SkepsiDyne Integrated Node - The Bitcoin Mining Company

[shakaru]

That's what I said. "invalid data". I was implicitly asking for confirmation from anyone running 5830s.

1. Buy quality parts. 60% efficient power supplies are stupid.
2. Plug system into Killawatt meter.
3. Use latest mining software and optimize hashing parameters.
4. Overclock core speed and underclock memory speed.
5. Keep fans clean so nothing overheats.

There's no rocket science here. Just basic mining optimizations that any half-decent miner would do.

So we can deduct Tawsix is not doing any of this if he claims he is losing money.

If Tawsix was running his rigs efficiently, I would not have too much trouble with him wishing to keep the specifics of the rigs secret, but if he fails to run the rigs profitably (may need to mine at night), he is failing the shareholders and needs to explain in detail why it is not profitable.

If Tawsix is unable or unwilling to operate and upkeep the rigs, he should consider hiring or contracting help. I believe that we still have possible IPO shares that could be put back on the market, invade we need more funds to be profitable again.

P.S. Tawsix needs to clarify and/or explain his actions about pulling in half of the profits, yet not matching the funds brought in by the IPO.

Im willing to contract out hashing power if anyone is interested.

[1715351487]

1715351487

[1715351487]

1715351487

[boonies4u]

Im willing to contract out hashing power if anyone is interested.

I was regarding operating and maintaining our current rigs.

[shakaru]

well, what about power in exchang for 24/7 monitoring? I make 18 card alluminium frames with 130 cfm fans. extra adapters,cpus,psu,kvms and an existing 20ghs network in two locations. You need help, i may be able to.

[REF]

That's what I said. "invalid data". I was implicitly asking for confirmation from anyone running 5830s.

1. Buy quality parts. 60% efficient power supplies are stupid.
2. Plug system into Killawatt meter.
3. Use latest mining software and optimize hashing parameters.
4. Overclock core speed and underclock memory speed.
5. Keep fans clean so nothing overheats.

There's no rocket science here. Just basic mining optimizations that any half-decent miner would do.

So we can deduct Tawsix is not doing any of this if he claims he is losing money.

If Tawsix was running his rigs efficiently, I would not have too much trouble with him wishing to keep the specifics of the rigs secret, but if he fails to run the rigs profitably (may need to mine at night), he is failing the shareholders and needs to explain in detail why it is not profitable.

If Tawsix is unable or unwilling to operate and upkeep the rigs, he should consider hiring or contracting help. I believe that we still have possible IPO shares that could be put back on the market, invade we need more funds to be profitable again.

P.S. Tawsix needs to clarify and/or explain his actions about pulling in half of the profits, yet not matching the funds brought in by the IPO.

this is exactly why 10pages back i wanted him to post what the rigs consistented of but noone else supported me. the rigs are either running super inefficiently or he is skimming bitcoins off claiming its all being paid to energy costs. Now i dont believe it is in the latter in this case so he if posted the rigs we could help him make them more efficient. At this point id also like to see a picture of the rigs(i believe he has them) he might also be stacking/storing them in an inefficient manor.

[Ben Walsh (beamer)]

We are paying him plenty to do exactly that.

He is taking the piss.

That's what I said. "invalid data". I was implicitly asking for confirmation from anyone running 5830s.

1. Buy quality parts. 60% efficient power supplies are stupid.
2. Plug system into Killawatt meter.
3. Use latest mining software and optimize hashing parameters.
4. Overclock core speed and underclock memory speed.
5. Keep fans clean so nothing overheats.

There's no rocket science here. Just basic mining optimizations that any half-decent miner would do.

So we can deduct Tawsix is not doing any of this if he claims he is losing money.

If Tawsix was running his rigs efficiently, I would not have too much trouble with him wishing to keep the specifics of the rigs secret, but if he fails to run the rigs profitably (may need to mine at night), he is failing the shareholders and needs to explain in detail why it is not profitable.

If Tawsix is unable or unwilling to operate and upkeep the rigs, he should consider hiring or contracting help. I believe that we still have possible IPO shares that could be put back on the market, invade we need more funds to be profitable again.

P.S. Tawsix needs to clarify and/or explain his actions about pulling in half of the profits, yet not matching the funds brought in by the IPO.

this is exactly why 10pages back i wanted him to post what the rigs consistented of but noone else supported me. the rigs are either running super inefficiently or he is skimming bitcoins off claiming its all being paid to energy costs. Now i dont believe it is in the latter in this case so he if posted the rigs we could help him make them more efficient.

[Sukrim]

[...]
2. The rigs I will be purchasing will be bare minimum rigs with two 5850's in each.  I will be bargaining for bulk prices (not accounted for in estimate price in presentation) and they will be housed in server rack cases.
[...]
8. I will try to get some pictures up of the space soon!
[...]
16. I will be providing financial reports monthly.  The reports will contain purchases, expenses, revenue, some projections, and a small state of the business address.

[...]

Just read the thread for what he's already promised to earlier shareholders (like me). There's a reason why I bailed out there and it wasn't the few Bitcents profit I gained from selling the shares...

[boonies4u]

I apologize for the delay, but the truth of the matter is that at current prices of BTC, we will have operated in the past week at a slight deficit.  I am waiting for BTC to go back up in price to at least cover the cost of operation.  I do round up when I calculate energy costs, so we won't be going into the negative financially.  I have confidence that Bitcoins will rebound from this slump.  I will update further once the situation is resolved.

Tawsix... One of the reasons I chose to put my money towards mining, was that I didn't want my investment to be overly dependent on the price of bitcoins.

If our mining operation is not profitable, make it profitable. I don't want to have a delay in divdends merely because you want to wait for a more profitable time to pay the bills. I am pretty certain you said early on that it would that it would take the collapse of bitcoins as a currency for mining to become unprofitable. (I still believe this to be true, if the rigs are managed right)

If we need money, put the IPO back on the market. If you need to shut the rigs down so you can set them up to run more efficiently, do so.  Please help get us profitable again, or at the very least, able to pay the bills.

We will most likely be back up to full capacity at the end of the next week, as everything should be sorted out by then.

I am concerned that we are not running at full capacity. I am referring to the ~12 Ghash/sec we had during the majority of July.

[shakaru]

Still willing to help in any way I can to turn you guys around.

[Tawsix]

Unfortunately, things have not turned around as far as Bitcoin prices are concerned, so there are no dividend payments to be made again.  In light of this, we will be ceasing operations of our rigs until price goes back up or difficulty falls sufficiently.

[SgtSpike]

This week I will begin collecting dividends equal to that of the payout to shareholders, so all profits from generated BTC will be paid out, and no more will be reinvested back into the company at this time.  If and when we begin to expand once more, we will then discuss how much profit should be reinvested into the company, but for now all profits will be paid out.

Wait, I don't understand how it is possible for you to be collecting dividends equal to that of the payout to shareholders.  You haven't paid for that many shares yet, have you?

As far as I can tell, a total of 202.7945 BTC in dividends has been paid out to other shareholders so far.  If an equal amount has been paid out to you (and reinvested in the company to pay for your shares), then you also effectively have received 202.7945 BTC.  At 0.75 BTC per share, this means that you have paid for 202.7945 / 0.75 = 270.39 shares.  If 2304 shares have been sold so far, and you have only have 270.39 shares, you should not be collecting dividends equal to the payout of other shareholders.  You should only be collecting dividends equal to 270.39 shares, since that is the number of shares you have earned via reinvestment.  If dividends aren't going to be reinvested back in the company, you should only be collecting dividends proportional to the number of shares you have paid for, and the rest of the dividends should be split among all shareholders.

From your first post in this thread:

I hold an amount of shares equal to the number of shares sold from the IPO + 1, and receives dividends on that basis.  These shares are paid off from dividends, so all dividends paid to me are reinvested back into the company in order to pay for my shares.  I will collect dividends normally once these shares are paid for.

You said you will only "collect dividends normally once your shares are paid for," which hasn't happened yet.

And from the amended contract you posted at
https://bitcointalk.org/index.php?topic=8167.msg284966#msg284966

The issuer of the shares will reinvest all dividends recieved until such a time that all owned shares are paid for.

Here is my calculation of dividends paid out to other shareholders:
34.235 BTC on June 13, 2011 https://bitcointalk.org/index.php?topic=8167.msg212008#msg212008
35.895 BTC on June 24, 2011 https://bitcointalk.org/index.php?topic=8167.msg273039#msg273039
19.435 BTC on July 5, 2011 https://bitcointalk.org/index.php?topic=8167.msg324962#msg324962
16.235 BTC on July 11, 2011 https://bitcointalk.org/index.php?topic=8167.msg350142#msg350142
22.195 BTC on July 23, 2011 https://bitcointalk.org/index.php?topic=8167.msg390746#msg390746
16.865 BTC on July 27, 2011 https://bitcointalk.org/index.php?topic=8167.msg404918#msg404918
25.76 BTC on August 10, 2011 https://bitcointalk.org/index.php?topic=8167.msg447073#msg447073
16.39 BTC on August 17, 2011 https://bitcointalk.org/index.php?topic=8167.msg464132#msg464132
13.3345 BTC on August 25, 2011 https://bitcointalk.org/index.php?topic=8167.msg480531#msg480531
0.205 BTC on September 3, 2011 https://bitcointalk.org/index.php?topic=8167.msg500715#msg500715
2.245 BTC on September 8, 2011 https://bitcointalk.org/index.php?topic=8167.msg515533#msg515533
(Did Tawsix already start collecting on Sept 8, or were an equal 2.245 BTC reinvested to pay for his shares?)

Total paid out to other shareholders:
34.235 + 35.895 + 19.435 + 16.235 + 22.195 + 16.865 + 25.76 + 16.39 + 13.3345 + 0.205 + 2.245 = 202.7945 BTC
(202.7945 BTC is about 270 shares at 0.75 BTC per share)

Please correct me if I'm misunderstanding something, but it seems like Tawsix should be collecting dividends equal to the ~270 shares he has earned, not collecting dividends equal to the 2304 shares that have been sold on glbse.

It might be ok to stop reinvesting back in the company (although that should probably be put to a vote), however if you stop reinvesting then you should be capping yourself at 270 shares, not pretending you've paid for 2304 shares.

This "company" is a joke.  Seriously.  Tawsix constantly avoid questions like this.

I'm just glad it's only 2 BTC I invested.

[Tawsix]

Unfortunately, things have not turned around as far as Bitcoin prices are concerned, so there are no dividend payments to be made again.  In light of this, we will be ceasing operations of our rigs until price goes back up or difficulty falls sufficiently.

How far does difficulty need to fall? How high must price go?

Difficulty needs to fall down to 1500000 or the price needs to come up to about $5.60.

...

100's of man-hours have been provided for this business at absolutely no charge, in addition to the majority of the infrastructure (cables, routers, shelves, the building, etc.)  That's money the business was saved, and that is money I counted towards my debt to the business, in addition to my reinvesting.

[NetTecture]

100's of man-hours have been provided for this business at absolutely no charge, in addition to the majority of the infrastructure (cables, routers, shelves, the building, etc.)  That's money the business was saved, and that is money I counted towards my debt to the business, in addition to my reinvesting.

At this oint it is clear you are stupid. Sorry. I saw these costs first time I thought of SkepsiDyne and though - you saw them. And decided willingly NOT to put them into the contract. Get paid out of the profits of the company. You know, people complaining here you break the contracts are right - you decided when you offered this company IPO to not get paid for that. Now you take money out which is, in simple laymens terms, theft. Maybe you overlooked them, but jsut taking moeny out (i.e. shares) is not morally and legally ok. On top, your rigs run horrific

Now you one sided rewrite the contracts. Happy enough for you quite noone of the people has enough invested to make this painfull for you.

[Ben Walsh (beamer)]

Did you really just say that Tawsix ?

Your 100's of man-hours (and I have seen little to no evidence to suggest anything like that amount of effort has been expended in this operation) have been handsomely compensated by the profits you have been taking, which have been generated as a result of the significant total investment from the SIN shareholders.

"Our mission is simple: provide an alternative to those who would like to enjoy the income of mining but do not have the money, time, or expertise to operate a dedicated mining rig on their own.  By combining our resources, we can overcome certain limitation that the average individual faces."

If you truly had to spend 100's of man-hours, then you never had the expertise you claimed you had at the beginning, which is dishonest at best and fraud at worst.

The SIN shareholders collectively own a significant set of assets and I suspect they will shortly be seeking to realise the market value of those assets through liquidation.

Many would not hesitate to utilise the full extent of the law to achieve that. Some may well even be lawyers themselves.

I suggest you start treating the shareholders with the respect they deserve.

Unfortunately, things have not turned around as far as Bitcoin prices are concerned, so there are no dividend payments to be made again.  In light of this, we will be ceasing operations of our rigs until price goes back up or difficulty falls sufficiently.

How far does difficulty need to fall? How high must price go?

Difficulty needs to fall down to 1500000 or the price needs to come up to about $5.60.

...

100's of man-hours have been provided for this business at absolutely no charge, in addition to the majority of the infrastructure (cables, routers, shelves, the building, etc.)  That's money the business was saved, and that is money I counted towards my debt to the business, in addition to my reinvesting.

[boonies4u]

100's of man-hours have been provided for this business at absolutely no charge, in addition to the majority of the infrastructure (cables, routers, shelves, the building, etc.)  That's money the business was saved, and that is money I counted towards my debt to the business, in addition to my reinvesting.

1. Can you show us your calculations?

2. When Difficulty and/or price is back towards a profitable margin, I would like to see our rigs running more efficiently. I believe that since you are currently not upkeeping the rigs, perhaps you could research more efficient use of said rigs.

[Syke]

Difficulty needs to fall down to 1500000 or the price needs to come up to about $5.60.

How about you stop ripping off your investors and get your rigs back to working the way they should? Your capability as a rig manager is horrible if you can't make a profit under the current conditions. They have invested some $15,000 into hardware, that at one time was generating nearly 13 ghps. When you "turned them off" they were generating a pathetic 8 ghps. I suspect you really still have the full 13 ghps turned on and mining somewhere else all for yourself.

[boonies4u]

Well, difficulty certainly is approaching 1.5 mil, but i doubt that the drop in price helped any.

Difficulty will always lag behind the price.

They have invested some $15,000 into hardware, that at one time was generating nearly 13 ghps. When you "turned them off" they were generating a pathetic 8 ghps. I suspect you really still have the full 13 ghps turned on and mining somewhere else all for yourself.

Tawsix, you really need to give a full report on the status of the rigs; Yes, we were nearly at 13.

I want to know how much Ghps the rigs in their current status could produce. I want to know how much funds and time it would take to bring them back up to 13, if they aren't capable yet. I want to know how much funds could be liquidated if we were to sell all hardware at their current status and when they are back to full hashing power. I would like you to have discussions with both shareholders (i may speak to Nefario to see if someone can provide proof that they own shares), and the public here on the forum.

I would like you to put the time that you no longer are putting towards maintaining the rigs to some use.  Even though the rigs aren't running your job isn't over.

I hope that everyone else agrees with me.

[zapeta]

Well, difficulty certainly is approaching 1.5 mil, but i doubt that the drop in price helped any.

Difficulty will always lag behind the price.

They have invested some $15,000 into hardware, that at one time was generating nearly 13 ghps. When you "turned them off" they were generating a pathetic 8 ghps. I suspect you really still have the full 13 ghps turned on and mining somewhere else all for yourself.

Tawsix, you really need to give a full report on the status of the rigs; Yes, we were nearly at 13.

I want to know how much Ghps the rigs in their current status could produce. I want to know how much funds and time it would take to bring them back up to 13, if they aren't capable yet. I want to know how much funds could be liquidated if we were to sell all hardware at their current status and when they are back to full hashing power. I would like you to have discussions with both shareholders (i may speak to Nefario to see if someone can provide proof that they own shares), and the public here on the forum.

I would like you to put the time that you no longer are putting towards maintaining the rigs to some use.  Even though the rigs aren't running your job isn't over.

I hope that everyone else agrees with me.

I agree.  I find it hard to believe that the rigs cannot mine profitably given the electrical costs stated, as mine are much higher and I still make a (small) profit.  With merged mining coming online, that offers another potential source of additional profits.  If the company can no longer mine profitably, the hardware should be liquidated and funds returned to the shareholders.

Has anyone had any luck contacting Tawsix by email or any other method?

[Amechan]

Silence is deadly.

[SgtSpike]

What a scam.

[Gui_0]

At this point it has become clear that you, Tawsix, are either incredibly stupid, or a scammer. Unfortunately, I believe it is the latter seeing as plenty of people have offered their help (even investors, at no charge) to try and keep this "company" afloat. It should have been obvious to me you weren't capable right at the beginning, when your calculations were off and you refused to answer questions. I'm sorry to have ever invested in this company, and I'm taking it as a hard lesson learned for quite a price.

I hope we're thinking of liquidating hardware and cutting losses. Even if price goes up and difficulty goes down, this isn't going to work with someone who is very clearly stealing (which we can't prove since he shows NO calculations and now just "decides" that he's put enough work into this that his debt is paid) and/or totally mismanaging this.