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Author Topic: Jtme  (Read 11125 times)
MoinCoin
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September 08, 2012, 02:15:08 AM
 #41

If you don't want to scam us you should only have advantages making a commitment to shareholders.

Thats it, welcome to ignore.

*shakes head*

Called a scammer for sticking to a 2 month old contract..

Please observe:
I did not call him a scammer. (see "should and have")
For now i do not know what i will do next - please feel free to post your comments on this thread or send me pms - would appreciate it.

The contract would have made sense if the IPO was succesfull. But it has majorly stalled and so it has left him as the soley benifitor.
I do not live in the states but i cannot imagine that such a contract would stand against law if he registered JTME as an ordinary company.

Furthermore i do not think the initial mining equipment is not even worth the 600 shares/BTC or 6.000 USD
So im trying to do a estimate (please correct me if im wrong)

7 5830 (1 has died)                        ~6*10 BTC         60 BTC
1 6870                                         ~   13 BTC         13 BTC   73 BTC
2 Motherboards (with/cpu&ram)       ~ 2*5 BTC          10 BTC   83 BTC  
1 850 watt PS                              ~ 4 BTC               4 BTC   87 BTC          (assuming no-name anyway it is used)
1 950 watt PS                              ~ 5 BTC               5 BTC   92 BTC          (assuming no-name)
2 32gb ssd                                   ~ 2*3 BTC           6 BTC   98 BTC
1 Bitforce single FPGA (with upgrade to ASIC single already purchased) ~120 BTC

Subtotal of ~220 BTC
JTME paid ~ 90 BTC in dividends so far. So not even 17% ROI compared to his claimed 42%.

Would be a total of 310 BTC.

New investments should sum up to at least 400 BTC (less than 542 because USD/BTC rose since IPO) + 90 BTC from the growth fund.

In the event of liquidation which he can enforce at will (see contract), he will walk away in accordance with the contract with a share of 1,750 units of the total 2,292 units.
This means you may loose ~70 % of your investment (1 BTC share price) at any future given point in time.

He claims that he is loosing money to the company but he virtually has 1750 * (220 + 490 ) / 2292 BTC = 372 BTC now.
A comparision with self mining on his 220 BTC equipment and probably 60 BTC from mining reveals that he has made 92 additional BTC, because he started the company.
That is per se no problem, but:
The asset backing of shares is currently only 0.31 BTC per share! and his contract states that he is entitled to 76.35 % of dividends from dividend 13 on.

When http://www.stochastically.com/ put out false high dividend payments/yields he was eagerly advertising the yield (though he knew better).

Future risks:
JTME was late on ASIC - which may lead to a liquidation at discounted prices (at least liquidation of all GPU hardware)
Block halving
ASIC will unlikely boost mining as everybody will be mining with asic at that point in time.
He has no business plan in place or does not want to disclose it (business model is only a smal part of the business plan)
You may make money anyway - but thats not investing - IMHO it's simply gambling.
Performance for shareholders highly depends on sold new shares - Silverboxes performance changes only slightly if new shares are sold (assuming he does not want to scam people)

be carefull
MoinCoin

P.S.
His intention to operate JTME probably has been fair-minded in the begining
but as the IPO did not work as planned he stuck to egoism
Also notice that the 90 BTC dividends include money from ppts so his "money loss" from not mining on his own is not so severe, because those interests have been generated from sold shares.
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Shadow383
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September 08, 2012, 02:53:39 PM
 #42

Welp, my JTME shares just devalued 25% in a day. Fan-fucking-tastic  Undecided

silverbox, you'd better clarify your position fast or JTME's going to be as good as dead pretty shortly.
MoinCoin
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September 08, 2012, 05:16:11 PM
 #43

Welp, my JTME shares just devalued 25% in a day. Fan-fucking-tastic  Undecided

silverbox, you'd better clarify your position fast or JTME's going to be as good as dead pretty shortly.

What exactly do you think I need to clarify?  I think I've been very clear.

Indeed he has been very clear - he is not willing to make a commitment.
And he is right, because we were not vigilant enough. The contract clearly states his rights.
He is legally sound, but moraly - make your own opinion.
So you have just to place your bet, how much he will take of his rightfull dividends and if he liquidates or not.

However, I think that 25% devaluation is premature as not everybody will have my opinion. IMHO slow devaluation will set in but at a much slower pace (weeks or months to ~0.4-0.5 BTC/share)
Dividends 11+12 should pay 0.01 BTC per share
For dividends from 13 on till december 1st (block-halving http://bitcoinclock.com/ ) you'll get ~10 more dividends each about 0.005 BTC without ASIC.
that would sum up to about 0.07 BTC

Sadly there are a lot of other players which will get ASIC first, so be prepared that dividends will drop before JTME gets its ASIC equipment delivered.

What will the advantage of JTME be over its competitors be, when ASIC gets delivered?

Also keep in mind that BFL specs are not confirmed yet.

Kind regards
MoinCoin
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September 08, 2012, 09:07:14 PM
 #44

Also keep in mind that BFL specs are not confirmed yet.

It seems more like your trolling then being a concerned investor. Good thing silver ordered bASIC along with BFL, I find this investment to be a great alternative to others just ordering BFLs (nothing against BFL, I just don't want all my eggs in one basket).

MoinCoin
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September 08, 2012, 11:42:35 PM
 #45

Also keep in mind that BFL specs are not confirmed yet.
It seems more like your trolling then being a concerned investor. Good thing silver ordered bASIC along with BFL, I find this investment to be a great alternative to others just ordering BFLs (nothing against BFL, I just don't want all my eggs in one basket).
Agreed - the bASIC order is a plus for JTME
As i just sold my last shares for a decent price I'm no longer invested into JTME.
You could argue that it was my fault, because i did not understand what i bought.
I wish all current shareholders of JTME best of luck.

Kind regards
MoinCoin
Shadow383
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September 10, 2012, 04:14:15 PM
 #46

42% in dividends in 9 weeks, one of the best deals on GLBSE.

Buy shares while you can.

The askwall will raise to 1.06 on Wednesday.
Wouldn't it be more helpful to sell on some of those shares at near to the price at which trades are actually taking place? That way JTME could bring in some fresh capital and make more ASIC orders or pick up some more cheap GPUs...
MoinCoin
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September 12, 2012, 09:27:08 PM
 #47

AngryCatfish
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September 18, 2012, 07:39:47 AM
 #48

Excellent, looking forward to seeing what growth will do for JTME's returns. I think you have a well diversified strategy.
Shadow383
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September 19, 2012, 01:18:51 AM
 #49

The askwall is now 1.07.

Get your cheap shares now!, not alot on the order book between current and 1.07 Wink.
Problem is that BTC appreciation has reduced the BTC value of the company's assets. What was the dollar price of the original IPO at the time?
Factory
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September 19, 2012, 04:30:49 PM
 #50

Silverbox, when you issue new shares, do you pay full price for the 25% that you are given as per the contract? Or are they just given to you as compensation for management?
MoinCoin
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September 19, 2012, 06:38:35 PM
 #51

Silverbox, when you issue new shares, do you pay full price for the 25% that you are given as per the contract? Or are they just given to you as compensation for management?
Silverbox currently owns 0.25 * 7000 = 1750 shares
He currently only takes dividends on 600 shares.
The 1750 shares are his, because of the equipment he put into JTME on start of IPO and as compensation for management.
542 shares are hold by other investors.

Meaning he always gets 25% as compensation (management, setting rigs up etc.)

The operater will retain 25% of the IPO shares and 25% of any shares issued post IPO.
AngryCatfish
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September 22, 2012, 05:38:19 AM
 #52

Good news seems to be bringing the price back up, awesomesauce.
TradeFortress
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September 22, 2012, 09:18:56 AM
 #53

SCAM SCAM SCAM

The owner has NO verification on GLBSE. ABSOLUTELY NONE. ZERO.

Bitcoin mining WILL NOT BE PROFITABLE in the future.

Incorrect spelling and grammar - probably ran by someone who is 16... another reason why there is NO VERIFICATION.
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September 22, 2012, 10:35:02 PM
 #54

Maybe he just missed out on them while they were cheap and was hoping to get them back down Tongue.
TradeFortress
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September 23, 2012, 06:35:05 AM
 #55

SCAM SCAM SCAM

The owner has NO verification on GLBSE. ABSOLUTELY NONE. ZERO.

Bitcoin mining WILL NOT BE PROFITABLE in the future.

Incorrect spelling and grammar - probably ran by someone who is 16... another reason why there is NO VERIFICATION.


So says the guy selling "guides" to use paypal for BTC transactions for 5 BTC.  Hello TROLL, welcome to the thread, thanks for the free bump.  If you'd check this post "https://bitcointalk.org/index.php?topic=91374.msg1046529#msg1046529" in this thread you will see that your concern about verification has been addressed. 
LOL, "omg this guy is seeing through my con, call him a troll!"

Anyway, thanks for the free advertising for my guide. If you want to trade with PayPal without the risk, I'll teach you how for just 5 BTC
Shadow383
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September 23, 2012, 02:12:33 PM
 #56

The new BFL FPGA single has a faster bitstream in it and runs kinda hot..  cgminer has halted a few times while running it. Sad  I put it on its face, hopefully that will help, I've read they run cooler when on their face.

Logo candidate?
 
Why don't you try different firmware?

That or point a desk fan at it  Cheesy
TradeFortress
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September 25, 2012, 07:06:37 AM
 #57

See, stocks are dropping massively because silverbox will run away with all your coins once ASICs hit the market. Sell when it's not worthless!
Shadow383
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September 25, 2012, 11:17:02 PM
 #58

I honestly think it would make sense to offer more shares for sale at nearer the current traded price to allow for more ASIC pre-orders...
Shadow383
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September 27, 2012, 08:25:29 PM
 #59

What's the plan for the GPU rigs post-shutdown? Sell them and use the coin to pay a dividend or sell them and use the coin to buy ASICs?
Shadow383
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September 27, 2012, 10:54:47 PM
 #60

What's the plan for the GPU rigs post-shutdown? Sell them and use the coin to pay a dividend or sell them and use the coin to buy ASICs?

Sell to buy the next round of ASICs.  However the 7970s (undervolted and underclocked) will be profitable longer then the others, so they will get sold last.  Also it may be possible to turn a profit with the 7970s mining Litecoins once they are unprofitable mining BTC.  I haven't looked into what card is most efficient for LTC mining, but I'd hazard a guess that it is a undervolted/clocked 7970.
Actually from when I tried to mine LTC on my 7970 rigs the 5xxx cards are better at that  Smiley
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