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exahash
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July 20, 2012, 03:41:30 AM |
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I guess I may have underestimated the earning potential of this site. With everyone just throwing their money at the site I may have to go buy some stock.
If it gets out that this really is profitable, they are going to have a ton of copycats, just like the merchandise-based penny auction sites. I think BitcoinRebate might have a scale issue though. Even if people are overbidding, how much does BR net? I'm seeing around 5-10 bids, and they sum to .01-.02 btc, and there are 1440 auctions per day... that's only 28.8 btc/day. BR really needs to net .1+ per auction to make what most of us would consider good money. And if they want to be making bank, then its more like .5+ per auction. I can't see that happening soon. But I hope they prove me wrong. |
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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exahash
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July 20, 2012, 04:28:52 AM |
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More constructive criticism... a continuation on the scale issue. All of the auctions I'm seeing tonight are tiny (around .1-.2 btc with discounts around 1%). The "Earnings" number rarely amounts to more than a penny in USD. You couldn't pay me enough to sit around and tediously bid, bid, bid just to win up to 60 cents an hour. That's not even enough to justify writing a bot to try and capture the whopping ~$14 going through there every day. A couple weeks ago when I signed up they were auctioning lots closer to 5 btc, which works out to more like 40 cents per auction and $24/hr. Still nothing to write home about, but I could see a few people writing bots to go after that. I think larger lots, with correspondingly larger earnings would help drive higher bids and far more revenue for BitcoinRebate (and shareholders).  |
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farfiman
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Activity: 1449
Merit: 1001
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July 20, 2012, 07:32:35 AM |
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I understand that (I have played the penny auction game before).
My question concerns the winner. What did they get and how much did they pay for it.
Please use the example above.
I've reported this as well... but as stock holders we shouldn't care  I think maybe the rules aren't understood or it's a broken bot. |
"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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farfiman
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July 20, 2012, 07:34:53 AM |
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More constructive criticism... a continuation on the scale issue. All of the auctions I'm seeing tonight are tiny (around .1-.2 btc with discounts around 1%). The "Earnings" number rarely amounts to more than a penny in USD. You couldn't pay me enough to sit around and tediously bid, bid, bid just to win up to 60 cents an hour. That's not even enough to justify writing a bot to try and capture the whopping ~$14 going through there every day. A couple weeks ago when I signed up they were auctioning lots closer to 5 btc, which works out to more like 40 cents per auction and $24/hr. Still nothing to write home about, but I could see a few people writing bots to go after that. I think larger lots, with correspondingly larger earnings would help drive higher bids and far more revenue for BitcoinRebate (and shareholders). It's still under testing/beta . It will go back to the higher sums soon I think. ( just trying to help DT...) |
"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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Bitcoin Oz
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July 20, 2012, 09:59:25 AM |
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I assume they are sticking to lower amounts during testing.
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der_meister
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July 31, 2012, 05:24:33 PM |
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How it's going on things? Can we expect cheezburgers tomorrow?
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Moving on is a simple thing,
what it leaves behind is hard...
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tulkos
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August 01, 2012, 05:00:17 AM |
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How it's going on things? Can we expect cheezburgers tomorrow?
Cheezburgers would be nice, BTC would be better |
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farfiman
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August 01, 2012, 02:59:43 PM |
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2 WHOLE months after IPO..... please say we will finally see something today.
If not, maybe the owner should buyback all the shares..
just an idea..
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"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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memvola
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August 02, 2012, 11:50:48 AM |
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Each preferred share has a face value of 0.2 BTC, and gives the holder the right to 1/50,000 of all fees collected by the BitcoinRebate service (“Issuer”), paid monthly (on the 1st) If not, maybe the owner should buyback all the shares..
Maybe they're waiting for the average market price to fall to near zero first. However, two well known members of the community and the owner himself promised that REBATE will deliver, so I'm currently assuming this is just a delay. |
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DeaDTerra (OP)
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August 02, 2012, 12:12:42 PM |
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Each preferred share has a face value of 0.2 BTC, and gives the holder the right to 1/50,000 of all fees collected by the BitcoinRebate service (“Issuer”), paid monthly (on the 1st) If not, maybe the owner should buyback all the shares..
Maybe they're waiting for the average market price to fall to near zero first. However, two well known members of the community and the owner himself promised that REBATE will deliver, so I'm currently assuming this is just a delay. I do not own the account or the equity for the Rebate asset, The reason why I have taken upon myself to try steer this into the correct way is due to that I have a big stake in it and because I have put my reputation on the line. I am currently working on contacting JRO, to get access to the GLBSE account to pay out a small dividend. Alberto is currently very busy hence the Rebate site will be offline for a bit longer. Sorry for all of this delay! //DeaDTerra |
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farfiman
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August 02, 2012, 01:28:32 PM |
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We know you arent responsible for REBATE but it still kinda sucks to invest and then wait and wait and wait again and get all kinds of of excuses reasons why its not working yet. Since we have no direct way to talk to the responsible people it all funnels to you I'm afraid. In bitcoin world 2 months in a very long time.
Starting an IPO , taking peoples money and stringing them along is just not acceptable . True, there is no specific date in the contract but then why not just hold our money for 6 months and then say - "oh well" and maybe give it back without any interest or maybe not at all. I'm not saying this will happen but it feels bad.
Enough bitching for now... sorry again DT that it is dropped in your lap. I know you are doing what you can.
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"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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Serge
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August 02, 2012, 02:01:38 PM |
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when they needed investors money - they did a great PR. after that, well... it's just meh
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PatrickHarnett
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August 03, 2012, 05:36:14 AM |
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Pretty poor performance, irrespective of "issues". Took a lot of money and not even an effort to advise on timings.
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DeaDTerra (OP)
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August 03, 2012, 09:43:49 AM |
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I am tired of this bullshit both as a investor and as a middle man stuck in between this shit.
I will be talking to both parties and see if we can solve this so that everyone including the investors will get happy.
I will be pushing for a buy back as this is obviously not working out...
//DeaDTerra
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flower1024
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August 03, 2012, 09:46:59 AM |
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I am tired of this bullshit both as a investor and as a middle man stuck in between this shit.
I will be talking to both parties and see if we can solve this so that everyone including the investors will get happy.
I will be pushing for a buy back as this is obviously not working out...
//DeaDTerra
thanks, this seems to be the best solution. if all problems are worked out just open a new asset - i'd probably buy it |
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farfiman
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August 03, 2012, 11:39:04 AM |
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Although a buyback according to the contract will give only ~ 0.12 .....
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"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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flower1024
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August 03, 2012, 12:14:29 PM |
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Although a buyback according to the contract will give only ~ 0.12 .....
without any dividends this is better than nothing... |
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Serge
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August 03, 2012, 02:26:53 PM
Last edit: August 03, 2012, 02:42:46 PM by Serge |
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Although a buyback according to the contract will give only ~ 0.12 .....
without any dividends this is better than nothing... complete bullshit, but yeah, better than nothing. I would like to know which other projects especially ones that are listed or due to be listed on GLBSE are these people involved with. Does any one have a list? |
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memvola
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August 03, 2012, 02:51:10 PM |
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I would like to know which other projects especially ones that are listed or due to be listed on GLBSE are these people involved with. Does any one have a list?
BDT for one. (And I must add that, with Bitcoinica fiasco unfolding and HYIP accusations to BDT (albeit baseless), the situation with REBATE doesn't reflect well on bitdaytrade.com at all.) |
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