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Author Topic: New GLBSE.com for FPGA mining investment - FPGAMINING  (Read 10186 times)
silverfuture
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September 24, 2012, 09:22:06 PM
 #81

it is written on a new motion on glbse now.

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Fortega
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September 25, 2012, 07:30:08 AM
 #82

1.
So how will this work? Should we sell our shares? If so, at what price?

2.
"The issuer can buy back the bond at any time at a price equal to 1.05 times the average price the asset was traded on GLBSE over the previous 1 week. "

The price is dropping fast now. If he waits another month, he can just pay 0.30 for each share and make a huge profit. I don't think that would be fair, as it is his own fault the price is this low.

3.
"Until all shares are bought back by the issuer, interest in the amout of 1% of the remaining outstanding shares, at a par value of 0.8BTC per share, per month will be paid at the end of each month."

Is he allowed to do this? Shouldn't he just pay 2,5% as long as there are remaining shares, even if/when he is shutting down?

Francesco
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September 25, 2012, 10:51:42 AM
 #83

1.
So how will this work? Should we sell our shares? If so, at what price?

2.
"The issuer can buy back the bond at any time at a price equal to 1.05 times the average price the asset was traded on GLBSE over the previous 1 week. "

The price is dropping fast now. If he waits another month, he can just pay 0.30 for each share and make a huge profit. I don't think that would be fair, as it is his own fault the price is this low.

3.
"Until all shares are bought back by the issuer, interest in the amout of 1% of the remaining outstanding shares, at a par value of 0.8BTC per share, per month will be paid at the end of each month."

Is he allowed to do this? Shouldn't he just pay 2,5% as long as there are remaining shares, even if/when he is shutting down?

Very, very poor communication. Does he despise us, or something?

Anyway, I don't really understand where 2.5% or 3.5% come from in the first place: the contract says
 
Quote
This bond is a for share in a very large FPGA (high efficiency) mining operation. Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs [...]. Coupon payments will be made Monday for the previous 7 days of mining activity.

so if he's liquidating and has stopped mining, it makes sense not to have dividends anymore, and it's a pure act of goodwill to still pay 1% a month.

On the other hand, we should have at least a rough idea on when we can have our shares bought back -otherwise, he's just stalling.
TiuraZ
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September 25, 2012, 01:36:32 PM
 #84

Why is he making these motions when there is nothing to vote for? He has already made decisions and uses motions only to announce them.  Huh  Angry
silverfuture
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September 25, 2012, 07:39:51 PM
 #85

It seems he is not liquidating but using the mining equipment to pay back a loan @ 80% of ipo price (plus dividends already paid).

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moparguy528
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September 25, 2012, 08:06:52 PM
 #86

I am slowly buying shares back from mining profits and from my own cash I am buying bitcoins with. I am not trying to cheat anyone, I just can't buy them all at once. For those that I can't buy immediately, I am treating it as a loan,paying interest, until all can be paid back. This is more cost effective than liquidating the FPGAs I have.

Also, although the IPO was at 1.0, very very few were sold at that level. I am one of the few people that invested at that price level via my investment acct. Most shares were bought initially between 0.75-0.83. They may have traded less than that though.

Slowly but surely i am paying back.

I am not a Pirateat40.
Audriux9
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September 25, 2012, 08:24:40 PM
 #87

I am slowly buying shares back from mining profits and from my own cash I am buying bitcoins with. I am not trying to cheat anyone, I just can't buy them all at once. For those that I can't buy immediately, I am treating it as a loan,paying interest, until all can be paid back. This is more cost effective than liquidating the FPGAs I have.

Also, although the IPO was at 1.0, very very few were sold at that level. I am one of the few people that invested at that price level via my investment acct. Most shares were bought initially between 0.75-0.83. They may have traded less than that though.

Slowly but surely i am paying back.

I am not a Pirateat40.

1. What is the priority of buying back shares?
2. Do you buy directly from the GLBSE market? And what is your target price for buyback?
3. Where did you place invested capital from FPGAMINING investors (around 0.8*3900= 3120BTC)? If you invested it, shouldn't you liquidate it?
4. How long do think buyback process will take?
5. Should we make a list of investors who got paid for their shares?

EDIT:

6. Could you explain more clearly the procedure of paying interest? Are you aware of current interest rate on BTC loans?


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Francesco
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September 25, 2012, 09:18:47 PM
 #88

I am slowly buying shares back from mining profits and from my own cash I am buying bitcoins with. I am not trying to cheat anyone, I just can't buy them all at once. For those that I can't buy immediately, I am treating it as a loan,paying interest, until all can be paid back. This is more cost effective than liquidating the FPGAs I have.

...I'd be very surprised if it wasn't more cost effective for you to keep the hardware bought with our money and decide we are to give you a fairly low interest and indefinitly long term loan. But how about using that motion feature for what it was intended for once, and check wether it is ok for us too?

(disclaimer: I'd probably vote yes, provided you first lay a more detailed repayment plan. Answering Audriux9's questions, at least 2 and 4, might be a good start)
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September 25, 2012, 10:23:39 PM
 #89

...I'd be very surprised if it wasn't more cost effective for you to keep the hardware bought with our money and decide we are to give you a fairly low interest and indefinitly long term loan. But how about using that motion feature for what it was intended for once, and check wether it is ok for us too?
(disclaimer: I'd probably vote yes, provided you first lay a more detailed repayment plan. Answering Audriux9's questions, at least 2 and 4, might be a good start)


First of all investors would like to know full disclosure of what hardware has been bought with investors funds and mining profits, which were not distributed to investors. If I recall correctly, moparguy528 stated that, he had some of his own hardware before raising funds.

Moreover liquidity of moparguy528 seems a bit questionable at this point of a time. He is going to repay from his own cash Huh and mining profits. Assuming he has 70Ghash/s of mining hardware that gives us very roughly 1400BTC until reward halves, and then probably ASICs will take over the market so payout of those 70Ghash/s will diminish to roughly around 40btc per month. To cover all of the ~3000BTC will require pretty large amount of additional personal funds. Long time awaits for unlucky investors to be paid.

We cannot solve problems by using the same kind of thinking we used when we created them.
Audriux9
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September 25, 2012, 10:48:45 PM
 #90

Who are you to say all investors? Please don't include me in that statement.

Sorry, missed comma Embarrassed, beginning of my post should look like that:

First of all, investors...

Or did I misunderstand what you meant?

We cannot solve problems by using the same kind of thinking we used when we created them.
Audriux9
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September 26, 2012, 12:42:36 AM
 #91

No, I chose to misunderstand you because your claiming to speak for investors, I'm an investor and I'm damn sure your not speaking for me. I'm not happy with the situation either but if I'd been in moparguy's shoes I'd have told everyone to get screwed after the BS he's been receiving. Currently there are 2 other threads for GLBSE investments that contain exactly the same BS for exactly the same reason, someone running a bot on GLBSE has dropped the prices of many assets and the asset issuers are being targeted with scam accusations because of this. FPGAMINING paid a very good dividend which has since dropped to a good dividend and now, because of the scam accusations, it wont be paying anything so it's not moparguy I'm pissed off with.

I maintain communication with several big investors of FPGAMINING, also with member intel-core-i7, who was the only one contacted personally by moparguy528 after turbulence started. However I have no intention at all to speak for investors. I am only asking logical questions in order to provide more considerations for discussion in this thread and possibly to find rational solutions or at least rational suggestions to current problems.

Let me ask you several questions.
1. What do you call BS here? Who is BS'ting and how?
2. "Someone running a bot on GLBSE has dropped prices of many assets" Do you know any smart explanation why would anyone run a bot at a loss in order to drop prices? In which way could that be done without incurring losses? (Many assets lost its value, but there were reasons for that, e.g. permanent difficulty growth, late due diligence, ASICs -  knocking mining market doors and others)

However very few assets dropped significantly like FPGAMINING (e.g. OBSI.HRPT price halved because of heavily reduced dividends).

According to this:
Also, although the IPO was at 1.0, very very few were sold at that level. I am one of the few people that invested at that price level via my investment acct. Most shares were bought initially between 0.75-0.83. They may have traded less than that though.

One could assume that price downward pressure from steady levels was partially caused  by moparguy528 issuing new shares at 0.75-0.83 levels.

3. If you look at some of the biggest operators like Gigavps, they have received much more harsh accusations, and they handled it properly, without terminating dividend payments and suspending mining operation. Why would someone have to cancel contract and stop paying dividends because of scam accusations?

4. What do you think about transparency of FPGAMINING operation? How do you measure uncertainty and suspicious activity, and how do you incorporate that into risk by managing your investment?

5. Are investors allowed to ask/know information about their investment? Don't you think if moparguy528 answered those questions in time, no panic would have incurred with FPGAMINING?



p.s. Disclaimer: Personally, I am not accusing anyone scamming or defrauding, I am just discussing in this PUBLIC thread in order to know more about current situation and/or to discover optimal solution to FPGAMINING future. In addition, I do not intend to be offensive and do not wish confront offensive responses from others, without logical reasoning.

We cannot solve problems by using the same kind of thinking we used when we created them.
Fortega
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September 26, 2012, 07:50:13 AM
 #92

Most shares were bought initially between 0.75-0.83

Is this true? I currently own 68 shares, with an average price of 0.87 per share.
But if you are willing to buy them for .83, it's ok for me.

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September 26, 2012, 09:46:44 AM
 #93

I wonder if the "shares paid" rising was actually caused by moparguy buying with his own glbse account ?

Takin from one pocket and putting into the other.... but moving the number of shares in circulation up...

That would not move the price if done fast and nobody seees the blip... in teh oredr book.

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conspirosphere.tk
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September 26, 2012, 11:16:17 AM
 #94

I'm an investor

You are just a sock puppet, and failing at it.

I'd been in moparguy's shoes I'd have told everyone to get screwed after the BS he's been receiving.

Then you must never have been involved in any business, and you should continue to do so.
You cannot just take people's money and run. That is called theft, and that is what I am now going to call in scam accusations.

[B/S] FPGAMINING paid a very good dividend which has since dropped to a good dividend and now, because of the scam accusations, it wont be paying anything so it's not moparguy I'm pissed off with.

So because someone accused him to be a scammer, he felt obliged to prove that the accusation is true?!
Strange logic. Tell that to the Bitcoin police.

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September 26, 2012, 03:06:03 PM
 #95

I just opened a scam accusation thread here:
https://bitcointalk.org/index.php?topic=112969.0

Anyone interested is invited to participate.

Francesco
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September 26, 2012, 09:48:21 PM
 #96

Someone just bought shares up to ~0.49. Moparguy, is that you?
So you are buying back  at market price, with your personal account (since "number of traded shares" is still 4113)?

If this is the case, I advise everyone to put asks only at 0.8BTC.
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September 26, 2012, 11:46:06 PM
 #97

If this is the case, I advise everyone to put asks only at 0.8BTC.
so why not

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September 27, 2012, 01:27:58 AM
 #98

Someone just bought shares up to ~0.49. Moparguy, is that you?
So you are buying back  at market price, with your personal account (since "number of traded shares" is still 4113)?

If this is the case, I advise everyone to put asks only at 0.8BTC.

73 shares were bought to the ask wall during the last 24h as I write, actually during the last 8 hours. Before that shares were sold to the bid wall (somebody lost faith for buyback).

what do you mean Francesco by saying "since number of traded shares is still 4113"? When did you check that number last time (despite recent days)?


We cannot solve problems by using the same kind of thinking we used when we created them.
Francesco
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September 27, 2012, 08:52:16 AM
 #99

Someone just bought shares up to ~0.49. Moparguy, is that you?
So you are buying back  at market price, with your personal account (since "number of traded shares" is still 4113)?

If this is the case, I advise everyone to put asks only at 0.8BTC.

73 shares were bought to the ask wall during the last 24h as I write, actually during the last 8 hours. Before that shares were sold to the bid wall (somebody lost faith for buyback).

what do you mean Francesco by saying "since number of traded shares is still 4113"? When did you check that number last time (despite recent days)?



I had checked some hours before.
(still 4113 now)
Francesco
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September 27, 2012, 09:07:02 AM
 #100

...I'd be very surprised if it wasn't more cost effective for you to keep the hardware bought with our money and decide we are to give you a fairly low interest and indefinitly long term loan. But how about using that motion feature for what it was intended for once, and check wether it is ok for us too?
(disclaimer: I'd probably vote yes, provided you first lay a more detailed repayment plan. Answering Audriux9's questions, at least 2 and 4, might be a good start)


First of all investors would like to know full disclosure of what hardware has been bought with investors funds and mining profits, which were not distributed to investors. If I recall correctly, moparguy528 stated that, he had some of his own hardware before raising funds.

Moreover liquidity of moparguy528 seems a bit questionable at this point of a time. He is going to repay from his own cash Huh and mining profits. Assuming he has 70Ghash/s of mining hardware that gives us very roughly 1400BTC until reward halves, and then probably ASICs will take over the market so payout of those 70Ghash/s will diminish to roughly around 40btc per month. To cover all of the ~3000BTC will require pretty large amount of additional personal funds. Long time awaits for unlucky investors to be paid.

apparently stan.distortion's trolling was successful in taking the attention away from this.

But it seems we don't have to worry, since... well, if he's buying back at under 0.5, the total could be much less than 3000; so he might do it in reasonable time. It sure makes sense from his point of view. Not much from ours...
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