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

[Squeaker]

ok, so the deal ends up creating 20% more seats...

was the loan that significant? to make the 20% seat increase as compensation, roughly proportional?

(not criticizing... wanting to put this into perspective for myself, before I vote)

=squeak=

[1714093164]

1714093164

[1714093164]

1714093164

[1714093164]

1714093164

[1714093164]

1714093164

[1714093164]

1714093164

[silverfuture]

ok, so the deal ends up creating 20% more seats...

was the loan that significant? to make the 20% seat increase as compensation, roughly proportional?

(not criticizing... wanting to put this into perspective for myself, before I vote)

=squeak=

Keep in mind it eliminates the debt and 25% of revenue that is currently being used to service the debt will be able to be paid out to seat holders.

[Squeaker]

Ok, well, I came into the project only 1-2 months ago, so I will leave the discussion of that for those who were around at the time the loans were made, and will listen to their concerns before I vote.

Thank you for addressing my few questions.

=squeak=

[nonnakip]

Ok, well, I came into the project only 1-2 months ago, so I will leave the discussion of that for those who were around at the time the loans were made, and will listen to their concerns before I vote.

If you click the vote button on the main polls page you can read about history and motivation and poll goal. You can read all that without voting. That page includes much important information targeting mostly members like you that may not be familiar with history.

[Squeaker]

yeah, I saw it already

=squeak=

[Blazed]

yeah, I saw it already

=squeak=

Pretty much a no brainer...NastyMining sheds over 200BTC of debt for only $17,000 from how I read it... Let it be known I will offer anyone here $17k for 200BTC any day of the week!  

Edit: we dilute the shares a bit by adding 5k more, but we then get higher payouts per share.

[CumpsD]

Debt free sounds good, getting higher donations sounds good as well

[Blazed]

Debt free sounds good, getting higher donations sounds good as well

Agreed  I already voted yes with my tiny bit of shares that I own!

[OgNasty]

Debt free sounds good, getting higher donations sounds good as well

Agreed  I already voted yes with my tiny bit of shares that I own!

I appreciate the support.  I am a bit perplexed by the votes that are against the plan.


It looks like one of our PSU's died, which is the 2nd PSU we've lost since getting the Monarchs.  I have already placed an order for a replacement, and will exchange our dead unit so that we have a spare as soon as possible.

[kroneko]

I settled with Nasty a bit back, but I think this is a fair option for both lenders and other seat holders - as noted we're reducing our debt so we'll result in higher payments per seat.  Additionally, those who lended end up getting in a better position to reap the benefits of our new hardware which they helped fund in the first place.   I can certainly understand the hesitancy some have over this, but if we're out of debt we are better positioned to move forward and it'll raise the return to seat holders and should help prop up their value.

[maqifrnswa]

From a business outlook, this is a no brainer. Without this dilution nastyfans has a negative valuation; the balance sheet is fatally in the red.

What are the arguments against dilution?

[CumpsD]

32% still left to vote, gonna be needed if you want to get to 75%

Would love to hear feedback from the no voters on what made them decide that way

[Squirrel Dearing]

32% still left to vote, gonna be needed if you want to get to 75%

Would love to hear feedback from the no voters on what made them decide that way

I'm curious too - I am one of the lenders, and OG Nasty said that all lenders agreed to the proposal, so, I can't see why a non-lender would not agree to it... The only negative is the extra seats but that is offset by the change of percentage and the fact that there would be no debt.  Also, OG Nasty said something along the lines that he's working on a plan to re-absorb those extra seats later down the road (to get back to 25,000 seats)

[Newar]

[...]  Also, OG Nasty said something along the lines that he's working on a plan to re-absorb those extra seats later down the road (to get back to 25,000 seats)

I must have missed that. Do you have a link?

[PCComf]

https://bitcointalk.org/index.php?topic=86854.msg8795620#msg8795620

It was mentioned there.

Possibly the poll presents one side of the story: The seat dilution. Perhaps it is just a matter of people reading headlines and not digging deeper. Due to no longer paying on the debt, the per-seat payment should increase even with the dilution if my understanding is correct.

[djjacket]

https://bitcointalk.org/index.php?topic=86854.msg8795620#msg8795620

It was mentioned there.

Possibly the poll presents one side of the story: The seat dilution. Perhaps it is just a matter of people reading headlines and not digging deeper. Due to no longer paying on the debt, the per-seat payment should increase even with the dilution if my understanding is correct.

I agree - my first gut reaction to it was no way to the dilution.  Hopefully everyone will understand the full impact of debt elimination long term!

[silverfuture]

It's close.  If you haven't voted yet, please consider carefully before you do. I believe debt elimination is very important and is the best option for everyone going forward. It's strange that we have heard no arguments against from the nay voters.

[CumpsD]

No voters can still change their mind and change their vote

[silverfuture]

No voters can still change their mind and change their vote

Excellent!  Let's hope some initial gut feelings are thought through more thoroughly.

[OgNasty]

It looks as though Butterfly Labs may have been raided by the US Marshals this morning.  This is still unconfirmed.

http://www.reddit.com/r/Bitcoin/comments/2gvnhm/butterfly_labs_bfl_raided_by_us_marshals_today/