A Bitcoin Mining Company - SkepsiDyne Integrated Node

[Nefario]

Voting is up and running, so the share issuer can put motions to the shareholders. This seems like something that could use the voting feature.

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[Tawsix]

Today, enough shares have been bought to give me the confidence that there is sufficient interest in this venture and that operations can commence.  I will be withdrawing the funds raised from GLBSE and converting them to USD on MtGox.com.  The funds will be transferred to a dwolla.com account and then deposited into my bank account.  At this point, I will order the rigs, and assemble them upon arrival.  The central computer they will be pointed at is already available.

The amount of BTC raised at the time of withdrawal is 483, or 644 shares worth of funds.  At the exchange rate of $7.4USD/BTC, this will raise over $3500USD.  I have revised the build used for the rig such that each rig will cost $1160 and is capable of producing > 1400 Mhash/sec.  The funds raised will allow for the purchase of 3 of these rigs, for a total output of ~4200 Mhash/sec.  Using a difficulty of 250000, the first 50 BTC will be generated in about 3 days. 

I have initiated a vote for shareholders of the business concerning the reissuing and repricing of unsold shares.  The file attached to the vote contains the following content:

Vote Start:   Wednesday May 18, 2011 - 2:00 AM
Vote End:      Friday May 20, 2011 - 12:00 AM
Vote Num:   000001
Vote issue:   Reissuing and repricing unsold shares

This vote is being held to determine the shareholders' opinions
on the matter of reissuing and repricing current unsold shares
from .75 BTC/share to 1.0 BTC/share.  These shares would be
offered until May 25, 2011, at which point another vote would
be taken on reissuing and repricing.  The purpose of this is
to reward early investors for their greater risks as well as
raise funds quicker once the reputation and legitimacy of the
business is solidified.

A vote in favor (yes) will support a reissuing and repricing
of unsold shares to 1.0 BTC/share.

A vote against (no) will support a continuation of current
pricing of the shares until May 25, 2011, at which point
another vote will be taken.

I would like to thank those who have invested this early in this business, because without you it never would have left the drawing board.  Together we will break new ground and pave the way to the future.  Others will follow where you have led, but you are the pioneers who blazed the trail, and I can not thank you enough.

I would also like to thank Nefario: I would like to thank you for the opportunities you've provided not only me but the entire Bitcoin community.  This has been a huge success, far greater than what I anticipated, and I feel that it's just the beginning.  We will grow together, each of us benefiting the other as much as we individually benefit.  You have provided the solid ground for others to build upon, the ability to reach untold heights that could not be reached alone.  You have my gratitude.

I will continue posting updates on the status of the funds/rigs/etc. as things progress.  The hardest part is over, but there is still much work to do.

[Tawsix]

Update: The vote to reissue and reprice the shares has passed.  A total of 3539 unsold shares were taken down and reissued for 1 BTC / share.  We have also made the purchases for the first five rigs, coming in under the expected costs/rig.  I would once again like to thank everyone who has invested in the company and put their trust in me.  You've shown more support than I could have ever dreamed, and this company will succeed because of you.

[REF]

what rigs did you buy?

[k]

10 shares = .001 stake
2625 BTC ($19,481) * .001 = 2.63 BTC ($19)
50 shares = .005 stake
2625 BTC ($19,481) * .005 = 13.13 BTC ($97)
100 shares = .01 stake
2625 BTC ($19,481) * .01 = 26.25 BTC ($195)

theses calculations are based on the current difficult of ~250000 aren't they? have you predictions for how the numbers work out as the difficulty increases? you could run some scenarios with a steady 20%, 30%, 40%, etc. increase in difficulty at each re-target. I saw in the video that there is 15% of the profit re-invested, so I guess your hashing rate will be increasing over time due to that but the hashing rate increase may not keep up with the difficulty increase so the BTC earned per share per month will be decreasing.

perhaps you could give some numbers with predictions like:
10 shares = 0.001 stake
month 1 = 2.63 BTC
month 2 = 2 BTC
month 3 = 1.2 BTC
month 4 = 0.5 BTC
etc.

then the potential investor could get a good idea how quickly they could expect to earn the inital investment back

[sanchaz]

to buy 100 shares i just need to do

bmc.py buy 100 SIN 1

correct?

[clouds]

to buy 100 shares i just need to do

bmc.py buy 100 SIN 1

correct?

You need to do:
bmc.py buy 100 SIN 100000000

The GLBSE client doesn't use decimal points yet, so 1 BTC is entered as "100000000".  If you type:
bmc.py buy 100 SIN 1

that would actually be entering a buy order for 100 shares at 0.00000001 BTC.

For more info and examples, check out the "Numbers" and "Buying" sections of the tutorial:
https://gitorious.org/black-market/pages/Tutorial

[Tawsix]

what rigs did you buy?

They weren't prebuilt computers, so I can't link you to a spec page.

10 shares = .001 stake
2625 BTC ($19,481) * .001 = 2.63 BTC ($19)
50 shares = .005 stake
2625 BTC ($19,481) * .005 = 13.13 BTC ($97)
100 shares = .01 stake
2625 BTC ($19,481) * .01 = 26.25 BTC ($195)

theses calculations are based on the current difficult of ~250000 aren't they? have you predictions for how the numbers work out as the difficulty increases? you could run some scenarios with a steady 20%, 30%, 40%, etc. increase in difficulty at each re-target. I saw in the video that there is 15% of the profit re-invested, so I guess your hashing rate will be increasing over time due to that but the hashing rate increase may not keep up with the difficulty increase so the BTC earned per share per month will be decreasing.

perhaps you could give some numbers with predictions like:
10 shares = 0.001 stake
month 1 = 2.63 BTC
month 2 = 2 BTC
month 3 = 1.2 BTC
month 4 = 0.5 BTC
etc.

then the potential investor could get a good idea how quickly they could expect to earn the inital investment back

Actually those numbers were based on the previous difficulty (~150000).  I am wary about speculating on the numbers as time goes on, for several reasons: its hard to tell how much of an increase will occur until the increase gets closer, it is hard to determine what effect that increase will have on network hashrate, and its impossible to speculate on what the value of BTC will be even in the next few days, let alone in the next few months.  All of this factors in to the profitability of the company.  The growth rate of 15% was a number that I pulled off the top of my head, the number will be much higher than that (probably around 45-60%) in order to stay competitive.  Once again, I try not to speculate too far into the future, but the predicted rate of return of investment was 4-6 months with the company operating at levels that would require all shares to be sold.  At this early stage, it will take longer until more people can trust in the validity of the business.

[sanchaz]

what rigs did you buy?

But can you tell us main specs especially what graphics card you got and how many per rig. or you can put it as a motion just for share holders if you don't want to share that with the public.


@Nefario maybe you could look into the possibility of setting up a news option just like the motion, so share holders can be informed of latest developments.

[Amechan]

what rigs did you buy?

But can you tell us main specs especially what graphics card you got and how many per rig. or you can put it as a motion just for share holders if you don't want to share that with the public.


@Nefario maybe you could look into the possibility of setting up a news option just like the motion, so share holders can be informed of latest developments.

+1

[Nefario]

what rigs did you buy?

But can you tell us main specs especially what graphics card you got and how many per rig. or you can put it as a motion just for share holders if you don't want to share that with the public.


@Nefario maybe you could look into the possibility of setting up a news option just like the motion, so share holders can be informed of latest developments.

+1

OK, I'll add that to my "get shit done quick" list.

[Gui_0]

Hey - I'm interested in buying some shares, but the stock exchange client is *very* confusing - are they still selling at 0.75BTc or at 1.0BTc now?

[clouds]

Hey - I'm interested in buying some shares, but the stock exchange client is *very* confusing - are they still selling at 0.75BTc or at 1.0BTc now?

I just checked, and most of them are selling at 1.0 BTC right now, but a few shares are available for 0.99999999 BTC.

If you do this command:
bmc.py buy 100 SIN 100000000

You'll be creating a buy order for 100 shares of SIN and you're saying you're willing to pay up to a maximum of 1.0 BTC per share.  If there are any shares available for less than 1.0 BTC, you'll get the lower asking price for those shares.

[sanchaz]

Tawsix how are the machines coming when will they be ready and what are their specs?

[xf2_org]

Hey - I'm interested in buying some shares, but the stock exchange client is *very* confusing - are they still selling at 0.75BTc or at 1.0BTc now?

The inability of the stock exchange to use normal units (0.1 BTC, etc.) is indeed confusing and annoying.

[Amechan]

Hey - I'm interested in buying some shares, but the stock exchange client is *very* confusing - are they still selling at 0.75BTc or at 1.0BTc now?

The inability of the stock exchange to use normal units (0.1 BTC, etc.) is indeed confusing and annoying.

+1

[Sukrim]

The inability of the stock exchange to use normal units (0.1 BTC, etc.) is indeed confusing and annoying.

It displays in Satoshis and could probably be rewritten locally quickly to display the numbers in a more human-readable way... as this is planned for the next version of the client anyways afaik, that's not too much of an issue imho.

Also as a side note:
in some countries you have a decimal seperator that looks like this "," and in other countries you would use this "." - could easily lead to input errors or confusion (1.000 would mean one thousand for me and be equivalent to "1.000,00", but someone else might just say it's a one with 3 zeroes after the decimal point).

[Gui_0]

Thanks for your help, guys, I've managed to buy my shares If/when dividends are paid, how are you going to do so, Tawsix? Is it via GLBSE too? And I'd like to, at least, know what gfx card and how many you're putting in per rig - we'd also be able to help out with the math, that way. Also, which is your "main thread" where you'll be providing updates - is it this one?

[sanchaz]

Thanks for your help, guys, I've managed to buy my shares If/when dividends are paid, how are you going to do so, Tawsix? Is it via GLBSE too? And I'd like to, at least, know what gfx card and how many you're putting in per rig - we'd also be able to help out with the math, that way. Also, which is your "main thread" where you'll be providing updates - is it this one?

i'd like some light shed on this matter too please.

[eturnerx]

Interesting - there's now 231 shares selling below Tawsix's main block at 1btc. 175 of those shares are selling below the original asking price of 0.75btc. All this uncertainty is making buying cheap right now. Wish I had more bitcoins to spare.