[BTC-TC] YABMC

[the joint]

Thanks for the comments.

Annual return certainly makes some assumptions.  But the calculation is 1.4429 ^ (365/7) -1 (also displayed in Meni's thread).

Also note GIGAMINING last traded at 1.399 -- 1 BTC was a great price and the reason I bought some  

Based on last traded prices (7:50 CST) paybacks are as follows:

Puremining: 663 days
BitBond: 462 days
Gigamining: 452 days
YABMC: 485 days

Again - I feel this is a competitive price!

It's a competitive price based upon traded prices, but not competitive for issued price.   Gigamining owns for issued price (not sure what the issued price was for Bitbond and Puremining).

I apologize, I'm really not trying to be a dick    I just can't see how this is advantageous to the buyer.

[1714690547]

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[JWU42]

4 day difference is ~1% -- close enough  

86400 * 50 * (1*10^6) / (1626553.4813289*2^32) = 0.00061838 per day

.3 / .00061838 = 485 days

[Garr255]

Looks promising! I'll be picking up a few shares.

[JWU42]

Thanks Garr255

Very impressed with Cognitive.  You are wise and mature beyond your years - your parents (and shareholders) should be proud!

[Garr255]

Thanks Garr255

Very impressed with Cognitive.  You are wise and mature beyond your years - your parents (and shareholders) should be proud!

Thanks! It's nice to hear something like that. Now if only you were a college recruiter...

I've neglected school for the most part for almost my entire time in it. I blame that entirely on my ambition to learn. Initially one may find that ironic, but I feel what's being taught in school is mostly irrelevant to what I want to do with my life. Only recently I'm starting to accept that there's little I can do about the corrupt way work ethic and even "intelligence" is measured. It seems that I show a great deal of passion and ethic for most things I do outside of school.  Now I'm sitting here towards the end of my junior year stuck with a terrible GPA, regret, and hopes that I find a way to counter my mistakes. Sorry for being completely off topic, this turned into quite a rant. I've just never had the chance to say any of this.

Anyway, good luck with the company!

[BinaryMage]

Thanks! It's nice to hear something like that. Now if only you were a college recruiter...

I've neglected school for the most part for almost my entire time in it. I blame that entirely on my ambition to learn. Initially one may find that ironic, but I feel what's being taught in school is mostly irrelevant to what I want to do with my life. Only recently I'm starting to accept that there's little I can do about the corrupt way work ethic and even "intelligence" is measured. It seems that I show a great deal of passion and ethic for most things I do outside of school.  Now I'm sitting here towards the end of my junior year stuck with a terrible GPA, regret, and hopes that I find a way to counter my mistakes. Sorry for being completely off topic, this turned into quite a rant. I've just never had the chance to say any of this.

Anyway, good luck with the company!

Speaking as a fellow high-schooler, your pain is not unheard. I've found that it's just best to pretend the system actually works and use it as best you can, while doing your own projects on the side. Colleges are, quite honestly, more interested in personal motivation than GPA. If you show them what you've done with Cognitive, I think they'll be impressed. (Though improving your GPA wouldn't hurt nonetheless)

If I can offer you any assistance, don't hesitate to PM/email me. I've gotten a fair amount of experience navigating the typhoon that is our education system, and I'm always glad to help.

Sorry to derail the thread, but I thought that post deserved a reply. I'm also planning to pick up a few shares of this; doing my best to diversify my holdings now that some non-scams are coming on to GLBSE.

[tgmarks]

Thanks for the comments.

Annual return certainly makes some assumptions.  But the calculation is 1.4429 ^ (365/7) -1 (also displayed in Meni's thread).

Also note GIGAMINING last traded at 1.399 -- $1 was a great price and the reason I bought some 

1 BTC per 5 m/hash is an acceptable price.  1.399 BTC is not (though apparently that's subjective).  I believe someone also bought 1 share at $10, but I wouldn't expect you to price it as such.

I made my calculation like this:
30 BTC for 100 m/hash = ~ $145
at 29.6 cents per day gives...

145/.296 = 489.86 days.

I would assume that you'd be making around 50% profit from this (i.e. half of the money collected from issued bonds is profit for you).  That's just a very large profit margin. 

Why do you do the calculation in USD? The purchase is made in bitcoins and the payout is in bitcoins.  Why would you not just keep it in bitcoins?

[JWU42]

To help increase confidence in the offering; a few pictures.  Also, personal were e-mailed to Nefario this morning.

The rigs that will power YABMC (until BFL comes through) - 2 x 4x7970



One of my 3 other miners...

"Kong" - 2x5970 + 3x5870

[the joint]

Thanks for the comments.

Annual return certainly makes some assumptions.  But the calculation is 1.4429 ^ (365/7) -1 (also displayed in Meni's thread).

Also note GIGAMINING last traded at 1.399 -- $1 was a great price and the reason I bought some 

1 BTC per 5 m/hash is an acceptable price.  1.399 BTC is not (though apparently that's subjective).  I believe someone also bought 1 share at $10, but I wouldn't expect you to price it as such.

I made my calculation like this:
30 BTC for 100 m/hash = ~ $145
at 29.6 cents per day gives...

145/.296 = 489.86 days.

I would assume that you'd be making around 50% profit from this (i.e. half of the money collected from issued bonds is profit for you).  That's just a very large profit margin. 

Why do you do the calculation in USD? The purchase is made in bitcoins and the payout is in bitcoins.  Why would you not just keep it in bitcoins?

Oh, I don't know.  What do you buy Bitcoins with, wampum?

[tgmarks]

I will have you know that I sold machined parts for my bitcoins, not some silly sacred shell beads.  Although I am somewhat impressed at the term used.

[JWU42]

Can you please try to stay OT...

Thanks!

[the joint]

I will have you know that I sold machined parts for my bitcoins, not some silly sacred shell beads.  Although I am somewhat impressed at the term used.

 

Regardless, I'd prefer not to end up like the people of Zimbabwe.

Interestingly, the Zimbabwe dollar (100 trillion dollar note in particular) has become MORE valuable since it got pegged to other currencies as a collectible than it was when it was in circulation.

[JWU42]

I asked nice the first time... 

[JWU42]

1:45 to go before pre IPO sale ends...

[JWU42]

Waiting on Nefario - not sure why the shares aren't in my account to offer?!?

Will update ASAP!

[JWU42]

Another update - trading will begin at 17:32 UTC - minor glitch we worked through...  

[Sukrim]

Got my preordered shares + will update this post about the bonus payment, so far everything seems fine. Also the issuer is verified with GLBSE!

[JWU42]

Thanks for the support Sukrim - will work on a post tonight or tomorrow detailing the initial coupon payment.

[Sukrim]

not sure about the first payment (when you set your starting point) but in general the formula should be like this:

Code:

start = Timestamp of the last block with difficulty A (UNIX time in seconds since 1.1.1970)
end = Timestamp of the last block with difficulty A+1 (UNIX time in seconds since 1.1.1970)

duration = end - start

Payment per MH/s per 2016 blocks for difficulty A+1 = Blockreward[50 BTC currently] * duration * 1000000[=1 MH/s] / (difficulty A+1 * (2^48 / 65535))

An example for the last finished difficulty (1626553.481328)

start = http://blockexplorer.com/b/173375 --> timestamp = 1332999614
end = http://blockexplorer.com/b/175391 --> timestamp = 1334246594

duration = 1246980 seconds

Blockreward = 50 BTC

Payment per MH/s = 50 * 1246980 * 10^6 / (1626553.481328 * (2^48 / 65535)) = 0.00892472... BTC
(http://www.wolframalpha.com/input/?i=50+*+1246980+*+10^6+%2F+%281626553.481328+*+%282^48+%2F+65535%29%29)

All in all you need for each round 4 pieces of information: Difficulty for that round, the 2 timestamps and the block reward.The reason for taking the timestamps of exactly these 2 blocks is that a miner would start mining for the new difficulty after the last block of the old difficulty was mined - until the last block of that difficulty.

[JWU42]

Thanks for that...

Yes, very similar to my plan but was going to use minute and not seconds -- I suppose we CAN (and should) get that granular.  Also, in the contract, mentioned using blockchain.info but blockexplorer.com should have the same timestamp.

Starting point for initial coupon will be 17:32 UTC, Friday April 13, 2012.  Unix time of 1334338320

End point will be the timestamp of block 177407 (end of this difficulty).

The formula will be (as taken from Meni's thread):

Code:

Duration in Seconds * 50 (current reward) * 1 (Mh/s) * 10^6 / Difficulty * 2^32

Using your data from above we get http://snipurl.com/231k71v

Coupon of:  .00892486

So you should like this calc better (.00000014 BTC more) -- we are in agreement to the 6th decimal -- again -- good enough I think

Also, update the 2nd post in the thread to detail more on the coupon payments ==> https://bitcointalk.org/index.php?topic=75867.msg840944#msg840944