Topic: [BTC-TC] [TAT.VIRTUALMINE] Virtual Mining Hashing Now Available! (Read 2480 times)

Current migrations from BTCT.co to TAT.VIRTUALMINE on Bitfunder.com are complete.

Dividends will no longer be paid through BTCT.co.

If you haven't completed your migration, follow the instructions below:

BTCT.co Migration Instructions
-----------------------------------------------
Using the same e-mail account you have registered on BTCT.co, send an email to [email protected] with the following information enclosed:

   1) Make the subject of your e-mail: TAT.VIRTUALMINE

   2) The number of shares you currently hold on BTCT.co

   3) Your Bitfunder.com account name (not email)

FOLLOW THESE INSTRUCTIONS CAREFULLY AND BE ACCURATE. WE WILL NOT TAKE RESPONSIBILITY FOR YOUR TYPOS OR INCORRECT INFORMATION. WE ARE NOT RESPONSIBLE FOR ANY DELAYS IN PROCESSING, NOR POTENTIAL LOSS INCURRED DURING THIS MIGRATION PROCESS. WE APPRECIATE YOUR PATIENCE. WE AIM TO MAKE THIS A SMOOTH & EFFICIENT PROCESS, THANK YOU!

The price is taking a beating-

Thanks

Think this was meant for the ASIC-M thread.  Miners shouldn't get too excited.

IGNORE THIS POST!

UPDATE

Due to ASICMINER's decline in hashing for several days now, I am pausing any new issuance of TAT.VIRTUALMINER units, and I will begin to find alternate backing for the hashes AM has taken offline.

Since it is likely that this is a temporary lull in hashrate from AM, I will not be securing new backing aggressively, but I will be buying other hashing assets at a modest pace until AM gets back up to a speed that covers TAT.VM's hashes, or I until I buy enough alternate hashes to exceed what is required for backing TAT.VM.

Any alternate hashing that is purchased will likely be held permanently as backing for TAT.VM hashes.

Once the dust has settled, I will issue a new TRANSPARENCY REPORT, showing all holdings used as backing, etc.

Thanks!

I brought this pitchfork for nothing.

Went through just a little while ago-

I got my pitchfork ready

Looks like it failed today, I'm going to assume TAT is on it....

Divs for BTC-TC today?

woot. Wish I had to BTC to buy them all lol

5,000 TAT.VIRTUALMINE units are now available at .007

https://btct.co/security/TAT.VIRTUALMINE

Price will go down once there is more shares on the market

What doesn't make sense to me is why they're paying an over 10% premium for the shares on Btct.co over the Bitfunder price. I made some good money trading the difference yesterday, but I could have made even more if I knew people wanted to overpay this much for it.

The DMS mining security has an effective cap on the price due to how it's issued and is therefore more attractive to buy/hold buyers interested in the dividend, while TAT's is uncapped and will respond to market demand and is therefore more attractive to flippers and speculators. (Also, DMS has that odd second security tied to it tracking the other side of the bond transaction that makes it a little more complex to understand, and it looks like a lot of folks simply aren't confident enough in their own understanding of it to risk their money.)

I see that TAT.VIRTUALMINE has, as of this writing, been bid up to 0.00895.  For those buying such shares at a premium or clamoring for the release of more TAT.VIRTUALMINE shares on BTC-TC, I'm curious why you are avoiding buying the DMS.MINING security, which pays out as a 5Mhash/s PMB (5 times that of TAT) and at its current price of 0.03342, and is selling at ((0.03342/5)/.00895)=74% the price of TAT.VIRTUALMINE for the same dividend?

There may be reasons people prefer TAT over DMS enough to pay that much more for TAT...if so, I'd love to hear them before I invest my own capital.

  yes a lot more

The market demands you release more shares today! 

Please note that 21,000 units have been issued so far. The release of new units will be more staggered than the BitFunder version of this asset due to the need for me to secure more of the backing asset.

Releases will be according to market demand, and are not on any set schedule currently.

The first daily payout has already been scheduled.

Thanks!

TAT.VIRTUALMINE represents perpetual virtual mining "bonds" at a value of 1MH/s.*

This is asset is being offered for the following purposes:
1. To provide the most affordable and competitive alternative to other mining assets currently available.
2. To provide an easy choice for investors to earn mining rewards without the responsibility and hassle of running personal mining rigs and farms.

Shares
Each 1 share of TAT.VIRTUALMINE represents the equivalent of 1MH/s of hashing ability at current mining difficulty at the time period for which each dividend is paid.

Dividends/Payouts
Each TAT.VIRTUALMINE share has the right to 100% of its respective "dividends". The amount of the daily payout is defined as the average mining rewards that would have been generated in the previous 24 hours by 1MH /s of hashing power at the previous day’s mining difficulty at 12PM EST. "Dividends" will be paid daily and are not subject to any management fees, electricity costs, or miscellaneous expenses.

Initial Public Offering
The initial public offering has begun. Shares may be issued at fair market price at any time, as long as TAT Investments has sufficient backing (see below).

Backing of Bonds
The total amount of bonds issued will always be backed by a quantity of ASICMINER shares that represent an amount of hashing power that is equivalent to TAT.VIRTUALMINE’s total simulated hashing power, as determined by http://www.asicminercharts.com/live/ or the most recent hashrate as verified by ASICMINER staff.
Note: If ASICMINER shares begin to represent a decreasing amount of hashing, or if ASICMINER stops hashing altogether, TAT Investments will stop issuing new bonds until a sufficient alternative backing source can be established.

Reserved Rights
Issuer reserves the following rights:
1. To issue additional shares as the market demands
2. To buy back shares at any time within the listed parameters
3. To make changes to this contract that represent the best interests of its shareholders
4. To correct and clarify any gross errors or details herein that may prove to be open to misinterpretation

Voting Rights
There are no voting rights associated with these bonds.

Buyback Rights
The issuer reserves the right to buy back bonds at a price equal to 110% of the highest price the asset was traded for over the prior 7 days or 200 times the value of the most recent dividend.

Dissolution
In the event that the issuer chooses to, or is forced to, close this asset for any reason, a new operator may be vetted and chosen by TAT Investments to take over control of the asset, or all bonds will be bought back by the issuer.

Links
Link to buy this asset: https://btct.co/security/TAT.VIRTUALMINE

Issuer Info
TAT Investments is a Tier 6 BitFunder trader, trusted member of the bitcointalk.org forums, and issuer of the popular TAT.ASICMINER assets. Identity information has been provided privately to BTC-TC as a gesture of good faith, and an avenue for emergency contact.

A “dead man’s switch” will be implemented in order to pass control of this asset to a safe secondary operator in the case of the issuer’s untimely demise or hospitalization.

IRC: on Freenode, ThickAsThieves
E-mail: tat.investments -AT- gmail.com

* The formula used:
D is the current difficulty
H is your hash rate in Mhash/s = 1 MH
B is the current block reward in BTC = 25 btc
(H*B/D) * (60*60*24 * 65535 * 10^6 / 2^48)