Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)] - page 30. (Read 120478 times)

I have texted (sms) Nafario this morning tho I imagine he is being inundated with calls, texts and emails.

Agreed. although, I dont think we know exactly what the problem is. only rumours so far. unless you have more info, i know you were closer to nefario.

Yes I have just emailed them although I see the GLBSE problem catching up to them.  If a I2p and/or Tor exact clone of the exchange doesn't pop up that everyone can just long into like normal then I think Open-Transactions are the best way to go.  As long as its not too difficult to set up, maintain and attract new investors.  I don't charge RSM a fee to run it I only get paid via 5% of new share issues.  If we can't find a way to issue new shares and attract investment then maybe the contract will need rewriting.  

Again I would just like to state as soon as our 180(GH/s) of ASIC's arrive then were'll start mining.  Then save everything up until we can properly pay dividends once more.

mathewh3 thought about cryptostocks.com as an option?

Once we get all the info we need off the GLBSE we might look at listing RSM shares on this - https://en.bitcoin.it/wiki/Open_Transactions - if a I2p or Tor clone of the GLBSE doesn't pop up.  Don't worry to much about RSM we only had ~24BTC on the exchange and have paid for three BFL-SC-Single-60(GH/s)-ASIC's.  They will be fired up as soon as there delivered.  Then once we have found a way to issue dividends everything saved up will be paid out.

I don't think we need to worry about the law too much.  We are a very small outfit and are more of mining Co-Op with us all pooling our bitcoins to buy mining equipment.

At the moment RSM is going to save 50% of profits for growth by purchasing new assets like more ASIC's and possibly eventually even shares in other high growth companies.  Although we are at the moment a primary mining focused company.  As with new mining technology approaching (ASIC's) that we are embracing we don't know at what ratio network difficulty is going to grow post ASIC.  So as for saving 50% to get our (MH/s)per share ratio to grow faster then the growth in network difficulty well that amount may have to increase if RSM is to stay competitive on the long term.  The amount saved for reinvestment will never decrease below 50% as we would just buy into other profitable shares (as long as the market prevails) if our (MH/s)per share ratio didn't need to grow as fast to keep up with the growth in network difficulty.   

Taken from the new BFL-Forum - BitForce Single SC - 60 GH/s @ 60w - Updated the thread title to - RSM - 240(GH/s)/2600shares 92.3(MH/s)[0.30BTC]share 1(GH/s) for 3.25BTC - ASIC

Cool what was you thinking of doing?  Giving us a ASICMINER board(s) for shares?

Matthewh3, Thank you. I really appreciate that.

I promise here, that after the first arrival of the BFL mining rigs and you showed us the sound evidence that you're running a serious mining operation, I will do my best to support your future expansion. You know that I have invested a lot in ASICMINER, if it successful taped out the chip, I will be able to support your mining operation by both source the ASIC rigs and invest money in RSM.

Hi Ian we have paid for three BFL-SC-Single-40(GH/s)ASIC's totalling 120GH/s and have money towards our fourth.  We have so far sold 2344 shares so that's 51.194539249(MH/s)per share.  Although we are planning on selling a total of 2600 shares and having four BFL-SC-Single's so that will be 160(GH/s) over 2600 shares which is 61.538461538(MH/s)per share.  Once we are operating we will be saving 50% of profits to purchase more ASIC's and eventually (to be decided by motion when the time comes) buying shares in GLBSE investment funds and other mining stocks with a strong organic growth plan.

matthewh3, I can sense your passion for RSM through our exchange of PM. But you should do things step by step, and don't change too much with your plan. I think the 200 shares maybe OK, but please don't issue more shares after this. It seems that the BFL is to delay, and the ASIC production is very competitive.

ASIC production is very fast, faster than FPGA. the producer can provide as many as the market want and as fast as everyone can image after the taping out proved to be successful.

I'm afraid that there is a possibility that the BFL cannot deliver the rigs timely enough, the whole investment into the BFL rigs will turns out a failure. But we of course have to buy the BFL's product, as they are still one of the most promising ASIC provider. FPGA is very different. A FPGA mining rig producers cannot meet the demand as fast as they want, so the difficulty rise not so much.

I feel that there will be a very sharp fall in the price for the ASIC mining rigs and sharp rise in the difficulty. Until the price of ASIC reaches the range of  10%-5% of the price they are selling now, the mining investors are not safe.  If you look at what ngzhang offer, you can feel the trend.

I invest in the BFL focused company to speculate that BFL is the first one who delivers the ASIC and delivers it in a step-by-step way. I estimate that BFL has more than 600T rigs to deliver, it's about 20x higher than the total mining power we have now.

It is very similar to a gamble. don't all-in. I don't like the idea to throw every penny we have on the BFL rigs. And those orders which are not on the top of the waiting list is worthless and damaging the shareholders' value. We may be able to buy a 90% cheaper ASIC in a very short time period after the first ASIC mining chips taped-out. The first to get the BFL rigs win because the difficulty is low, the second one loses because he pay as much as first one pays for the mining rigs and the difficulty has already sky-rocketed, and the third one will be able to have a stable ROI as the competition between the ASIC producer has made the selling price low enough and difficulty+mining rig price getting into a new equilibrium.

The money has been spent on BFL-SC-Singles.  The rest is in BTC and cash.  If you want I could maybe get Inaba to confirm our purchases as he works for BFL.  We are only a very small company and have not issued many shares.  A total of 2800 shares but 200 are currently in reserve off market.  All the unsold shares receive no dividends and don't affect motions.  Most company's have greatly issued a lot more shares then us from the very start.  When and if the time comes I think a share issue could increase profits I will put it to a motion to respect your views HorseRider.

Also the plus side of hosting with Inaba is if we want to forward the boards on to me eventually then maybe we can get around paying 20% import VAT.

edit:  Also all shares issued are to just buy more ASIC's and increase our (MH/s)per share rate and therefore profits as well as dividends.

matthewh3, can you stop for while issuing new shares?  


Why not you run a company with a more common method. issuing a bunch of shares, make profit, then another bunch of shares. why are you keep issuing new shares while no dividend is been paid?

Have you ever show any evidence that you have use the money to pay the orders? Trust you? some mining operations starts at the same time as you started, and they have paid dividends for tens of times and make their investors a lot of profit on both dividend and capital gain.

Please stop for a while. Do you have any ideas how cheap is the margin cost of ASIC mining rigs for the ASIC designing and production companies? I tell you the truth, it's about only 3%-5% of the market price now. As the competition has already showed tense, it is very possible that the ASIC mining rigs will drop sharply, and the difficult will rise pretty fast. Don't issue so much money at this stage. it's like an all-in.

stop for a while issuing the new shares before you have paid any serious dividends to the share holders and give us pictures and evidence that you're running a real mining business!

Paid for our third BFL-SC-Single today.  This has took us to 120(GH/s) over 2344 shares or 51.194539249(MH/s)per share.  This has left us with about ~BTC26.87, £180 in cash and 228 shares at BTC0.30 (BTC68.40) to pay for BFL-SC-Single #4.  Which will take us to 160(GH/s) over 2600 shares or 61.538461538(MH/s) per share.

RSM has 200 shares in reserve and if we were to issue 200 new shares at BTC0.30 then we could purchase BFL-SC-Single #5.  Taking us to 200(GH/s) over 3000 shares or 66.666666667(MH/s) per share.  This would bring about an 8.3% gain in profits and dividends.  So we would have to sell about 600 new shares to get to that level.  Although they are currently 250 shares on sale below our BTC0.30 offer  So maybe leave the new 200 share issue on the back burner for now.

We will paying Inaba $20 for each BFL-SC-Single pro-rata.  So the dividend can only be paid from after the first month of mining we have paid Inaba which is on the 1st of each month.  We could split that dividend up to pay four equal payments over the next month.  Or just pay it all out in full and continue with monthly dividends on the 1st of each month after paying Inaba.  If we did split the dividend up into four weekly payments to be paid a month in arrears then some weeks there would be no dividend due to some months being longer than four weeks.  So it's probably best to pay it out in full every month on the 1st.  Does anyone disagree?

Also during the first payment month a 100% dividend will be paid after Inaba's cost.  The 50% due from saving towards growth wont take place during the first Inaba payment month.  As on delivery of each board during the first payment month due to Inaba of that board will be paid out 100% from that board in full after Inaba's fee.     

Were nearly in October now tho I think BFL have said end of October to the beginning of November to start shipping.  Our first order was made almost two weeks after BFL started pre-orders.  So not long now.

While if no one complains I'll go about ordering our third BFL-SC-Single tomorrow to be delivered to Inaba.  Along with sending our other two pre-orders to Inaba.

Also if we issue 200 new shares at BTC0.30 each then we can order a fifth ASIC at current exchange rates.  Including the 200 shares RSM holds off market.  This would take us too 200(GH/s) over 3000 shares or 66.67(MH/s) per share.  Which should mean an increase in profits and therefore weekly dividends too of 8.4%.

Shares distributed - ~2344, current wallet - ~BTC137.40320313, hardware assets - $2723, VAT cash £180.

I set the date in the motion about Inaba wrong to end the 21st of Oct and not September    but everyone agree with sending the boards to Inaba OK so I can order our next ASIC.  If not I'll run another motion if there is a lot of concern but I don't think there was.  This means we should operate at >61.538461538(MH/s)per share but we'll be paying Inaba $20 a month per board.

We ordered our first at the beginning of July.

Well, why don't you then?

Also, Matthew, how far are you down the wait list for BFL?

Yeah all options are open and we'd only do it if we could work out a way for RSM to profit.  Meanwhile I'm being goaded by the old CEO of DMC on IRC on how I'm a scammer and I should stick to just scamming RSM shareholders