[GLBSE] BFLS.RIG - BFL Hardware mining & Sales

[Inaba]

Nope, but you can be sure I will make a post here as soon as I have more information.

[Inaba]

Hardware is in!

On another note, I went to true up the GLBSE account for shares.  I may have to abandon GLBSE all together and figure out some other method of dividend payments, because I simply can't transfer all the shares around that need to be transferred.  It would end up costing nearly 400 BTC to transfer all the shares, including the upcoming ASIC shares.  At the current market rate, it would cost me almost $5000 USD to *transfer* shares.  Selling those shares would cost 2.5x that, or nearly $12,000 USD.  Holy crap!

I have a trouble ticket open for GLBSE, but if they can't help me, I have to figure something else out.  I simply can't afford $5000 going towards fees for a simple transfer, much less $12,000 sale charges.

Ya'll might consider petitioning GLBSE for sane fees (and by sane, I mean fractions of a penny per trade/transfer or a flat rate).  Right now, the fees are absolutely insane with the current value of a BTC.

[stochastic]

Hardware is in!

On another note, I went to true up the GLBSE account for shares.  I may have to abandon GLBSE all together and figure out some other method of dividend payments, because I simply can't transfer all the shares around that need to be transferred.  It would end up costing nearly 400 BTC to transfer all the shares, including the upcoming ASIC shares.  At the current market rate, it would cost me almost $5000 USD to *transfer* shares.  Selling those shares would cost 2.5x that, or nearly $12,000 USD.  Holy crap!

I have a trouble ticket open for GLBSE, but if they can't help me, I have to figure something else out.  I simply can't afford $5000 going towards fees for a simple transfer, much less $12,000 sale charges.

Ya'll might consider petitioning GLBSE for sane fees (and by sane, I mean fractions of a penny per trade/transfer or a flat rate).  Right now, the fees are absolutely insane with the current value of a BTC.

What is the fee for transferring shares?  It does not make sense that there is a few to transfer shares.  Companies create shares in the financial world all the time. 

Maybe you can give GPG signed contracts.  The holders of those contracts can receive dividends to a specific address.  People can sell those contracts to other people and if the new owners need to change the payment address they can prove to you they own the share and you can change the address.  You can also allow people to trade in their GPG contracts for GLBSE shares for a fee that will cover the GLBSE fees.

[Inaba]

It's so hard to find all the info you need on GLBSE, the fact that it takes about a month to load a page doesn't help.  Anyway, it looks like its 20 "BP" to transfer a share.  I need to transfer close to 100,000 shares, before the ASIC stuff.  That comes to about 200 BTC.  ASIC would cost another 200 BTC.

The GPG idea is good, but it sound like an administration hassle.  Ugh.. really need to come up with something or someone needs to open an exchange that is responsive and doesn't charge exorbitant fees.  This is what happens when you have a monopoly.  Imagine the fees if there was only one Bitcoin pool.  Thank goodness for competition.

[stochastic]

It's so hard to find all the info you need on GLBSE, the fact that it takes about a month to load a page doesn't help.  Anyway, it looks like its 20 "BP" to transfer a share.  I need to transfer close to 100,000 shares, before the ASIC stuff.  That comes to about 200 BTC.  ASIC would cost another 200 BTC.

The GPG idea is good, but it sound like an administration hassle.  Ugh.. really need to come up with something or someone needs to open an exchange that is responsive and doesn't charge exorbitant fees.  This is what happens when you have a monopoly.  Imagine the fees if there was only one Bitcoin pool.  Thank goodness for competition.

There is that other exchange Crypto(something), and mpex, I am not sure of their fees though.  mpex probably still has that 20 bitcoin creation fee.

[Inaba]

CryptoXange (or whatever) does stock assets?  Never heard of mpex?

[stochastic]

CryptoXange (or whatever) does stock assets?  Never heard of mpex?

mpex
http://polimedia.us/bitcoin/mpex.php

cryptostocks
https://bitcointalk.org/index.php?topic=89572.0

https://cryptostocks.com/

[Inaba]

Oye... mpex is basically unusable by anyone and the fees are, indeed, extortion.  Lol...

Cryptostocks - I will look more into that.

[Epoch]

Oye... mpex is basically unusable by anyone and the fees are, indeed, extortion.  Lol...

"Oye" was my first impression as well ... mpex is certainly a 'unique' site.

As for cryptostocks, it appears to have gone up a month ago. Volumes and stocks on offer are, expectedly, extremely thin. Some of the comments about it on https://bitcointalk.org/index.php?topic=89572.0 are not exactly confidence-inspiring. But then, everyone needs to start somewhere ... though I'd rather not end up being an unwitting 'site beta tester'.

One would think that Nefario would step in to offer a reasonable solution to your situation. GLBSE's current fee structure is poorly suited for this scenario; on the bright side it presents an opportunity for them to make it more 'friendly' for this type of activity. Let's hope they take it.

[HorseRider]

it's great to hear the news and looking forward to the dividend

About the GLBSE fee:

Inaba, why not try to contact GLBSE and negotiate with them a lower fee rate? for example, no matter how large a single transaction, the total fee will not exceed a certain number, like 25BTC. such kind of fee structure is  very common in the exchange and money wiring business. As the BFL is a very important asset on the GLBSE, And they are intended to attract large asset trading on their exchange, I think they will consider the proposition seriously.

[Vbs]

The fee per volume should be logarithmic, so that after a specific volume it "flattens out". Should be very easy to implement, if there's the will for it!

[sebnow]

About the GLBSE fee:

Inaba, why not try to contact GLBSE and negotiate with them a lower fee rate?

I have a trouble ticket open for GLBSE, but if they can't help me, I have to figure something else out.

I'm guessing that's what the ticket is for. Those fees do seem steep for issuers when transferring huge amounts of shares. Pretty reasonably for small amounts (to prevent "black market" deals, i.e. transfer shares to a person and have them send BTC outside of GLBSE).

[Inaba]

Yeah, I am talking to them with regards to the fees and explaining what I am doing and why the 400 BTC would be coming directly out of my pocket.

[server]

Hardware is in!

Great ! Are the rigs operational and is there a place where we can check out the mining stats of the new rigs ?

[HorseRider]

Hardware is in!

Great ! Are the rigs operational and is there a place where we can check out the mining stats of the new rigs ?

Yes, we're looking forward to the dividend

[HorseRider]

Inaba, have you set up the gears and start to mining yet?

[Inaba]

Yeah, the rigs are mining... I haven't heard back from GLBSE support yet, been 24 hours.  Not sure what's going on there.

[HorseRider]

Inaba, I think there will be a dividend very soon, because the rigs have been there for 12 days now. If new shares cannot be issued before the negotiation with GLBSE is done, it won't be a problem to pay the existing shares dividend. Last time when the BFLS had the rigs, the first dividend were paid out more quick than this time.

[HorseRider]

dividend reached. Thanks

[stochastic]