[GLBSE] Bitcorp Mining Company - BTCMC 60+ GH/s, clear ASIC upgrade path.

[yochdog]

OK shareholders......I think P4man is correct, and we need to decide sooner rather than later how we want to proceed.  

I have created a motion on GLBSE to issue and additional 6,000 shares, the proceeds of which will be used to place an order for a BFL SC mini-rig.  

I will take feedback here, and you can vote on GLBSE.

Currently BTCMC represents .3% of the mining network (1/300th).  If we purchase a SC mini-rig, the network capacity could leap to 300 TH/s (25x) before our share of the block reward would go down.  

I own 783 shares, I've voted no.

What would be your preferred route? 

See four posts up. Enterpoint now, 28nm later, and BFL has probably lied about their SC minirig and its closer to 500gh for $60k so 22nm FPGAs should start rolling out about the time they come out with their SC gear.

I have not seen the exact specs on Enterpoint.....what are they offering? 

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[DiabloD3]

OK shareholders......I think P4man is correct, and we need to decide sooner rather than later how we want to proceed.  

I have created a motion on GLBSE to issue and additional 6,000 shares, the proceeds of which will be used to place an order for a BFL SC mini-rig.  

I will take feedback here, and you can vote on GLBSE.

Currently BTCMC represents .3% of the mining network (1/300th).  If we purchase a SC mini-rig, the network capacity could leap to 300 TH/s (25x) before our share of the block reward would go down.  

I own 783 shares, I've voted no.

What would be your preferred route? 

See four posts up. Enterpoint now, 28nm later, and BFL has probably lied about their SC minirig and its closer to 500gh for $60k so 22nm FPGAs should start rolling out about the time they come out with their SC gear.

I have not seen the exact specs on Enterpoint.....what are they offering? 

A quad Spartan 6 board that has enough amps to run Tricone Mining's firmware. Seems to be the cheapest Spartan 6 solution per mh. They're a British company that specializes in custom computation gear, but the Cairnsmore is the first Bitcoin-related product they've made.

https://bitcointalk.org/index.php?topic=78239.0

BFL also made fools of themselves by trolling them.

https://bitcointalk.org/index.php?topic=88363.0

[P4man]

BFL also made fools of themselves by trolling them.

Frankly, the only trolling I see is you stickying that post and putting that title on it.

As for recommending purchasing fpgas at this point, particularly ones that cant be traded up for asics, and to someone who pays virtually nothing for his electricity.. well Im not (yet) a shareholder, but I would hope a CEO knows when to ignore advice from a shareholder.

[yochdog]

BFL also made fools of themselves by trolling them.

Frankly, the only trolling I see is you stickying that post and putting that title on it.

As for recommending purchasing fpgas at this point, particularly ones that cant be traded up for asics, and to someone who pays virtually nothing for his electricity.. well Im not (yet) a shareholder, but I would hope a CEO knows when to ignore advice from a shareholder.

We definitly will not be purchasing any FPGA without an exit strategy (read: why we only have BFL's) 

[DiabloD3]

BFL also made fools of themselves by trolling them.

Frankly, the only trolling I see is you stickying that post and putting that title on it.

As for recommending purchasing fpgas at this point, particularly ones that cant be traded up for asics, and to someone who pays virtually nothing for his electricity.. well Im not (yet) a shareholder, but I would hope a CEO knows when to ignore advice from a shareholder.

You're welcome to outvote me in the motion.

[yochdog]

Just a quick update......we have increased our hashrate to 50 GH/s +

This offers tremendous value for those who are able to buy shares at .80 BTC

breakdown:

-each share now represents 5+ MH/s of hashing
-each share is backed by over .3 BTC worth of equipment
-each share is protected from the ASIC revolution due to our prescient transition to BFL hardware

[ciuciu]

Just a quick update......we have increased our hashrate to 50 GH/s +

This offers tremendous value for those who are able to buy shares at .80 BTC

breakdown:

-each share now represents 5+ MH/s of hashing
-each share is backed by over .3 BTC worth of equipment
-each share is protected from the ASIC revolution due to our prescient transition to BFL hardware

I'm pretty happy you borrowed part of my title!

[Newar]

I have created a motion on GLBSE to issue and additional 6,000 shares, the proceeds of which will be used to place an order for a BFL SC mini-rig.

How would those be priced?

[yochdog]

I have created a motion on GLBSE to issue and additional 6,000 shares, the proceeds of which will be used to place an order for a BFL SC mini-rig.

How would those be priced?

They will be offered at the 5 day moving average prior to release. 

[Newar]

What is the outcome of the motion?

[yochdog]

It was passed......

However, it does not appear the market can take another 6,000 shares at the moment, so we are in a holding pattern. 

[Otoh]

I've just seen this thread & not sure to post here or the original one, anyway I just received my first interest payment of shares purchased last month, it seems that the dividend was @ BTC0.049867 per share & not as listed on the GLBSE offering of BTC0.125 per share, I expected a two & a half times higher ROI - this is totally unacceptable & you need to urgently sort this out with GLBSE as it is blatantly misleading.

I request that you agree to buy these shares back from me at cost due to miss-selling & await your response, thanks.

[DiabloD3]

I've just seen this thread & not sure to post here or the original one, anyway I just received my first interest payment of shares purchased last month, it seems that the dividend was @ BTC0.049867 per share & not as listed on the GLBSE offering of BTC0.125 per share, I expected a two & a half times higher ROI - this is totally unacceptable & you need to urgently sort this out with GLBSE as it is blatantly misleading.

I request that you agree to buy these shares back from me at cost due to miss-selling & await your response, thanks.

BTCMC split shares 10x, and thus the dividend was also split. Nefario refuses to let Yochdog change the contract on GLBSE.

[Otoh]

I've just seen this thread & not sure to post here or the original one, anyway I just received my first interest payment of shares purchased last month, it seems that the dividend was @ BTC0.049867 per share & not as listed on the GLBSE offering of BTC0.125 per share, I expected a two & a half times higher ROI - this is totally unacceptable & you need to urgently sort this out with GLBSE as it is blatantly misleading.

I request that you agree to buy these shares back from me at cost due to miss-selling & await your response, thanks.

BTCMC split shares 10x, and thus the dividend was also split. Nefario refuses to let Yochdog change the contract on GLBSE.

thanks for the info, I would really appreciate a full reply to my post from the OP though & am surprised that he hasn't as yet seen fit to do so

[yochdog]

I've just seen this thread & not sure to post here or the original one, anyway I just received my first interest payment of shares purchased last month, it seems that the dividend was @ BTC0.049867 per share & not as listed on the GLBSE offering of BTC0.125 per share, I expected a two & a half times higher ROI - this is totally unacceptable & you need to urgently sort this out with GLBSE as it is blatantly misleading.

I request that you agree to buy these shares back from me at cost due to miss-selling & await your response, thanks.

BTCMC split shares 10x, and thus the dividend was also split. Nefario refuses to let Yochdog change the contract on GLBSE.

thanks for the info, I would really appreciate a full reply to my post from the OP though & am surprised that he hasn't as yet seen fit to do so

Sorry for the delay in response.  Diablo is indeed correct.  After the 10 for 1 split, I have been unable to change the contract despite my attempts to contact Nefario. 

This months dividend was more than 3x what we announced, in an attempt to smooth over investor angst about the contract snafu.  We apologize for the confusion, and hope nefario will eventually help us make the change to the contract. 

[Otoh]

I've just seen this thread & not sure to post here or the original one, anyway I just received my first interest payment of shares purchased last month, it seems that the dividend was @ BTC0.049867 per share & not as listed on the GLBSE offering of BTC0.125 per share, I expected a two & a half times higher ROI - this is totally unacceptable & you need to urgently sort this out with GLBSE as it is blatantly misleading.

I request that you agree to buy these shares back from me at cost due to miss-selling & await your response, thanks.

BTCMC split shares 10x, and thus the dividend was also split. Nefario refuses to let Yochdog change the contract on GLBSE.

thanks for the info, I would really appreciate a full reply to my post from the OP though & am surprised that he hasn't as yet seen fit to do so

Sorry for the delay in response.  Diablo is indeed correct.  After the 10 for 1 split, I have been unable to change the contract despite my attempts to contact Nefario. 

This months dividend was more than 3x what we announced, in an attempt to smooth over investor angst about the contract snafu.  We apologize for the confusion, and hope nefario will eventually help us make the change to the contract. 

Hi, thanks for the response, I saw the offer on GLBSE & entered in to a very clear contract with you:

"Full contract:

Ownership entitles the holder of record to dividends paid monthly on the first of each month. Current dividends are set at .125 BTC per share, per month."

As stated I received 2.5 times less than I was contracted to receive, there was no warning that you had changed this & no link in the blog section or else where warning that these conditions may be changed without notice, if you were unable to change the public terms then in my opinion you should have closed out the issue & opened a new offering with the correct terms, maybe you didn't wish to pay a re-listing fee but the result is perfectly clear which is you are falsely promising a return far higher than you intended to pay then ignoring my request to buy back your mis-sold shares so I would appreciate you making this right by buying the 500 shares I have listed for sale & addressing the issue on GLBSE so that it doesn't happen again to some one else, many thanks.

[yochdog]

I've just seen this thread & not sure to post here or the original one, anyway I just received my first interest payment of shares purchased last month, it seems that the dividend was @ BTC0.049867 per share & not as listed on the GLBSE offering of BTC0.125 per share, I expected a two & a half times higher ROI - this is totally unacceptable & you need to urgently sort this out with GLBSE as it is blatantly misleading.

I request that you agree to buy these shares back from me at cost due to miss-selling & await your response, thanks.

BTCMC split shares 10x, and thus the dividend was also split. Nefario refuses to let Yochdog change the contract on GLBSE.

thanks for the info, I would really appreciate a full reply to my post from the OP though & am surprised that he hasn't as yet seen fit to do so

Sorry for the delay in response.  Diablo is indeed correct.  After the 10 for 1 split, I have been unable to change the contract despite my attempts to contact Nefario. 

This months dividend was more than 3x what we announced, in an attempt to smooth over investor angst about the contract snafu.  We apologize for the confusion, and hope nefario will eventually help us make the change to the contract. 

Hi, thanks for the response, I saw the offer on GLBSE & entered in to a very clear contract with you:

"Full contract:

Ownership entitles the holder of record to dividends paid monthly on the first of each month. Current dividends are set at .125 BTC per share, per month."

As stated I received 2.5 times less than I was contracted to receive, there was no warning that you had changed this & no link in the blog section or else where warning that these conditions may be changed without notice, if you were unable to change the public terms then in my opinion you should have closed out the issue & opened a new offering with the correct terms, maybe you didn't wish to pay a re-listing fee but the result is perfectly clear which is you are falsely promising a return far higher than you intended to pay then ignoring my request to buy back your mis-sold shares so I would appreciate you making this right by buying the 500 shares I have listed for sale & addressing the issue on GLBSE so that it doesn't happen again to some one else, many thanks.

Obviously you took zero time to actually read the OP:

Company Summary
BitCo is a mature organization with stable operations.  Through our network of 40+ miners in 3 locations, we are able to achieve a maximum mining capacity of 40 GH/s.  Our technical know-how allows us to achieve fantastic up-time with few unplanned outages.  Our cost structure is very low due to favorable cooling methods as well as very cheap electricity.  DIVIDENDS are paid monthly, on the first of each month.  Currently set at .015 BTC per share.

[Otoh]

I bought on GLBSE & using the info on GLBSE, no I didn't go searching for threads & history that you may be paying something totally different than what the contract stated - why should I need to there's nothing on GLBSE to say beware & I should do, I saw you OP when you were first looking for angel investors & applied to be one as I was impressed with what you planned to do, I had some spare funds early last month - checked the returns & bought some, unfortunately under a false contract - as you aren't going to honor it then I am, for the third time now, requesting a refund - do you intend to give me one in a professional manner or not?

[yochdog]

I bought on GLBSE & using the info on GLBSE, no I didn't go searching for threads & history that you may be paying something totally different than what the contract stated - why should I need to there's nothing on GLBSE to say beware & I should do, I saw you OP when you were first looking for angel investors & applied to be one as I was impressed with what you planned to do, I had some spare funds early last month - checked the returns & bought some, unfortunately under a false contract - as you aren't going to honor it then I am, for the third time now, requesting a refund - do you intend to give me one in a professional manner or not?

I am not going to refund anything, as I probably did not even sell you the shares in the first place!

There are multiple holders of the asset, and a live market.  Multiple sellers, multiple buyers. 

I apologize that the contract reflects the pre-split dividend rate. 

[Indemnified]

I had absolutely no problem understanding that there was a 10 to 1 stock split and that the promised dividend was to be proportionately split. The minutest amount of due diligence would have made that clear to any purchaser of the shares. Yochdog has always been very forthcoming and honest with information. I continue to purchase  BTMC shares from time to time.