NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012)

[GoWest]

One of our originally ordered BFL Singles showed up in the mail today (no extra fan on the bottom).  I've emailed Butterfly Labs asking why there was only 1 when the order was for 2.  Hopefully the next one shows up soon.  In any event, we are now hashing away at 1664MH/s.

Nice.  Slowly but surely...

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[OgNasty]

Use GPUMAX, as long as we don't have some of the timeout errors other have been reporting

I did notice we were getting some errors when a new block hit the network on GPUMAX.  It was causing a slight slowdown every few minutes.  I set cgminer to load-balance between GPUMAX, ozcoin & eclipse.  That seems to have solved the problem. 

[OgNasty]

I've emailed Butterfly Labs asking why there was only 1 when the order was for 2.  Hopefully the next one shows up soon. 

I received a response from Alicia at Butterfly Labs today stating that the 2nd Single from our 1st order should be shipped tomorrow and delivered later this week.

[OgNasty]

Im eager to know, who the 1000 shares investor is.
@Unknown care to reaveal yourself?

It was actually 2,600 shares that were purchased at 0.5BTC/share by the mystery investor.  Not my place to name him though.   

@ Nasty have you done a liquidity planning?
With the newest issue of stocks i'd love to see some more transparency regarding future investements, share issues etc.

I haven't done much thought with liquidity planning yet.  I'm still in hardware purchasing mode.

[Timbo925]

Still hard to not sell my shares bought at 0.27 
Also great to see first divident. Keep it up !

[OgNasty]

2 more BFL SCs were ordered yesterday bringing the total amount of hashing power on order to 320,000MH/s.

[Carnth]

2 more BFL SCs were ordered yesterday bringing the total amount of hashing power on order to 320,000MH/s.

What is this on a per share basis?

[OgNasty]

2 more BFL SCs were ordered yesterday bringing the total amount of hashing power on order to 320,000MH/s.

What is this on a per share basis?

Currently, it is 49.5MH/s ordered per share sold (mostly due to me putting up BTC for the first SC Singles out of my own funds).  However, more shares will be sold and more equipment will be ordered in the coming months.

[novusordo]

2 more BFL SCs were ordered yesterday bringing the total amount of hashing power on order to 320,000MH/s.

What is this on a per share basis?

Currently, it is 49.5MH/s ordered per share sold (mostly due to me putting up BTC for the first 6 SC Singles out of my own funds).  However, more shares will be sold and more equipment will be ordered in the coming months.

So will the amount of shares sold return the hash rate of each share to about 20MH/s, or is it possible that the rate would stay high like this due to other equipment being ordered?

[OgNasty]

2 more BFL SCs were ordered yesterday bringing the total amount of hashing power on order to 320,000MH/s.

What is this on a per share basis?

Currently, it is 49.5MH/s ordered per share sold (mostly due to me putting up BTC for the first 6 SC Singles out of my own funds).  However, more shares will be sold and more equipment will be ordered in the coming months.

So will the amount of shares sold return the hash rate of each share to about 20MH/s, or is it possible that the rate would stay high like this due to other equipment being ordered?

The directive of the company is to provide 20MH/s of hashing power per share.  There are quite a few factors at play, including whether or not Butterfly Labs can meet their projected specifications on the new ASIC products.  However, I will do my best to meet or exceed the company's stated goals.

[kuzetsa]

The IPO will be 0.29BTC/share.

Sadly, I could only afford 4 shares because I didn't get in during the IPO.

bought 1 @ 0.54 BTC (( 2012-07-27 04:02:31 ))
bought 3 @ 0.55 BTC (( 2012-07-27 04:05:45 ))

If I managed to get in during the IPO, could've had 7 shares insead of my current 4, and would have had more than 1 MTGOXUSD left too!!!

[edit] Did I do a silly thing? is the IPO still open? How do I buy at the stated price of 0.29BTC/share

I only ask, because I just noticed THIS:

Currently, it is 49.5MH/s ordered per share sold (mostly due to me putting up BTC for the first 6 SC Singles out of my own funds).  However, more shares will be sold and more equipment will be ordered in the coming months.

[sebnow]

The IPO will be 0.29BTC/share.

Sadly, I could only afford 4 shares because I didn't get in during the IPO.

bought 1 @ 0.54 BTC (( 2012-07-27 04:02:31 ))
bought 3 @ 0.55 BTC (( 2012-07-27 04:05:45 ))

If I managed to get in during the IPO, could've had 7 shares insead of my current 4, and would have had more than 1 MTGOXUSD left too!!!

[edit] Did I do a silly thing? is the IPO still open? How do I buy at the stated price of 0.29BTC/share

I only ask, because I just noticed THIS:

Currently, it is 49.5MH/s ordered per share sold (mostly due to me putting up BTC for the first 6 SC Singles out of my own funds).  However, more shares will be sold and more equipment will be ordered in the coming months.

The IPO has finished so it'll be hard to buy at the IPO price, especially since the value of the shares is going up. You can still place a bid for the IPO price and wait. OgNasty may issue more shares though, but the price will probably be larger than the IPO.

[kuzetsa]

The IPO has finished so it'll be hard to buy at the IPO price, especially since the value of the shares is going up. You can still place an ask for the IPO price and wait. OgNasty may issue more shares though, but the price will probably be larger than the IPO.

New to GLBSE, and new to trading without a broker in general, so sorry if my question(s) seem dumb.

How would a motion to issue more shares work?

Can the initial motion be created by anyone with at least 1 single share?

How would the price be determined for the newly issue?

Main concern is that if more shares will be available, are the newly issued shares simply granted automatically to the highest bidder(s) first at their respective bid prices?

[sebnow]

The IPO has finished so it'll be hard to buy at the IPO price, especially since the value of the shares is going up. You can still place an ask for the IPO price and wait. OgNasty may issue more shares though, but the price will probably be larger than the IPO.

New to GLBSE, and new to trading without a broker in general, so sorry if my question(s) seem dumb.

How would a motion to issue more shares work?

Can the initial motion be created by anyone with at least 1 single share?

How would the price be determined for the newly issue?

Main concern is that if more shares will be available, are the newly issued shares simply granted automatically to the highest bidder(s) first at their respective bid prices?

I don't believe a motion is required to pass for the issuer to issue more shares on GLBSE. The issuer is able to simply create more shares, and can place an ask at any price. The price is determined by the issuer. The ask is just like any other, so if there's a bid for the same price it will be matched and that person automatically buys the shares.

[kuzetsa]

...The issuer is able to simply create more shares, and can place a bid at any price. The price is determined by the issuer. The bid is just like any other, so if there's an ask for the same price it will be matched and that person automatically buys the shares.

That sounds reversed to me. I thought it would go more like this:

Bid = person is buying shares for some BTC price

Ask = liquidating shares, sold at BTC price

As such, wouldn't the issuer be selling shares at some sort of BTC ask price?

Thanks, but nevermind for now I guess. I'm simply too sleepy to understand right now, and I have something I need to do in about 7 or 8 hours. (Still need to sleep before then, and where I live, the sun is coming up in the next 10-30 minutes or so)

[sebnow]

...The issuer is able to simply create more shares, and can place a bid at any price. The price is determined by the issuer. The bid is just like any other, so if there's an ask for the same price it will be matched and that person automatically buys the shares.

That sounds reversed to me. I thought it would go more like this:

Bid = person is buying shares for some BTC price

Ask = liquidating shares, sold at BTC price

As such, wouldn't the issuer be selling shares at some sort of BTC ask price?

Thanks, but nevermind for now I guess. I'm simply too sleepy to understand right now, and I have something I need to do in about 7 or 8 hours. (Still need to sleep before then, and where I live, the sun is coming up in the next 10-30 minutes or so)

Indeed, my bad, I had just woken up .

[OgNasty]

How would a motion to issue more shares work?

I put up a motion and it is voted on by shareholders.  1 share = 1 vote.  The company details page lists that 66% of the vote has to agree in order to issue new shares.

Can the initial motion be created by anyone with at least 1 single share?

No.

How would the price be determined for the newly issue?

The market price would be a large influence.

Main concern is that if more shares will be available, are the newly issued shares simply granted automatically to the highest bidder(s) first at their respective bid prices?

The GLBSE matches trades by price, so a higher bid would be met first.

[kuzetsa]

@OgNasty

Thanks. That answers all my questions / glad to know how things work. Look forward to the day I can afford a 5th, 6th, 100th, etc. etc. share 

[OgNasty]

I've emailed Butterfly Labs asking why there was only 1 when the order was for 2.  Hopefully the next one shows up soon. 

I received a response from Alicia at Butterfly Labs today stating that the 2nd Single from our 1st order should be shipped tomorrow and delivered later this week.

The Single arrived today and was quickly put to work.  We are now operating at roughly 2.5GH/s. 

[OgNasty]

A dividend of BTC3.6 has been paid.