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

[Epoch]

Let me throw one other option out there: Inaba, for those preferring not to wait, would you be willing to offer an at-cost buyout? It turns out to be 0.06 BTC/share for both BFLS and BFLS.RIG according to my calculations.
... snip ...

Josh, have you had a chance to think about offering this as an option to folks?

[1713545729]

1713545729

[1713545729]

1713545729

[1713545729]

1713545729

[Inaba]

Yes, I would consider an at cost buy out, sure.  The only caveat to that is I can't guarantee a shipping date at the moment, but other than that, I would be glad to sell at cost to be relieved of the responsibility.  I would love to continue operating BFLS, but I simply don't have the time any more and my time is going getting more scarce as times goes on and BFL expands and I do not want BFLS to languish and become an albatross for everyone involved.

[Epoch]

Yes, I would consider an at cost buy out, sure.  The only caveat to that is I can't guarantee a shipping date at the moment, but other than that, I would be glad to sell at cost to be relieved of the responsibility.  I would love to continue operating BFLS, but I simply don't have the time any more and my time is going getting more scarce as times goes on and BFL expands and I do not want BFLS to languish and become an albatross for everyone involved.

I'm not sure we are talking about the same thing. It sounds like you are talking about a 100% buyout of BFLS hardware/preorders by some individual from you. I was talking about the possibility of you offering to buy back shares of individual shareholders who want "out".

For example, Ralph has 100 shares of BFLS. He wants out now. The at-cost value of 1 share is 0.06 BTC as I proposed in an earlier message. So Ralph's 100 shares are worth 6 BTC.

So my question would be: Would you be willing to give Ralph 6 BTC now in exchange for his 100 shares? This is what I meant. Apologies if I wasn't being clear earlier.

[Inaba]

Yes, I would consider an at cost buy out, sure.  The only caveat to that is I can't guarantee a shipping date at the moment, but other than that, I would be glad to sell at cost to be relieved of the responsibility.  I would love to continue operating BFLS, but I simply don't have the time any more and my time is going getting more scarce as times goes on and BFL expands and I do not want BFLS to languish and become an albatross for everyone involved.

I'm not sure we are talking about the same thing. It sounds like you are talking about a 100% buyout of BFLS hardware/preorders by some individual from you. I was talking about the possibility of you offering to buy back shares of individual shareholders who want "out".

For example, Ralph has 100 shares of BFLS. He wants out now. The at-cost value of 1 share is 0.06 BTC as I proposed in an earlier message. So Ralph's 100 shares are worth 6 BTC.

So my question would be: Would you be willing to give Ralph 6 BTC now in exchange for his 100 shares? This is what I meant. Apologies if I wasn't being clear earlier.

Oh, sorry... yes I'm still open to that idea as well.  It's definitely not off the table at the moment.

[filharvey]

What is the current number of singles and rigs ordered? And what is the rough timeline for delivery. I saw you saw maybe 2 months, certainly less than 3.

Phil

[Energizer]

The mining hardware upgrade been paid by US "the share holders", the early position in the delivery line is ours "the share holders", we paid much more than the coast of the hardware at the time we bought the shares cause you had an earlier position in the delivery line. Now who gives the right for BFL to delay our orders? How would you agree on that? If all share holders find this reasonable, I personally find it so hard to make any sense out of such unfair decision that is still open for more unfair options and calculations.

[Inaba]

First of all, no one but me has paid or upgrades.  I paid out of my own pocket.

Second, the vast majority of the shares were sold long before the ASICs were even announced and long before I started working for BFL.    There are a handful of shares that were sold after the ASICs were announced, but that is just a tiny fraction of the total shares and were out of my own personal holding.  Any valuation on the shares was done on the value of the FPGAs.

Fil, is your question how many do I personally have on order or how many are allocated to BFLS as upgrades? 

[filharvey]

First of all, no one but me has paid or upgrades.  I paid out of my own pocket.

Second, the vast majority of the shares were sold long before the ASICs were even announced and long before I started working for BFL.    There are a handful of shares that were sold after the ASICs were announced, but that is just a tiny fraction of the total shares and were out of my own personal holding.  Any valuation on the shares was done on the value of the FPGAs.

Fil, is your question how many do I personally have on order or how many are allocated to BFLS as upgrades? 

Was for BFLS as upgrades. But if you want to say how many you have on order as well fine :-).

Phil

[server]

Josh it's time to come up with a solution for this.
Stalling is not a solution.

I really get the feeling I'm being screwed over by you and BFL.
I don't like this feeling.

[Inaba]

Ok, I will make a final payout of .026 BTC per share and discontinue BFLS.  I will try to get that done ASAP.

[server]

Ok, I will make a final payout of .026 BTC per share and discontinue BFLS.  I will try to get that done ASAP.

Shouldn't you ask shareholders if they are OK with this ?

[Inaba]

Well, the solution is to wait or I pay out of my pocket and make everyone whole. .026 BTC per share is more value in USD than the shares cost, plus whatever they have generated in the interim = profit for everyone, except me.  

[server]

Maybe this is working for the BLFS shares, but the problem I tried to address was that you sold BLFS.RIG shares 1.5 year ago with the promise that you would operate 2*1.5 TH/s rigs.

You changed your mind about this and left shareholders hanging without compensation.

We're waiting now for more then 12 months and still you refuse to address this problem.

[Inaba]

ASICs wern't even announced 1.5 years ago, so I'm not sure where you are getting that info from. 

As for "leaving shareholders hanging without compensation" what do you mean?  .026 BTC per share is more than the original price of the shares and share holders have been getting paid on those shares since the start, I'd say that's a tidy profit.  No one has been waiting for ASICs for 12 months, no one.

As for refusing to address the problem, I am addressing it, I'm basically buying back all the shares at greater than face value and dissolving BFLS.

[server]

ASICs wern't even announced 1.5 years ago, so I'm not sure where you are getting that info from.  

This thread, first page... 1 year and several months ago:

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

But who's counting... outcome stays the same. YOU REFUSE TO MINE WITH THE 3TH ASIC RIGS

As for "leaving shareholders hanging without compensation" what do you mean?  .026 BTC per share is more than the original price of the shares and share holders have been getting paid on those shares since the start, I'd say that's a tidy profit.  No one has been waiting for ASICs for 12 months, no one.

As for refusing to address the problem, I am addressing it, I'm basically buying back all the shares at greater than face value and dissolving BFLS.

I was talking about BFLS.RIG and not BFLS... you sold .RIG shares with a promise to mine with 2 asic rigs of 1.5 TH each.

[Inaba]

Ok, so if you don't want me to buy out your shares for more than face value and you don't want to continue mining the FPGA, what do you want that is within the realm of possible at the moment?  I can't mine with what I don't have.

I'm not real clear on what you want me to do, aside from invoke the clause:

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.

[server]

You don't have the Asic rigs because you don't want to accept delivery before other customers get theirs. Right ?
So the fact that you can't mine is because of your own choice.

You didn't tell your shareholders this when you sold the shares.

[Frizz23]

I really get the feeling I'm being screwed over by you and BFL.

It's a miracle that the BFL posse still doesn't have a scammer tag.
I guess too much Ad money blown up Theymos' ass ...

[server]

I guess too much Ad money blown up Theymos' ass ...

I think not... but maybe you're right about the 'blown up' part

[Inaba]

Well, the fact that I did not work for BFL at the time would seem to make that a difficult thing to do.