Topic: Avalon ASIC Batch #2 Income Sharing; arrived and hashing - page 10. (Read 23480 times)

The innovator is never properly rewarded.  He is forgotten under the accolades of those who make money from his innovations.
The block-chain is everything.
I am willing to pre-announce an end to the auction.  Will 24 or 48 hours of advance notice be enough? 
All non-winning auction bids will be refunded to the original payment address.

Report immediately the users that did not honor their bids in your post and they may get a scammer tag. As you may have noticed posts cannot be edited in auction subforum, they are binding.

The block chain bidding is ideal. It makes the bids binding. In my auction for CH shares, I had a few bids that were not honored. Love the innovation profmac.

Too bad my auction took too long, I was gathering those coins to invest with you prof.

2 questions:

1) End date for the auction - there has to be one for me to bid.
2) Will there be refunds to original address for non-winning bids?

Thx TheJucie

Hi Prof, still very complicate for me (maybe is just because english is not my native language). Simple question:

What is your ultimate goal? Maybe if you express it clearly, in two lines, we can find a mechanic that fulfills your goals and makes life easier for investors.

IMHO 1st phase is clear (you sell 70% of the shares for a fixed price per share), but I don't really get why do you use the blockchain for bids in the 2nd phase. Investors could just bid in the post (eg: [email protected]BTC, etc.) as per all other auctions on these forums - I don't get using the blockchain unless outbidded investors are not refunded, which I think it's not the case.

Then, I would be more confident to invest if you established an "end date" for the auction. Otherwise investors cannot plan and stick to a bidding strategy.

Just my 2 satoshis...

Easily creating new addresses is part of Bitcoin. In fact, creating a new address when you send for change to be returned to you was part of the original bitcoin software (not sure about how it works now, since I don't use that software.) blockchain.info allows you to create a new address and transfer money from one to another. If you had 3 BTC and wanted to send .8 3 times, you could split that into 2 new addresses and then send a .8 transaction from each of your three addresses. That would leave you with .6 in your wallet, and create bids from three addresses. I believe most wallet software allows you to do the same thing, since it's a part of the code.

And unless Prof is continually refunding bids, the auction will be difficult to manage from our end. If I send in a bid for .5 BTC and somebody sends in one for .6 BTC, the cost for me to outbid you is suddenly 1.2 BTC until I get a refund. And that just escalates very quickly.

Using separate addresses to differentiate between people is how you keep accountability and transparency. You can either have a separate address that somebody sends coins to (as many online stores do) or have separate addresses send coins to you (as group buys/etc do). The way prof is doing it allows for transparent bookkeeping to protect all of us.

When the auction opened, you could own 9 shares for 9 Satoshis.

Of course, when you split your bid, it is easy for each one to be outbid.  That is why I made a recommendation against it.

If you would like to help out the Sons of ProfMac, you could of course make 10 bids of BTC 100 each.  I would be very grateful.

Hmmm.

http://blockchain.info/ will let you import your wallet.  They will let you pick which address you make payment from.  They have 2 factor authentication.

Let me know what client you are using, I'll explore it.

For the auction, the following list of definitions may help.

Share --- what you buy.  Equivalent to 1% of the machine income.
Bid --- offer to buy 1 share.
Payment --- transfer of bitcoin from 1 single address to address 17DCms43Vu2yusDjmpjHJuZihSSWkNzgSH
Bids are tied to payment addresses.  A standard bid has 1 incoming and 1 outgoing address.  One address may make additional payments to increase the amount of that bid.
Transaction --- a bundle of 1 or more payments.  I might have a transaction for "band payment" that includes inputs from bar regulars Bob, Ted, Sue, and Alice, and outputs for guitar, vocalist, drummer, fiddler (I'm from Texas, ya gotta have a fiddle in the band.)

There is a mess with some bids coming from several incoming addresses.  The actual rule that I published is per address, and not per transaction.  

Complex Nerd & Administrative Stuff that you can skip:
Here is an example of using that rule:
I start a new wallet with bitcoin-QT, and create 11 addresses with it.  I deposit BTC 55.005 as follows:  1 coin to address 1, 2 coins to address 2, 3 coins to address 3 ... 10 coins to address 10, and 0.005 coins to address 11.
I send a BTC 55 payment from my wallet to the bidding address with a 0.005 Miner's fee.
This 1 transaction makes 10 separate bids.

I have defined 1 share as 1% of the machine's earnings.  
I have purchased 10 shares, and I will pay electricity, cooling, and other costs out of that dividend stream.
It does not matter how many shares I sell, the return per share is not diluted by other sales.  Unsold income, er, isn't sold.

I hope to have ฿72.36 or ฿99.14 in hand, I hope that the Batch #3 Avalons will open for a 2nd round of sales the same way that Batch #2 did, I hope BFL does not ship today, I hope that Batch #14 Avalon is on 14 nm ASICS and is a freestanding a solar powered sculpture, and I hope to successfully buy another mining rig.

With two machines, I can sell 175% of my first unit, and everything will be transparent, add up correctly, and work under the originally published Offer.  It may convince the casual onlooker into thinking I knew what I was doing all along.

1) Are bids tied to addresses, such that each address' total bid is compared against every other addresses' total bid?
2) When are the bids tallied and we find out who won the auction and what address has the share?

Yes.

For convenience, here are transaction logs for both ventures.

(70%, 70 shares) Fixed price of BTC 0.8683 per share, now closed to additional purchase.

(10%, 10 shares) Multi winner Auction for 1 share, 10 separate winners.

70% of the shares have already been bought at a fixed price.  The transaction log is here 17Pq8oPtk8rikxZhF1wENFqR9YtDyLyr8E.

This auction is for an additional 10% share.  The 10 highest bids in this auction will each get 1% share, after which 80% will have been sold. 

I believe that only the top 10 highest bidders each receive 1% of the Avalon. He previously was selling 1% shares for a fixed price and I'm not sure how many people bought into that.

So: only the 100 highest bidders get dividends - correct?

Where do we see the current higher and lower bid? It would be cool to know that if you bid less than X you won't be able to get in.

Alert!

Some transactions are coming in from multiple addresses.  Please be sure that the paying address is yours, and not hidden behind a mixer!

Yeah!!

Care to help the other folks get it?

That is a great deal.  My electricity cost is much lower than his, perhaps you will have him ship his unit to my location.  It would save $950 / year.
 365 * 24 * 0.650 * ((25-8.2)*0.01)

If you buy 1 share, you get 1% of the bitcoin from my batch #2 Avalon.  Some people think the payout will be large.
The only action on your end is to make 1 payment, with careful attention to both the paying and the receiving address.
If you set your price right, you will automatically get more back than you put in, no additional action from you.
All things end, and in time this rig will be decommissioned.  You will automatically get your original coin back at that time, with no additional action on your part.
I don't know how to make it simpler than a 1 payment action.


This 2nd phase is not a fixed price purchase, it is an auction.  No matter what size payment you send, you are buying 1 share, 1%, only.  A 10 BTC purchase for 1 share only makes sense if you believe that the rig will mine more than 1,000 BTC during it's lifetime.

If you are outbid, you will be paid back, no additional action required on your part.  A day or so delay in payout will give you time to up your bid, and me time to handle my other life.

I think this is the thing that is confusing to people. It's difficult to parse the terms and figure out exactly what is being offered, especially with the many changes. It might be best to refund auction money (since there's very little in there) and get some simple terms hashed out to start again, this time with terms that are more simple.

Also, change the OP - move the text and put strikethrough through what isn't an option any more if you don't want to delete it. It's very confusing.

I'll PM you with some thoughts on simplifying the terms.