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Obsi
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June 17, 2012, 11:04:32 PM
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Closed out.
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BinaryMage
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June 17, 2012, 11:37:05 PM
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This is a mining growth organization designed to aggressively increase shareholder value and help secure the Bitcoin network through consistent reinvestment of profits.

Be careful with this. Strictly speaking, if you never payout dividends and never liquidate the hardware, investors receive only on-paper benefits. With that model, investors take two major risks: (1) that you actually own the hardware and (2) that you will make enough Bitcoins mining for reinvestment to actually increase the value of the stake in hardware owned by a share. (1) is a serious concern with no identity verification, but I know I've harped on this already. (2) is an important issues as well. Regardless of any particular companies and how much you trust them, I think most of us can agree that significant increases in MH/BTC are coming soon. Hardware purchased now may actually depreciate in value faster than it mines coins.

Share release is as follows:
1 Million Shares @ 0.1 BTC
1 Million Shares @ 0.2 BTC
1 Million Shares @ 0.3 BTC
1 Million Shares @ 0.4 BTC
1 Million Shares @ 0.5 BTC
1 Million Shares @ 0.6 BTC
1 Million Shares @ 0.7 BTC
1 Million Shares @ 0.8 BTC
1 Million Shares @ 0.9 BTC
1 Million Shares @ 1.0 BTC

What what what? Assuming you expect hardware value per share to increase (the whole business model), shouldn't new shares be priced according to hardware value, not arbitrary numbers? What's the incentive for me to buy a share now instead of in a month for the same price and more value?

Am I missing something here?

Issuer reserves the right to cease operations and liquidate assets without motion.

If you want to do this, I think you'll need to elaborate on the procedure. How would assets be liquidated? For what reason(s) would you cease operations?

-- BinaryMage -- | OTC | PGP
brendio
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June 18, 2012, 01:48:52 AM
 #3

Share release is as follows:
1 Million Shares @ 0.1 BTC
1 Million Shares @ 0.2 BTC
1 Million Shares @ 0.3 BTC
1 Million Shares @ 0.4 BTC
1 Million Shares @ 0.5 BTC
1 Million Shares @ 0.6 BTC
1 Million Shares @ 0.7 BTC
1 Million Shares @ 0.8 BTC
1 Million Shares @ 0.9 BTC
1 Million Shares @ 1.0 BTC

Move over Diablo-D3, you have a competitor. Obsi wants to raise 5.5 million BTC!

BinaryMage
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June 18, 2012, 02:40:34 AM
 #4

This is a mining growth organization designed to aggressively increase shareholder value and help secure the Bitcoin network through consistent reinvestment of profits.

Be careful with this. Strictly speaking, if you never payout dividends and never liquidate the hardware, investors receive only on-paper benefits.

They should be able to cash out their profits through share sales if they wish. Should we run up against any issues with continued growth, such as maxing out electrical capacity at a site and having to wait for new lines to be put in, or preparing a new site for installation, and we end up in a position of not being able to invest in new mining equipment, I will initiate a motion for dividend payments to commence until such time we are able to continue reinvestment.

In theory, yes, but that requires a fairly stable share price and good liquidity in order to be appealing, both of which tend to be in short supply unless you're planning on providing them.

With that model, investors take two major risks: (1) that you actually own the hardware and (2) that you will make enough Bitcoins mining for reinvestment to actually increase the value of the stake in hardware owned by a share. (1) is a serious concern with no identity verification, but I know I've harped on this already. (2) is an important issues as well. Regardless of any particular companies and how much you trust them, I think most of us can agree that significant increases in MH/BTC are coming soon. Hardware purchased now may actually depreciate in value faster than it mines coins.

I understand the concerns with identity verification involved in an IPO such as this, where shareholders have a stake in the hardware involved. I will likely verify in a few different ways on GLBSE, but I am not sure if I will ever be comfortable with a scan of my ID sitting in someone else's database online.

I can't predict the future. ASICs may hit the network in weeks or months, bitcoin devs could decide to change the hashing algo, causing a massive asset devaluation if we're moved over to ASICs, transaction fees may not be enough to cover profitability in the long term... there are a lot of variables to consider. What I can do is offer my word that I will do what I believe is in the best interest of my shareholders, and I will gladly listen to their opinions of the best path forward.

The good thing about the position I'm currently in, is I have hardware on hand to begin mining immediately for OBSI.ABMO, and I have further hardware on order which I may be willing to sell into the operation once it arrives. Butterfly Labs has stated that they will take dollar-for-dollar trade ins on this hardware when they release ASICs, and it will be up to shareholders to vote on the motions as to when or if we trade in.

You can verify with GLBSE through a mutually trusted middleman, if that's less unappealing. (Or at least, it's been done before)

If you could predict the future, you'd have much more profitable ways than this to earn money. I'm not suggesting you can, I'm just playing devil's advocate and hoping it will at least help anticipate possible problems.

Share release is as follows:
1 Million Shares @ 0.1 BTC
1 Million Shares @ 0.2 BTC
1 Million Shares @ 0.3 BTC
1 Million Shares @ 0.4 BTC
1 Million Shares @ 0.5 BTC
1 Million Shares @ 0.6 BTC
1 Million Shares @ 0.7 BTC
1 Million Shares @ 0.8 BTC
1 Million Shares @ 0.9 BTC
1 Million Shares @ 1.0 BTC

What what what? Assuming you expect hardware value per share to increase (the whole business model), shouldn't new shares be priced according to hardware value, not arbitrary numbers? What's the incentive for me to buy a share now instead of in a month for the same price and more value?

Am I missing something here?


The incentive is to make sure you get in while the share price is still low, you can wait it out and hope there are still shares available at that price later, but you're playing a game of chicken with other investors who may not care to wait. Each tier of shares represents a milestone in our growth, and it should result in a vibrant secondary market and opportunity for early investors to cash out at a profit if they wish to do so.

As shares are purchased they will quickly be invested in further mining hardware & supporting necessities. The share value should maintain a fairly steady growth as a tier of shares is sold, then grow quickly once a tier is sold out and profits are continually reinvested.

The concept is fine, it's the execution I'm concerned about. Requiring the sale of 100,000 BTC of shares before moving on to the next tier will realistically mean a few years at a very optimistic minimum. To be honest, I doubt you'll ever raise that much - that's about half a percent of all the Bitcoins which will ever be in existence.

Issuer reserves the right to cease operations and liquidate assets without motion.

If you want to do this, I think you'll need to elaborate on the procedure. How would assets be liquidated? For what reason(s) would you cease operations?

This is mostly a catch-all in cases of death or disease where I or my heirs may simply be unable to continue operations. Liquidation speed would depend on the circumstances of course, as I could not control the situation after my demise. I have no plans to cease operations at any point, and once we become a large enough operation to have multiple employees, I will enter a motion to have this part of the contract updated to reflect our position as an entity that can continue on for the foreseeable future.

I would of course abide by a passing motion to cease operations, but I sure wouldn't like it  Wink

I'm just suggesting you implement at least a framework procedure, e.g. name an executor and the like, or state that the majority shareholder would manage it, or something similar. Again, as investors are investing in physical hardware, this is an important point.

I know I'm negative; don't take it too harshly. Best of luck in any case.

-- BinaryMage -- | OTC | PGP
finkleshnorts
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June 18, 2012, 02:51:43 AM
 #5

Will IPO on 2012-06-18 @ 20:00:00

OBSI.ABMO - Asset-Backed Mining Organization

Share release is as follows:
1 Million Shares @ 0.1 BTC
1 Million Shares @ 0.2 BTC
1 Million Shares @ 0.3 BTC
1 Million Shares @ 0.4 BTC
1 Million Shares @ 0.5 BTC
1 Million Shares @ 0.6 BTC
1 Million Shares @ 0.7 BTC
1 Million Shares @ 0.8 BTC
1 Million Shares @ 0.9 BTC
1 Million Shares @ 1.0 BTC


I may be looking at it wrong, but this just screams "pyramid" to me.
Bitcoin Oz
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June 18, 2012, 02:52:18 AM
 #6

You might want to supply more personal info if you want to raise a significant amount.

For a start you only have 55 posts. Thats not a red flag in itself but along with the lack of any verification on glbse I would advise people to be cautious.


BinaryMage
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June 18, 2012, 03:18:29 AM
 #7

I may be looking at it wrong, but this just screams "pyramid" to me.

A pyramid with no dividends? I think you're a little mixed up, good sir.

-- BinaryMage -- | OTC | PGP
BinaryMage
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June 18, 2012, 05:23:17 AM
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I realize this is a significant amount of outstanding BTC. This offering is targeted toward the longer term buy & hold type of investors. It's not as if millions of BTC is going into a wallet to be hoarded. The invested BTC will quickly return to circulation, as it will be used to purchase more mining equipment as soon as possible. I am going to be placing a portion of my personal holdings, and a portion of my ongoing personal mining profits into this operation and I plan on being here years from now.

That's a good point. More circulation would certainly be good for the system.

I currently have wind-down instructions for all of my ongoing projects listed in my will and a "dead man's switch" set to email instructions to my close & trusted friends, as a method to tie up any loose ends. Having the majority shareholder take over is an interesting proposition, which I will consider in more depth.

Sounds like you've got this covered. The majority shareholder is a novel concept, I agree, but unless it ended up being someone you knew well, I could see a lot of hassles ensuing.

After the first tier has sold out, using only estimates based on current generation hardware, we would have over 3/4 of a THash mining away, as well as assets such as land, various electronics, office supplies, insulated shipping containers to house the mining equipment in a distributed fashion, cooling equipment, battery backups & the list goes on.

Office supplies? What office supplies are you planning on utilizing, exactly?

We could look into going solar or wind powered, but those would have a hard time competing with the $0.03 per kWh or less prices currently available in certain locations.

Mining hardware is very much trending towards efficiency; I agree, solar/wind power likely won't be viable for awhile yet, but it's a good option to keep in mind.

Branching out into other areas & diversifying our income streams is a possibility which I will leave up to a vote by the shareholders when the time is right.

Hmm. Any areas in particular you're considering?

-- BinaryMage -- | OTC | PGP
PsychoticBoy
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June 18, 2012, 10:17:12 PM
 #9

Wondering where this is going to  Roll Eyes
Sit back and relax while watching this thread.
Energizer
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June 24, 2012, 03:31:48 AM
 #10

Just bought 100 Shares! I will buy more shares soon, Good Luck with the ASIC upgrade! Wink
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July 08, 2012, 10:44:12 PM
 #11

Which blockchains are you mining? Presumably Bitcoins but which others merged alongside?

-MarkM-

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July 08, 2012, 11:30:40 PM
 #12

So only Bitcoin and namecoin eh? Okay, just wondered as several other merge-capable chains aren't getting a lot of mining thus are at very low values that likely will go up significantly whenever enough miners do get around to adding them to their mix.

-MarkM-

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July 09, 2012, 12:42:14 AM
 #13

Actually I read recently that even despite his fee, the added types of coins add enough to more than make up for the fees.

However I set up my own merged mining using p2pool to gain all the benefits of mmpool plus more chains mmpool doesn't include. I get much much more variance of course on the merged chains but get to support p2pool and chains that almost everyone else has been neglecting.

I guess maybe there might be a market for a mining operation such as mine, which is why I am looking at the potential "competition" to check that others are not heading the same way.

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miscreanity
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July 09, 2012, 02:08:30 AM
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The 2.5.0 cgminer update has improved on both BFL and p2pool behaviour.
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August 18, 2012, 11:22:06 AM
 #15


I see you quote me from IRC in your signature to sell your investment "opportunity". Problem is, you have ripped it out of context. 

At the moment, Obi's signature looks like this:




OBSI.1MHS was a loser form day one. There was actually a small chance for a capital gain but Obsi fucked it up for everyone by dumping a load of shares on the market.
As of today, OBSI.1MHS is close to worthless and there is a tiny buy order at 0.065. This turd was issued at 0.25 BTC. Then he dumped more of this garbage on the market at 0.16! Yes 36% loss to everyone. For free! Smiley   
Read and weep: https://bitcointalk.org/index.php?topic=84963.msg987433#msg987433

How did I get out of this OBSI.1MHS turd? Obsi stared to buy back this garbage at 0.25 and I sold those few I had right away. Why? Because I did not wanted to get involved with something as mismanaged as this turd (some still call it "bond", probably  just for fun).


This buyback was followed by a dump of shares at 0.1 BTC! WTF is all I can say... LOL

Obsi, remove my name and the quote from your signature at once.  It's misleading and out of context.

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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August 26, 2012, 11:23:51 PM
 #16

Why does this asset's value seem to be asymptotically approaching zero? Oh yeah, it is a scam.

Looking for safe diversification? YABIF: Good Returns, Low Fees, Low Risk.

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