Topic: Be kind, but I would like some input about a new mining company :) (Read 1534 times)

Thanks for all those that showed interest in my mining operation. I don't think its a wise financial decision for me to go forward with offering my hashing power at this time.. I will keep it as an option for the future, however..

I will start putting my (not so big idea) into action.. I think its very viable and should only take me a couple weeks to put together..

Ill make a thread about it when i am getting closer to putting it up on GLBSE..

thanks again..

AR

I actually have 2 other ideas that I wanted to implement on GLBSE. The tub business and a diamond type business)The diamond idea isn't that complex.

The good (and bad) thing about those ideas is that both businesses in the real world use fiat, and I would have to buy bitcoins to pay investors (or better yet, pay the dividends with the coins that I've mined). It would actually do two things. 1. give investors different type of businesses to invest in and 2. I would have to buy bitcoins also all of my businesses will soon start taking bitcoins (even my non-profit organization). Also, I would advertise bitcoin to not only the consumers that buy my products that I sell, I am now trying to educate my business associates about bitcoin.  One of my partners has started to be very interested in  bitcoin. He's a programmer that struck it rich by selling his company to Adobe. So, I was surprised when I had to educate him about the bitcoin.. Trust me, there are many wealthy individuals out there that starting to notice the bitcoin..

I just need to figure out the best way to entice investors. I truly thought that GLBSE was a great vehicle to get this done/started. I still hope it will be..

AR

(about the water heating idea) I'ts actually something to look into, lol, but heat wont be such a big issue when the asics are released, but who knowss, lol...

Anyways,

I already have emailed him and not heard a word(nefario).. that is why im nervous about GLBSE.. I want to do possibly a few offerings (one at a time) and I've sent a pm asking for help and received nada..


The diamond idea is already making me money.. I was going to try to start it with GLBSE to get the funding off the ground, (couldnt get GLBSE to respond) so i said screw it, and did it myself.. Thats the thing, It would be nice to not use my own money, but when I have my own money and a few very wealthy investors, its kinds of like, why go thru all the hassle with setting up a GLBSE? but i want to help the bitcoin grow, i really thought the GLBSE was a vital part, but after asking GLBSE for some help, you get nothing, so it kind of puts a sour taste in your mouth.. I just may hire a consultant, but, i know I wont find someone locally that knows about the bitcoin, just about securities, etc. and I guarantee that they wont be able to help..

So, Im probably left to do it on my own. thats why I wanted to start with something small, like the mining, so I can get used to the GLBSE market.. Even my diamond idea is kind of big, although that only required about 20k to get it going.. I actually could do another diamond backed idea, Id just have to separate the one i just got going and the new one...Wouldn't be that big of deal...

Heres an idea..Maybe ill start my own GLBSE type of biz, lol (just kidding)

Forget the mining. What is the other idea?

It might be a novel idea to invest in a person rather than a particular business they are offering.

For instance sell shares in avidreader and give people a cut of all your future income so no matter what you get involved in they can support it 


Has anyone ever IPO'd themselves ?   


Heres a thought - a hot tub that uses ASIC mining chips to heat the water...https://bitcointalksearch.org/topic/asicminer-entering-the-future-of-asic-mining-by-inventing-it-99497 contact these guys who are going to produce the chips .

You sound like you are a well established businessman and if what you say is true I could see you listing on the glbse blue market. Send Nefario a pm and he can help you get setup if youre serious.

My 2nd idea is pretty big.. I would need help putting it together, someone that is not only knowledgeable in bitcoin but turning that sole prop. into a LLC/S corp and putting together the wording so that all the fine print is clear to both parties (Me and the shareholders).. I am willing to pay someone to help me do this..

I own a jetted tub manufacturing business. It was extremely profitable until the economic downturn. I survived the downturn and we are now starting to be very profitable again.. We have been in business for 20 years and the company owns 1.5 million worth of buildings, one we operate in and the other one we rent out. and we own tub forming machines, etc. we also buy tubs from China.. We have contracts with many home builders and a regional home supply chain that carries our tubs.. We are going to start an online presence soon.  We are in the process of setting up so we can take bitcoins, we probably wont get many takers, but it will give us an excuse to educate people about it. It only make sense that I take bitcoins since I mine them, lol...

In a nutshell, I was thinking of selling a portion of my tub business to help fund the online presence etc, and to give bitcoin investors a different type of opportunity. Thee are a lot of details but we are profitable and we are getting back on track to pre 2008 numbers.. We put the value of the business at around 5 million...

This might be too big of thing for the bitcoin community, i dont even know if anyone has even tried doing something like this. Hence, I need someones help and do a lot more research to make sure its a healthy and viable plan, but at first glance, it looks like a great idea..(its a jetted tub/shower biz)

My 3rd idea is in the middle of my small mining operation and the tub business, in essence it would be backed by diamonds,(im a minority owner of a diamond mining business) but I hate starting more than one project at a time. so, after i start one, I wont start on idea number 2 until idea number 1 is well on its way, etc...

Anyone willing to help me, please pm me.. 

AR

GLBSE is adding rules/increasing fees to make it more difficult for people to start from absolutely nothing but a vague idea of what they want. You already have stuff up and running, so you shuldn't have a problem.

I am also interested what other sorts of businesses you want to start.

Could you post a picture of your current rigs up and running?

" Well comparing to some of the other companies around, BMF has a 5% management fee, DMC has a 20% management fee. The others are between that more or less. But it looks like the structure of a mining bond. This will be the big point of contention. Please no more mining bonds. How about you calculate your net profit as a business, and pay half to shareholders and use half for expansion? What you can do is issue yourself 10% of the outstanding shares, i.e. X-Y=Z where X is total outstanding, Y is management fee shares, and Z is reported outstanding shares, and Y/Z = 0.1? That makes the accounting very easy. Or, 15% if you like 15%. Just a suggestion."


This is what I plan on doing...

Take 10-15 percent for myself (anything less wouldn't be worth it) and the rest for upgrade and dividends.. Im in a good financial position, the main reason was to get more familiar with GLBSE as I have a few good ideas for it.

Also, it was mentioned that GLBSE start ups are the thing of the past. Are you talking about mining start ups? or GLBSE in general?

If I decide to do it, I will have it well thought out and it will be a favorable mining stock. I would love to do at cost, but that is, just, well, not smart, lol..  I think me only making up to 15 percent is fair. I could even make that 15 percent and i would include all the power costs, but that probably isn't a wise business decision.

Stock wise...

15 percent for me
35 percent for power and future upgrades/maintenance (I figure that to power the 12 singles should only cost around 45 dollars a month) its 12 cents a day per single..
50 percent dividends

Payouts once or twice a week...


and yes, as of right now, I plan on keeping all the other hashing power But, I would be willing to use my other hashing power as a back up, if needed.. so, in the end, each share will get about 240MH/S when the asic is released.

EDIT: It wouldnt be a bond, it would be shares only and where I would keep 10-15 percent myself and use about 35-40 percent for upgrades and the rest dividends.. I just brought up bonds as a possible option..end edit

This is what im leaning towards.. I  just saw so many mining bonds that I thought it may be worth a shot..

 There have been several people telling me that they would buy a lot of it.. The 12 singles that I have running are already part of the sc upgrade with bfl. The only reason I got them was that I wanted to mine with something before the asics hit. They have already been upgraded at the time of purchase..

My business plan as a whole, will keep expanding, not only with bfl but with whomever has the best asic at the best price, hence one of the reasons I have stopped buying any more asics and want to wait to see what transpires.. so, to help keep up with the difficulty will depend on a couple factors, 1. btc price and 2. my btc income.. even with my almost 3 TH/S of asic/FPGA's that ive purchased I will be using that 35 percent with someone in adding more machines..(maybe more)..

Like I said in my op, I have already paid for over 2THs (one should be here in or near the first group..

I know that mining companies are frowned upon, but at the same time, most seem to do well, at least the ones that are well planned. That is why i made this thread. I hate starting something that I regret later..

As to idea number 2? Ill have to keep working on that.. There are a couple that have a "similar" look..The couple forum members that i've run it by think its a good idea, so Ill make that a higher priority...

Thanks for the suggestions.. I

If you can afford it, keep all the gear to yourself (ie. buy your brother out yourself, or convince him to stay the course on the project).

I want to know about the business as well.

What Usagi said ^^^ 

Please no more mining bonds 

What was your other business idea btw ?

Hey guys,

Brief background. Im in my mid 40's. I have started and sold several very successful businesses in my life. I have a couple of ideas for the GLBSE. One is Bitcoin mining related (I can already hear the groans) and another that has absolutely nothing to do with mining but could prove to be very profitable and will only help bitcoin investors in a new way. I will talk about venture number 2 in another thread..

So far, I have purchased  2TH/s of mining equipment.(It's actually more than that,) by the end of this week I will be running about 10 Gh/s (all machines that I've already paid for with the sc upgrade) and a couple (at least) 1 THs sc mini rigs from BFL. I'm holding off on buying any more until I see what the other competitors have available.

1. I have ran many businesses before, but none of them had shareholders. So, this would be a new territory for me..

2. All the machines that I have purchased have been paid in full. meaning, i dont need to raise funds for this possible project. I would like to sell just some of the hashing power in either bonds or stocks. I would be doing this for a couple reasons. My brother whom invested with me has decided that he may not want to do it, so I was thinking about buying him out or offering his ownership in a GLBSE offering. I believe the terms would be fantastic for the share buyer/holder.

Here are my advantages.

1. All equipement is paid for

2. My power is very cheap (less than 7 cents a kw/h)

3. One of my BFL asic SC mini rigs was paid for during their first month and I was told that my order is the first non upgrade sc mini rig (new order). So, under their 1/3 rule, and as long as they make at least 3 sc mini rigs, I should get my first rig in that first shipment. Its considered a new order, not too many mini rig sc new orders were made in the first month, most chose to get the mini rig and then do the upgrade.
 
4. I have 10 Gh/s (12 singles now)
5. I can pay dividends immediately.
6. I will have a lot of backup hashing power if needed (machine were to go down, etc)

I have thick skin, I can take criticism. I don't want to make a bad decision. So, all helpful criticism is wanted/needed/appreciated.

The amount that I would want to sell would be about 12 bfl singles worth (10-11GH/s) With the full upgrade to asics when I get them.

The good thing is that I could start paying dividend on them immediately. Plus, Im in really good shape for when I will get my firs sc mini rig. (the others will follow shortly.)

So, for this hashing power, I was thinking of raising 16k in fiat or roughly 1350 coins.

Here is my plan on share distribution.

15 percent for me to run it (paid to me in stock/bond) So, I would just get the same dividend with my own shares.
25 percent for upkeep and upgrading (power/insurance/new equipment)as long as the power is paid, we can vote to how we spend the rest of the 25 percent. Buy new machines or pay it in dividends or invest it somewhere else.
60 percent will be paid back in dividends.

Edit: i guess there are a couple ways for me to do the 15 percent fee. 1. keep 15 percent of the shares or 2. pay me 15 percent of the produced bitcoins. So, the above is a little off. so, if I kept 15 percent of the coins instead of the shares, that means that there would be 300 more shares. So, thats one thing i need to figure out. End edit..

So, until the asics from BFL are released the payout will be done with the singles that I have or that are coming this week (just got the email today that the rest of them will be here)..

So, talk to me.. If someone out there has experience with either putting bonds/shares together, pm me. maybe we can work something out.

I truly believe this could be a good opportunity for those that live in a country/area that has a very high cost for power, tax rate for buying their own machines or they just dont want to babysit the machines and worry about the upkeep, etc.

Heres the breakdown (i hope my math is on)

offer 2000 shares. The payout right now would be 5MH/s when the asics get here that will jump to roughly 240 MH/s per share (assuming BFL is on with their predictions) There will be no cost to upgrade as they have been payed for..

I will keep 300 shares for myself. 1700 shares will be open to investors. Would 1 coin a share be reasonable? I was thinking of offering the first 500 shares at .90btc the next 500 at .95 the rest at 1 coin also, is it better to offer shares rather than a bond?

So, let me have it.. something that I should look at? or should i just buy my brother out and Ill just keep all the profits? I think the above terms are very favorable to a potential investor.

I will be totally transparent. fully verified, etc. If it works out, i may expand.

You have the basics of what my intentions are.. Your educated comments are welcome. PM'ing me is the preferred method.

Thanks

AR

So, im all ears..