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Author Topic: [CentiMine] Anonymous mini-mining contracts on GLBSE (CM400) - Final payout!  (Read 10133 times)
CentiMine
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May 31, 2011, 10:12:31 AM
 #21

Just to make sure:

If I have 100 shares in total issued, 1 single share sold and 1 BTC on my GLBSE account:

Will "bmc.py pay [SHARENAME] [100 BTC]"

a) fail, because I don't have 100 BTC in my account to split amongst all shareholders (me and the holder of the 1 external share)
b) send the 1 BTC to the holder of the 1 external share, setting my account balance to 0
c) try to send 100 BTC to the holder of the 1 external share and fail

My expected behaviour would be b), but better be safe than sorry! Wink
[edit: or a), though that could be (nearly) circumvented by sending 100 times 1 BTC (as I would only need a second BTC on my account then), so it would only spam your platform with no different outcome]

Also, how is rounding done?
I might just only send out amounts that are divisible by [amount of total shares] to be sure...
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Nefario
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May 31, 2011, 11:07:45 AM
 #22

Just to make sure:

If I have 100 shares in total issued, 1 single share sold and 1 BTC on my GLBSE account:

Will "bmc.py pay [SHARENAME] [100 BTC]"

a) fail, because I don't have 100 BTC in my account to split amongst all shareholders (me and the holder of the 1 external share)
b) send the 1 BTC to the holder of the 1 external share, setting my account balance to 0
c) try to send 100 BTC to the holder of the 1 external share and fail

My expected behaviour would be b), but better be safe than sorry! Wink
[edit: or a), though that could be (nearly) circumvented by sending 100 times 1 BTC (as I would only need a second BTC on my account then), so it would only spam your platform with no different outcome]

Also, how is rounding done?
I might just only send out amounts that are divisible by [amount of total shares] to be sure...

If you do not have enough funds to make the payment it will fail as payment is carried out right away, so it will check your account to see if you have enough funds.

If you had enough funds in your account to make the payment then it would pay 100btc to the single external share.

The system doesn't do rounding, it will try to divide the amount by the number of shares, and give an integer. If it's not exact then the remainder will be left in your account, so you don't need to worry about making an exact payment, you just tell the system what you want to pay and it will do it's best so that everyone gets the same with the remainder being left in the account.

Generally the system tends to return errors when state is not as expected (for example you try to pay 100btc but only have 1btc in your account).

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
CentiMine
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May 31, 2011, 11:40:36 AM
 #23

Ok, that means in my case I need to be quick then with payouts after checking the number of shares or I'd need to create a second "handed out shares" account that holds the still to be sold shares.
Otherwise it might happen that I calculate the proper payout for the 371 shares of the 40000 that have been sold, someone at the same time invests 1 BTC (resulting in 100  additional shares sold) and as I issue the payout, it gets split to 471 shares.

After all shares that were intended to be sold are sold, this problem is of course not an issue any more...
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May 31, 2011, 11:56:59 AM
 #24

You're looking to be able to specify how much to pay per share?

PGP key id at pgp.mit.edu 0xA68F4B7C

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CentiMine
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May 31, 2011, 01:35:28 PM
 #25

Yes, that would be a great solution (along with my suggested datetime tag)

"bmc.py paypershare [SHARENAME] [x BTC] [DATETIME in UTC]"

Would be the greatest thing to have! Smiley

[Edit: Bonus points if shareholders get some kind of notification, that a dividend payout is scheduled]
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May 31, 2011, 01:37:51 PM
 #26

Yes, that would be a great solution (along with my suggested datetime tag)

"bmc.py paypershare [SHARENAME] [x BTC] [DATETIME in UTC]"

Would be the greatest thing to have! Smiley

[Edit: Bonus points if shareholders get some kind of notification, that a dividend payout is scheduled]

I'll get on this, will be Friday before it's ready though.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
CentiMine
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May 31, 2011, 01:42:04 PM
 #27

With the current model I can do the payout this friday already anyways (I guess the risk of someone buying shares in the few seconds I need to issue the payment is low enough) but it would be a good thing to have for the future.
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May 31, 2011, 01:54:42 PM
 #28

With the current model I can do the payout this friday already anyways (I guess the risk of someone buying shares in the few seconds I need to issue the payment is low enough) but it would be a good thing to have for the future.

You can cancel any sell orders so that no one can buy during that time.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
CentiMine
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June 01, 2011, 05:26:10 PM
 #29

Thanks, I'll do that then.
CentiMine
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June 03, 2011, 03:18:34 PM
 #30

Orders will be cancelled to pay out in 3 minutes, if you want to get parts of this first payout, better be fast! Smiley

Edit:
Payout done, shares relisted, everything is fine!
Ookami
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June 03, 2011, 05:30:21 PM
 #31

worked, got my first payout ^^ (even though it is fairly low (206400) as I only have 16 shares)
CentiMine
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June 04, 2011, 10:47:06 PM
 #32

Well, you invested also only 16 Bitcents then, and it was just the payout of 4 days! Tongue
I'm glad to hear that everything worked out fine though.

Looking forward to the GUI that will go live soon and many more happy customers (I guess a lot of ppl. are just scared away from investing by that commandline client)!
demonblack
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June 05, 2011, 10:55:55 PM
 #33

Gonna invest 1.3BTC.
How many btc/week could i expect from such an investment?
CentiMine
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June 06, 2011, 12:08:47 AM
 #34

How many btc/week could i expect from such an investment?
This depends entirely on the difficulty rate which is (much like it's name) difficult to predict.
It would be not wise to give you any kind of recommendation here. Do your own math/prediction/crystal ball session and decide if it is worthy to invest or not.

Per week you'll get 2/7th of the BTC mined each week, the remaining 5/7th you'll get at the end of the contract (in ~2.5 months) as outlined in the first post here + in the shares contract.

You can track the progress + current standings transparently and conveniently via https://spreadsheets0.google.com/spreadsheet/ccc?key=tPbfdCrHmt_YDG3wo1c_92A&authkey=CN3s45YH

Please note that you have to divide these numbers by 40 000 and multiply them by your amount of shares to get your current standings for payouts. I did not do that in the spreadsheet, to not make things too complicated and to not have too many "0.00something" numbers there.

Also (of course) that spreadsheet will be expanded as needed, it doesn't mean that the contract ends at the 12th of August!
Ben Walsh (beamer)
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June 06, 2011, 11:46:22 AM
 #35

Very interested in a significant investment in this sort of thing but I want to clarify in my mind the numbers for this particular proposal ...

Each share is 0.01 BTC.

Total investment is 0.01 BTC x 40000 shares, so total investment is 400 BTC.

At current difficulty level, a 400 MHps rig will mine 0.93 BTC / day. Thus a 90 day contract should mine 83.7 BTC in total.

As a consequence of the change in difficulty and value of BTC vs $, you have added 250 BTC to the final payout.

This return will be split amongst the 40000 shares so from each 0.01 BTC share I would expect to receive 0.0083425 BTC back i.e. ( ( 83.7 + 250 ) / 40000 ).

How much was paid in BTC and $ for the 400 MHps 90 day mining contract on 21/5/2011 ?

What other assets does the CM400 company own ?

What balance is currently held in the company Bitcoin account ?

What are the current plans on how the remaining BTCs will be spent going forwards ?

How much of the 400 BTCs are you intending to take for managing / administering ?

BTC Difficulty Avg Change Google Gadget - http://bit.ly/nWZLkr
How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
BTC Donation Address : 13Wu7W7jmjQot7xnqogHYSmUmR1MzyB3YE
CentiMine
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June 06, 2011, 12:29:16 PM
 #36

How much was paid in BTC and $ for the 400 MHps 90 day mining contract on 21/5/2011 ?
0 BTC and 870 USD were paid for this contract.

What other assets does the CM400 company own ?
CM400 is no company, but a shared contract. I own the remaining shares of this contract, with all of them on "sell" at GLBSE. It is intended that all shares are sold, so that this contract is 100% dispersed.

What balance is currently held in the company Bitcoin account ?
Check the spreadsheet for this, I update it nearly daily. There have been 19.2 BTC mined, out of which 5.16 BTC have been paid out to shareholders.
As the BTC from the contract go to my wallet, which is used for other stuff too, it does not make sense to publish it's address here for verification of the current balance.
(Reason: If I create a transaction, Bitcoin automatically takes coins from a lot of different accounts in my wallet and re-combines them to a transaction, meaning the current balance of the address is not the balance of the contract. I might publish that address in the end of the contract though, so all income is verifiable.)
I guarantee however, that I will always keep a balance of at least the mined BTC in my wallet.
Also I leave the money from selling shares on the GLBSE account to be able to pay the additional "rebate", as the initial price was too high, in the end of the contract.

What are the current plans on how the remaining BTCs will be spent going forwards ?
As written in the share contract, this contract itself will not be prolonged. This means, that after the final dividend has been paid out, the shares are essentially worthless (but might be kept/traded for collection/sentimental reasons?).

I might spend the earnings on another contract, should this experiment be successful. In the end this is my own money though, not something that belongs to a "company".

How much of the 400 BTCs are you intending to take for managing / administering ?
Currently I take 150 BTC for this contract (400-250). For this, 100% of the shares have to be handed out. It depends on difficulty, if this is a good deal or not for buyers, as with every mining contract.

For investing you get:
* a more secure Bitcoin network by adding 400 MH/s
* as much anonymity as is currently possible (as far as I have evaluated) with a professional mining contract
* nearly no work on your side required. You only need to: fund your GLBSE account, buy shares and in 3 months collect the dividend
* the ability to speculate on shares. If all shares sell and there is still demand, share prices might go up. This is unique to this mining contract compared to others, as far as I see it.
demonblack
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June 07, 2011, 08:53:21 PM
 #37

Bought. Cheesy
So, i invested 1.25btc.
Let's see what i get...
obekt
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June 08, 2011, 07:03:21 PM
 #38

I am now owner of 110 shares  Grin
Nefario
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June 08, 2011, 07:10:12 PM
 #39

Yes, that would be a great solution (along with my suggested datetime tag)

"bmc.py paypershare [SHARENAME] [x BTC] [DATETIME in UTC]"

Would be the greatest thing to have! Smiley

[Edit: Bonus points if shareholders get some kind of notification, that a dividend payout is scheduled]

I'll get on this, will be Friday before it's ready though.

Sorry this is going to be put back for a while, because it uses timing. I don't know when.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
CentiMine
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June 10, 2011, 09:56:09 AM
 #40

Yeah, it works with "cancelling sell orders, paying out, reselling" anyways for the current time and would be more of a "convenience" functionality.

Great job on the web interface by the way, now we just need tutorials how to create (easily, preferrably with GUI programs) some valid keys for accounts and it will fly! Smiley
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