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Author Topic: [GLBSE] BFLS.RIG - BFL Hardware mining & Sales  (Read 26012 times)
Inaba
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June 25, 2012, 08:16:29 PM
 #1

BFLS and BFLS.RIG are now closed permanently.

I am opening a new offering, basically mirroring the BFLS product.  It is for the MiniRigs & SC ASIC offering.

IPO will begin tomorrow:

6058 shares will be allocated and sold per Minirig, initially 2 rigs worth of shares will be allocated, and 6058 shares can be traded in for the physical Minirig hardware. 15% of the shares will be kept for maintenance and operation costs.

Once the details of the ASIC unit orders are publicly available, available shares will double and be put up for sale. At that point, it will require 6058 x 2 = 12116 shares to convert your BFLS.RIG shares into the physical hardware (Mini-Rig or SC).

Dividends on RIG will be paid out the same way BFLS is currently paid, on a weekly basis and the amount will be what the unit(s) generate that week. Obviously, no dividends on RIG will be paid until the hardware is in actual operation.

RIG shares purchased are for a share of the unit, not to help fund the purchase of a unit, since the units have already been paid for. Funds will be reinvested into further ASIC orders, which means the ASIC units will be "pre-purchased" already, and you will be buying into already purchased ASIC units with your BFLS.RIG shares, not funding the purchase of ASIC units. This is an important distinction, since it means you'll start generating revenue much faster than a unit you would be "funding" the purchase of.

Should mining become unprofitable or other circumstances cause the operator to be unable or unwilling to perform his duties, sale of all hardware and equal distribution of funds will commence according to the number of shares held by each individual.  Additionally, should a BFL Single be unavailable for immediate shipping, the operator reserves the right to refuse the 200 BFLS shares until such time as a unit becomes available.

Ticker symbol is BFLS.RIG

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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DeaDTerra
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June 25, 2012, 08:29:53 PM
 #2

What is the IPO share price?
and is there any pre-IPO shares that are released?
//DeaDTerra
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June 25, 2012, 08:43:35 PM
 #3

What is happening with your other offering?  Are you converting those to ASIC miners and giving shareholders the 20x hashing power benefit?

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Inaba
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June 25, 2012, 11:46:28 PM
 #4

Yes, the other offering thread has the info, but in a nutshell, the singles will be converted to ASIC and it will require approximately double the number of shares per unit to acquire the hardware (to reflect the 2x cost increase). So you'll effectively be getting a 10x bump in hashing power for free, as long as you are a share holder.

Same thing goes with these FPGA Mini-Rigs... share's available will double and shares required will double if you want to trade it in for an ASIC rig (to reflect the 2x cost as well).

IPO share price is going to be .7 BTC per share, although I am taking some limited orders for pre-IPO at .6 per share at the moment.  Preference for pre-IPO shares will be given to current BFLS share holders if there's more demand than available shares.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
DiabloD3
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June 26, 2012, 06:53:20 PM
 #5

Will you be paying dividends on BFLS.RIG?

Inaba
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June 26, 2012, 07:16:59 PM
 #6

Yep, as soon as the hardware is delivered.  Same deal as BFLS, whatever is earned by the machines gets paid out as dividends.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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June 26, 2012, 08:40:48 PM
 #7

Yep, as soon as the hardware is delivered.  Same deal as BFLS, whatever is earned by the machines gets paid out as dividends.


Has BFL given a delivery date for yours?

Inaba
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June 26, 2012, 08:46:20 PM
 #8

For the FPGA or the ASIC?

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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June 26, 2012, 08:50:22 PM
 #9

For the FPGA or the ASIC?

FPGA. I don't believe BFL will be shipping ASIC this year, if ever.

Inaba
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June 26, 2012, 10:02:06 PM
 #10

I've been told within 30 days, though I am expecting around the 3rd week of July.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
DutchBrat
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June 27, 2012, 09:15:08 AM
 #11

hi Inaba,

I have 1 question:

The 6058 shares that are issued.... is that for 1 or for 2 mini-rigs

The way it is posted in the op it looks like it could be for 2 mini-rigs, but on GLBSE it says it is for 1, which would put the price paid at $27K for 1 mini-rig

Thanks for explaining !

Brat
Inaba
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June 27, 2012, 03:07:11 PM
 #12

6058 shares is for 1 minirig.  The pricing was priced out at a different exchange rate than you are using, and I am reluctant to change that given the volatility of the market.  I am not at all convinced we will remain where we are now between now and 30 - 60 days. It also doesn't account for pre-IPO sales.

On another note, I will be exchanging BFLS shares for BFLS.RIG shares for anyone that wants to convert on a 1:1 basis.  Some people were a understandably confused on whether or not BFLS would also include Minirigs.  Initially it was intended to, but an overwhelming majority did not want to combine them, so they've been split off.  As such, I will exchange those BFLS shares for RIG shares for a limited time.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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June 28, 2012, 04:13:17 PM
 #13

I've been told within 30 days, though I am expecting around the 3rd week of July.

1) You mean BFL.rig will be mining and paying dividend around 3rd week of July?

2) When would you expect the ASIC comes out?

Thanks!

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Inaba
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June 28, 2012, 04:18:21 PM
 #14

That is my hope, but of course I am at the mercy of BFL's delivery schedule.

ASICs are expected in October (see above for delivery Smiley)

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
HorseRider
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July 24, 2012, 02:18:18 PM
 #15

Is there any good news now? 30 days almost has gone.

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Inaba
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July 24, 2012, 04:46:54 PM
 #16

I'm told sometime next week.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
stochastic
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July 24, 2012, 10:15:33 PM
 #17

I'm told sometime next week.

That is good news.  Also, do you use 2-factor authentication for GLBSE.  I would hate to see something happen to BFLS like has been happening to other asset creators.

Introducing constraints to the economy only serves to limit what can be economical.
Inaba
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July 24, 2012, 10:56:48 PM
 #18

Yep, I sure do... much to my chagrin since it's TOTP and often times out and is a major pain in the ass to use. 

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
HorseRider
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July 25, 2012, 01:16:21 PM
 #19

It doesn't like BTCSYN, keep lots of fund under the control of the issuers. I'm not that worry about the safty of the funds. But good security practice is good for everyone.

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sebnow
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August 08, 2012, 11:08:37 AM
 #20

Any updates on the delivery time?

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