[GLBSE] Bitcoin Mining Fund (see post #2 for FAQ)

[Newar]

our holdings & NAV page

Looks good!

What made you get rid of COGNITIVE?

Could you add a column what the tickers actually are? Some suggestions: i.e. Mining bond, Mining company (actually mining), Mining company (not (yet) mining)

[MoneyIsDebt]

Seems to me that when difficulty rises, mining bonds fall (and thus BMF).
And it's not like difficulty is going to fall any time soon?

[Bitcoin Oz]

Seems to me that when difficulty rises, mining bonds fall (and thus BMF).
And it's not like difficulty is going to fall any time soon?

This is why BMF is making a move towards mining companies vs. bonds. We will still buy bonds as long as they are cheap and, in our estimation, are a good long-term investment. But most of our purchases these days are into mining companies.

We're about to publish an interview with the founder of BTC-MINING. Please keep an eye on our website at tsukino.ca/bmf!

This is good.

[Bitcoin Oz]

I am wondering how the block reward halving will affect mining companies returns. In effect they will be cut in half.

[MoneyIsDebt]

Cut in half at first... but then it might drive out a lot of miners, for whom it'll no longer be profitable to mine (or more profitable to mine litecoin or something). This may or may not be enough to lower difficulty. And then asics will throw any prediction out the window.

[Deprived]

If NAV has fallen below 1 shouldn't you just ask CPA to audit and pay-out on your insurance policy?  The policy was for NAV falling below 1 - and you stated it was about 0.57.  If that doesn't trigger a payout what does?

[Bitcoin Oz]

If NAV has fallen below 1 shouldn't you just ask CPA to audit and pay-out on your insurance policy?  The policy was for NAV falling below 1 - and you stated it was about 0.57.  If that doesn't trigger a payout what does?

If I am reading this correctly, CPA signed a contract to payout when BMF was below 1 ?

But BMF was already below 1 when the contract was signed.

Quote from: usagi on July 15, 2012, 05:36:53 PM
NAV update:

Through precision trading we have raised the nav from 0.65 at the time of the motion to 0.866 today!

This puts us within a month away from recovery. If I can pull a few more good deals like this we could be paying divs again by the end of the month.

I just want you to know I am doing my best to get this done. Let's all hope for the best, thanks.

We have continued to make best efforts towards repairing our NAV and resuming dividends.

To this end we have signed an insurance contract with CPA which indemnifies us against capital loss.

We have decided to publish this contract, to give a clearer picture of what is going on with BMF these days.

This contract means we will likely begin paying dividends again by next week.

This is good news! Ok, don't celebrate yet, let's get through the week first Smiley

Thank you for your support, shareholders.

This is like signing a contract to pay out on your house getting burnt down when your house has already burnt down.

[Monster Tent]

Will you gpg sign a  contract stating that you will eat a hat on camera if its not at 1btc per share ? 

[matthewh3]

RSM - https://bitcointalk.org/index.php?topic=63257.0 - just needs to sell ~250 shares @BTC0.30 each to be operating at 48(MH/s)per share on delivery of our ASIC's.  I know were not issuing dividends until we receive the hardware but that's a better (MH/s)per share rate then most if not all our competitors.  Were planning on issuing 300 new shares on Monday at BTC0.30 each to take us to >51.6(MH/s)per share.  Although if we can shift another ~1400 shares at BTC0.30 we would be operating at >54(MH/s)per share or 1(GH/s)@<BTC5.55.  Just thought I'd let you know.  We've been operating over seven months now and I know Nefario personally.

[Bitcoin Oz]

There are a few bfl competitors popping up it might be a good idea to diversify and support them as well. For instance ordering a https://www.btcfpga.com/index.php?route=product/product&product_id=58 in case bfl is all smoke and mirrors.

[🏰 TradeFortress 🏰]

At great mental and emotional pain I have decided to take the advice of a couple friends on IRC.

I have decided to answer each question that I am asked in a calm and rational manner and add the answers to a FAQ in the OP. I will use post #2 which has been reserved for this purpose.

I'm going to ignore everything said in this and any other thread and only respond to questions regarding BMF, and only questions posted below this post, in this FAQ. Those are my terms. The FAQ may also be posted on BMF's webpage when I get around to it. Tirades and bullshit will be ignored. After all, if you do not actually ask a question, I can't answer it.

usagi, I would like to invest in BMF however I'm a bit concerned with the inconsistent dividends (0.001 for a few weeks).. what happened there?

[Deprived]

Questions about BMF's insurance policy with CPA.

Summary of the situation can be found in this post : https://bitcointalk.org/index.php?topic=113708.msg1229467#msg1229467

No need to comment on all of that lengthy post (unless you really want to).  My questions boil down to these:

1.  Is BMF entitled to claim under that policy now (and previously) with it's NAV/share being under 1.0?
1a.  If answer to 1. is "Yes" then why hasn't it?
1b  If answer to 1. is "No" then what IS BMF insured against if it isn't NAV/share falling below 1.0?  Does this represent good value to BMF investors for their 550 BTC worth of premiums.

2.  On September 10th in regards to the policy you said ""This was announced, publicized, motioned, voted on and passed two months ago."
2a. Where was it announced and publicised?
2b. Where can I find the motion?
2c. Where can I see the results of the voting?

[pyrkne]

Questions about BMF's insurance policy with CPA.

Summary of the situation can be found in this post : https://bitcointalk.org/index.php?topic=113708.msg1229467#msg1229467

No need to comment on all of that lengthy post (unless you really want to).  My questions boil down to these:

1.  Is BMF entitled to claim under that policy now (and previously) with it's NAV/share being under 1.0?
1a.  If answer to 1. is "Yes" then why hasn't it?
1b  If answer to 1. is "No" then what IS BMF insured against if it isn't NAV/share falling below 1.0?  Does this represent good value to BMF investors for their 550 BTC worth of premiums.

2.  On September 10th in regards to the policy you said ""This was announced, publicized, motioned, voted on and passed two months ago."
2a. Where was it announced and publicised?
2b. Where can I find the motion?
2c. Where can I see the results of the voting?

It's October and you're still asking about this???

I hold BMF (don't judge me) and I'd like clarification about this also.