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Author Topic: [Cryptostocks] Bitbond 200Gh/s 105% PPS mining bond - Relaunched  (Read 38231 times)
amazingrando
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April 03, 2012, 02:49:07 AM
 #1

Relaunched on Cryptostocks!


Bitbond (Cryptostocks ticker BITBOND) is a perpetual mining bond where you can buy mining power and receive weekly mining payouts, without buying and maintaining expensive hardware.  Payouts will continue indefinitely.

Bond features
  • A total of 200Gh/s offered in 2Mh/s increments
  • Weekly payouts are 105% of PPS
  • PPS means no variance
  • Perpetual - no expiration date
  • Buyback provision at 110% of 15 day Cryptostocks average

Benefits over other bonds
  • 105% PPS means more bitcoins - a bigger payout and more coins before difficulty increases
  • Positive ROI several weeks quicker - up to 13 weeks sooner
  • Higher buyback provision - get paid more if I buy back the bonds


FAQ

When would payouts begin?
Payouts started on 4/8/2012
See the post after this for payout history

How long will it take to start mining?
Mining started on Saturday 4/7 at 2 PM.  It is a subset of my mining hash power currently on maxbtc.com

What is your hardware setup?
I exclusively run GPUs for mining due to my low power costs.  I may offer further bonds in the future with FPGA hardware if the economics are right and the FPGA vendor can deliver when I need it

Why/how 105% PPS?
First, I will be doing merged mining so those coins will be used to increase the pay per share.  Also, I would like to offer a good value for each bondholder. The extra 5% will add up over the weeks, months, years.  If reinvested it will greatly accelerate ROI compared to 100% PPS options.

What if you have technical issues/downtime?
I have more than 210 Gh/s operating with a total capacity beyond 300 Gh/s.  Should there be any downtime, I will contribute hashes from my personal farm to ensure the full dividend is paid each week.

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 03, 2012, 02:50:15 AM
 #2

Payouts

Payout 26 - 9/30/2012 PAID
  All investors were paid 0.00516234 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 25 - 9/24/2012 PAID
  All investors were paid 0.00533112 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 24 - 9/16/2012 PAID
  All investors were paid 0.00548516 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 23 - 9/9/2012 PAID
  All investors were paid 0.00557257 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 22 - 9/2/2012 PAID
  All investors were paid 0.00605811 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 21 - 8/27/2012 PAID
  All investors were paid 0.00665011 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 20 - 8/19/2012 PAID
  All investors were paid 0.00674878 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 19 - 8/12/2012 PAID
  All investors were paid 0.00725972 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 18 - 8/5/2012 PAID
  All investors were paid 0.00725972 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 17 - 7/29/2012 PAID
  All investors were paid 0.00829930 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 16 - 7/22/2012 PAID
  All investors were paid 0.00848085 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 15 - 7/14/2012 PAID
  All investors were paid 0.00884393 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 14 - 7/9/2012 PAID
  All investors were paid 0.00906345 btc per 2MH/s coupon at a rate of 112% PPS for the past week.

Payout 13 - 7/1/2012 PAID
  All investors were paid 0.00897142 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 12 - 6/23/2012 PAID
  All investors were paid 0.00936318 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 11 - 6/17/2012 PAID
  All investors were paid 0.00978396 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 10 - 6/10/2012 PAID
  All investors were paid 0.00963598 btc per 2MH/s coupon at a rate of 110% PPS for the past week.

Payout 9 - 6/3/2012 PAID
  All investors were paid 0.00929289 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 8 - 5/26/2012 PAID
  All investors were paid 0.00879750 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 7 - 5/19/2012 PAID
  All investors were paid 0.00853082 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 6 - 5/12/2012 PAID
  All investors were paid 0.00911298 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 5 - 5/5/2012 PAID
  All investors were paid 0.01026771 btc per 2MH/s coupon at a rate of 110% PPS for the past week for a massive 420.98 btc ($2126 at current prices)

Payout 4 - 4/28/2012 PAID
  All investors were paid 0.00994375 btc per 2MH/s coupon at a rate of 110% PPS for the past week

Payout 3 - 4/21/2012 PAID
  All investors were paid 0.00981661 btc per 2MH/s coupon at a rate of 110% PPS for the past week

Payout 2 - 4/14/2012 PAID
  All investors were paid 0.00747781 btc per 2MH/s coupon at a rate of 110% PPS for the period of Tuesday 4/10 through end of the day Saturday 4/14

Payout 1 - 4/8/2012 PAID
  First round investors were given 0.00313828 btc per 2 Mh/s coupon for the period of Saturday 4/7 at 2pm through 11:59pm on Monday 4/9, and paid on Sunday 4/8.

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 03, 2012, 02:55:10 AM
 #3

Will defiantly be looking into buying some shares.

What where your predictions on dividends per share?

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April 03, 2012, 03:31:24 AM
 #4

Will defiantly be looking into buying some shares.

What where your predictions on dividends per share?

At current difficulty I would expect about 0.0091 btc per 2mh/s in a week.  Thus if you had 700 mh/s that would translate to about 3.18 btc in a week.

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April 03, 2012, 05:07:49 AM
 #5

Will defiantly be looking into buying some shares.

What where your predictions on dividends per share?

At current difficulty I would expect about 0.0091 btc per 2mh/s in a week.  Thus if you had 700 mh/s that would translate to about 3.18 btc in a week.
(700/2)*0.6 = 210 BTC investment for 700Mh/s
700*(0.0091/2) = 3.18 BTC/week

210/3.18 = 66 weeks to break even

Did I do the math right? Took me 10 minutes to double check it a few times. :\

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April 03, 2012, 05:16:59 AM
 #6

Will defiantly be looking into buying some shares.

What where your predictions on dividends per share?

At current difficulty I would expect about 0.0091 btc per 2mh/s in a week.  Thus if you had 700 mh/s that would translate to about 3.18 btc in a week.
(700/2)*0.6 = 210 BTC investment for 700Mh/s
700*(0.0091/2) = 3.18 BTC/week

210/3.18 = 66 weeks to break even

Did I do the math right? Took me 10 minutes to double check it a few times. :\

Except when the reward is cut in half in less than 9 months.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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April 03, 2012, 05:31:46 AM
 #7

Will defiantly be looking into buying some shares.

What where your predictions on dividends per share?

At current difficulty I would expect about 0.0091 btc per 2mh/s in a week.  Thus if you had 700 mh/s that would translate to about 3.18 btc in a week.
(700/2)*0.6 = 210 BTC investment for 700Mh/s
700*(0.0091/2) = 3.18 BTC/week

210/3.18 = 66 weeks to break even

Did I do the math right? Took me 10 minutes to double check it a few times. :\

Yeah, that's that I get also.

If my math is right that would put break even about 6 weeks faster than Gigavps' proposal (as currently proposed) and 13 weeks faster than Meni's bond

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 03, 2012, 08:32:53 AM
 #8

Could you provide a formula for coupons value, like Meni did ?

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April 03, 2012, 09:35:51 AM
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This looks very good.

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April 03, 2012, 09:45:10 AM
 #10

Could you provide a formula for coupons value, like Meni did ?

I assume by coupon's value you mean the weekly payouts (similar to a bond's regular interest payments).

For my calculations I use a more straight forward approach than what Meni uses, but I am open to suggestions if someone has a better way.

Shares generated per day (24 hour period) is as follows:

    86400 seconds/day * 2^-32 shares/hash * hash/sec

Example of 700 Mh/s

    86400 * 2^-32 * 700,000,000 = 14,081.6 shares/day

Pay per share is calculated as follows

    52.5 btc / difficulty (normally 50 btc/diff, but 52.5 is 105% as offered in this bond)

PPS payout is calculated as follows (if difficulty is the same for an entire week):

     shares per day * 7 days * (1/diff) * 52.5 btc / block

Example of 700 Mh/s payout in one week with difficulty of 1626553.5

     14,081.6 * 7 * (1/1626553.5) * 52.5 = 3.18 btc

For weeks when difficulty does not change it will simply be the above.  When there is a mid-week difficulty change then I will do two calculations, one for the payout at the initial difficulty for the period of the week before the change, and a second for the period of the week after the change at the new difficulty.  I will then sum the two and that will be the week's payout at a given hash rate.

Let me know if that answers your question.

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 03, 2012, 11:36:54 AM
 #11

Did I do the math right? Took me 10 minutes to double check it a few times. :\

well enough, but you took the simple approach
ignoring difficulty changes.
with this year's mining activity peak the dividends will be probably getting smaller as the year end approaches

your ad here:
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April 03, 2012, 07:00:08 PM
 #12

Did I do the math right? Took me 10 minutes to double check it a few times. :\

well enough, but you took the simple approach
ignoring difficulty changes.
with this year's mining activity peak the dividends will be probably getting smaller as the year end approaches

The bond is for mh/s and its equivalence in BTC (as a coupon payment) calculated on a weekly basis.

You are right that difficulty will affect the payouts, and that is represented in the calculation.

Regarding payouts decreasing over time, that is a concern to any miner, not specific to this bond.  Current thinking by many people is that difficulty will continue to rise, particularly as we near the point where the number of coins/block changes to 25 (later this year/early next?), but there's more to the story than that.  First, it's important to note that difficulty can go down (and has as we saw for half of last year) in which case coupon payments may go up.  More significantly, there is an important interaction between exchange rate (e.g. USD/BTC) and the difficulty.  Difficulty usually follows price.  Prices have doubled in the past few months and difficulty has followed by increasing (not quite by double).  By my analysis mining, if done efficiently and effectively, will continue to be profitable for a long time to come.  But it is up to each investor (or miner considering buying hardware) to draw their own conclusions on where we are headed.

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 04, 2012, 08:36:03 AM
 #13

FYI, there may be a delay in the IPO (hopefully not more than a few hours).

There are some bugs in GLBSE 2.0 website that Nefario needs to address before I can issue bonds

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 04, 2012, 08:51:12 AM
 #14

FYI, there may be a delay in the IPO (hopefully not more than a few hours).

There are some bugs in GLBSE 2.0 website that Nefario needs to address before I can issue bonds

should not affect you. what happens is a program checks if the date/time you specified in the IPO form has passed and creates the shares.
they will appear in your sub-account created specially for the issuer as an asset management account which will have 0 BTC balance
and all 10000 bonds/shares you asked to be created.

if you check https://glbse.com/asset/view/BITBOND total shares issued this will change from 0 to 10000.
then you have to create a sell order to offer them to the public.

afaik there are no bugs in creating sell orders nor in the ipo process. but I see if you have problems to login and create the sell order, it will be delayed.

good indicators are
1) the https://glbse.com/ipos list will no longer contain bitbond
2) the https://glbse.com/asset/view/BITBOND asset page will display count of shares issued > 0
3) trading starts (or at least asks not empty)

your ad here:
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April 04, 2012, 08:59:15 AM
 #15

Thanks mila-

From what I know it used to be that you could create bonds (shares) before the IPO.  I didn't know there was an automatic mechanism in GLBSE 2.0.

Seems like others are having login issues, but hopefully that won't affect me.

I'll check at the IPO time and see if everything is working (crossing my fingers!)

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 04, 2012, 09:43:18 AM
 #16

Subbed. This is definitely a neat venture. Sent you a PM.
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April 04, 2012, 09:51:23 AM
 #17

When is this going live. 
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April 04, 2012, 09:51:51 AM
 #18

When is this going live. 

This morning sometime I believe.
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April 04, 2012, 09:54:43 AM
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IPO time! Time to scramble.

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April 04, 2012, 10:25:37 AM
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GLBSE will automatically create bonds (shares) later this morning.  Then I'll get everything set up and offer the shares to the public.

Can't wait to get under way and start making money for you guys!  Cheesy

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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April 04, 2012, 12:19:20 PM
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This looks to be an exciting enterprise. Can't wait to pick up a few of these bonds.
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April 04, 2012, 03:30:29 PM
 #22

The IPO is now live!   Smiley

Turns out that Nefario had to make a change to the asset type and then everything was good to go.  The bonds (shares) were issued automatically and then I was able to release the first bonds for sale.

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April 04, 2012, 03:44:42 PM
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The IPO is now live!   Smiley

Turns out that Nefario had to make a change to the asset type and then everything was good to go.  The bonds (shares) were issued automatically and then I was able to release the first bonds for sale.

How does this work? I see 565 asks at 0.6 but it says 10000 shares (bonds?) issued, too. Does that mean the issued bonds have all been sold and there have been four exchanged after the 10000 were sold?

Edit: I guess that means that of the 10000 issued, 565 are still for sale at the initial price.
Edit 2: Wow, those went pretty quickly Smiley
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April 04, 2012, 04:41:43 PM
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How does this work? I see 565 asks at 0.6 but it says 10000 shares (bonds?) issued, too. Does that mean the issued bonds have all been sold and there have been four exchanged after the 10000 were sold?

Edit: I guess that means that of the 10000 issued, 565 are still for sale at the initial price.

10,000 were created (issued) - 20 Gh/s divided by 2 Mh/s increments = 10,000

I put up 5,000 for sale in the initial round this morning.  Of that 484 are still available for sale at the time I write this.  Almost gone!

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April 04, 2012, 04:46:44 PM
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Love it when a good company IPO sells out so quickly. I always wish I had more BTC available to buy with though.
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April 04, 2012, 04:52:31 PM
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How does this work? I see 565 asks at 0.6 but it says 10000 shares (bonds?) issued, too. Does that mean the issued bonds have all been sold and there have been four exchanged after the 10000 were sold?

Edit: I guess that means that of the 10000 issued, 565 are still for sale at the initial price.

10,000 were created (issued) - 20 Gh/s divided by 2 Mh/s increments = 10,000

I put up 5,000 for sale in the initial round this morning.  Of that 484 are still available for sale at the time I write this.  Almost gone!

That's great! I'm confused by the volume view though. I've seen it go from 4 to 2 to 4 to 75 to 10 to 1 in a sequence of refreshes. Is it a 5-minute snapshot of the volume or something? It'd be nice to get historical volume. Perhaps we should bug nefario Smiley
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April 04, 2012, 05:05:32 PM
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I think it just shows the last sale.
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April 04, 2012, 05:12:45 PM
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Picked up a few. Can't wait to start receiving dividends.
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April 04, 2012, 06:08:06 PM
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First coupon payments (dividends) will be sent on April 14.  Looking forward to sharing the mined coins with all the bondholders

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April 04, 2012, 09:11:57 PM
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Down to about 400 bonds (shares) left.  Get them while you can!

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April 04, 2012, 11:05:38 PM
 #31

Subbed. Hopefully my transaction will confirm fast enough for me to get some of these.

-- BinaryMage -- | OTC | PGP
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April 05, 2012, 12:15:22 AM
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All 5,000 bonds (shares) from the first round have been sold!

I have updated the OP accordingly.

For all you new bondholders, thank you!  Smiley   We're off to a great start.   I will be partitioning the mining rigs later this week and will start on April 8 with the first week of mining.  First payouts to be made on 4/14

I have also started to work on the design for a website where you will be able to see earnings, estimate payouts, and other neat features.

For those who didn't make it into the first round, don't worry.  I am preparing the second round of 5,000 shares to be sold.  I will update the thread on the exact timing, but it won't be too long.

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April 05, 2012, 02:44:20 AM
 #33

I just missed the first wave. Ah well, good idea doing this in two waves Smiley

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April 05, 2012, 02:48:18 AM
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I just missed the first wave. Ah well, good idea doing this in two waves Smiley

I'll sell you a bunch for 2 btc each, if you want them sooner Smiley
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April 05, 2012, 02:49:08 AM
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I just missed the first wave. Ah well, good idea doing this in two waves Smiley

Second wave is coming.  I plan to do a bit of advertising too.  Want to make sure it everything sells and that the trading price after the IPO will hopefully rise and give bondholders an opportunity for a bit more profit.

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April 05, 2012, 02:49:33 AM
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I just missed the first wave. Ah well, good idea doing this in two waves Smiley

I'll sell you a bunch for 2 btc each, if you want them sooner Smiley

It's already started!  lol

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April 05, 2012, 02:53:44 AM
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I just missed the first wave. Ah well, good idea doing this in two waves Smiley

I'll sell you a bunch for 2 btc each, if you want them sooner Smiley

It's already started!  lol

Dammit, can't you leave an honest scalper a few hours of peace and quiet to do his job?  Angry
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April 05, 2012, 02:59:18 AM
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I just missed the first wave. Ah well, good idea doing this in two waves Smiley

I'll sell you a bunch for 2 btc each, if you want them sooner Smiley

It's already started!  lol

Dammit, can't you leave an honest scalper a few hours of peace and quiet to do his job?  Angry
Damn son, that isn't scalping, that's chopping off the whole head. Grin

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April 05, 2012, 04:33:05 AM
 #39

lol.

What is the IPO price per share of the second wave? I want to get some purchases ready!

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April 05, 2012, 04:51:54 AM
 #40

lol.

What is the IPO price per share of the second wave? I want to get some purchases ready!

I will probably align it with the most the trading price on GLBSE at the time I release the second set of shares, which as I write this is 0.6125

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April 05, 2012, 08:09:11 PM
 #41

lol.

What is the IPO price per share of the second wave? I want to get some purchases ready!

I will probably align it with the most the trading price on GLBSE at the time I release the second set of shares, which as I write this is 0.6125

Do you have an ETA on the next issue?
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April 05, 2012, 10:00:56 PM
 #42

Do you have an ETA on the next issue?

Short answer
I'm targeting Sunday 4/8 or Monday 4/9

Long answer
I've been waiting to get an ad up on the forums.  The current auction round for ad space ends on 4/9, but I wanted to run it earlier.  It looks like I might be able to run an ad sooner, potentially starting as early as today.  Once it's up I would want it to run a few days and build up more awareness before starting the next issue.  I will be out of town on Saturday, so Sunday or Monday is looking like a good timeframe.

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April 05, 2012, 10:20:32 PM
 #43

For the next round are you going to issue another 10000 shares that represent an additional 20 Gigahash making it 40 Gigahash total? Or will they be issued toward the initial 20 Gigahash, lowering the returns? Or am I completely wrong and misunderstanding how this works? haha
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April 05, 2012, 10:26:22 PM
 #44

For the next round are you going to issue another 10000 shares that represent an additional 20 Gigahash making it 40 Gigahash total? Or will they be issued toward the initial 20 Gigahash, lowering the returns? Or am I completely wrong and misunderstanding how this works? haha

There were 10,000 bonds created at 2 Mh/s, representing 20Gh/s total.  The first round was 1/2 of that, 5000 bonds making 10Gh/s.  That sold out very quickly.  The second round is the other half of the offering, the other 5000 bonds making 10Gh/s.

The returns (2Mh/s per bond paid weekly as 105% PPS) will be the same whether you bought in the first round or second.

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April 05, 2012, 10:39:15 PM
 #45

Thanks for that explanation. On the GLBSE posting under "Total Shares Issued" it lists 10000, which I assumed meant they all had been issued on the 1st go round. But we all know what happens when you assume...  Smiley
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April 05, 2012, 10:43:37 PM
 #46

Thanks for that explanation. On the GLBSE posting under "Total Shares Issued" it lists 10000, which I assumed meant they all had been issued on the 1st go round. But we all know what happens when you assume...  Smiley

Yes, the terminology is a little confusing.  "Issued" seems to imply sold, it just means created.  Offering them for sale is separate.

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April 06, 2012, 06:10:48 PM
 #47

Update: Firm details can now be found in the payouts post

Initial Coupon Payment Announcement

The first week of mining begins on Saturday, April 7 at 2PM Pacific Time (UTC -8).

The second round of bonds available for sale will occur after the first mining week starts, sometime during that first week.  This poses a problem of how to pay coupon payouts for the first mining week.  Investors from the first round will be due a full week's payment on April 14.  Investors from the second round will not have been invested for the entire week and thus are due a pro-rated amount.

To my knowledge there is no way to distinguish in GLBSE during which round a particular investor invested (if someone knows of a way, please let me know).  Accordingly, I plan to structure the first week's payouts as follows:

First round investors:
I will pay a payout before the second round bonds are put up for sale.  It will include the time from when the mining week begins through the first day that the second round of bonds is up for sale.

For example, if the second round is available for sale on Tuesday, 4/10 then I will make a payout on 4/9 for the mining rewards starting from the mining week starting (4/7 at 2PM) through 11:59PM Tuesday, 4/10.  In this example, 105% of PPS x your hashrate x 3 days and 10 hours.

First round investors will receive a second payout for the remainder of the week's mining earnings on 4/14

Second round investors
Based on the first round offering, I expect the second round to sell out quickly - mostly likely within a day.  Assuming that, I will pay second round investors their first payout on 4/14.  Their first payment will be for the period of the day after the second round is offered until the end of the first mining week.  

For example, if the second round is available for sale on Tuesday, 4/10 then mining earnings will start on 4/11.  I will make a payout on 4/14 for the mining rewards from 12:00AM 4/11 until the end of the mining week (4/14 at 1:59PM)

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April 07, 2012, 06:44:39 AM
 #48

I didn't read your post above thoroughly, but it seems like that will work. Pay out the coupons before releasing more.

Also, if the newly released shares don't sell within a day, you could always increase the price by an amount equal to that day's earning, meaning people buying later pay more, but still get the full week's earning. This is similar to how an efficient market prices bonds during the coupon period. For example, a $100 with $2 accrued, but unpaid, interest would sell for around $102, all else being equal.

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April 07, 2012, 07:06:18 AM
 #49

I didn't read your post above thoroughly, but it seems like that will work. Pay out the coupons before releasing more.

Also, if the newly released shares don't sell within a day, you could always increase the price by an amount equal to that day's earning, meaning people buying later pay more, but still get the full week's earning. This is similar to how an efficient market prices bonds during the coupon period. For example, a $100 with $2 accrued, but unpaid, interest would sell for around $102, all else being equal.

Thanks Brendio for the sanity check.  Your suggestion on the pricing is a good one. If it does take longer than a day I'll probably follow that strategy

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April 07, 2012, 12:52:24 PM
 #50

Best of luck on Round #2

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April 08, 2012, 06:20:40 AM
 #51

As some of you may have noticed, there have been some ads running on the forum for Bitbond.  Cheesy

I will be announce a firm second round bond sale date and price soon.

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April 08, 2012, 07:28:57 AM
 #52

Two Announcements:

1) I have announced that the next round of bond will be available for purchase 9AM Pacific Time on Monday 4/9.  Price will be announced before the offering and will reflect current trading price and other factors, but likely will be similar to the first round

2) A competing offering was announced by Gigavps.  Bitbond offers 105% PPS (instead of 100% PPS), faster ROI, and twice as high of a buyback premium.  Thus I expect Bitbonds to not only be more lucrative in payouts but also command a higher trading price over time.

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April 08, 2012, 09:49:53 PM
 #53

Hi everyone!

I was happy to pay our first coupon payments today for first round investors - the first of many many more to come.  Smiley

This is my first time using GLBSE to make payouts, but it seemed to calculate everything correctly.  You should see a payment of 0.00313828 btc for each 2 Mh/s coupon you hold.  Let me know if there were any issues.

Next payout will be on Saturday

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April 08, 2012, 10:14:05 PM
 #54

Yup, DIV is in, and the math looks right on my end.

I cannot speak highly enough of amazingrando.

Our business dealings have always be flawless and his communication is top notch. This second wave coming out on Monday is a REAL opportunity to get in on a big mining operation. I have personally bought BITBOND and know that he is the real deal.

Keep up the great work amazingrando!
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April 09, 2012, 12:01:26 AM
 #55

Thanks Gigavps for the kind words and congratulations on your very successful IPO!

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April 09, 2012, 12:01:54 AM
 #56

Second Round Pricing Announcement

Pricing for the second round of 5,000 bonds (2Mh/s x 5,000 = 10Gh/s) will be 0.75 btc for 2Mh/s

This reflects the recent rise in Bitbond prices on GLBSE while offering a better return than competitive offerings such as PureMining, which is currently trading at .85 btc for 2 Mh/s and pays less than Bitbond.

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April 09, 2012, 04:09:28 PM
 #57


Second (and final) round of bonds are now available on GLBSE.

New investors will receive their first payout on Saturday, April 14

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April 09, 2012, 04:20:05 PM
 #58

Excellent news - best of luck with the offering.

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April 09, 2012, 05:57:06 PM
 #59

Second round pricing update

After assessing market demand at the original second round offer price and talking with potential investors, I have decided that I will reduce the price for the second round shares quite a bit.

The new price will be 0.625.  Don't forget my bonds pay 105% PPS

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April 09, 2012, 08:01:48 PM
 #60

Man, things are heating up around here. I was away for a week (illness/holidays combo) and a helluva things happened. I must transfer some funds to GLBSE asap...
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April 09, 2012, 08:05:37 PM
 #61

Welcome back Kaos!  Get them while you can!  Cheesy

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April 10, 2012, 04:19:37 AM
 #62

Doing a cash transaction with a friend right now so I can snag a few shares Cheesy

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April 10, 2012, 04:33:44 AM
 #63

Doing a cash transaction with a friend right now so I can snag a few shares Cheesy

Cool.  Even though the bonds didn't sell out in the first day (yet), I think it's just a matter of time.  BitBond is the only 105% PPS mining bond, so it doesn't take a lot of math to see that it gives a higher return that other bonds.

Plus, any investor holding bonds on Saturday will receive a payout from the start of round 2 until Saturday 2pm Pacific Time.  Wink

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April 10, 2012, 04:56:39 AM
 #64

Doing a cash transaction with a friend right now so I can snag a few shares Cheesy

Cool.  Even though the bonds didn't sell out in the first day (yet), I think it's just a matter of time.  BitBond is the only 105% PPS mining bond, so it doesn't take a lot of math to see that it gives a higher return that other bonds.

Plus, any investor holding bonds on Saturday will receive a payout from the start of round 2 until Saturday 2pm Pacific Time.  Wink

Well, regardless of who's got the better bond, there's certainly a large influx right now in any case. I'm sure yours will sell pretty soon.

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April 11, 2012, 04:14:25 AM
 #65

24-hour sale coming soon

There are approximately 4,000 shares left of the second round.  I have withdrawn them from sale temporarily in order to offer a special sale to try to close out this round.

Starting tomorrow, I will be offering 4,000 bonds at 0.45 btc for 2Mh/s (= 0.225 for 1MH/s or 1.125 btc for 5MH/s) if purchased in blocks of at least 100btc at a time.  And of course, you still get 105% PPS!  Also, new bond holders will get the payout from the time of the second round IPO as an added bonus.  Any unsold bonds will be held by me (no further bonds will be available for sale)


Sale was canceled

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April 11, 2012, 05:27:35 AM
 #66

24-hour sale coming soon

There are approximately 4,000 shares left of the second round.  I have withdrawn them from sale temporarily in order to offer a special sale to try to close out this round.

Starting tomorrow, I will be offering 4,000 bonds at 0.45 btc for 2Mh/s (= 0.225 for 1MH/s or 1.125 btc for 5MH/s) if purchased in blocks of 100btc.  And of course, you still get 105% PPS!  Also, new bond holders will get the payout from the time of the second round IPO as an added bonus.  Any unsold bonds will be held by me (no further bonds will be available for sale)

As in, we have to purchase ~100 BTC worth of shares at one go to receive the discounted price?

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April 11, 2012, 05:42:13 AM
 #67

24-hour sale coming soon

There are approximately 4,000 shares left of the second round.  I have withdrawn them from sale temporarily in order to offer a special sale to try to close out this round.

Starting tomorrow, I will be offering 4,000 bonds at 0.45 btc for 2Mh/s (= 0.225 for 1MH/s or 1.125 btc for 5MH/s) if purchased in blocks of 100btc.  And of course, you still get 105% PPS!  Also, new bond holders will get the payout from the time of the second round IPO as an added bonus.  Any unsold bonds will be held by me (no further bonds will be available for sale)

What time tomorrow and what time zone?

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April 11, 2012, 05:43:39 AM
 #68

24-hour sale coming soon

There are approximately 4,000 shares left of the second round.  I have withdrawn them from sale temporarily in order to offer a special sale to try to close out this round.

Starting tomorrow, I will be offering 4,000 bonds at 0.45 btc for 2Mh/s (= 0.225 for 1MH/s or 1.125 btc for 5MH/s) if purchased in blocks of 100btc.  And of course, you still get 105% PPS!  Also, new bond holders will get the payout from the time of the second round IPO as an added bonus.  Any unsold bonds will be held by me (no further bonds will be available for sale)

What time tomorrow and what time zone?
+1. Interested, but unsure how you can ensure a "block" is purchased now that GLBSE has removed asset transfer capability. Need to know if I can go to sleep or not.  Lips sealed
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April 11, 2012, 05:48:42 AM
 #69

24-hour sale coming soon

There are approximately 4,000 shares left of the second round.  I have withdrawn them from sale temporarily in order to offer a special sale to try to close out this round.

Starting tomorrow, I will be offering 4,000 bonds at 0.45 btc for 2Mh/s (= 0.225 for 1MH/s or 1.125 btc for 5MH/s) if purchased in blocks of 100btc.  And of course, you still get 105% PPS!  Also, new bond holders will get the payout from the time of the second round IPO as an added bonus.  Any unsold bonds will be held by me (no further bonds will be available for sale)

What time tomorrow and what time zone?
+1. Interested, but unsure how you can ensure a "block" is purchased now that GLBSE has removed asset transfer capability. Need to know if I can go to sleep or not.  Lips sealed

I assumed the buyer would put up a bid in multiples of 100 for 0.45.  How will it work?

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April 11, 2012, 05:53:21 AM
 #70

I don't have 100btc, but I'm still interested in how you'll be going about this without GLBSE enabling you to transfer shares between accounts.

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April 11, 2012, 06:06:21 AM
 #71

I don't have 100btc, but I'm still interested in how you'll be going about this without GLBSE enabling you to transfer shares between accounts.

I thought it was re-enabled? The gigamining issue seemed to make use of it.

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April 11, 2012, 06:25:31 AM
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Going to sleep. I'd love to take 100BTC worth of Bitbonds off you @ the discount price, though.
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April 11, 2012, 08:10:31 AM
 #73

Guess I should review my posts more careful before I post them  Grin  Couple of clarifications:

* Offering at the discount price will start Wednesday 4/11 at 9AM Pacific Time and will continue for 24 hours or until 4000 shares are sold.  Sale has been canceled

* Transfers on GLBSE are working.  Theywere suspended temporarily a few days ago but are have been working for a while now

* I made a mistake in saying that bonds needed to be bought in 100btc blocks.  What I meant to say was that I am offering purchases of at least 100 btc, but they do not have to be in blocks.  For example, if you wanted to buy 250 bonds (112.5 btc), that's fine.  Mostly just want to avoid handling a lot of small transactions.

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April 11, 2012, 03:26:28 PM
 #74

Sale update

I received a lot of interest in the second round bond sale. I discussed the sale with new and existing investors and determined that now was not the right time to put the remaining bonds on the market.  I want to build more value for existing investors and give time for new investors will have more time to be ready for the offering.

Meanwhile, for the next two weeks I will be paying out 110% PPS starting with this Saturday's coupon payments.  Depending on how well mining goes, I may offer higher PPS in the future as well.

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April 11, 2012, 03:48:07 PM
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Sale update

I received a lot of interest in the second round bond sale. I discussed the sale with new and existing investors and determined that now was not the right time to put the remaining bonds on the market.  I want to build more value for existing investors and give time for new investors will have more time to be ready for the offering.

Meanwhile, for the next two weeks I will be paying out 110% PPS starting with this Saturday's coupon payments.  Depending on how well mining goes, I may offer higher PPS in the future as well.

As an investor and holder of a signaficant amount of your shares from the first wave, i'am really glad about this decision!

I'am really convinced more people are willing to buy more shares for 0.6 btc in a week or two when the market gains more liquidity again.

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April 11, 2012, 04:03:32 PM
 #76

As an investor and holder of a signaficant amount of your shares from the first wave, i'am really glad about this decision!

I'am really convinced more people are willing to buy more shares for 0.6 btc in a week or two when the market gains more liquidity again.

100% agree.  There have been a lot of offerings in the past week so I think it's best to get through this period and then offer the remaining bonds in a couple of weeks.  In the meantime, you can enjoy the higher payouts Wink

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April 12, 2012, 08:54:46 AM
 #77

Please disregard question about buybacks, found answer here https://bitcointalk.org/index.php?topic=65569.msg763460#msg763460

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April 13, 2012, 08:40:16 AM
 #78

Please disregard question about buybacks, found answer here https://bitcointalk.org/index.php?topic=65569.msg763460#msg763460

No problem.  Let me know if you have any more questions.  I'm happy to answer them.

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April 14, 2012, 02:48:36 PM
 #79

105/110% PPS sounds much better than 2.1/2.2 MH/s per share, right? Tongue


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April 14, 2012, 02:59:43 PM
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Thats a creative marketing. I will consider it also when I offer my bonds.

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April 14, 2012, 03:57:46 PM
 #81

105/110% PPS sounds much better than 2.1/2.2 MH/s per share, right? Tongue



I got to agree it is just stupid.
It would be kinda like a CD/bond offering 105% of 5% interest instead of just offering 5.25% interest.
All that matters for a perpetual bond (beyond trust) is the price in BTC per "real" MH/s.

Maybe I should offer a .... DRUMROLL ... 500% PPS bond (sold @ 5x the price per MH/s)
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April 14, 2012, 05:19:07 PM
 #82

105/110% PPS sounds much better than 2.1/2.2 MH/s per share, right? Tongue



I got to agree it is just stupid.
It would be kinda like a CD/bond offering 105% of 5% interest instead of just offering 5;25% interest.
All that matters for a perpetual bond (beyond trust) is the price in BTC per "real" MH/s.

Maybe I should offer a .... DRUMROLL ... 500% PPS bond (sold @ 5x the price per MH/s)

Based on discussions I've had with investors what matters is the price and the payout (and thus ROI).  Some convert the PPS % into mh/s, others just use % of PPS.  The numbers come out the same either way.

FYI. Those who invested in a 2 MH/s at 105% PPS bond are receiving 110% PPS worth of payout in today's payout, without having paid more. Creative marketing or not, that seems like a deal to me Wink

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April 14, 2012, 05:28:56 PM
 #83

Well, if you say you are backing this bond with 20 GH/s, it might be even a bad business decision instead of just marketing talk - imagine a 1000% PPS deal for 1 GH/s backed by 100MH/s for example... Wink

Anyways, it was just something that I found interesting.

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April 14, 2012, 06:38:02 PM
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Based on discussions I've had with investors what matters is the price and the payout (and thus ROI).  Some convert the PPS % into mh/s, others just use % of PPS.  The numbers come out the same either way.

FYI. Those who invested in a 2 MH/s at 105% PPS bond are receiving 110% PPS worth of payout in today's payout, without having paid more. Creative marketing or not, that seems like a deal to me Wink

I am not trying to offend you. Actually your offer does look good. Just that it can be explained easier as pointed above, but not less appealing to some investors. Thus I called it marketing. 

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April 14, 2012, 08:54:33 PM
 #85

Well, if you say you are backing this bond with 20 GH/s, it might be even a bad business decision instead of just marketing talk - imagine a 1000% PPS deal for 1 GH/s backed by 100MH/s for example... Wink

Amazingrando is one of the very few miners to be able to offer a deal like this at scale. If he needed to throw 40Gh behind this venture to make it successful, he could easily do it without batting an eye.

As for what to call his offer, 110% may not mean much if you only own 10 bonds, but for the larger investors who have put their faith and BTC into his offering, it is a bonus OVER what they were expecting. Amazingrando is under promising and over delivering for the investors who believed in him.

Just imagine what this community would be like if everyone tried to do this.
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April 14, 2012, 09:23:17 PM
 #86

Actually I just bought some shares that give 200% PPS for quite some time in another IPO...

I'm just saying that offering 100000% PPS of 1 MH/s is worse than offering 100% PPS of 1 GH/s. As amazingrando has anyways more hashing power than the 20 GH/s he's selling here, I wouldn't worry much in this particular case. I just hope it doesn't turn into badly backed contracts when someone effectively sells 105 MH/s contracts for 100 MH/s owned, believing that it will always be possible to mine at more than 100% PPS values in the longer run.

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April 15, 2012, 12:25:49 AM
 #87

Payouts will be coming later tonight.  Need to do a little math because we had a difficulty change mid-week.

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April 15, 2012, 02:23:38 AM
 #88

Payouts paid!

Today's payout, for Tuesday through Saturday, totaled 48.86686 btc paid to 6,000 shares for 0.00747781 btc per 2MH/s share

Two interesting components of this payout were:
1) I paid 110% of PPS earnings for this period
2) Difficulty went *down* mid-week, so this resulted in more btc for investors

The 110% PPS payout will continue next week as well.

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April 18, 2012, 10:41:10 PM
 #89

For those who are interested, I started the process to be verified on GLBSE.  Should be complete in the next day or two

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April 20, 2012, 04:38:28 PM
 #90

Updates:

1) Verification on GLBSE has been completed

2) I will be offering up the remainder of round 2 bonds on Sunday, 4/22.  I will also likely be expanding the offering to 40Gh/s.  More info to come.

3) If you're interested in what >100Gh/s that backs this bond looks like, here you go Wink


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April 20, 2012, 05:09:55 PM
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Excellent pic -- you definitely need height in your mining room for the heat to escape...  Grin

Also love the drum fan - that is being added to my arrangement as well!

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April 20, 2012, 05:36:39 PM
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Excellent pic -- you definitely need height in your mining room for the heat to escape...  Grin

Also love the drum fan - that is being added to my arrangement as well!

I had considered a couple of options before getting the drum fan.  This one pulls in 22,000 cfm of fresh air (which is quite cool here in the pacific northwest).  Temps have been great ever since I installed it

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April 20, 2012, 05:57:39 PM
 #93

22,000 cfm - oh my lord!

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April 20, 2012, 05:59:14 PM
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22,000 cfm - oh my lord!

 Smiley  Yeah, my data center blows - literally!

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April 20, 2012, 06:03:04 PM
 #95

Hory fucken shet, that is a major operation. Sweet.

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April 20, 2012, 06:56:54 PM
 #96

Updates:

1) Verification on GLBSE has been completed

2) I will be offering up the remainder of round 2 bonds on Sunday, 4/22.  I will also likely be expanding the offering to 40Gh/s.  More info to come.

3) If you're interested in what >100Gh/s that backs this bond looks like, here you go Wink



Nice.  What's the temperature inside. 
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April 20, 2012, 07:01:26 PM
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There's a ton of airflow, so it's quite close to outside air temperature.  Lately it's been in the 50's F and 40's at night.  Inside it might be like 60-65F

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April 20, 2012, 07:09:34 PM
 #98

Updates:

1) Verification on GLBSE has been completed

2) I will be offering up the remainder of round 2 bonds on Sunday, 4/22.  I will also likely be expanding the offering to 40Gh/s.  More info to come.

3) If you're interested in what >100Gh/s that backs this bond looks like, here you go Wink



incredible.

Thanks for sharing!

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April 20, 2012, 11:31:29 PM
 #99

There's a ton of airflow, so it's quite close to outside air temperature.  Lately it's been in the 50's F and 40's at night.  Inside it might be like 60-65F

That's very impressive. Nice job with your facility!

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April 22, 2012, 04:59:44 AM
 #100

Updates

* Payout 3 was made today for all existing investors

* The remaining 4,000 bonds will go on sale tomorrow for 0.6 btc.

* 110% PPS will continue again for the next week

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April 22, 2012, 05:57:38 AM
 #101

Updates

* Payout 3 was made today for all existing investors

* The remaining 4,000 bonds will go on sale tomorrow for 0.6 btc.

* 110% PPS will continue again for the next week

I guess "tomorrow" as in "less than an hour from this post", assuming you put that sell order up.

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April 22, 2012, 07:23:21 AM
 #102

Updates

* Payout 3 was made today for all existing investors

* The remaining 4,000 bonds will go on sale tomorrow for 0.6 btc.

* 110% PPS will continue again for the next week

I guess "tomorrow" as in "less than an hour from this post", assuming you put that sell order up.

I probably should have been more specific about the time  Grin

I put the sell order up for the remaining bonds

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April 22, 2012, 05:28:23 PM
 #103

Remaining bonds are available for sale.  Looks like about 500 shares have been snapped up so far.

For new investors, you will get your first payout on Saturday 4/28 for the entire week.

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April 23, 2012, 05:43:08 PM
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I thought I might toss a statement up on BetsOfBitcoin for BITBOND.  The statement is "Shares of BITBOND on GLBSE will be traded at or above 1 BTC on or before June 15, 2012."  The statement can be bet on at http://betsofbitco.in/item?id=350.  Bet away!
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April 23, 2012, 06:24:57 PM
 #105

I thought I might toss a statement up on BetsOfBitcoin for BITBOND.  The statement is "Shares of BITBOND on GLBSE will be traded at or above 1 BTC on or before June 15, 2012."  The statement can be bet on at http://betsofbitco.in/item?id=350.  Bet away!

From my analysis I think the bonds are worth in the area of 1.2 btc.  Of course, it's up to the market decide on the value.

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April 23, 2012, 10:17:27 PM
 #106

1,000 new bonds sold!  Get them while you can.  Smiley

New investors will receive their first payout on Saturday for a full week.

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April 24, 2012, 01:21:19 AM
 #107

GLBSE prediction market launched

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
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April 24, 2012, 04:56:54 AM
 #108

^ umm, ok

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April 24, 2012, 05:36:31 AM
 #109

^ umm, ok

I think Nefario feels lacking in post count...

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April 24, 2012, 07:57:48 AM
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Now we know how he got to 2400 posts  Tongue

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April 24, 2012, 03:05:36 PM
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About 50% of the remaining shares have been sold.   Smiley

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April 24, 2012, 04:19:30 PM
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About 50% of the remaining shares have been sold.   Smiley

Predict when will they sell out?

Introducing constraints to the economy only serves to limit what can be economical.
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April 24, 2012, 04:32:21 PM
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I'm hoping they sell out today :p

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April 24, 2012, 06:20:14 PM
 #114

Of the original 10,000 bonds, only 1850 are left.  Going quickly!

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April 25, 2012, 12:14:43 AM
 #115

another 500 gone, only 1300 left.

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April 25, 2012, 02:10:49 AM
 #116

Down to 897 now.
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April 25, 2012, 07:27:34 AM
 #117

Down to 897 now.
Just sold out.

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April 25, 2012, 10:33:14 AM
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Excellent!

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April 25, 2012, 03:12:54 PM
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Yes, they are all sold out!

Welcome all new investors.   Smiley Your first payout will be this Saturday.

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April 27, 2012, 04:46:45 AM
 #120

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

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April 27, 2012, 04:48:11 AM
 #121

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

Wouldn't mind picking up a few more shares.

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April 27, 2012, 05:01:23 AM
 #122

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

Does this mean I'll get a cake from Nefario?  Grin

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April 27, 2012, 05:40:59 AM
 #123

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

Does this mean I'll get a cake from Nefario?  Grin



Congrats amazingrando!

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April 27, 2012, 05:43:12 AM
 #124

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

Does this mean I'll get a cake from Nefario?  Grin

I would prefer a medal if I were you. It lasts longer than a cake. Grin

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April 27, 2012, 05:44:10 AM
 #125

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

Does this mean I'll get a cake from Nefario?  Grin

I would prefer a medal if I were you. It lasts longer than a cake. Grin

But you can't eat a metal...

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April 27, 2012, 08:21:07 AM
 #126

BITBOND has now exceeded 10000 BTC is trading volume. The first GLBSE asset to do so.

Does this mean I'll get a cake from Nefario?  Grin

I would prefer a medal if I were you. It lasts longer than a cake. Grin

But you can't eat a metal...

Yes, that's the downside. Neat cake pictures by the way. Smiley

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April 27, 2012, 08:34:47 AM
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You can eat metal if it's mercury in fish, but I don't recommend it. Besides, cake tastes much better  Grin

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April 29, 2012, 07:39:07 AM
 #128

Announcements

  • 99.437 btc of payouts were made today.  This consisted of 5 days and 39 mins at 1577913.485676 difficulty, then from block 177408 until the end of the week, the new (lower) difficulty of 1508589.62500.  This difficulty should prevail for the next week
  • 110% PPS payouts will continue for another week
  • Bitbond will soon be expanding to 60Gh/s to accomodate a large private investor who will be purchasing a block of 20,000 bonds.

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April 29, 2012, 08:00:32 AM
 #129

Announcements

  • 99.437 btc of payouts were made today.  This consisted of 5 days and 39 mins at 1577913.485676 difficulty, then from block 177408 until the end of the week, the new (lower) difficulty of 1508589.62500.  This difficulty should prevail for the next week
  • 110% PPS payouts will continue for another week
  • Bitbond will soon be expanding to 60Gh/s to accomodate a large private investor who will be purchasing a block of 20,000 bonds.

Wow!

20,000 bonds = 12,000BTC. Considering possible discounts, I assume it's about 10,000BTC. That's about 1/900 of the total Bitcoins ever mined. GLBSE is indeed becoming a major player in the Bitcoin world.

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April 30, 2012, 07:07:18 AM
 #130

GLBSE is indeed becoming a major player in the Bitcoin world.
Yes, even I have started to stray away from playing forex style on Bitcoinica, Gox and look at GLBSE and MPOE as investing options.  In fact, I just purchased 7 Bitbond shares  Grin  In the beginning GLBSE looked like a fun toy to me, now it has some history behind it and I've done enough research I think I'll play too.
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April 30, 2012, 07:17:05 AM
 #131

Welcome on board phorensic!  Smiley

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May 06, 2012, 06:54:45 AM
 #132

Updates (and lots of them)

  • My cumulative mining farm output has reached approximately 120GH/s.  More will be coming online in June
  • Two large individual investors recently bought into Bitbond increasing the bond size to 82Gh/s.  No further offering of shares is planned at this time
  • This week's payout was 110% PPS.  For 82Gh/s that totaled a massive 421 btc worth over $2000
  • As a part of the agreement with large buyers, Bitbond will return to 105% PPS for the foreseeable future
  • Bitbond is the largest asset on GLBSE and the largest mining bond.  I am developing some interesting ways for you to use your bonds beyond payouts or trading, making them more useful and more valuable.  Details will follow in the coming weeks.

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May 06, 2012, 11:45:05 AM
 #133

Watching intently!

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May 07, 2012, 04:06:06 AM
 #134

Bitbond is the largest asset on GLBSE and the largest mining bond.

I guess gigavps would say otherwise. Grin

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May 07, 2012, 04:31:38 AM
 #135

Bitbond is the largest asset on GLBSE and the largest mining bond.

I guess gigavps would say otherwise. Grin

Largest is a numerical claim. In terms of volume, amazingrando is correct; 12036 BTC vs 10856 BTC respectively at the time of this post, though this will likely change once gigavps releases the next round of his bonds.

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May 07, 2012, 05:17:16 AM
 #136

Bitbond is the largest asset on GLBSE and the largest mining bond.

I guess gigavps would say otherwise. Grin

Largest is a numerical claim. In terms of volume, amazingrando is correct; 12036 BTC vs 10856 BTC respectively at the time of this post, though this will likely change once gigavps releases the next round of his bonds.
Then Diablo's op...

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May 07, 2012, 10:11:33 AM
 #137

Bitbond is the largest asset on GLBSE and the largest mining bond.

I guess gigavps would say otherwise. Grin

I am certainly not in a race with Amazingrando. I have a huge amount of respect for him and the operation that he has put together. He is one of the best in the business.
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May 07, 2012, 08:43:58 PM
 #138

Bitbond is the largest asset on GLBSE and the largest mining bond.

I guess gigavps would say otherwise. Grin

I am certainly not in a race with Amazingrando. I have a huge amount of respect for him and the operation that he has put together. He is one of the best in the business.
Spoken like a true professional!

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May 07, 2012, 09:18:02 PM
 #139

Bitbond is the largest asset on GLBSE and the largest mining bond.

I guess gigavps would say otherwise. Grin

I am certainly not in a race with Amazingrando. I have a huge amount of respect for him and the operation that he has put together. He is one of the best in the business.

I agree.  Gigavps has a great operation and is a true pro.  We're not so much competing as wanting to see each other go as far as possible.

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May 08, 2012, 11:27:01 AM
 #140

Bitbond is the largest asset on GLBSE and the largest mining bond.

I guess gigavps would say otherwise. Grin

I am certainly not in a race with Amazingrando. I have a huge amount of respect for him and the operation that he has put together. He is one of the best in the business.

I agree.  Gigavps has a great operation and is a true pro.  We're not so much competing as wanting to see each other go as far as possible.

Well, I was just kidding. No instigation was intended. Smiley

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May 08, 2012, 10:41:53 PM
 #141

I know I'm a bit late on this...but HOLY DIVIDEND BATMAN!  This is officially more profitable for me than trying to day trade a flat market.  Thank you amazingrando.
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May 09, 2012, 05:03:23 AM
 #142

I know I'm a bit late on this...but HOLY DIVIDEND BATMAN!  This is officially more profitable for me than trying to day trade a flat market.  Thank you amazingrando.


Shhhh, don't tell anyone.

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May 09, 2012, 09:52:12 AM
 #143

They are cheap as well atm - if you think 0.3 BTC for 1 MH/s is good, then the price for this one would be 0.3 * 2.1 = 0.63 BTC.
The asks are slightly above, the bids below that value, so you can make a good deal.

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May 10, 2012, 12:31:18 AM
 #144

They are cheap as well atm - if you think 0.3 BTC for 1 MH/s is good, then the price for this one would be 0.3 * 2.1 = 0.63 BTC.
The asks are slightly above, the bids below that value, so you can make a good deal.

Shhh!

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May 10, 2012, 01:00:52 AM
 #145

Don't worry, there are still some bargains to be had right now on GLBSE... Wink

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May 10, 2012, 07:06:40 PM
 #146

Ok sorry for being a total noob, but i really want to understand this.
You buy 10 orders, 2mh each order, for lets say 0.62 BTC each, then you get 20mh of hashing power in Amazingrando farm for ever?
Thanks in advance  Wink

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May 11, 2012, 01:16:14 AM
 #147

Ok sorry for being a total noob, but i really want to understand this.
You buy 10 orders, 2mh each order, for lets say 0.62 BTC each, then you get 20mh of hashing power in Amazingrando farm for ever?
Thanks in advance  Wink

It's a perpetuity. Effectively, yes, as long as Amazingrando doesn't reclaim the bond.

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May 13, 2012, 05:33:07 AM
 #148

This week's payout is coming shortly.  Waiting for confirmations on a deposit to GLBSE, but about to hop on a flight now.  Should be able to send in a couple hours or so.

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May 13, 2012, 08:13:57 AM
 #149

Updates (and lots of them)

  • My cumulative mining farm output has reached approximately 120GH/s.  More will be coming online in June
  • Two large individual investors recently bought into Bitbond increasing the bond size to 82Gh/s.  No further offering of shares is planned at this time
  • This week's payout was 110% PPS.  For 82Gh/s that totaled a massive 421 btc worth over $2000
  • As a part of the agreement with large buyers, Bitbond will return to 105% PPS for the foreseeable future
  • Bitbond is the largest asset on GLBSE and the largest mining bond.  I am developing some interesting ways for you to use your bonds beyond payouts or trading, making them more useful and more valuable.  Details will follow in the coming weeks.

Is it time to leak us some good news about your tantalization I marked bold? Grin

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May 13, 2012, 11:31:48 AM
 #150

Payout paid.  A total of 373.63 btc was paid out to investors.  This is down from the prior week because of the increase in difficulty and reverting to 105% PPS.

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May 13, 2012, 11:33:43 AM
 #151

Updates (and lots of them)

  • My cumulative mining farm output has reached approximately 120GH/s.  More will be coming online in June
  • Two large individual investors recently bought into Bitbond increasing the bond size to 82Gh/s.  No further offering of shares is planned at this time
  • This week's payout was 110% PPS.  For 82Gh/s that totaled a massive 421 btc worth over $2000
  • As a part of the agreement with large buyers, Bitbond will return to 105% PPS for the foreseeable future
  • Bitbond is the largest asset on GLBSE and the largest mining bond.  I am developing some interesting ways for you to use your bonds beyond payouts or trading, making them more useful and more valuable.  Details will follow in the coming weeks.

Is it time to leak us some good news about your tantalization I marked bold? Grin

I'm getting close to an announcement on that.  There are some changes that will need to be made to GLBSE to support the idea, so that is what will determine how quickly we can make this happen.

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May 20, 2012, 09:05:21 AM
 #152

Update:

Payouts were paid today for this past week.  Next week there should be a nice drop in difficulty, so you'll get more btc in the next payout.

Have fun and don't spend it all in one place!  Grin

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May 27, 2012, 08:46:36 AM
 #153

Updates

  • Payouts were paid today, a total of 361.18 btc
  • I will shortly offer about 3Gh/s worth of additional bonds at 0.625 btc/2Mhs.  An announcement about further offerings will come later in the week
  • Once Nefario and I work out some details (next few days) I will be announcing the new way to use bitbonds via GLBSE.  You'll like it, I promise!  Wink

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May 27, 2012, 03:31:49 PM
 #154

I will shortly offer about 3Gh/s worth of additional bonds at 0.625 btc/2Mhs.  An announcement about further offerings will come later in the week

Damn, just when I bought in big time at 0.64! Angry

At least that means BITBONDs are now really cheap! 1 MH/s for less than 0.30 BTC is a bargain (1 share = 2.1 MH/s with these "105%" PPS).

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June 03, 2012, 07:25:14 AM
 #155

Hi everyone-

This week's payout has been paid!  Grin

More to come....

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June 03, 2012, 07:43:33 AM
 #156

This is an interesting venture. I'm surprised at the price of these bonds compared to other mining assets.

On a different note:
Payouts

Payout 1 - 4/8/2012 PAID
  First round investors were given 0.00313828 btc per 2 Mh/s coupon for the period of Saturday 4/7 at 2pm through 11:59pm on Monday 4/9, and paid on Sunday 4/8.

Payout 2 - 4/14/2012 PAID
  All investors were paid 0.00747781 btc per 2MH/s coupon at a rate of 110% PPS for the period of Tuesday 4/10 through end of the day Saturday 4/14

Payout 3 - 4/21/2012 PAID
  All investors were paid 0.00981661 btc per 2MH/s coupon at a rate of 110% PPS for the past week

Payout 4 - 4/28/2012 PAID
  All investors were paid 0.00994375 btc per 2MH/s coupon at a rate of 110% PPS for the past week

Payout 5 - 5/5/2012 PAID
  All investors were paid 0.01026771 btc per 2MH/s coupon at a rate of 110% PPS for the past week for a massive 420.98 btc ($2126 at current prices)

Payout 6 - 5/12/2012 PAID
  All investors were paid 0.09112981 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 7 - 5/19/2012 PAID
  All investors were paid 0.00853082 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 7 - 5/26/2012 PAID
  All investors were paid 0.00879750 btc per 2MH/s coupon at a rate of 105% PPS for the past week.

Payout 8 - 6/3/2012 PAID
  All investors were paid 0.00092929 btc per 2MH/s coupon at a rate of 105% PPS for the past week.
Are these typos?

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June 03, 2012, 08:05:44 AM
 #157

This is an interesting venture. I'm surprised at the price of these bonds compared to other mining assets.

On a different note:

Are these typos?

 Yup, they are.  I've fixed them.  Thanks!

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June 07, 2012, 03:28:23 AM
 #158

Major announcements!

I have alluded to some things in the works and now feel that I can reveal to you what I've been working on.

1) New Facility
Last weekend I started the setup of a new facility in Central Washington.  Although it is a bit remote, it has the advantage of very inexpensive power (as in 3 cents/kWh) from nearby hydroelectric dams.  I will be upgrading cooling and adding lots of amps of 480v power that will be connected to a proprietary power supply configuration.  Not only will the new facility allow for major expansion, the cheap power will be another way in which I can ensure that I'll be able to make weekly payouts for years to come, through thick and thin.

2) Huge expansion of hashing power
I believe is it very risky to invest in any bond where the operator does not already have all the equipment he will be mining with, or at least it has been purchased and its arrival and setup is imminent.  Now I can reveal to you that I have purchased 480 Radeon 5850 GPUs, which will add 175 Gh/s.  The first batch of 240 cards will arrive on June 12, less than a week from now.  The second 240 will arrive the following week.  That will bring my total hash power to just under 300 Gh/s.  Here are some pictures for you of the cards readied for shipment:








3) Bitbond Expands to 150Gh/s
With the new hashing power I will be expanding Bitbonds to 150Gh/s.  Starting Friday morning, June 8, I will offer an additional 32,500 bonds for a total of 65Gh/s in new bonds.  Discounts will be offered to investors buying 400 btc or more of bonds.  PM me if you are thinking of a large investment.  All new shareholders will receive a full week's payout on Saturday evening (provided you buy your bonds before the payout).

4) 110% PPS is back!
As a thank you for those who have invested with me, and as a small incentive for new investors to consider Bitbonds, I will be offering 110% PPS for the next four weeks.  If I can meet efficiency targets that I have set for myself, I will likely extend the 110% payout beyond June.

5) Bitbonds and Loans
I have started to work with Nefario on a new way to use Bitbonds.  Soon you will be able to use Bitbonds as collateral for loans via GLBSE.  For example, if you hold Bitbonds but would like to get a loan from someone, you can use your Bitbonds as collateral.  This will reduce the risk for lenders and give borrowers a way to leverage their investment to secure loans, and do so at a better rate.  Details are still being worked out, but expect more info soon.

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June 07, 2012, 04:11:08 AM
 #159

Although I'm not in the financial position to pull something like this expansion off, I'm really glad to see that you are!

Best of luck with the new facility, and I'm sure everyone else would like to see pictures of its progressing setup as well Smiley

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June 07, 2012, 04:19:41 AM
 #160

Although I'm not in the financial position to pull something like this expansion off, I'm really glad to see that you are!

Best of luck with the new facility, and I'm sure everyone else would like to see pictures of its progressing setup as well Smiley

Thanks Garr!

I will definitely add more pictures as I set up the new rigs.

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June 07, 2012, 05:29:23 AM
 #161

uff, this is huge.  Grin Will that need a lot of maintenance? At what price will you be selling those additional bonds?
Best of luck
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June 07, 2012, 10:10:13 AM
 #162

Quite interested. How to register to get your upcoming shares offer?

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June 07, 2012, 01:36:49 PM
 #163

Yes, I registered at GLBSE and have my BTC's ready on account. How to subscribe motion? (I'm under 400 BTC investor Smiley

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June 07, 2012, 01:44:01 PM
 #164

Yes, I registered at GLBSE and have my BTC's ready on account. How to subscribe motion? (I'm under 400 BTC investor Smiley
You may buy and sell shares/bonds there even now. On Friday he will put additional 30k bonds for sale. Currently price there is around 0.6 (just check asks and bids): https://glbse.com/asset/view/BITBOND
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June 07, 2012, 03:11:19 PM
 #165

Thank you guys for instructing noob in Bitcoin stocks stuff Smiley

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June 07, 2012, 04:16:22 PM
 #166

Thank you guys for instructing noob in Bitcoin stocks stuff Smiley

No problem, just don't buy too hastily everything you see with all your money, or you will learn the hard way Smiley
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June 07, 2012, 07:58:49 PM
 #167

While I would like to buy in at a discount, I would like to ask, what is the benefit for investors of your newfound hashing power? it seems your mHash/share will be exactly the same as before.

My philosophy is to set realistic goals and then strive to exceed those goals.  With the new hashing power, I hope to be able to extend the 110% PPS indefinitely and possibly offer more as I increase my efficiency.  I don't want to commit to that until I have everything up and running and it's working as efficiently as I plan.  At a minimum, the new hashing power will allow ensure that I have plenty of surplus hashing power to handle any issues that may come up.

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June 08, 2012, 07:17:33 AM
 #168

The response to my expanded offering has been wonderful!  Smiley

In speaking with a few prospective investors, they would like more time to prepare their investment.  Thus, I will be moving the offering date to June 13th, next Wednesday.

If you need to make an investment before this weekend's payout, please let me know and we will see if we can work something out.

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June 08, 2012, 10:25:31 AM
 #169

Can you disclose share price for public sale?
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June 10, 2012, 08:13:10 AM
 #170

Hi everyone-

I have been having trouble with my GLBSE account since Friday.  Thus far, Nefario and team have not resolved it yet.  Until it is resolved I cannot pay a coupon payment or sell bonds.  I'll keep you posted on progress.


Fixed!

I will be send out coupon payments shortly

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June 10, 2012, 08:33:17 AM
 #171

Update

This week was paid out at 110% PPS.  Today was our biggest payout yet:  423.98 btc!   Grin  Enjoy!

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June 13, 2012, 04:21:11 PM
 #172

Large investors have asked for a couple more days.  Thus, the offering is now scheduled for Friday

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June 17, 2012, 08:41:09 AM
 #173

Weekly payout paid, a total of 431.84 btc, which at the latest trades is almost $2800!  Smiley

While I have been hugely expanding my hashing power, there has been some interesting volatility in the market.

First, we've seen Bitcoin prices by a good 25%.

Second, bond prices (not just Bitbond) have been fluctuating and been down about 15-20%.  Part of this has been driven by FUD circulating around in chat rooms about the value of bonds in general.  In my view this is creating a huge opportunity for someone to snag a bunch of bonds on the cheap.

Until we get a bit more stability in the market, I will likely only make a very small expanded bond offering to the public.  I would rather not feed irrational selling.

Meanwhile, 110% PPS will continue, meaning all bondholders are getting effectively 2.2mh/s per bond.  Enjoy your bigger payouts!

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June 17, 2012, 08:48:26 AM
 #174

One more thing....

Since my hardware is paid for and I pay a fair bit less than 3 cents per kw/h, ASICs won't dramatically improve my operational profitability.  What it will do is allow for less expensive expansion, which may be needed if difficulty increases.  Thus, I plan to invest in some ASICs as a hedge.  Given the real risk of a protocol change (which would render any ASICs completely useless), I will wade into ASICs carefully.  If there is no protocol change I will likely increase the payouts for bondholders or offer an upgrade to a new class of bonds when ASICs arrive

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June 17, 2012, 11:38:57 PM
 #175

It has been whispered about in the darkest corners of the bitcoin world but I honesty doubt it will happen unless it is clear someone will get a 50% attack going. Someone should start a thread on the forum.

What, proof-of-stake? There have been many protocol changes proposed, which are you referring to?

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June 17, 2012, 11:59:08 PM
 #176

It has been whispered about in the darkest corners of the bitcoin world but I honesty doubt it will happen unless it is clear someone will get a 50% attack going. Someone should start a thread on the forum.

What, proof-of-stake? There have been many protocol changes proposed, which are you referring to?

If sha256(sha256(x)) gets replaced by something else, like scrypt
or sha256(scrypt(x) + sha256(x)) then ASICS are dead in the water.


Scrypt, interesting. That would certainly change things. Is there a thread about this, or has it just been mentioned on IRC?

From what I've read though, Scrypt would actually be more vulnerable than SHA256 to custom hardware, though, as it's specifically designed to be inefficient on standard CPUs/GPUs.

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June 23, 2012, 07:11:15 AM
 #177

It is sinking in you can buy 5mh/s in 4 months for .023 btc.
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June 24, 2012, 01:58:14 AM
 #178

It is sinking in you can buy 5mh/s in 4 months for .023 btc.

With all due respect, I think stating such a prediction can only serve to stir up fear and panic.  Honestly, no one knows what will happen four months from now.  There is a great deal that could change in the next four months that would greatly affect pricing both in btc and fiat.

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June 24, 2012, 02:57:53 AM
 #179

It is sinking in you can buy 5mh/s in 4 months for .023 btc.

I kind of have to agree with amazinggrando here.

In other words, steelhouse, are you willing to sell a properly collateralized forward contract for perpetual hashing power deliverable in 4-5 months?

Everyone can have opinions on what they think will happen but I am more interested in what people are willing to risk money on happening. I would love for you, or anyone else, to put your money where you have asserted because I am inclined to take the other side of the contract based on Butterfly Lab's performance to date.

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June 24, 2012, 04:24:42 AM
 #180

Hey amazingrando, have you considered replacing Bitbond with a fixed dividend bond instead of per mh? It would go a long way to stabilize GLBSE's wild fluctuations, and clearly you can grow your farm fast enough to keep up.

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June 24, 2012, 06:01:22 AM
 #181

Hey amazingrando, have you considered replacing Bitbond with a fixed dividend bond instead of per mh? It would go a long way to stabilize GLBSE's wild fluctuations, and clearly you can grow your farm fast enough to keep up.

I think you have missed the point of a bond where the coupon is tied to processing power. That is the whole point of it. A way for large miners to go short difficulty.

If you want a fixed dividend bond then go find something like TEEK or one of the Pirate pass throughs. Sure, doing a fixed dividend bond would allow capital to be raised but it would not allow for the hedge against difficulty.

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June 24, 2012, 06:08:29 AM
 #182

Weekly coupon payments have been paid.  This week's payout was about 432 btc.

In total, since inception, Bitbonds have paid out 3421 btc, worth almost $22,000.  Smiley

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July 01, 2012, 06:03:00 PM
 #183

Had more issues with GLBSE login.  Hope to have it working again shortly, then I'll send out the weekly payout.  Sorry for the delay  Wink

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July 01, 2012, 11:03:35 PM
 #184

Had more issues with GLBSE login.  Hope to have it working again shortly, then I'll send out the weekly payout.  Sorry for the delay  Wink

next day for me now, update pse...

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July 02, 2012, 04:22:11 AM
 #185

Weekly payout paid.

My issues with GLBSE and Google Authenticator have been resolved and I was able to send the weekly payout totaling 413.92 btc. Sorry for the delay

110% PPS will continue for the next week.

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July 09, 2012, 07:23:35 AM
 #186

Div?

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July 09, 2012, 08:14:13 AM
 #187

Dividends late...again...
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July 09, 2012, 01:27:58 PM
 #188

It is sinking in you can buy 5mh/s in 4 months for .023 btc.
Dare to sign an options contract on that? Wink

By the way, shouldn't there be dividends paid? Seems like some people are already panic selling (or going short?)...

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July 09, 2012, 05:11:04 PM
 #189

Dividends late...again...

GLBSE is as slow as molasses. Would be nice if GLBSE had a feature where dividends/coupons could be setup to be paid in the future. Then securities could trade like real ones with x-div dates and there would be no excuse for late payments.

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July 09, 2012, 05:20:46 PM
 #190

Hi everyone-

My apologies for not sending the coupon payment yesterday.  Although GLBSE has been having some issues, this time it was mostly my fault.  I should have sent it before I started travelling.  I'll be sending out the payment in about an hour along with a bit extra for the delay.

I've got a message into Nefario to see if we can so some kind of scheduled payment.  Also, in future weeks if I'm travelling or there is a risk of a delay I'll try to send out the payment ahead of time.  Better to be early than late.

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July 09, 2012, 05:22:05 PM
 #191

Better to be early than late.
I bet the ladies disagree...

Anyways, better late than never! Wink

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July 09, 2012, 05:25:20 PM
 #192

Better to be early than late.
I bet the ladies disagree...

Anyways, better late than never! Wink

 Cheesy


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July 09, 2012, 07:39:25 PM
 #193

Weekly coupon payment paid.

Because of the delay in payment I paid bondholders 112% this week.  Thank you for your patience!

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July 09, 2012, 08:51:32 PM
 #194

Sometimes it's nice being long on your bond and receiving double dividends. Smiley

Now you just need to get your trading price back north of 0.6 BTC and I'm all happy! Grin

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July 09, 2012, 10:38:17 PM
 #195

Now you just need to get your trading price back north of 0.6 BTC and I'm all happy! Grin

Why don't you take care of that?  Shocked

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July 10, 2012, 01:11:02 AM
 #196

Dividends late...again...

GLBSE is as slow as molasses. Would be nice if GLBSE had a feature where dividends/coupons could be setup to be paid in the future. Then securities could trade like real ones with x-div dates and there would be no excuse for late payments.
I have made this suggestion before, and will just +1 it here!

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July 13, 2012, 04:06:07 PM
 #197

Weekly coupon payment paid.

Because of the delay in payment I paid bondholders 112% this week.  Thank you for your patience!

Many thanks, btw I PM'D you yesterday when you have a moment, no rush & also I see that I misunderstood the part that I quoted from the OP in my PM so please to ignore my question about that bit.

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July 15, 2012, 06:58:29 AM
 #198

Weekly payout paid!  Enjoy your weekend!  Smiley

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July 22, 2012, 12:02:45 PM
 #199

Weekly payout paid! 110% PPS payouts will continue for this next week

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July 29, 2012, 09:22:47 AM
 #200

Payouts coming.... Waiting on some confirmations in the next several hours

Also, some big announcements coming with the payouts  Smiley

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July 29, 2012, 05:20:44 PM
 #201

Lots of news!

General Announcements
* Payouts for this week have been paid
* Last week 37,000 bonds were sold bringing the total hashrate sold to 176,276 Mh/s
* No BITBONDs will be issued beyond 100,000 bonds (200 Gh/s)
* The final 11,862 are available to large investors (200 btc and above)
* The 110% PPS special rate has ended as a part of the recent sale of bonds.  BITBONDs will return to their 105% PPS rate for the foreseeable future

BITBOND ASIC Upgrade Program Announcement
A while back I put in an ASIC order with BFL.  Today I am announcing my plans for the BITBOND ASIC upgrade.  I have shared the plan with large investors already and would like to have your feedback as well. 

Here are the broad strokes.  When the ASICs arrive, BITBONDs will be converted to BITBOND.ASIC.  BITBOND.ASIC will be a 100% PPS bond and act just as BITBOND does today, except at a higher hash rate courtesy of the ASICs.  All bondholders at the time of the conversion will receive a free upgrade.  Bondholders have the option of a paid upgrade as well, as outlined below. 

* Free:  2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc


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July 29, 2012, 07:44:56 PM
 #202

Great news!  Grin

Could you explain the exchange process more in details? Huh

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July 30, 2012, 09:00:17 AM
 #203

* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc


If paid 0.25 then u get 45.
If paid 5.5(not 10*0.25=2.5) then u get 450

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July 30, 2012, 06:55:04 PM
 #204

So if I have saying 10 regular BITBONDs I need to pay 0.25 for each to get them converted into 10 BITBOND.ASIC, right?

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July 31, 2012, 01:54:09 AM
 #205

Lots of news!

General Announcements
* Payouts for this week have been paid
* Last week 37,000 bonds were sold bringing the total hashrate sold to 176,276 Mh/s
* No BITBONDs will be issued beyond 100,000 bonds (200 Gh/s)
* The final 11,862 are available to large investors (200 btc and above)
* The 110% PPS special rate has ended as a part of the recent sale of bonds.  BITBONDs will return to their 105% PPS rate for the foreseeable future

BITBOND ASIC Upgrade Program Announcement
A while back I put in an ASIC order with BFL.  Today I am announcing my plans for the BITBOND ASIC upgrade.  I have shared the plan with large investors already and would like to have your feedback as well. 

Here are the broad strokes.  When the ASICs arrive, BITBONDs will be converted to BITBOND.ASIC.  BITBOND.ASIC will be a 100% PPS bond and act just as BITBOND does today, except at a higher hash rate courtesy of the ASICs.  All bondholders at the time of the conversion will receive a free upgrade.  Bondholders have the option of a paid upgrade as well, as outlined below. 

* Free:  2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc



Quote
The bond will continue perpetually. The bond issues reserves the right purchase back coupons at 110% of the 15 day average trading price on GLBSE.

Since BITBOND will not be continued in perpetually (or will it stay around alongside BITBOND.ASIC?) will those that don't switch be purchased back at 110% of the 15 day average trading price?

Introducing constraints to the economy only serves to limit what can be economical.
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July 31, 2012, 08:36:00 AM
 #206

* Free:  2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc

In other words, assuming a value of 0.50BTC per BITBOND share:

Free: 12.5 Mh/s for 0.50BTC = 25 Mh/s per BTC, or 0.0400BTC / 1 Mh/s
Small: 45 Mh/s for 0.75BTC = 60 Mh/s per BTC, or 0.0167BTC / 1 Mh/s
Large: 450 Mh/s for 6BTC = 75 Mh/s per BTC, 0.0133BTC / 1 Mh/s

Sign me up!

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July 31, 2012, 09:55:52 AM
 #207

So if I have saying 10 regular BITBONDs I need to pay 0.25 for each to get them converted into 10 BITBOND.ASIC, right?

It's 1:1 in the sense that one 2Mh/s BITBOND today will convert for free into one 12.5Mh/s BITBOND.ASIC.  You will also have the option of upgrading if you want more hashes for a small upgrade fee.

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July 31, 2012, 10:02:44 AM
 #208

Quote
The bond will continue perpetually. The bond issues reserves the right purchase back coupons at 110% of the 15 day average trading price on GLBSE.

Since BITBOND will not be continued in perpetually (or will it stay around alongside BITBOND.ASIC?) will those that don't switch be purchased back at 110% of the 15 day average trading price?

The idea is that BITBOND will converted to BITBOND.ASIC.  Bondholders will get a free upgrade automatically.  In that way it will continue perpetually.  Once ASICs become available I expect difficulty to increase a lot, hence the free upgrade.

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July 31, 2012, 10:03:51 AM
 #209

* Free:  2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc

In other words, assuming a value of 0.50BTC per BITBOND share:

Free: 12.5 Mh/s for 0.50BTC = 25 Mh/s per BTC, or 0.0400BTC / 1 Mh/s
Small: 45 Mh/s for 0.75BTC = 60 Mh/s per BTC, or 0.0167BTC / 1 Mh/s
Large: 450 Mh/s for 6BTC = 75 Mh/s per BTC, 0.0133BTC / 1 Mh/s

Sign me up!


 Wink  That's the reaction I was looking for.  I think it's a very competitive upgrade option that will let everyone increase their profit!

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August 01, 2012, 07:59:26 PM
 #210

It's still not clear to me: is this fee to be paid per share or per bondholder for any number of shares he behold?

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August 01, 2012, 10:44:31 PM
 #211

obviously per share.

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August 01, 2012, 10:46:50 PM
 #212

When will this transfer happen?

Introducing constraints to the economy only serves to limit what can be economical.
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August 05, 2012, 03:13:51 PM
 #213

When will this transfer happen?

Upgrade orders will take plane in advance of the ASICs shipping once a shipment date is known and nearing.  The actual conversion will happen once the ASICs arrive and are running.

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August 05, 2012, 03:15:31 PM
 #214

Payouts are coming.  Waiting on some very slow confirmations (1 confirmation took 90 mins!)  Huh

Update:  One of my deposits to GLBSE is not showing up.  "Check for deposits" button isn't doing any good either.  Block chain explorer shows it was confirmed a while ago.  Grrr.  I'll keep checking it.

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August 06, 2012, 04:51:56 AM
 #215

Deposits finally showed up in GLBSE and payouts were paid  Smiley

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August 10, 2012, 05:24:14 AM
 #216

So you are offering free upgrade to 215Mh/s per bond, right?

That's 1.325/215Mh/s ~ 0.006BTC per 1Mh/s after upgrade. That's about two times cheaper than what Bitbond offers. What's the catch?


* Free:  2M/s BITBOND converts to 12.5Mh/s BITBOND.ASIC for free
* Small upgrade:  2M/s BITBOND converts to 45Mh/s BITBOND.ASIC for 0.25 btc
* Large upgrade: 2M/s BITBOND converts to 450Mh/s BITBOND.ASIC for 5.5 btc

In other words, assuming a value of 0.50BTC per BITBOND share:

Free: 12.5 Mh/s for 0.50BTC = 25 Mh/s per BTC, or 0.0400BTC / 1 Mh/s
Small: 45 Mh/s for 0.75BTC = 60 Mh/s per BTC, or 0.0167BTC / 1 Mh/s
Large: 450 Mh/s for 6BTC = 75 Mh/s per BTC, 0.0133BTC / 1 Mh/s


That's an easy one, bitbond & gigamining are making a profit from the transition to asics, he's not.

(disclosure, I own some hydromining bonds)

I wouldn't call your upgrade program competitive... Or am I missing something?

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August 13, 2012, 03:04:14 AM
 #217

Just go back from overseas.  Payout coming in the next hour or so....

Update:  payouts paid  Smiley

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August 20, 2012, 04:29:11 AM
 #218

Weekly payout paid!   Smiley

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August 21, 2012, 11:56:21 PM
 #219

Does Bitbond use GPUMAX?



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August 22, 2012, 02:18:24 AM
 #220

Does Bitbond use GPUMAX?

totaleclipseofthebank, I think a more relevant question may be how much exposure does BITBOND have to Pirate and Pirate's service GPUMax?

The main page for the BITBOND security states:

What if you have technical issues/downtime?
I have more than 120Gh now and another 180Gh/s coming online in June.  Should there be any downtime, I will contribute hashes from my personal farm to ensure the full dividend is paid each week.

Since the bond is now for 100,000 units or 210GHs therefore I am interested in some updated statements regarding the liquidity of BITBOND. Here are three questions I asked Gigavps that I would like answers from AmazingRando.

To better judge your credit worthiness the three material pieces missing are (1) what amount of GHs is currently operational and producing, (2) what PPS% is it earning, and (3) how many unencumbered bitcoins do you have in your possession allocated for building or buying more rigs.

As a significant long investor, I would appreciate answers to assess the BITBOND liquidity and potential Pirate or other counter-party exposure.

Of course, I understand the sensitive nature of #3 and would not need an affirmative statement if there is significant (ex. 25%+ or 262.5GHs+ at 100% PPS) earning capacity in bitcoins in excess of debt service.

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August 27, 2012, 08:45:32 AM
 #221

Does Bitbond use GPUMAX?

totaleclipseofthebank, I think a more relevant question may be how much exposure does BITBOND have to Pirate and Pirate's service GPUMax?

The main page for the BITBOND security states:

What if you have technical issues/downtime?
I have more than 120Gh now and another 180Gh/s coming online in June.  Should there be any downtime, I will contribute hashes from my personal farm to ensure the full dividend is paid each week.

Since the bond is now for 100,000 units or 210GHs therefore I am interested in some updated statements regarding the liquidity of BITBOND. Here are three questions I asked Gigavps that I would like answers from AmazingRando.

To better judge your credit worthiness the three material pieces missing are (1) what amount of GHs is currently operational and producing, (2) what PPS% is it earning, and (3) how many unencumbered bitcoins do you have in your possession allocated for building or buying more rigs.

As a significant long investor, I would appreciate answers to assess the BITBOND liquidity and potential Pirate or other counter-party exposure.

Of course, I understand the sensitive nature of #3 and would not need an affirmative statement if there is significant (ex. 25%+ or 262.5GHs+ at 100% PPS) earning capacity in bitcoins in excess of debt service.

Apologies for a slow reply to this.  I have not been following the thread much this past week.

Let me answer each question.

1) I have never kept coins with Pirate nor pass throughs or other instruments that would expose me to risk from Pirate's HYIP.

2) Yes, I do mine on GPUMax.  After a long period were public shares were not being leased on GPUMax, it has recently been leased 100%, allowing for 130% PPS.  If GPUMax daily payouts were to stop I can easily switch to other pools.  This coming week I will be moving away from Maxbtc and Ozcoin and starting to use a combination of GPUMax, Bitminter, and 50btc.

3) In answer to the question of my general PPS earnings, it varies between 100% and 130% with the average being a narrow range around 112%

4) My total hashing capacity is 305 Gh/s.  We will be moving data centers within the next two weeks.  This will give us more power to expand.  Meanwhile, I operate at least 200 Gh/s on a continuous basis (often considerably more).  With new power, I will operate at least 300 Gh/s on a continuous basis and expand further.

5) I have significant cash reserves, enough to provide several weeks of payouts.  I also keep a modest amount of coins on hand and will accumulate more if the exchange rate is favorable.

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August 27, 2012, 08:46:12 AM
 #222

Sorry for the delay in the weekly payout.  Having an issue with GLBSE.  Hopefully resolved soon... Undecided

Update:  Issue resolved.  Payout should be made shortly  PAID

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August 27, 2012, 01:31:06 PM
 #223

Sorry for the delay in the weekly payout.  Having an issue with GLBSE.  Hopefully resolved soon... Undecided

Still waiting. You seem to have problems with GLBSE almost every week. Maybe you should start paying a bit earlier?

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August 27, 2012, 06:10:25 PM
 #224

Sorry for the delay in the weekly payout.  Having an issue with GLBSE.  Hopefully resolved soon... Undecided

Still waiting. You seem to have problems with GLBSE almost every week. Maybe you should start paying a bit earlier?

I was having issues with GLBSE for quite a while.  Two factor authentication was the culprit.  Even if I tried to pay a day early, it was still taking a long time to resolve.  Other times GLBSE was so slow the transaction wouldn't go through or a deposit wouldn't show up.  If there was a better way to do distributions I would jump on it in a second.

I'll see if I can't try the transactions a bit earlier though, as you suggested, so that when there are problems the wait won't be as long.

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August 27, 2012, 09:28:28 PM
 #225

Nefario mentioned in one of the threads that he plans to add the ability to schedule a payment. Sounds like when that comes it will help.

Yes, I've talked with him about that more than once.  Seems like there is always something "higher priority"  Wink  Hopefully it makes it to the top of the list soon.

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September 03, 2012, 08:49:41 AM
 #226

Weekly coupon payment paid!   Smiley

Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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