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

[nonnakip]

Distribution 232142 is complete. Thank you to our donators.

[1713911198]

1713911198

[1713911198]

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[1713911198]

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[kuzetsa]

policy change... 25% reinvestment thingy...

Code:

no: 746 (10.5%)
yes: 4990 (70.3%)
not yet voted: 1361 (19.2%)
abstain: 17903

The poll has been running for like 3 weeks at this point
.... and if I remember right, polls auto-close after 30 days?



...Unrelated:

EXPLETIVE DELETED!!! I just tried to sell 15 of my seats at below IPO price, and someone immediately decided to undercut me, selling 7 seats for 0.005 BTC less

Why you do this?!... I was going to make a second attempt at ordering some ASICs of my own
(my previous attempt was thwarted when the $200 bubble burst a couple weeks ago)

[kuzetsa]

...Unrelated:

EXPLETIVE DELETED!!! I just tried to sell 15 of my seats at below IPO price, and someone immediately decided to undercut me, selling 7 seats for 0.005 BTC less

Why you do this?!... I was going to make a second attempt at ordering some ASICs of my own
(my previous attempt was thwarted when the $200 bubble burst a couple weeks ago)

Code:

04/19/13 07:01 PM	7071
04/12/13 07:01 PM	7068
04/05/13 06:19 PM	7019
03/29/13 07:43 PM	6994
03/22/13 07:01 PM	6989
03/15/13 07:20 PM	6836
03/09/13 02:08 AM	6818
03/01/13 07:55 PM	6792
02/22/13 07:20 PM	6759
02/15/13 07:03 PM	6552
02/08/13 07:24 PM	6526
02/01/13 07:16 PM	6012
01/26/13 01:46 AM	5973
01/18/13 04:52 PM	5787
01/11/13 08:37 PM	5602
01/04/13 06:23 PM	6080
12/28/12 09:30 PM	6211
12/25/12 04:03 PM	6007
12/17/12 09:05 PM	5812

Not cool... I just realized why I can't sell my seats.

Every time someone attempts to sell, more seats are being dumped on the market.

It's not hard to guess who is doing it:

There is exactly one person "not accepting donations" who holds a large supply of seats.

I can't think of anyone else... like... so now you're selling for lower than IPO price? really?

OgNasty... are you really dumping more seats on the market?

It occurs to me that you never proved the full 25k seats were backed by any actual investment on your part.

These are seats which were previously "treasury seats" (treasury shares... on GLBSE) and not backed by actual hardware or investment.


Quoted for emphasis / context

((... snip...))

There is no way you could have so many seats as you do, because the total number of outstanding shares when GLBSE closed was something like 10 thousand seats fewer than you currently have. There really is no way you can explain that you legitimately bought so many from anyone else. Quite simply, these treasury shares were given to you as "freebie", and there's no other way to look at it.

3) why does OgNasty have control of greater than 25% of the seats, and with it, the ability to unilaterally veto any and all polls

The initial number of seats given to members matches the GLBSE list I received. On that list OgNasty had many seats.

1) Was there any digital signature with a timestamp proving this list is unmodified, and originated from GLBSE?
2) If not, is there a money trail / evidence in the blockchain with transactions to support actual purchase of this number?
3) If not, are there posts on this thread backing up or suggesting that OgNasty had personally bought and paid for 15k+ shares while [NASTY] was still on GLBSE?
4) If not, what about evidence of mining hardware purchased by OgNasty which is proportional to the amount of hash power equivalent to this many seats / shares?

On point #4, assuming IPO prices, and $5/bitcoin, that represents considerably more than 10x BFL ASICs... This $5/btc number is pretty generous considering things have been trading at higher than $5/btc since the IPO, and the IPO was at something like 0.2 BTC per share (shouldn't be too hard to do a real estimate / audit on this... I only request that someone please sanity-check the number of seats OgNasty currently has, even if the findings are not fully disclosed)

[nonnakip]

The poll has been running for like 3 weeks at this point .... and if I remember right, polls auto-close after 30 days?

Correct.

EXPLETIVE DELETED!!! I just tried to sell 15 of my seats at below IPO price, and someone immediately decided to undercut me, selling 7 seats for 0.005 BTC less

Maybe someone else wants to sell seats also. Do they complain because you undercut them? Please remain calm and lower your price if it is so important to sell seats now.

[nonnakip]

It occurs to me that you never proved the full 25k seats were backed by any actual investment on your part.

Please see my post here:

https://bitcointalk.org/index.php?topic=86854.msg1683055#msg1683055

OgNasty controlled treasury shares in GLBSE. Your demands are unjustified.

[kuzetsa]

Please see my post here:

https://bitcointalk.org/index.php?topic=86854.msg1683055#msg1683055

OgNasty controlled treasury shares in GLBSE. Your demands are unjustified.

Not the same as outstanding shares.

Shares outstanding are all the shares of a corporation or financial asset that have been authorized, issued and purchased by investors and are held by them. They have rights and represent ownership in the corporation by the person that holds the shares. They are distinguished from treasury shares, which are shares held by the corporation itself and have no exercisable rights. Shares outstanding plus treasury shares together amount to the number of issued shares.

... And here is some proof that dilution has been happening:

IPO UPDATE:
1,080 shares have been sold so far after 48 hours of trading.  That leaves roughly 2,260 more shares to be sold in order for shareholders to own all of the equipment that has already been purchased for this operation.  

IPO was originally only 3200 outstanding shares

When do you expect to have the BFL's to start paying a dividend?

ASAP.  The order was placed 3 weeks ago for the first couple units...  I'm hoping to start dividend payments once the initial 3,200 shares are sold.  Depending on the length of time between that and the arrival of our first batch of equipment, I may be willing to cover theoretical earnings prior to the operation being brought online.

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.

With the added mystery shares, the total outstanding became 5800 shares (3200 + 2600)

That was July 2012 (nearly a year ago)

... this value of 5800 is completely supported by empirical evidence with the first distribution of nasty fans:

Code:

12/17/12 09:05 PM	5812

There were aprox 5800 "outstanding shares" when GLBSE closed. The rest were "treasury shares"

Stock dilution is a general term that results from the issue of additional common shares by a company. This increase in the number of shares outstanding ...

((...snip...))

A share dilution scam happens when a company, typically traded in unregulated markets such as the OTC Bulletin Board and the Pink Sheets, repeatedly issues a massive amount of shares into the market (using follow-on offerings) for no particular reason, considerably devaluing share prices until they become almost worthless, causing huge losses to shareholders.

... and also:

A follow-on offering (often but incorrectly called secondary offering) is an issuance of stock subsequent to the company's initial public offering. A follow-on offering can be either of two types (or a mixture of both): dilutive and non-dilutive.

[kuzetsa]

The number you quote is the amount that was offered and backed by the equipment held at the time. I hope people do their own research and don't listen to you...

Right.

You're confirming that 5800 are backed by hardware...

What about the larger number. The 25000 "seats" (most of which are converted from treasury shares which you now control)

Are those backed by hardware?

That was my point.


Edited: re-linked the source for the quote... it is now a quote of the post "after" this one
(OgNasty deleted the post I was quoting, only to add a new post which contains the same text
... and a re-write of the namecalling so it now calls me a "troll" in addition to "nut job")

[OgNasty]

kuzetsa, I'm not the one undercutting you and I've never sold a seat below the IPO price. Believe me when I tell you that there is nothing I would like to see more than you selling all your seats.

I don't have the patience to point out all the ways that you're wrong. The offering was 25,000 seats from day one as that was how many seats were issued by GLBSE.  It was never increased to this day. The number you quote is the amount that was offered on the first day of trading at the original price and backed by the equipment held at the time. I hope people do their own research and don't listen to you, because you're a nut job.

What about the larger number. The 25000 "seats" (most of which are converted from treasury shares which you now control)

Are those backed by hardware?

That was my point.

They're backed by hardware orders and aren't receiving distributions until the hardware is in place. You have no point, you're a troll and nowhere near as clever as you think you are.

[kuzetsa]

The IPO was 25,000 seats from day one. ((...snip...)) I hope people do their own research and don't listen to you, because you're a nut job.

((...snip...))

What were you referring to? Why did you imply a different number than 25000 last year?

IPO UPDATE:
1,080 shares have been sold so far after 48 hours of trading.  That leaves roughly 2,260 more shares to be sold in order for shareholders to own all of the equipment that has already been purchased for this operation.  

Incidentally... I added those numbers wrong:

Code:

1080 + 2260 = 3340
...
3340 + 2600 = 5940

Edit:   Oh... maybe my math skills aren't entirely to blame?

It's all kinda confusing because one of ognasty's posts from from June 2012 kinda looked like it was saying 1080 + 2260 would be the entire IPO. I must've been confused / I got the number "3200" from yet another ognasty post, and I just assumed it all adds up:

When do you expect to have the BFL's to start paying a dividend?

ASAP.  The order was placed 3 weeks ago for the first couple units...  I'm hoping to start dividend payments once the initial 3,200 shares are sold.  Depending on the length of time between that and the arrival of our first batch of equipment, I may be willing to cover theoretical earnings prior to the operation being brought online.

[ErebusBat]

[Equilux]

Nonnakip, many thanks for the new features! I was about to request a sell-list, but not only did we get that, also quite a few more things i did not expect!

[nonnakip]

Nonnakip, many thanks for the new features!

Thank you. I always work in the background to improve nastyfans. I have more features to do still.

[ErebusBat]

Nonnakip, many thanks for the new features!

Thank you. I always work in the background to improve nastyfans. I have more features to do still.

I still find it insane (in a good way) that you use C++.

[nonnakip]

I still find it insane (in a good way) that you use C++.

Actually it is C. Thank you for compliment.

[kroneko]

agreed!

[Yogafan00000]

OGNasty, I hope at least one of these has your shipping info on it!

http://ow.ly/i/1WUo4

[kibblesnbits]

The best "canary in a coal mine" alert will be the e-mail to OGNasty from BFL.  I would think BFL would be asking for the trade-in Singles to be mailed back first.   

[kroneko]

OGNasty, I hope at least one of these has your shipping info on it!

http://ow.ly/i/1WUo4

Unfortunately they're all jalapenos, so unless he ordered them separately for personal mining they shouldn't have any of his there.

[Yogafan00000]

Unfortunately they're all jalapenos, so unless he ordered them separately for personal mining they shouldn't have any of his there.

My hope is based on the number 4 spot on the unofficial BFL wait list .  (It's not much, but it's all I've got!!)

[OgNasty]

OgNasty, I hope at least one of these has your shipping info on it!

http://ow.ly/i/1WUo4

Unfortunately they're all jalapenos, so unless he ordered them separately for personal mining they shouldn't have any of his there.

It is true I hold one of the first jalapeno orders.  I ordered for personal use, but given the delays with BFL, I don't see why I can't share with my fans.  I haven't received any communication that my unit is one of the ones that shipped, but I will be checking my mail daily and hoping for the best.  

There have been lots of exciting things going on behind the scenes over the last two weeks.  nonnakip has done a lot of work on the website and has asked me to begin testing a cool new service for NastyFans.  This will (I'm assuming) result in our hashing power being displayed incorrectly while our equipment is diverted for testing.  However, we will still be mining and rewards will make their way to the regular donation address.  I've also arranged for some electrical improvements to be done this week, which will bring our equipment offline for a bit while an electrical sub-panel is installed.  This should give us more than enough power to aggressively expand when the right opportunity presents itself.  In addition, an exhaust line is going to be installed this week so that the stand alone a/c unit can be brought online using the new electrical circuit.  This should immediately increase donations, as we're currently seeing ~10% failure rates due to throttling.  With a bit of luck, a best case scenario would be that we're ASIC mining on our own pool, in a cooled environment, using a dedicated electrical circuit by the weekend.