SkepsiDyne Integrated Node - The Bitcoin Mining Company

[Tawsix]

Update: dividends have been paid out!  A total of 35.895 BTC was paid to 1564 shares.  The same amount was sold for reinvestment in the company, along with 17 BTC for electricity.  Another 40 BTC was sold from investments.  We'll be ordering a new rig later tonight!  I will also be initiating a motion to decide between eligius and bitcoins.lc mining pools.

Thanks again to everyone!

[boonies4u]

Someone is selling below IPO price again, I guess they were just waiting until dividends were handed out. Oh well, they will probably be sold soon, assuming no one else pulls out.

Any news on the motions, Tawsix?

[Tawsix]

Someone is selling below IPO price again, I guess they were just waiting until dividends were handed out. Oh well, they will probably be sold soon, assuming no one else pulls out.

Any news on the motions, Tawsix?

It's no big deal, if potential investors want to invest directly in the company I have offered channels that allow for that to happen.

I have created two motions: one concerning the backup mining pool (motion id 15) and another concerning a recent development with another GLBSE company, DISHWARA (motion id 16).  I have been in contact with dishwara, who issued the shares, and we have come to an agreement concerning his company: he no longer wishes to operate his mining setup and has agreed to transfer all of DISHWARA's assets to us in exchange for a number of SIN shares that is equal in worth to the number of DISHWARA shares that were sold from the IPO.  In this way, he would receive dividends from SIN, which he would pay out as DISHWARA dividends.

The assets that we will receive are as follows:

4 nos. of MSI R6970 Lighting cards
2 nos. of MSI R5870 lighting cards
2 nos. of ASUS EAH5870 cards
1 Sapphire HD 5870(bought as used one)
3 Cooler Master SPG 1200W PSU.
1 4GB Corsair 1600 Mhz RAM
1 Intel i5 2400, 3.1 Mhz , LLA1155
1 250 GB Seagate Baracuda 7200 RPM HDD
6 Belkin gold series surge protectors.
4 cooler master 120 mm black fan
8-9 zebronics 120mm blue led fan.
21 nos. of 1x extender cables.
2 nos. of 16x extender cables.
& now in transit, 6 nos of 16x extender cables & 3 nos. of 1x extender cables.
1 AOC 19 inch LED monitor, 1 Microsoft PS/2 keyboard & 1 Microsoft USB mouse.
800 INR worth slotted angles.
1 4GB sandisk cruzer edge.

We'll be able to squeeze about 3.8 Ghash/sec out of those 9 cards.  All told, we'll be giving DISHWARA 968 shares of SIN for these assets.  He and I are waiting for the responses of our shareholders before going through with this, and working out the finer details until the votes are completed, so this is by no means a done deal.  Please voice your opinions and concerns so we may discuss this issue at length.  The vote ends on Monday, June 24, so we have the weekend to talk about it.

In other news, we have paid sharp 1.25 BTC for his work on the graphs!  Thanks once again for your excellent work!

We have also ordered another rig, which should be here by the end of next week!  This coming week I hope to be have us migrated to the new mining pools as well, so I'll be very busy in the coming days.

[Vasili Sviridov]

Voting seems to be currently broken with both web and black market clients.

[Tawsix]

Voting seems to be currently broken with both web and black market clients.

Message Nefario with the error so he knows where to look.

[Nefario]

I'm on it.

[Nefario]

I'm on it.

Actually guys, something has come up (emergency) and it looks like I may not be able to get this fixed for a couple of days.

I'll do what I can though, so if I can get it working I will.

Also I'll be offline for a couple of days.

Nefario.

[REF]

What will happen to DISHWARA share holders? I think the agreement should be modified. drop the HDD, i5 CPU, RAM. All of that is to much for a mining rig. Its much cheaper to not accept those items and buy proper mining parts. USB, sempron140, 1gb RAM stick instead.


Edit: I still would like to know what equipment we run. Does anyone know?

Edit2: should of made my stance more clear. I'm okay with this agreement if the shares he gets is dropped to 300-315 shares. His equipment if brand new is under 4grand. Used equipment should not cost more then 1$/1hash.

[filharvey]

So for that hardware, you are asking the shareholders to pay 968 shares, at 0.75 BTC which is around $10k at the current price.

If you sold those 968 shares, what hardware do you think you could make for $10k and hence what Hash rate? I would imagine it is a lot more than the 3.8gh/s that you say you can get. Remember Valdimir was saying for $15k he could get over 6 gh/s after his cut.

Other details and questions, are how much is it going to cost to ship that hardware. How long until all is up and running? I'm also assuming that any dividends paid out once the hardware is shipped will also mean that DISHWARA will be receiving dividend payouts, so initial shareholders will be losing out heavily for a couple of weeks until that is up and running.

I for one shareholder will be voting against this at the moment. I think the price has to be lower for only 3.8gh/s.

sorry that is my feeling.

Phil

[dykast]

Although I just bought 2 shares to start here I have to say this, investing 10K into DISHWARA's equipment is insane!  At most that equipment is worth $5000 without even getting into details..maybe even less.  Someone else also mentioned the 2500K being way too much when all you need for these rigs is a $39 Sempron that also consumes less energy When the voting starts working again, I will be voting against this. 

[kgo]

The shares are only worth 0.75 if people are buying them.  Last time I looked over 60% of the IPO shares were still available, and SIN isn't going to sell 900 or so anytime soon.  I'm not saying this makes the buyout a good deal.  You need to decide for yourself.  But I think it should be taken into account that the sale of 900 shares in the near future isn't a guarantee or a 'gimme'.

[boonies4u]

The amount of shares DISHWARA receives should be based on the equipment we actually need (and we will take/use) and the hashing power of that equipment.

If we need some equipment for something other than generating hashes, I think Tawsix should purchase it with some generated funds and not IPO shares (perhaps funds from selling said shares though).

If we give DISHWARA X shares, we shouldn't be able to get more hashing capability from (X*.75) BTC worth purchased equipment. And as I said before, the amount of shares should be based  on

• Hashing Power of Assets
• NOT the Value of Assets
• Equipment Acquired That Helps Generate More Hashes

If we don't need an i5, should we take it? I don't see a problem as long as it either helps us generate hashes OR it isn't tacked on top of the shares we pay for hashing capabilities.

[eturnerx]

The amount of shares DISHWARA receives should be based on the equipment we actually need (and we will take/use) and the hashing power of that equipment.

^this

There's some way over-spec for mining hardware that we just shouldn't buy. Revalue the dishwara offer based on second hand prices for the video cards and second hand prices for properly spec'd mining machines. Until this happens I'm voting against our SIN share being diluted by so much.

[Sukrim]

Taking into consideration that:
* shipping from India probably takes quite some time (and is probably expensive too! [EDIT: Checked, he claims it only costs 20 USD])
* a lot of this hardware is of little/no use
* this would make your pool of owned hardware even more diverse (more maintenance necessary, no spare parts)
* the only really useful stuff I can see there are 9 GPUs (and maybe some extenders, if you even use these)
* stuff might break during shipping - and you have very low chances to get reimbursed
* DISHWARA shares are now severely overpriced, as they were valued/calculated initially at 0.7 USD/piece (when 1 BTC was 0.7 USD)

I would strongly advise against this bad deal.

9 GPUs are worth (max!) ~1700USD --> ~100BTC --> ~135 shares

All in all:
If DISHWARA wants to buy shares, he could/should just sell his equipment (either for BTC or INR), get BTC and buy shares as everyone else. If he wants to pay in "hardware", the extra effort for shipping (+ time lost with shipping) and the fact that if something breaks the manufacturer most likely won't reimburse you should be taken into consideration and calculation. [EDIT: I usually buy and sell used hardware for "new_price * 0.75" as a rule of thumb]
In the end he would probably end up with less than if he puts up that stuff back together and sells 1 gaming PC + a few GPUs on eBay and buys BTC + shares for that money then.

If I create a GLBSE "company", valuate it at 1000 BTC, BTC prices shoot up ~25 times later - would you still give me shares worth 1000 BTC for Hardware that is only 1/25th worth of 1000 BTC?
In this case (as Dishwara didn't cash out right at the start), you're suggesting "only" about 10 times overpay, but still.

[Tawsix]

The shares are only worth 0.75 if people are buying them.  Last time I looked over 60% of the IPO shares were still available, and SIN isn't going to sell 900 or so anytime soon.  I'm not saying this makes the buyout a good deal.  You need to decide for yourself.  But I think it should be taken into account that the sale of 900 shares in the near future isn't a guarantee or a 'gimme'.

This is my thought.  Paying 900 shares for 3.8 Ghash/sec, in addition to a bunch of stuff we don't really need, is far better than letting those shares sit there waiting to be sold.  Yes, we don't *need* everything on that list, but we do need hashing power, so if we have to overpay for them, then I say so be it.  We can use the PSU's for future rigs, and we can use the ram, HD and the i5 for a small project I've been thinking up to help maintain the cluster easier.  It isn't like I'm going to take the GPU's and throw the rest of the stuff in the trash.

Once again, we aren't giving dishwara $10,000 USD, we're giving him 968 shares of SIN.  You have to make that distinction.

I will talk to him about a reduced price, but I think it's dishonest to say that we would be paying $10k for 3.8 Ghash/sec.  Our shares are worth what people are willing to pay, and no one has a buy order up worth $10,000 at .75 BTC/share as far as I know.

His gear is worth around $6000 as far as I can tell, so that's about 400 BTC, or 533 shares.  Is this a more acceptable offer?

edit: Also, shares would not be transferred until the assets were received, so dividends wouldn't be split until the added Ghash/sec was contributing to SIN power.

[LehmanSister]

I'm down to the DISHWARA purchase, but at a lower price. I say offer some votes with multiple options... Sadly, voting is offline and will be for awhile, so...

[Tawsix]

I'm down to the DISHWARA purchase, but at a lower price. I say offer some votes with multiple options... Sadly, voting is offline and will be for awhile, so...

I have PM'd him about a smaller amount of shares.

The motion that I initiated did not specify prices, so it may need to be redone once we settle on something in this thread.

[filharvey]

Actually giving 900+ shares to DISHWARA from the IPO actually diminishes the value of the shares held by the current shareholders.

Those shares will diminish the value of future dividends of current shareholders, for very little hash power. If you were offering to buy from someone 10+gh/s for 900 shares I would say fine, as that would be nearly $15k, not 3.8gh/s.

If you can get the price down to 150-300 shares then I would consider it.

Also only purchase the hardware which is useful. Not all of it is needed.

And saying that we should purchase power for what ever price is not a good statement.



Actually, here is an example I just thought of to show why this is wrong at this price.

Say I go out and purchase a 6990. What is that going to cost $800. Well that $800 can produce what about 700mh/s? So that is about 18% of the power DISHWARA's hardware could produce. Now can I sell that to the company for lets say 160 shares. You would all laugh at me. As those 160 shares could effectively be worth $1800, and hence 2 and a bit 6990.

If you do want to purchase power and you want to pay that high a price for it, let me in on it. I will purchase a couple of 6990's and send them to you brand new, unopened. for 160 shares each.


Phil

[Sukrim]

Yeah, 1 share for every ~4 MH/s (3800/968) sounds like a great deal to me too!

I'd gladly send you a few GPUs for a few dozen/hundred shares at that price.
Actually 58xx GPUs are anyways relatively easy to come by at least in Europe, so you could really try to buy some (for a SANE price, not for these prices!) for shares in exchange.

You could put up a price list and people would send you their GPU(s) + a note with their GLBSE UserID to be assigned the shares.
Only problem is that you would need to hand out a postal address... but that should be handleable.

[Tawsix]

You could put up a price list and people would send you their GPU(s) + a note with their GLBSE UserID to be assigned the shares.
Only problem is that you would need to hand out a postal address... but that should be handleable.

That's actually a pretty good idea.