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amazingrando (OP)
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July 29, 2012, 05:20:44 PM |
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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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Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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WinTame2012
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July 29, 2012, 07:44:56 PM |
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Great news!  Could you explain the exchange process more in details?  |
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dishwara
Legendary
 Offline
Activity: 1855
Merit: 1016
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July 30, 2012, 09:00:17 AM |
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* 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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WinTame2012
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July 30, 2012, 06:55:04 PM |
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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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stochastic
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July 31, 2012, 01:54:09 AM |
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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
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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odolvlobo
Legendary
Offline
Activity: 4298
Merit: 3190
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July 31, 2012, 08:36:00 AM |
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* 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 0.50 BTC per BITBOND share: Free: 12.5 Mh/s for 0.50 BTC = 25 Mh/s per BTC, or 0.0400 BTC / 1 Mh/s Small: 45 Mh/s for 0.75 BTC = 60 Mh/s per BTC, or 0.0167 BTC / 1 Mh/s Large: 450 Mh/s for 6 BTC = 75 Mh/s per BTC, 0.0133 BTC / 1 Mh/s Sign me up! |
Join an anti-signature campaign: Click ignore on the members of signature campaigns.
PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
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amazingrando (OP)
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July 31, 2012, 09:55:52 AM |
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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. |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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amazingrando (OP)
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July 31, 2012, 10:02:44 AM |
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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. |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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amazingrando (OP)
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July 31, 2012, 10:03:51 AM |
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* 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 0.50 BTC per BITBOND share: Free: 12.5 Mh/s for 0.50 BTC = 25 Mh/s per BTC, or 0.0400 BTC / 1 Mh/s Small: 45 Mh/s for 0.75 BTC = 60 Mh/s per BTC, or 0.0167 BTC / 1 Mh/s Large: 450 Mh/s for 6 BTC = 75 Mh/s per BTC, 0.0133 BTC / 1 Mh/s Sign me up!  That's the reaction I was looking for. I think it's a very competitive upgrade option that will let everyone increase their profit! |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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WinTame2012
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August 01, 2012, 07:59:26 PM |
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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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Jurek
Member
Offline
Activity: 117
Merit: 10
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August 01, 2012, 10:44:31 PM |
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obviously per share.
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stochastic
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August 01, 2012, 10:46:50 PM |
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When will this transfer happen?
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Introducing constraints to the economy only serves to limit what can be economical.
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amazingrando (OP)
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August 05, 2012, 03:13:51 PM |
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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. |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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amazingrando (OP)
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August 05, 2012, 03:15:31 PM
Last edit: August 05, 2012, 03:51:09 PM by amazingrando |
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Payouts are coming. Waiting on some very slow confirmations (1 confirmation took 90 mins!) 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. |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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amazingrando (OP)
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August 06, 2012, 04:51:56 AM |
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Deposits finally showed up in GLBSE and payouts were paid  |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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Jurek
Member
Offline
Activity: 117
Merit: 10
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August 10, 2012, 05:24:14 AM |
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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 0.50 BTC per BITBOND share: Free: 12.5 Mh/s for 0.50 BTC = 25 Mh/s per BTC, or 0.0400 BTC / 1 Mh/s Small: 45 Mh/s for 0.75 BTC = 60 Mh/s per BTC, or 0.0167 BTC / 1 Mh/s Large: 450 Mh/s for 6 BTC = 75 Mh/s per BTC, 0.0133 BTC / 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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amazingrando (OP)
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August 13, 2012, 03:04:14 AM
Last edit: August 13, 2012, 05:33:17 AM by amazingrando |
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Just go back from overseas. Payout coming in the next hour or so.... Update: payouts paid |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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amazingrando (OP)
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August 20, 2012, 04:29:11 AM
Last edit: August 20, 2012, 06:50:45 AM by amazingrando |
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Weekly payout paid! |
Bitbond - 105% PPS mining bond - mining payouts without buying hardware
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sunnankar
Legendary
Offline
Activity: 1031
Merit: 1000
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August 22, 2012, 02:18:24 AM |
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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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