I support the idea, in fact I think I was the one to propose it, but I can not see why this would cost anyone 5% of dividends. Both the regular PTs have waived their dividend fees, and I'm fairly certain the effort involved in issuing one command per week isn't worth those 5%. If you get half the size of the BTCT PT, that'll be over ฿3 per week for essentially issuing one command.
When I suggested the idea, including a fee, I was thinking something along the lines of 0.1% upwards limited to ฿1 per week or something like that.
The same goes for the other 100PT that was announced on BTCT, BTW.
Finally, I dislike the idea of running a mining operation as part of a PT, but that's solely a personal preference in that I like to keep my interests 'clean' from additional variance whenever possible. I would much prefer that the board, if received, would go into a separate stock.
.b
Thank for your comments, I'm glad you asked about these points!
Management Fees5% is a very little when you consider the work, responsibility, and risk at play here. Even if we build this asset up to 500,000 fractional shares (enough for a board seat), the management fee would likely end up being worth roughly $800-$1200 per month. That is not very much considering that would also mean being responsible for more than $500,000 worth of assets.
The fact is that doing this work responsibly does take time. If you look at the majority of asset operators in the cryptocoin world, I think you would agree that most do a poor job of maintaining its growth, and an even worse job of communicating with shareholders. That is not how I do things. Seeing the laggard laggard and scammy ways of other operators is partly why I am getting into this game, because I know I can play it better, and I know shareholders deserve better. If you want a quality operator, you must expect for that operator to be compensated fairly.
This asset is not a way for me to make a million bucks, it is largely a way for me to further make a name for myself and allow me to create new opportunities for myself and other bitcoiners.
You must consider that in the case of Burnside's ASICMINER PT, he gets a lot more money from trading fees, more than he could ever get from a single-digit management fee. He was forced into forgoing his management fees in order to stay competitive with the competing passthrough at Bitfunder. Now, Bitfunder's incentives are similar as well. DeadTerra is a big part of Bitfunder and Ukyo's success, and the more trading that happens at Bitfunder, the more they both benefit. This is why you see no management fees, both of those exchanges have much larger alternative incentives. Neither is doing it strictly for the community.
Mining I do have experience mining, and run a modest litecoin mining farm currently. The only reason it is a part of this asset is because Friedcat mentioned he may provide such a benefit to board members. I would like to share that benefit with shareholders when it finally happens, as well as any other tangible benefits that can reasonably be allowed to be shared. I suspect most people would disagree with you about splitting a board into a new asset. Plus, it's only one board, and not likely to be worth a stand-alone asset effort.
