A Bitcoin Mining Company - SkepsiDyne Integrated Node

[Amechan]

The short answer is yes, 25% of what you paid for your share went to someone who bought in for the sole purpose of undercutting the IPO.  I apologize for this, I did not foresee that happening.

Apology accepted and no hard feelings.

[Vasili Sviridov]

Well, you do put the desired purchase price when you run the transaction... If you put 1BTC there instead of .75BTC - who is there to blame?

[Amechan]

Well, you do put the desired purchase price when you run the transaction... If you put 1BTC there instead of .75BTC - who is there to blame?

Actually I did make a bid for .75 however it seems I was a few minutes late and they were not accepted as the price raise had already gone into affect.
So I had to bid at the raised price. So I blame the monkey that lives in the internet that made my transactions slow.

[Vasili Sviridov]

So I had to bid at the raised price.

So, you willingly made your bid at a higher price. Not sure that you're entitled to blame anyone but yourself for this...

[Sukrim]

I bought a few shares recently for 50 Bitcents (after the increase to 1 BTC/share), so it's 100% your own "fault" for bidding a higher price. You would have gotten them cheaper too.

[Amechan]

So I had to bid at the raised price.

So, you willingly made your bid at a higher price. Not sure that you're entitled to blame anyone but yourself for this...

I told you already I blame the monkey!

GET OFF MY LAWN!

[Tawsix]

Update: new rigs are on schedule to arrive on Monday, along with replacement parts.  Also, forum user sharp was kind enough to put together some graphs showing various data collected from BTCmine.com concerning our rigs, it can be found here.

Here is a hotlink to one of the graphs:


We are currently discussing dividend payout in anticipation of coming to full capacity, so any thoughts on the matter are welcome.

[sanchaz]

sell:9999@74999999:SIN:1307367040

http://twitter.com/#!/GLBSE/status/77729124382294016

i thought you were keeping 5001.

EDIT: looks just like another bogus sell

[Sukrim]

Shall I put up a sell order for 999999999999999999 shares?!

Anyone can sell as many shares as they wish currently, after no more shares are in an account, the order will just vanish by becoming invalid. I believe the 3535@0.75 BTC is still the "original" sell order by Tawsix (who is the ONLY person who cannot put up arbitrarily large sell orders).

[Nefario]

I'm really sorry about this guys.

When I started glbse I was unsure how to handle this sort of issue, should people have their buy and sell orders cancelled because the withdraw btc from their account?

So I decided that people could make any order they liked, and it would show, but only be processed if there was a matching order for it. If any order that matches doesn't have enough shares or btc in their account then the order is removed.

I though people would be civil about it but it has turned out not to be the case.

So from tomorrow I will make the change.

That to sell an asset you must have at least that number in your account, if you remove the asset from your account (using transfer) then your order will be removed, and the same will be for your bitcoin. You will be required to hold bitcoin in your account to cover all your positions.

Feedback is appreciated.

Nefario.

[SgtSpike]

I'm really sorry about this guys.

When I started glbse I was unsure how to handle this sort of issue, should people have their buy and sell orders cancelled because the withdraw btc from their account?

So I decided that people could make any order they liked, and it would show, but only be processed if there was a matching order for it. If any order that matches doesn't have enough shares or btc in their account then the order is removed.

I though people would be civil about it but it has turned out not to be the case.

So from tomorrow I will make the change.

That to sell an asset you must have at least that number in your account, if you remove the asset from your account (using transfer) then your order will be removed, and the same will be for your bitcoin. You will be required to hold bitcoin in your account to cover all your positions.

Feedback is appreciated.

Nefario.

I think this is necessary, given the rather unprofessional attitude of some of the users of the exchange.  Honestly, there are few instances when over-asking would be necessary anyhow.

[sanchaz]

I'm really sorry about this guys.

When I started glbse I was unsure how to handle this sort of issue, should people have their buy and sell orders cancelled because the withdraw btc from their account?

So I decided that people could make any order they liked, and it would show, but only be processed if there was a matching order for it. If any order that matches doesn't have enough shares or btc in their account then the order is removed.

I though people would be civil about it but it has turned out not to be the case.

So from tomorrow I will make the change.

That to sell an asset you must have at least that number in your account, if you remove the asset from your account (using transfer) then your order will be removed, and the same will be for your bitcoin. You will be required to hold bitcoin in your account to cover all your positions.

Feedback is appreciated.

Nefario.

i think this is the best solution.

[eturnerx]

Feedback is appreciated.

Good move!

[Sukrim]

I don't, as there might be the case that someone wants to buy for example up to 5000 shares, has only money for 3000 in his account and is in the process of setting up a transfer to get the money for the remaining 2000 too.

As timing can be very important, it might be that he buys already a few hundred shares and the rest after the money arrives due to some fluctuations.

I don't really see this as an issue honestly, it might be even better to just display values and no amounts of shares in offers and asks, as these cannot be relied on anyways. Also not with the new change (I could try to buy 1 share at SIN and another at dishwara while having only 1 BTC, so once one of these two is bought the other order goes the way of the dodo).

This would just lead to people with a lot of money on GLBSE trolling compared to anyone being able to put up inflated sells/orders.

A possible solution would be then to freeze any money/shares that you offer - but this again limits the ability to bid on several assets.

[eturnerx]

The IRL stock brokers I use only accept sell orders for up to the number of shares you presently hold. That's fair.
They will accept a buy order for any number of shares (subject to credit controls) and then bill you for whatever excess is not in your account should the buy order complete. They do have interest rates, the right to liquidate your other positions and a lien over your firstborn. I don't think GLBSE can do this and maintain it's anonymous nature so best to stop buy orders that are not matched by funds at hand.

[Tawsix]

The new rigs have arrived, getting on it right now.  I'll update later tonight once everything is settled, but I won't be able to respond to anything until quite late this evening.  Here we go!

[SgtSpike]

The IRL stock brokers I use only accept sell orders for up to the number of shares you presently hold. That's fair.
They will accept a buy order for any number of shares (subject to credit controls) and then bill you for whatever excess is not in your account should the buy order complete. They do have interest rates, the right to liquidate your other positions and a lien over your firstborn. I don't think GLBSE can do this and maintain it's anonymous nature so best to stop buy orders that are not matched by funds at hand.

This is the way it should be done.

If someone wants to post up a buy, but does not have enough BTC in their account, that is fine.  If they want to post up a sell, but do not have that many shares of the company to sell, they should not be able to post it.

[LehmanSister]

The new rigs have arrived, getting on it right now.  I'll update later tonight once everything is settled, but I won't be able to respond to anything until quite late this evening.  Here we go!

Great job Tawsix. I'm a second vote for also having a miner on eligius.st, but pools are always changing, and you're in the best position to be monitoring what's best for the shareholders.

I also have a question, which I'm sure has been addressed before, but:

Assuming (locked out of my bmc machine currently for real numbers):
50% of the shares are yours
25% of the shares have been unsold
25% of the shares are in the hands of shareholders

Does that mean that 50% of the months dividends are evenly distributed amongst the 25% of shareholders (and your 50%), or are the open 25% of the shares going back into rigs?

So like, let's assume that I'm the only investor, owning 25% of the shares, and SIN generates 100 coins:

Does that mean I'd be getting 50 coins or 25?

[Tawsix]

The new rigs have arrived, getting on it right now.  I'll update later tonight once everything is settled, but I won't be able to respond to anything until quite late this evening.  Here we go!

Great job Tawsix. I'm a second vote for also having a miner on eligius.st, but pools are always changing, and you're in the best position to be monitoring what's best for the shareholders.

I also have a question, which I'm sure has been addressed before, but:

Assuming (locked out of my bmc machine currently for real numbers):
50% of the shares are yours
25% of the shares have been unsold
25% of the shares are in the hands of shareholders

Does that mean that 50% of the months dividends are evenly distributed amongst the 25% of shareholders (and your 50%), or are the open 25% of the shares going back into rigs?

So like, let's assume that I'm the only investor, owning 25% of the shares, and SIN generates 100 coins:

Does that mean I'd be getting 50 coins or 25?

You would get 50.  I only receive dividends worth the current sold shares + 1.

Update: Today is a good day, we've successfully gotten all seven rigs up and running!  Tomorrow we will be migrating from btcmine.com to other pools (mining simultaneously on more than one pool with each card.)  I will also be continuing work on a cooling system to allow for better overclocking.

Once again, thanks to everyone for your support and advice!  We rode out the bumps and have entered production mode!  Next on the agenda: dividends!

[eturnerx]

Update: Today is a good day, we've successfully gotten all seven rigs up and running!  Tomorrow we will be migrating from btcmine.com to other pools (mining simultaneously on more than one pool with each card.)  I will also be continuing work on a cooling system to allow for better overclocking.

Once again, thanks to everyone for your support and advice!  We rode out the bumps and have entered production mode!  Next on the agenda: dividends!

Great job getting more rigs up and running.

As for dividends: I'm for dividend payouts. It will boost investor confidence and hopefully encourage more new investment to fund expansion. Dividends will also reward your early investor who took a risk on your when the detractors were saying no. I still pledge to reinvest any initial dividend payout into SIN.