Topic: [BTC-TC and BF] MININGCO.ETF - Closed - page 10. (Read 48261 times)

Just been fiddling with the googlesheet.....BASIC MINING @ 0.7 performs magic on the NAV!

Quick, get moar GMP while its cheap because Avalon upgrades ship Soon!

 

Total dividends of 0.55283631 will be paid this week.

This is about 0.00240364 per share with an instant annual dividend yield of 10.23%

Most of our underlying assets are remaining steady while bASIC-MINING has continued to rise on news of adding a third Avalon device.

This has caused the NAV per share to increase to BTC1.22

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Future Outlook - My guess as to what's to come.

bASIC-MINING has added yet another Avalon to their ASIC Armada. This brings them up to three and will also bring up our dividends.
Cognitive announced a plan to acquire 2 Avalons in exchange for offering shares. Garret knows that Cognitive desperately needs help, since they are still waiting on BFL.
GMP, we are waiting for your ASIC.

I added the "instant annual dividend yield" to the Dividends section on the spreadsheet. You can check back from time-to-time and watch it start from 0% and go up as dividends are collected during the week.

It looks like our own motion to change the asset contract to allow additional asset classes will fail. I take responsibility for not fully conveying the ideas covered in the motion and not spreading the word enough.
Perhaps we can bring up the idea again at a later date. And I hope that more shareholders will vote. This is your BTC, you have a say in how well we can diversify it.

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MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

I'll have to look into this next time.



This is unusual.

Well, in the future, I'll be sure to post "News" items about motions on both exchanges. The "news" item on btct.co makes a new email. This is why I have never used that feature (because I feel like I would be spamming).



Well, aside from this most recent voting snafu. Thanks for the kind words.

Hmm looking through my email it looks like I didn't get an email when the motion was created.  I have in the past for other issues and I get them for dividends.
For me that is not a problem since I login often enough anyway. 
Personally I have just been holding off on my vote, I wanted to see how the vote was going first.

I will go vote for the motion shortly here. 

Thanks

You could have communicated it on Bitfunder, maybe. Or present a dummys guide on how to vote, possibly.

Wow... with about 24 hours left in the current motion vote, only 64 out of 230 votes have been counted.

Obviously I have let down the shareholders in communication somewhere.

I need your help. How can I reach more shareholder so that they know they can vote? I am not particularly fond of the "news" feature that btct.co has. Some asset managers like to spam with it. Besides, the motion itself sent an email to all shareholders (or it should have). Did you receive it the motion email?

What else could I have done to get more share holders to vote?

It's true, all of our underlying assets had ASIC pre-orders since MiningCo.ETF's inception. But that is not entirely the reason of why those assets were included in the fund. It is because they were shown to have stability, and a proven track record of timely dividends.
This will continue to be the number one selection criteria for this fund. As such, most (if not all) brand new mining assets will automatically be excluded until they produce dividends, and show that they can continue to produce dividends. This conservative nature of MiningCo.ETF helps it avoid most of the drama surrounding new assets.


You don't get why the motion was brought up? Or what the changes of the motion are?
If the language of the motion is confusing, then please refer to the motion summary. The motion summary explains all the changes proposed.



As explained in one of my previous posts, Nasty Fans (originally Nasty MINING) restructured how it operates and no longer states that "mining equipment is owned by the shareholders."

Well, not counting fairly negligible income from FPGAs, "people who only have risky preorders" accounted for all of our underlying assets until ASICminer shares were purchased a little while ago (the FPGA income may not have been so negligible when the shares were originally purchased, but I think we all know those dividends weren't what was propping up any of their share values in the last couple of months - rather the possibility of "risky preorders" panning out). 

Whether this motion would technically make AMC a possibility or not would require a more technical look at the AMC/VMC situation than I'm willing to do right now, though I personally don't think it passes the sniff test, and I think Carnth has shown that it will take more than a single person singing a possible investment's praises for him to invest fund monies in it.

The discussion preceding this motion was primarily about investing in Havelock Investments Mining Fund, though I will point out again that the present structuring of one of our existing assets, Nastyfans, does not meet MiningCo's prospectus as it is currently written (with the requirement of shareholder "ownership" of the mining equipment), and I do think it's important that we get ourselves on one side or the other of this 'policy' surrounding equipment ownership, to preserve the integrity of the fund's prospectus and operation.

Are any of the fund's unitholders who are currently voting against the motion willing to come forward and explain why?  I was surprised to see nearly half the currently cast votes cast against.

 Whoops! 

I got the day and month backwards. Fixed.  Thanks.

You fat fingered sheet two cell A7

Total dividends of 0.3916489 will be paid this week.

This is about 0.00170282 per share with an instant annual dividend yield of 7.32%


All assets have risen dramatically (except GMP) since the ASIC devices have shown up in our underlying stocks (except GMP and Cognitive).

This has caused the NAV per share to increase to BTC1.21


A Motion has opened for MiningCo.ETF. Please read carefully and vote.

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Future Outlook - My guess as to what's to come.

Nasty Fans just got a major shipment of BFL ASIC devices. This should help our dividends for next week.
GMP and Cognitive are still waiting for ASIC deliveries. "Soon," I guess.

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MiningCo.ETF is available on BTCT.co and as a pass-through on BitFunder.

You have my yes even before voting starts 

Everyone please comment on proposed Motion text (below).

Bitfunder shareholders: After asking in #bitfunder IRC, I found out that Bitfunder does not have the capability for me to submit a Motion. However, if you would like to send a Bitcoin Signed message (signed with your public BTC address used in the public Bitfunder Asset list) with your vote and PM it to me, that will have to do.
The majority of the Bitfunder votes will determine how the "escrow" account votes.

The motion will be up for vote on btct.co when I do my weekly dividend update.




Split will be on hold for now.





Thanks for the kind words.
And if anyone really wants to buy me a beer, send BTC to my personal btct.co account: Carnth
I'll take "high quality" beer suggestions too. Most votes=the beer I get.



I'll get my crack team of developers on that. But first, I'll need a crack team of developers.

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Motion to change the asset contract.

Motion summary:
Removal of the clauses that requires mining equipment to be owned by the shareholders, but require that underlying assets have and maintian a growth/reinvestment fund.
This will allow the inclusion of additional mining assets into the fund.
Enhanced HTML formatting will allow for easier readability by adding bold, italics, and proper word-wrapping.

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Motion Changes:

Change this sentence from the paragraph "Summary"
From: "MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins where mining equipment is owned by the shareholders."

To: "MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins."

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Change this sentence from "Assets to be included,"
From: "Only mining assets where equipment is owned by the shareholders will be included in the fund."

To: "Only mining assets where a growth or reinvestment clause will be included in the fund."
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Change this sentence from the "Executive Summary" on the asset details page
From: "Only mining companies where the shareholders own the equipment are included."

To: "Only mining assets where a growth or reinvestment clause will be included."

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Change this sentence from the the "Business Description"
From: "Only mining assets where equipment is owned by the shareholders will be included in the fund."

To: "Only mining assets where a growth or reinvestment clause will be included in the fund."

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Allow the asset contract to be updated with enhanced html formatting, a feature of BTC-TC that was implemented after this asset was created.

Motion 1:  Yes!  Mining hardware becomes obsolete with increasing frequency, but growth funds remain forever green.  ADDICTION may be adding such a fund to their offering.  AMC could be the next AM, or at least play AMD to their Intel.  Also, 100TH shows great promise.   (Yes it's a bond, but still.  Because Bitfury.)

Motion 2:  Yes!  10:1 split is fine.  Lower the barrier to entry and we'll have more volume.  Being able to cash out as/when necessary is a great feature.  Helping our DRIPs get traction with more granularity adds value as well.

Motion 3:  Yes!  We should buy Carnth several beers of high quality as a token of our gratitude for a job well done.

Feature request:  make another version of the spreadsheet that auto-updates in real time.  Our NAV is through the roof ATM but can I be arsed to math it myself?  No.  Ain't nobody got time for that.   

Thanks for all the feedback.

It has been decided: I will be raising a motion to change the contract to allow funds that have a growth/reinvestment plan.

I will be working on the wording of the motion to change the contract and put it up as soon as possible.

There may be a little snafu involved with the Bitfunder pass-through when voting. Let me explain:
Btct.co is the "main" exchange where all MiningCo.ETF shares are held. The Bitfunder shares are held in "escrow" in a separate btct.co account.
This allows a correct "Shares outstanding" count on the MiningCo.ETF asset of btct.co.
When the motion is raised all shares held for Bitfunder in the "escrow" account on btct.co will vote either all yes or all no.
I think I'm going to have to get the majority of votes from Bitfunder and then what ever the results are, have the "escrow" account vote 100% either yes or no.

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GMP is still on the table. It hasn't had a purchase for our fund in a long while, but the plan is to add more.




You might be right. Plus, Bitfunder adds just one more layer of complexity for a split. (Does Bitfunder support splits?)




Thanks for the kind words.




This is all correct. People who buy into the fund before the share price is corrected don't really "get a deal" because the purchasing power of the fund is diminished--just as you said.
The end result is that the entire fund has an overall lower NAV than if the shares were sold at "real time" prices. Maybe a by 1 or 2 percent.




Yes. You can move your shares either way between btct.co or Bitfunder. Send me a PM and we can set it up.

First off, I wanna say great job on this fund  

My question is if I wanted to move a PT share on bitfunder to be with my shares on BTC-TC is there anyway to move my pt share to BTC-TC?  

On another topic, I wanted to bring up something to discuss.  The 7 day moving average to find the NAV USED to work great.  Why I say USED to work great is because market moves used to be very small and the 7 day average helped to keep NAV high while the underlying assists were dropping or rising a few points here and there.  As you can see this week with assists like Basic-Mining the NAV correction has been very slow, even though the price point of the underlying assists has skyrocketed.  The end result has been a very slow NAV correction.  During this time shares are being listed while NAV is low and new shares are being acquired for MININGCO.ETF with this newly aquired BTC.  Now the problem as we acquire new investors with this low NAV is it is not enough BTC to fund the same % of each share originally owned by the entire fund.  This is because the 7 day NAV isn't enough funds to acquire current priced shares. A good example would be the more than .15 BTC per share price difference compared to 7 day average price of NASTY on our spreadsheet of 0.44 as of now. Thats more then a 30% difference. The missing .15 btc has to be coming outta the funds portion maybe not directly but indirectly correct?  Hopefully this make sense because this is going to happen with Cog next week too imo and with DIV of MININGCO.ETF being on pace to be double what it was last week we should be working on fixing this ASAP.

Some solutions maybe to add a premium over the NAV like they do in the bullion market or we could take a shorter moving day average.  Thanks for reading and hopefully we can find a solution together!

I think this is pretty good!  Gets the job done without too much superfluity.


I'm not sure if a split is necessary just yet, but if it got to 2-2.5btc/share, maybe reconsider then?

There's nothing wrong with being heavy in cash.  It's good to have BTC ready when an opportunity emerges.  Wait for the crash coming Soon^TM in about two weeks.

I suggest we re-balance by taking some profit on BASIC and getting more GMP.  Sell this blow-off top and go where the growth is!