[GLBSE] BFLS - Bitcoin Mining & Sales

[Inaba]

Well... I guess he's not going alphabetically, rats!

[1715066475]

1715066475

[RHA]

http://blog.glbse.com/issuers-being-given-shareholder-lists

Starting with the biggest issuer first in descending order

[Inaba]

Hmm, well I have no idea where that puts us.

I have the payment back end ready to go though, so that's good.

[Inaba]

I am only going to post further updates in the BFLS.RIG thread, so see that thread for future updates on this.

[Monster Tent]

Youre swapping BFLS shares for BFLS.RIG when you get the shareholder info back ?

[Inaba]

Basically, yes.  It's too difficult to keep them separated at this point and they were designed to be a 1:1 replacement (hence the 6058 strange value for a minirig vs 200 for a single).

[Epoch]

I posted this as well in the BFLS.RIG thread, but it might be worth repeating here (apologies for the double post):

I am going to be converting BFLS shares into BFLS.RIG at 1:1, so everyone will in one payout bucket.  

A single payout bucket is welcome but I have a concern about the proposed 1:1 conversion: a 1:1 conversion does not appear to represent fair value for BFLS shareholders. Unlike 'regular' mining bonds such as Gigamining, BFLS and BFLS.RIG represent a share of hardware, not hashrate, so:

BFLS (1 Single/200 shares): $600/200 = $3 per BFLS share
BFLS.RIG (1 MiniRig/6058 shares): $15295/6058) = $2.52 per BFLS.RIG share

This indicates that a BFLS share is worth more ($3/$2.52, or 1.19x) than a BFLS.RIG share. Put another way, 5098 BFLS shares ($15295) are worth the same as 6058 BFLS.RIG shares ($15295) which is the value of 1 MiniRig.

So to fairly convert the hardware value of BFLS into BFLS.RIG, 1 BFLS share should be converted to 1.19 BFLS.RIG shares. A 1:1 conversion would mean that BFLS shareholders take a 19% loss. If my analysis is flawed, I'd like to know where it fails.

[Transisto]

I am being sent invoice for hosting of two single while due to GLBSE interupted trading I ended up being a few shares short of a complete unit.

Is anyone of you in the same position ?

[Inaba]

Transisto, email me the details of the problem specifically and I will get it worked out.

[Epoch]

I recall there was talk of possibly closing this thread and continuing discussions in BFLS.RIG but, in case this is still active, I'd just like to mention that I posted some thoughts (for discussion) on how to handle the current BFLS and BFLS.RIG shares once the ASIC upgrade begins:

https://bitcointalk.org/index.php?topic=89902.msg1455088#msg1455088

[Inaba]

Oh I guess I can lock this topic huh?

Yes, all communication will be happening in the other thread listed in Epoch's post from now.