[GLBSE] BFLS - Bitcoin Mining & Sales

[JWU42]

GPUmax and then eclipse as backup ...

[BinaryMage]

I would assume Inaba's running these on his pool (EclipseMC), which would cause payouts to very a bit, but in the long term theoretically average out to 100% PPS.

I would assume Inaba would run these on GPUMAX and get 1.2x-1.3x-1.4x PPS.

Maybe neither of us should assume. 

Inaba, what is your plan in regards to pool choice?

[tgmarks]

I love this idea and concept, but I can see a lot of the BFLs just being snatched up by those who can afford the 200 shares and are tired of waiting for BFL to deliver.

[jamesg]

I love this idea and concept, but I can see a lot of the BFLs just being snatched up by those who can afford the 200 shares and are tired of waiting for BFL to deliver.

The premium being changed can really be explained away with getting the unit sooner. Might as well just buy the 10 units.

[tgmarks]

I love this idea and concept, but I can see a lot of the BFLs just being snatched up by those who can afford the 200 shares and are tired of waiting for BFL to deliver.

The premium being changed can really be explained away with getting the unit sooner. Might as well just buy the 10 units.

I understand that and don't disagree with it.  I just think it could keep this a rather small mining operation when the units keep getting snatched up.

[Vbs]

(...)  Additionally, should a BFL Single be unavailable for immediate shipping, the operator reserves the right to refuse the 200 BFLS shares until such time as a unit becomes available.

[tgmarks]

thanks, I forgot that part.

[jamesg]

Inaba,

Hopefully you can start to answer some of the outstanding questions in this thread.

Thanks,
gigavps

[kakobrekla]

Any individual investing in the company may, at their discretion, transfer 200 BFLS shares to the operator in exchange for a physical BFL Single being shipped (CONUS only. Additional charge for international shipping.) to the individual. When a BFLS is redeemed, a new unit will replace the redeemed unit, and 170 BFLS shares will be offered at current market rate.

So each time theres a 'sale' of the single, you hold 30 shares of the asset.  After ~66 sales, you end up being 100% owner. Not bad.

[Inaba]

Sorry guys, I had to fly to Phoenix on short notice and didn't turn on the laptop the whole time.  Back now and ready to go!

So what are the outstanding questions?  I thought a lot about this, and to prevent a run on singles, I am going to impose a 45 day moratorium as it were on on Single sales before I start getting the rotation of Singles going.  A lot of you contacted me about pre-ipo purchased, etc...  While I do want to get a sale rotation going, being able to provide everyone who wants one with a Single in a timely fashion without the waiting period, if I do that right now I will be virtually out of singles in a day. 

So what's the benefit, you ask, if you are wanting to use this GLBSE offering just to purchase single and not invest in a mining company?  Well, you can "purchase" a single and have it mining for you, basically, even though you don't physically posses a box.  Unlike ordering directly from BFL, your unit will be mining while you wait for it to be delivered, as it were, earning you income immediately, vs having your funds wait in limbo for 6+ weeks.

As far as were we will be mining - GPUmax is one place, Bonus Pool is another, and we'll also be trying to increase the income in other ways as they present themselves.

Have I missed any questions?

[The00Dustin]

Have I missed any questions?

This one:

I will likely be offering the same for MiniRig boxes and RigBoxes as well.

Would this all blend together with more BFLS shares per miniRig and RigBox, meaning early adopters would gain from the upgrade / addition, or would those be offered in separate tickers when thie time comes?

[Inaba]

Oh, sorry.  No, I'm going to start a different GLSBE offering for that.  I am going to try to get to that today or tomorrow.

[BinaryMage]

When (as in day) are you planning on releasing shares for BFLS?

[jamesg]

When (as in day) are you planning on releasing shares for BFLS?

https://glbse.com/ipo/6

[jamesg]

Inaba,

- How many shares will you be releasing on Wednesday?

- If all the shares will not be released on Wednesday, what is the schedule to release the rest?

- When will the first dividends be paid?

- To be clear about dividends, whatever the equipment generates will be divided equally between all shares holders?

Thanks,
gigavps

[BinaryMage]

When (as in day) are you planning on releasing shares for BFLS?

https://glbse.com/ipo/6

Now I feel stupid.

Thanks gigavps.

[Inaba]

Yes, everything the equipment generates will be equally distributed to all shareholders.  It's my understanding GLBSE handles this automatically, I just put in funds and say distribute to the shareholders.  I will be setting up a page similar to the BFL Single page I had so people can monitor the hashrate and such of the mining farm.

I haven't decided how many shares I am releasing on Wednesday yet.  On one hand I would like to release them all and let the market decide who gets what, but that has problems with a big player just snatching up all the shares in one go.  I may release some shares randomly throughout the day/days following the IPO until they are all released. 

My batch of singles haven't arrived yet, I expected/expect them this week... if the ship date slips, then there's not a lot I can do about that until they arrive.  I'll be making a post when I take delivery of the actual hardware though.

[tgmarks]

You originally said you would release shares as hardware comes online. Will you postpone the ipo if you havent received your hardware?

[Inaba]

I will probably continue the IPO with the understanding that dividends will not be paid until the hardware comes online.  Although if there's a compelling reason not to do so, then yes I can delay the IPO.

[tgmarks]

I support the idea of the ipo moving forward, was just cuious as to your position on the matter.