Topic: [CentiMine] Anonymous mini-mining contracts on GLBSE (CM400) - Final payout! - page 3. (Read 11245 times)

Ok, I'm having a problem right now paying out the dividend for this week...

I issued the command "python bmc.py CM400 7305150", entered my passphrase and got a very fast scrolling HTML error page.

Also after checking via the balance function, if something was booked, I get the following message:
"Problem: Your account doesn't balance, you may have deposited funds please wait
a few minutes. Do not re-use old addresses when sending funds,for each deposit y
ou should get a new address, if you have sent funds to an old bitcoin address it
 must be manually added to your account. Please email the adiministrator[sic!], doctor
[email protected] to inform him."

I'll send a mail, but maybe Nefario is still up and reads this...

I've added sub tickers, enjoy.

http://bit.ly/jMAw86

Yeah, it works with "cancelling sell orders, paying out, reselling" anyways for the current time and would be more of a "convenience" functionality.

Great job on the web interface by the way, now we just need tutorials how to create (easily, preferrably with GUI programs) some valid keys for accounts and it will fly!

Sorry this is going to be put back for a while, because it uses timing. I don't know when.

I am now owner of 110 shares 

Bought.
So, i invested 1.25btc.
Let's see what i get...

0 BTC and 870 USD were paid for this contract.

CM400 is no company, but a shared contract. I own the remaining shares of this contract, with all of them on "sell" at GLBSE. It is intended that all shares are sold, so that this contract is 100% dispersed.

Check the spreadsheet for this, I update it nearly daily. There have been 19.2 BTC mined, out of which 5.16 BTC have been paid out to shareholders.
As the BTC from the contract go to my wallet, which is used for other stuff too, it does not make sense to publish it's address here for verification of the current balance.
(Reason: If I create a transaction, Bitcoin automatically takes coins from a lot of different accounts in my wallet and re-combines them to a transaction, meaning the current balance of the address is not the balance of the contract. I might publish that address in the end of the contract though, so all income is verifiable.)
I guarantee however, that I will always keep a balance of at least the mined BTC in my wallet.
Also I leave the money from selling shares on the GLBSE account to be able to pay the additional "rebate", as the initial price was too high, in the end of the contract.

As written in the share contract, this contract itself will not be prolonged. This means, that after the final dividend has been paid out, the shares are essentially worthless (but might be kept/traded for collection/sentimental reasons?).

I might spend the earnings on another contract, should this experiment be successful. In the end this is my own money though, not something that belongs to a "company".

Currently I take 150 BTC for this contract (400-250). For this, 100% of the shares have to be handed out. It depends on difficulty, if this is a good deal or not for buyers, as with every mining contract.

For investing you get:
* a more secure Bitcoin network by adding 400 MH/s
* as much anonymity as is currently possible (as far as I have evaluated) with a professional mining contract
* nearly no work on your side required. You only need to: fund your GLBSE account, buy shares and in 3 months collect the dividend
* the ability to speculate on shares. If all shares sell and there is still demand, share prices might go up. This is unique to this mining contract compared to others, as far as I see it.

Very interested in a significant investment in this sort of thing but I want to clarify in my mind the numbers for this particular proposal ...

Each share is 0.01 BTC.

Total investment is 0.01 BTC x 40000 shares, so total investment is 400 BTC.

At current difficulty level, a 400 MHps rig will mine 0.93 BTC / day. Thus a 90 day contract should mine 83.7 BTC in total.

As a consequence of the change in difficulty and value of BTC vs $, you have added 250 BTC to the final payout.

This return will be split amongst the 40000 shares so from each 0.01 BTC share I would expect to receive 0.0083425 BTC back i.e. ( ( 83.7 + 250 ) / 40000 ).

How much was paid in BTC and $ for the 400 MHps 90 day mining contract on 21/5/2011 ?

What other assets does the CM400 company own ?

What balance is currently held in the company Bitcoin account ?

What are the current plans on how the remaining BTCs will be spent going forwards ?

How much of the 400 BTCs are you intending to take for managing / administering ?

This depends entirely on the difficulty rate which is (much like it's name) difficult to predict.
It would be not wise to give you any kind of recommendation here. Do your own math/prediction/crystal ball session and decide if it is worthy to invest or not.

Per week you'll get 2/7th of the BTC mined each week, the remaining 5/7th you'll get at the end of the contract (in ~2.5 months) as outlined in the first post here + in the shares contract.

You can track the progress + current standings transparently and conveniently via https://spreadsheets0.google.com/spreadsheet/ccc?key=tPbfdCrHmt_YDG3wo1c_92A&authkey=CN3s45YH

Please note that you have to divide these numbers by 40 000 and multiply them by your amount of shares to get your current standings for payouts. I did not do that in the spreadsheet, to not make things too complicated and to not have too many "0.00something" numbers there.

Also (of course) that spreadsheet will be expanded as needed, it doesn't mean that the contract ends at the 12th of August!

Gonna invest 1.3BTC.
How many btc/week could i expect from such an investment?

Well, you invested also only 16 Bitcents then, and it was just the payout of 4 days!
I'm glad to hear that everything worked out fine though.

Looking forward to the GUI that will go live soon and many more happy customers (I guess a lot of ppl. are just scared away from investing by that commandline client)!

worked, got my first payout ^^ (even though it is fairly low (206400) as I only have 16 shares)

Orders will be cancelled to pay out in 3 minutes, if you want to get parts of this first payout, better be fast!

Edit:
Payout done, shares relisted, everything is fine!

Thanks, I'll do that then.

You can cancel any sell orders so that no one can buy during that time.

With the current model I can do the payout this friday already anyways (I guess the risk of someone buying shares in the few seconds I need to issue the payment is low enough) but it would be a good thing to have for the future.

I'll get on this, will be Friday before it's ready though.

Yes, that would be a great solution (along with my suggested datetime tag)

"bmc.py paypershare [SHARENAME] [x BTC] [DATETIME in UTC]"

Would be the greatest thing to have!

[Edit: Bonus points if shareholders get some kind of notification, that a dividend payout is scheduled]

You're looking to be able to specify how much to pay per share?

Ok, that means in my case I need to be quick then with payouts after checking the number of shares or I'd need to create a second "handed out shares" account that holds the still to be sold shares.
Otherwise it might happen that I calculate the proper payout for the 371 shares of the 40000 that have been sold, someone at the same time invests 1 BTC (resulting in 100  additional shares sold) and as I issue the payout, it gets split to 471 shares.

After all shares that were intended to be sold are sold, this problem is of course not an issue any more...