[CentiMine] Anonymous mini-mining contracts on GLBSE (CM400) - Final payout!

[Nefario]

I've added sub tickers, enjoy.

http://bit.ly/jMAw86

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[CentiMine]

Ok, I'm having a problem right now paying out the dividend for this week...

I issued the command "python bmc.py CM400 7305150", entered my passphrase and got a very fast scrolling HTML error page.

Also after checking via the balance function, if something was booked, I get the following message:
"Problem: Your account doesn't balance, you may have deposited funds please wait
a few minutes. Do not re-use old addresses when sending funds,for each deposit y
ou should get a new address, if you have sent funds to an old bitcoin address it
 must be manually added to your account. Please email the adiministrator[sic!], doctor
.nefario@gmail.com to inform him."

I'll send a mail, but maybe Nefario is still up and reads this...

[josell]

I don't understand: I have buy a lot of shares, they appear ok, but my balance still the same. Why? I don''t Understand; sorry I'm new on markets.

[Nefario]

Ive fixed the dividend bug and cleaned up the mess, so everything (paying dividends) should work fine.

Nefario.

[CentiMine]

...it did!

Thanks for the fast response, shares are up for sale again.

[brendio]

I have not yet got around to testing out the stock exchange, but I'm slightly interested in this offer as a proof of concept. One question though.

As I understand, you have issued the 40000 shares at 1 bitcent each and still having the excess remaining for sale until all are sold. However, since the value of the shares will diminish with time as income is paid out and remain worthless in the end, the shares are actually more expensive now than at the start (i.e. if I buy now, I will get a couple of weeks less than 3 months of mining). Is this understanding correct?

Would you consider dropping your ask price on the remaining shares each time a dividend is paid?

[CentiMine]

You only loose 6 days of mining worth if you buy now until friday, when the next 2 days of mining from last weekend will be paid out.

To encourage people buying early, instead of waiting until the last day and then buying all shares - or not, then I did all this work for nothing - I came up with this concept to reward trust in me and early investment without harming latecomers too much.

Concerning your question: No, I won't lower the price per share until all shares are sold. After the shares are all sold, I still hope that people trade shares and some real speculation, trading etc. comes out (currently nearly all assets listed on GLBSE are still in the "selling initial shares" phase). Unfortunately it seems like shares sell slower than expected, partially maybe because GLBSE is not the easiest thing to use - but this is getting better and better (check out the web client and - brand new - the awesome charts at http://charts.glbse.com/markets/CM400.html!).

Maybe I was a few weeks/months too early to have a rock solid product, but in the end I still enjoy the experience of updating, communicating, paying out dividends and finding bugs.

[josell]

I bought 170 shares on CM400 yesterday.

The pay will be in my balance, or I have to sell your shares to harvest my investing?

The minor payouts still being given every friday?

Sorry for my english ;-)

[josell]

I had the same error of Centimine when using balance command:

Problem: Your account doesn't balance, you may have deposited funds please wait a few minutes. Do not re-use old addresses when sending funds,for each deposit you should get a new address, if you have sent funds to an old bitcoin address it must be manually added to your account. Please email the adiministrator, doctor.nefario@gmail.com to inform him.

I dont understand; have I to wait? how many time?

[Nefario]

I had the same error of Centimine when using balance command:

Problem: Your account doesn't balance, you may have deposited funds please wait a few minutes. Do not re-use old addresses when sending funds,for each deposit you should get a new address, if you have sent funds to an old bitcoin address it must be manually added to your account. Please email the adiministrator, doctor.nefario@gmail.com to inform him.

I dont understand; have I to wait? how many time?

That's sorted now, you'd used an old address.

[CentiMine]

I bought 170 shares on CM400 yesterday.

The pay will be in my balance, or I have to sell your shares to harvest my investing?

The minor payouts still being given every friday?

Sorry for my english ;-)

Every Friday that you keep these shares, you will get 170/40000 of the income of the last weekend. In ~2 months, you will get the income of the remaining days (if you keep your shares until then) + a bonus of 250 BTC (broken down to each share of course) also via the pay function of GLBSE. It shows up in your balance automatically.

In reality, each share costs less than 0.5 Bitcents: I was overpriced in the beginning and decided to handle it like this (adding the rebate to the big payout), to not devalue the shares of early adopters. See http://forum.bitcoin.org/index.php?topic=8642.msg137033#msg137033 for a more lengthy explanation.

Edit:
Looking at the trade history on http://charts.glbse.com/markets/CM400_trades.html, I'm really happy by the way that some people seem to buy just 1 single share and some others buying them at the dozen or more! I strongly believe that 1 BTC at once is already quite a hurdle to do an investment - and it's likely to even grow in the future!
Thanks to everyone who bought shares so far, be it a single one or a few hundred at once.

[josell]

I bought 170 shares on CM400 yesterday.

The pay will be in my balance, or I have to sell your shares to harvest my investing?

The minor payouts still being given every friday?

Sorry for my english ;-)

Every Friday that you keep these shares, you will get 170/40000 of the income of the last weekend. In ~2 months, you will get the income of the remaining days (if you keep your shares until then) + a bonus of 250 BTC (broken down to each share of course) also via the pay function of GLBSE. It shows up in your balance automatically.

In reality, each share costs less than 0.5 Bitcents: I was overpriced in the beginning and decided to handle it like this (adding the rebate to the big payout), to not devalue the shares of early adopters. See http://forum.bitcoin.org/index.php?topic=8642.msg137033#msg137033 for a more lengthy explanation.

Thank you a lot! I'll buy a lot more as im not using my mined bitcoin.

That's sorted now, you'd used an old address.

Thank you again!

[XIU]

Already got 361 shares, can't wait for the payment tomorrow, profit is nice

[CentiMine]

Interestingly I can NOT sell my shares now (38165 are still in my folio and show up there) after I stopped trading.

python bmc.py sell 38165 CM400 1000000
00
Enter passphrase:
Problem: You do not have enough unreserved assets to make this order, please can
cel another order to allow

I have 0 orders open and selling 1 share less does not help too... Nefario?! I might have spotted a bug...

Selling 10000 shares worked though, if someone wants to buy more shares right now, please just get in contact with me in the meantime.

[Nefario]

Interestingly I can NOT sell my shares now (38165 are still in my folio and show up there) after I stopped trading.

python bmc.py sell 38165 CM400 1000000
00
Enter passphrase:
Problem: You do not have enough unreserved assets to make this order, please can
cel another order to allow

I have 0 orders open and selling 1 share less does not help too... Nefario?! I might have spotted a bug...

Selling 10000 shares worked though, if someone wants to buy more shares right now, please just get in contact with me in the meantime.

Damn, I won't be able to do anything about that until Monday.

[Nefario]

Sorry for the late update.
I checked this out yesteryday(sent you a pm), everything seems to be working fine as you had placed a large sell for shares.

If there are anymore issues relating to this please let me know.

Nefario.

[CentiMine]

Damn, while testing out how many shares i can now really sell at once, I accidentially removed one 0 at the end of one sell order and 9 "low bid lurkers" got lucky...

Ah well, I guess I can easily cover that out of my own pocket anyways - gratulations for the bargain deal guys, whoever you are!

I still am not able to put up the whole lot in one piece for sale, but most of them should be available now and the remaining ~1000 shares will also be as soon as I/Nefario have found out what's going on here.

[josell]

Today is payment, right? When?

[CentiMine]

Went through ~7 hours ago or so.

I'll try to get this thread moved to the correct section (again...), looks like now it should be in "Services".

[wildboy211]

I'm proud to announce the start of CentiMine, the mini-mining contract.

What is it all about?
In a nutshell, you can buy 1 share at the price of 1 bitcent of 40,000 shares of a 3 months 400MH/s contract at bitcoinrigs.com.

This also explains the name of this business - even with the free 5 Bitcents from the faucet, you can start investing in a mining contract and buy 5 shares.

The asset name on GLBSE for this contract is "CM400" - short for "CentiMine 400 MH/s".
You can get an overview over all assets on GLBSE at http://dev.glbse.com/cgi-bin/list

How will the contract be fulfilled?
There will be 2 types of payouts, 1 big one at the end of the contract to keep rounding issues low and a weekly smaller payout.
The smaller payout will be the BTC generated on the previous Saturday and Sunday and be paid out on friday night to enable you to enjoy a bit-beer or so. This is also to reward people jumping on and buying shares early, as opposed to getting in late to get the big share (5/7th of the total income).

Tracking will be done at the moment manually by me via a google docs spreadsheet (so it is also nice to visualize via charts etc.), feel free to access it at:
https://spreadsheets.google.com/spreadsheet/ccc?key=tPbfdCrHmt_YDG3wo1c_92A&authkey=CN3s45YH

As this is done via GLBSE and everything is done/paid (on your side) in BTC, this is also a completely anonymous way to obtain a mining contract. You do not have to give your address or any other information to any mining contractor and I too cannot track who buys and trades these shares. Should this first try be a success, I might also offer additional contracts depending on demand in the future.

I plan to hand out 100% of the shares in this contract, in 2 waves:
Wave 1: This week as soon as the first payment of the contract arrived, limited to 5,000 shares to be able to check if everything works out on GLBSE
Wave 2: If everything works as expected, the rest of the shares until latest in one week from now: Tuesday 24th of May 2011.

As an "early bird bonus" (and to test the payout system on GLBSE) I will hand out 5 of my own bitcoins on Friday, 20th of May 2011 to the holder(s) of these 5,000 shares. [cancelled, as the "shipping" time of the contract took longer than expected - first coins came in on Saturday, 21st of May 2011]

Should there be any questions, or should you need assistance with GLBSE (command line clients are not for everyone, I know), feel free to ask.

Links:
GLBSE: http://glbse.com/
GLBSE client installation instructions (Windows): https://gitorious.org/black-market/pages/Windows
GLBSE how-to (how to use the client): https://gitorious.org/black-market/pages/Tutorial
GLBSE vmware appliance: http://bitcointalk.org/index.php?topic=7912.0

GLBSE asset list: http://dev.glbse.com/cgi-bin/list
Link to this asset (CM400): http://dev.glbse.com/cgi-bin/asset?id=a3418fd35b48dbb9d366018537917dbc6481878fbfec8486751f1c411f210d7d.xml

Payouts so far:

Date	|	BTC	|	Comment
Fri. May 27th	|	0.0	|	Payout function on GLBSE not yet tested
Fri. June 3rd	|	5.16	|	3.3 from 1 week before + 1.86 from this week
Mon. June 13th	|	1.86	|	Bug in payout code fixed by nefario
Fri. June 17th	|	1.42	|	-
Fri. June 24th	|	0.92	|	-

Upcoming payouts:

Date	|	BTC	|	Comment
Fri. July 1st	|		|	-

Please note that payouts will be split amongst all 40000 shares, not just the shares sold.

Is it too late to get into this? If not, how do i get started?