Topic: [BTC-TC] Deprived Mining Speculation (DMS) - page 22. (Read 198958 times)

Deprived, it was mentioned while you were away - does DMS still have significant CoinLenders exposure? The fall of Inputs.io looks to have possibly taken CL along with it.

As soon as DMS is listed on a new exchange and tradable, you could announce that in n days 1 unit will be converted to 10 units, and everybody who has an amount of shares that's not divisible by 10 will be rounded down. Perhaps you could put up a vote, I guuess majority will approve it.

BTW: On litecoin forums Kate said she plans to announce some news on the new exchange tomorrow (saturday)

So what would you propose happened to someone who had 1 of the current mining shares?  Would they get 0 (and lose their investment) or 1 (and have it worth 10 times the value) of the new ones?  There's no practical way to do it without either rounding down (where people lose money) or rounding up (where different people lose money).

Since you'll be listing at a new exchange, while you're at it, will you change the denomination of MINING to bigger units, or you will keep with these tiny dividends?
Currently the "rounding error" is 1/100, but once it will be 1/10 it won't be negligible anymore...

I hope to be able to give a proper explanation on that by Monday.

Here's the current status of DMS finances:

BTC Balance (BTC-TC)   0
CIPHERMINE Bonds    260.56000000
BTC Balance (Wallet)    150.79576392
Dividends (Wallet)    3.27310018
TOTAL ASSETS    414.62886410
   
Outstanding MINING   152575
Outstanding SELLING   152575
Outstanding PURCHASE   10479
Effective Units   163054
   
Dividends/Mining Owed   0.00006849
Total Dividends Owed   11.16756846
   
Block reward   25
Difficulty   510,929,738
Hashes per MINING   5000000
   
Daily Dividend    0.00000492
50 days (Min Liquid)    0.00024607
100 days (Forced Close)    0.00049215
365 days (Buyback)    0.00179634
405 days (IPO)    0.00199320
400 days (Post SELLING div)    0.00196859
410 days (Pre SELLING div)    0.00201781

NAV/U    0.00087640    BTC +    0.1598    CIPHERMINE.B1   
NAV/U (if CM.B1 at face)    0.00247440             

All funds were received back from BTC-TC (including a final tiny payment for the bit that couldn't manually be withdrawn).

Dividends have been received for CIPHERMINE.B1 for the weels up to and including last week - they're received in a seperate address and listed seperately above.

You'll see above the owed dividends per share (and total) for MINING up to and including tomorrow's dividend.  Here's the breakdown of how that was calculated:

Date   Dividend
04-Nov    0.00000643
05-Nov    0.00000643
06-Nov    0.00000643
07-Nov    0.00000492
08-Nov    0.00000492
09-Nov    0.00000492
10-Nov    0.00000492
11-Nov    0.00000492
12-Nov    0.00000492
13-Nov    0.00000492
14-Nov    0.00000492
15-Nov    0.00000492
16-Nov    0.00000492
   
Total    0.00006849

The figures above aren't completely accurate for two reasons:

1.  The value for the dividend wallet actually includes a tiny amount of personal funds (I had my personal BTC-TC address and the DMS one in same multi-bit wallet and it's added them together).  I'll probably just leave that in DMS as it's only a fraction of a BTC.
2.  I believe I owed the fund a small amount for the Nov 6th dividend (pretty sure it changed after 16:00 but before midnight - where, by terms of an earlier promise by me, MINING get the old dividend and I personally pay the difference between old and new dividends).  The usual site I use to check exact times of difficulty changes seems to have stopped updating - will updated accounts once I've verified the precise time for that.

We have somewhere around 150 days of MINING dividends in cash - which is likely to be more than will ever be needed for it (as difficulty isn't likely to stop rising just yet).  If CIPHERMINE.B1 were liquid then SELLING would be getting a dividend of around .0005 BTC each.

As soon as we relist then redemptions for MINING+SELLING pairs (and PURCHASE) will be available - per the contract at 98% of NAV/U.  With NAV/U being X BTC + Y CIPHERMINE.B1.  As soon as we sell enough to get it back below 25% of NAV/U I'd revert to buying back in cash (and paying SELLING dividends).  Realistically I can't expect to sell any/many PURCHASE whilst we're too illiquid to pay SELLING dividends.

I'd love to learn more about this part.

I'm working on an updated format for reports right now - but basically DMS has assets worth around 412 BTC (valuing Ciphermine.B1 at face value) of which nearly 2/3 (260 BTC) are the ciphermine bonds.  All other assets were liquidated (there was nothing else listed on exchanges).  Do remember that since BTC-TC closure was announced well over half the total assets have been paid out just in SELLING dividends.

There's plenty of cash to pay MINING dividends for the forseeable future.

The reasons MINING dividends can't be paid are in a nutshell this:

1.  The moment some shares of MINING get dividends but others don't the shares cease to be fungible and can't be relisted easily on an exchange (dividends would have to be caught up with on all of them first).
2.  No dividends could be paid anyway until the payment per share was at least 5000 satoshis (the limit for transactions to be spendable at all).
3,  Some accounts don't have BTC addresses listed - those can't have dividends paid to direct.
4.  Some accounts used inputs.io addresses (I've been emailed/PMed by a a few people with that problem).  Those need to be changed first - which can't be done in a rush as if they can't sign with the address I have to wait a reasonable period to make sure noone else shows up saying "my email address was hacked, it wasn't an inputs.io address and here's me signing with the address to prove that".

3/4 are the issue now - I can sort the existing ones of type 4 within a week or so, type 3 I can in theory group together manually and account for them seperately (i.e. hold them all with a BTC address I control and manually transfer them/funds when the owners show up).  But as I expect us to be listed on an exchange within a week it's just not worth it.

Anyway, time for a break for some food then I'll finish off the updated report (dealing with owed dividends, reporting NAV/U as X BTC + Y CIPHERMINE.B1).

And why Ciphermine.B1 is so important? I mean - is there any other asserts or so in DMS portfolio that can be sold for dividends payout? Or main problem sounds like "there is no way to make manually such a big number of transfers?".

I was wondering what the story was.  The bonds I thought were valued at .01BTC.   Thanks for the clarification.

I am wondering if that is a good price for shares?  Does anyone know what shares were before the lunacy?

That's for shares in the CIPHERMINE company. DMS holds bonds issued by that company, which have a fixed face value and shouldn't be valued significantly different from it unless there's a high probability of the company defaulting on the loan.

Deprived,
Woodrake (Kate) is currently looking for .0044 BTC for CIPHERMINE, albeit from her personal holdings.  Just to give you an idea of valuation.

I knew you would be back 

Stripy,
There is also something known as a 'dead mans' switch.  A number of assets had this information published.  I think Deprived needs to set something up in case something unfortunate happens.

Me three

One thing I hope Deprived addresses is situations where he is unable to operate his security either temporarily or indefinitely. DMS.MINING (which I don't hold) should have been getting daily divs since the 3rd, so I can imagine those holders are a little pissed off.

A trusted lieutenant of some sort?

we really have to get used to the idea people take holidays... for a moment there I thought maybe you were on the honeymoon with Woodrake 

+2

Excelent!!!

Great! Thank god.

Hooray! Deprived, please give us a notice that you will be offline in the future ;-)

Damnit, I had just written an entire post on how we could potentially proceed as shareholders.

Welcome back anyway