Topic: [CLOSED] S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx - page 22. (Read 316363 times)

Well the thing about suprises is that there is no way for me to announce something without it being a surprise upon announcement, no? How can I convey new information to the community without it being the first time they've heard it? I'm trying to give people a heads up, and make the announcement 2-3 weeks before the end of the month.

Again, it could be done gradually... I'm just the "rip the bandaid off quickly" type of person. Really, this has been a massive free loan to SD shareholders. I'd like to end the loan because it's been bothering me since BTC went up 10x, so solving the issue with one month of earnings seems ideal. Again, 87% of those dividends would've been going to me and my partner anyway, so I won't be getting dividends this month either.

To be honest, this should have been made clear from day one.

After all what is going to stop you from saying BTW I made a loan to s.dice for 1,000,000 BTC.

Yeah accounting does suck but no one will ever trust you evar again.

...like to end the loan because it's been bothering me since BTC went up 10x...

The thing that irks me is the surprise of it all.  Shares are down and we finally get a good month, and this announcement is a bit of a kick in the nuts.

Why not do it gradually, take 10% everytime we get a good month?

Shouldn't take long due to the great abilities of the management and superb skills of the IT staff we are paying for, right?

Right?

nimda... why would you think the revenue from sold shares would be property of SD? They were my shares, which I sold, thus the BTC from that sale is mine, not the company's.  

Why is this contentious?

"I'd rather ..." yeah, that is what would be good for you, but as the manager of SatoshiDice you have the responsibility to do what would be good for the shareholders. Seems there is a conflict of interest here.

(f)Immediately upon publication of each Statement of Profit and Loss SatoshiDice will pay to shareholders as dividends a fraction of no less than 100% (one hundred percent) of the Net Profits, if any.

Quick announcement - This month is progressing well with site performance. I am going to take this opportunity to have SD retain up to 4k in earnings for June at the end of the month. This means that dividends on earnings up to 4k won't be paid for June (ie - if the site earns 5k, then dividends will be paid on only 1k of earnings).

Before you yell and scream, let me explain the purpose.

Currently I have, personally, provided an ongoing interest-free loan of roughly 6100 btc to SD that is used by SD as its betting pool. This is money that is at risk of hacks and losses, but I've permitted SD to use it because it needed a capital pool. The risk to me was tolerable when Bitcoin was $10-12 each. Now, however, that's a ton of money, and I would like to withdraw the loan.

Thus, earnings for this month (June) will be retained by SD for the purpose of replacing this pool. The pool needs to be roughly 3-4k btc, so the site is on track to earn this amount this month. It's thus a perfect time to do the swap.

Note that because these earnings are retained and owned by SD, if and when they are ever paid out or released from SD, they will go to all shareholders. Thus the betting pool held by SD will from now on be an asset of SD instead of a liability owed to me.  Therefore MPEX holders will, after June, own 13% of the betting pool fund assets. If the site is ever closed down, sold, etc, these funds would be liquidated out to shareholders.

Hopefully that's not too confusing. Please let me know if you have questions about it.

Kind regards,
-Erik

Sure, it could be done gradually such that a % of earnings each month go to building up the pool. I'd rather just get it over with, do one single month without dividends and then problem solved.

Doing in gradually, with 10 or 25% of profits going to the reserve fund seems much more reasonable to me, rather than doing it all at once. Is this where the problem is, that the contract says 100% of profits go to dividends? Couldn't you just list it as an expense to pay off the loan which gets taken out before profits are calculated?

Not only is it incredibly poor form to make such announcements unilaterally, whether the proposed measure is ever implemented or not, it'd seem on the surface that what you are contemplating is plainly in breach of your contract with MPEx.

Quick announcement - This month is progressing well with site performance. I am going to take this opportunity to have SD retain up to 4k in earnings for June at the end of the month. This means that dividends on earnings up to 4k won't be paid for June (ie - if the site earns 5k, then dividends will be paid on only 1k of earnings).

Before you yell and scream, let me explain the purpose.

Currently I have, personally, provided an ongoing interest-free loan of roughly 6100 btc to SD that is used by SD as its betting pool. This is money that is at risk of hacks and losses, but I've permitted SD to use it because it needed a capital pool. The risk to me was tolerable when Bitcoin was $10-12 each. Now, however, that's a ton of money, and I would like to withdraw the loan.

Thus, earnings for this month (June) will be retained by SD for the purpose of replacing this pool. The pool needs to be roughly 3-4k btc, so the site is on track to earn this amount this month. It's thus a perfect time to do the swap.

Note that because these earnings are retained and owned by SD, if and when they are ever paid out or released from SD, they will go to all shareholders. Thus the betting pool held by SD will from now on be an asset of SD instead of a liability owed to me.  Therefore MPEX holders will, after June, own 13% of the betting pool fund assets. If the site is ever closed down, sold, etc, these funds would be liquidated out to shareholders.

Hopefully that's not too confusing. Please let me know if you have questions about it.

Kind regards,
-Erik

I agree, but what exactly is going to be done about it assuming Erik just takes the money. MPOE-PR has no power to enforce anything (but delist the asset and screw over everyone who invested and thus keep the money like they did with the giga PT)

Be very careful guys...

Wait a moment... I thought the money from the initial shares sold went to the pool?

Not only is it incredibly poor form to make such announcements unilaterally, whether the proposed measure is ever implemented or not, it'd seem on the surface that what you are contemplating is plainly in breach of your contract with MPEx.

Not only is it incredibly poor form to make such announcements unilaterally, whether the proposed measure is ever implemented or not, it'd seem on the surface that what you are contemplating is plainly in breach of your contract with MPEx.