948f49b to represent 100% of the shares in my company, whoever holds the descendants of this output holds a proportional share of the company."

Output number 2 from that transaction belongs to 1AEn3U5MhedXYRbpxLKmkL4r5Kz1XkdZA, as can be seen by the whole world at http://blockchain.info/tx/630bccacd6f4401fde53822af3f011daa47ec1bedd1702bf7d0be4391948f49b, and can also be verified in their own local blockchain.

2. The "asset issuer" can now transfer those bitcoins or portions of those bitcoins to other addresses. The transfer will be stored in the public ledger/blockchain - everyone can verify that output number 2 from transaction 630bcc... was assigned to three new addresses in transaction d8e8dc799be1b552f29f8cbd2df24a1fcb9c2a9f4a43c9b4444b9dc329bbd17d, http://blockchain.info/tx/d8e8dc799be1b552f29f8cbd2df24a1fcb9c2a9f4a43c9b4444b9dc329bbd17d. 60% of the value was transferred to 1KbDEaZ99YJYaT62emhFwabFoqQ6LYdJg9, 30% to 1DAHyXPNJjqLGFNqHhavrukWZ6XkY8Kj21 and 10% to 1Mhx4LMjbmN6KJ9B5BkdZ5zVWQP64F5TJC.

The holders of these three addresses are now the new owners of the company, since they hold coins that descend from the "ancestor" transaction output. The evidence is in the public ledger for all to see.

3. The holders of these three addresses can again make transfers to other addresses, each time the public ledger/bitcoin blockchain will hold a record of the transaction, such that the genealogy can be traced back to the original ancestor that represented 100% of the company.
--------

The script I have written essentially just makes sure that the transactions are "nicely" formed, in such a way that descendants of the ancestor are recorded in a very obvious manner in the bitcoin blockchain, and contains a mechanism to track the descendants.

Did that make it clearer, or just mix it up even more (if so, sorry about that!)?

Yeah it shed a bit of light.  So do you recomend every shareholder I send the coloured coin first uses your new client to receive there coloured coins before sending them elsewhere for safe keeping.  So they can get a copy of the ledger in the blockchain.  I know I can just state - 630bccacd6f4401fde53822af3f011daa47ec1bedd1702bf7d0be4391948f49b - is the genesis coloured coin but I imagine its your client that makes visible these coins are coloured.  Otherwise how do people trace there coloured coins back to - 630bccacd6f4401fde53822af3f011daa47ec1bedd1702bf7d0be4391948f49b -
So in short people just need to save just tx - 630bccacd6f4401fde53822af3f011daa47ec1bedd1702bf7d0be4391948f49b - and their private-key to prove ownership.  I suspect your new client does all the blockchain checking from tx - 630bccacd6f4401fde53822af3f011daa47ec1bedd1702bf7d0be4391948f49b ??

Correct: what your shareholders need to know is that 630bcca... is the ancestor/root/genesis, and after that the script figures out all the shareholders by traversing the list of "well-formed" transactions from there onwards.

IF someone was adventurous enough (i.e. moreso than Indiana Jones or Ranulph Fiennes) to want to use this script at the moment, then I would recommend every shareholder to generate an "asset holding" address with this script. Thereafter, the asset issuer would make transfers to that address. Every shareholder would also have to be told the transaction ID of the genesis transaction (and the output number), which each one would then have to add to their client.

Those concerned about security could also write their private key down on a piece of paper (it is stored in plaintext in the configuration file) and remove it from the configuration file. However, when making transfers, they would have to re-enter the private key in the config file...

[matthewh3]

We received our coin back from the GLBSE.  The new wallet I've created for our coins now holds BTC34.91898951  The ASIC's should start shipping in the next three weeks.  Once we have received the shareholder list and the first ASIC then dividends will be paid monthly around the beginning of the month.  If you only own a few shares then your dividends will be paid out on the first month your total equals >BTC1.0005.  One of our shareholders is working on a new spreadsheet for us so you can see the progress of your dividends and all other accounting.

[matthewh3]

RSM name may be changing to something which describes it more in the future and were looking at starting a new Tumblr site and moving away from this forum as much as possible eventually.  I was thinking of 'The Miners Cooperative Club' or MCC.  If you have any better ideas then let us know.

As RSM has been bootstrapped for $4,000 of hardware we're not touting for more investment as we have a 50% reinvestment plan that may even be extended.  Our aim is to become (one of) the biggest player(s) in bitcoin mining.  The way I see it if bitcoin is successful then being (one of) the largest mining outfit(s) will be more important than the dividends paid now and pay well as the block reward shrinks every four years.  That is more important than to just get as many dividends as possible before we would be forced to shut down.

Evolvex has designed our new spreadsheet - https://docs.google.com/spreadsheet/ccc?key=0AolvfZ07D-3SdHBuaGcxRUw3SEkwTzUyVXVqUzRPZFE - as you can see its much better than my old spreadsheet.  So I think he has earned the role of accountant ' spreadsheet designer and operator' and the 1% salary.  He also may be working on our new Tumblr site so he may earn half the salary role of 'admin' or maybe even the full 1% depending on his work against mine.  The four paid positions of CEO 'Club Chairman' 2%,  Treasurer 'Payments and Coins Sorter' 1%, Accountant 'Spreadsheet Designer and Operator' 1% and Administrator 1%.  The salaries won't come into effect until a month after we have received our third BFL-BitForce-SC-Single and will be taken from the dividends wallet.

[matthewh3]

An interesting thread - https://bitcointalk.org/index.php?topic=118672.0

Stock exchange based on colored coins

Stock market needs some unique features, so I'm going to describe how they map unto 'colored coin' concept.

(Please check general intro into colored coins first if you aren't familiar with it: https://bitcointalk.org/index.php?topic=106373.0)

I. Issuing shares.

So you have a company and you want to issue shares. To do that, you create a color definition (with help of client software, which will likely have "issue shares" button). Color definition should include:

1. Genesis transaction information (transaction hash, output number). Genesis transaction will be created by client software out of coins you already own.
2. Information about units, e.g. 1 satoshi in genesis transaction = 1 share.
3. Display name, e.g. "XYZ corporation"
4. Identifier of a contract, e.g. its hash
5. Identifier of a color, e.g. hash of address used to issue shares.

Once you've made this color definition you can upload it to your site or maybe into some color definition directory. Anybody who is interested in XYZ corporation will be able to get this definition and import it into their client software.

After that you can sell your shares in an IPO. People who have imported color definition will be able to distinguish shares from normal bitcoins. (How exactly shares can be traded is discussed below.)

But we have an open question: how would we handle additional share issues? Quite often company needs to issue more shares.

There is a couple of possible approaches:

1. Do not allow additional issues at all. All authorized shares should be included into original color definition. If necessary, company can sell them in blocks, keeping some unissued/treasury shares for itself. So one should authorize more shares than he plans to sell, just in case...

2. Client software should recognize ALL outputs which come from issuing address as issues of shares. So, basically, issuer can make any amount of shares at any time.

3. Client software will identify all outputs which come from issuing address, but it will ask confirmation from user before it will start recognizing coins coming from those new outputs. I.e. client software will show a message: "XYZ corporation issued 1000 more shares. Do you approve that?"

4. Additional issue is done through updated color definition. Users will have to import updated definition manually. (Or perhaps client software will pull it from some directory and will ask whether they approve changes.)

Approaches 1 and 2 are problematic because issuer can suddenly release a large quantity of shares, thus diluting existing shareholders/bondholders. It can make shareholder identification rather problematic.

So I'm more for approaches where user needs to consent to new issue. It is more democratic, i.e. people kind of vote for whether they authorize new issue (it is different from a normal shareholder vote because it is implicit). Also they have control: if something weird will happen, people will have a warning before they accept diluted shares. E.g. consider a scenario with a hacked server: attacker obtains private key used to sign color definition, issues more shares and tries to dump them on market to get money. If there is a confirmation, he won't be able to do that.

In next releases we'll discuss these topics:

II. Trading, i.e. exchange proper functionality.
III. Shareholder voting, shareholder identification.
IV. Dividends.
V. Buybacks.

Stay tuned!

I'm going to sleep now, though...

https://bitcointalk.org/index.php?topic=118672.0

[Evolvex]

Whats this about having to keep a copy of a coloured blockchain or the shares vanish? I didn't realize about that - why's that, does that mean I have to keep a pc on all the time in order to keep my coloured coins?

Shall update the spreadsheet over the next couple of days when im not so busy.

[matthewh3]

Whats this about having to keep a copy of a coloured blockchain or the shares vanish? I didn't realize about that - why's that, does that mean I have to keep a pc on all the time in order to keep my coloured coins?

Shall update the spreadsheet over the next couple of days when im not so busy.

You just need to keep a copy of the coloured coin genesis transaction hash id.

Thanks for working on our spreadsheet.

[matthewh3]

I've converted the £180 VAT cash back into bitcoin as it is no longer needed for paying import VAT.  So our new wallet balance is BTC46.89898951 and the actual wallet addresses are on the new spreadsheet done by Evolvex - https://docs.google.com/spreadsheet/ccc?key=0AolvfZ07D-3SdHBuaGcxRUw3SEkwTzUyVXVqUzRPZFE&pli=1#gid=0 - So that means we are about half way to our fourth ASIC which will take us up from 160(GH/s) over 2344 shares or 76.79(MH/s)per share to 240(GH/s) over 2344 shares or 102.389(MH/s)per share.  Which should increase profits by around ~25%.  Once we have saved enough for our fifth ASIC we will be at 300(GH/s) over 2344 shares or 127.986(MH/s)per share.  Which is about another 25% increase in profits.  

Can you all see why its so important that we are saving 50% of profits for reinvestment by buying more ASIC's.  I'm even in favour of rising the reinvestment fund all the way up to 90% of profits.  As each new ASIC we buy greatly increases profits.  Although I know you all want to see some dividends being paid again.  So I won't put forward the motion of increasing the growth fund until we have all three of our pre-ordered ASIC's and have paid some dividends.

On another note as we have a large amount of bitcoins that is only going to grow in amount I'm going to purchase a Yubikey to secure our wallet.  They only cost $25 - https://store.yubico.com/store/catalog/product_info.php?products_id=3 - and don't worry our coins are not held on MtGox but on blockchain.info hybrid wallet.  So they don't have access to our wallet and copy is also kept and updated to my 'Google Drive'.

    

[Azelphur]

On another note as we have a large amount of bitcoins that is only going to grow in amount I'm going to purchase a Yubikey to secure our wallet.  They only cost $25 - https://store.yubico.com/store/catalog/product_info.php?products_id=3 - and don't worry our coins are not held on MtGox but on blockchain.info hybrid wallet.  So they don't have access to our wallet and copy is also kept and updated to my 'Google Drive'.

Purchased in exchange for 2.4 bitcoins, payment on delivery to 1ECJKKXYiUKjPwFW4BRBKKjiSnjutkZDXe