Closed[GB] 400 GH/s Bitfurys October Delivery 1BTC share

LittleD

hero member

Activity: 560

Merit: 500

StayFocus and LIVE

I wonder why no one wanted to join this GB Huh

Quote from: BenTuras on July 12, 2013, 12:42:52 AM

Sorry, it still doesn't add up.

The unit is us$8000 according to https://megabigpower.com/shop/index.php?route=product/product&product_id=53
The BTC/us$ is ~97. 8000/97=~82.5
The GB is still 98 BTC. What's going to happen with the ~15 BTC difference ?
You said in your OP that you wouldn't take a profit on the purchase.
I do realize that it is possible that the BTC/us$ will go down, it has to go down to ~ 82 us$/BTC before the 1 BTC/share is not enough.

Why not take my suggestion and do a refund for all BTC not used when the actual purchase is done ?
I will invest in this GB when you do that.

You have "Effective July 10,2013 Shares are 1 BTC each, will adjust as USD/BTC exchange rate changes as Bitfurys are priced in USD.". I think it means you will adjust the share price when the exchange rate changes too much, but this doesn't say anothing about people that already invested.

Another question: Hosting in a tear3 data centre. Have you already selected a data centre, made a deal with them and know the cost/month ?

soniq

sr. member

Activity: 462

Merit: 250

Quote from: matt4054 on July 28, 2013, 07:16:09 PM

Given the lack of interest of this GB, I would like to reinvest my BTC somewhere else.

Larry, do you mind refunding my 5 shares at this point? Thanks.

sent a PM

soniq

sr. member

Activity: 462

Merit: 250

Quote from: damiano on July 29, 2013, 12:08:20 AM

How many shares are still available?

87 shares currently

damiano

legendary

Activity: 1246

Merit: 1000

103 days, 21 hours and 10 minutes.

How many shares are still available?

soapmodem

full member

Activity: 157

Merit: 100

I'd love to get some hashing power on a Bitfury to diversify and minimize the risk of Knc not coming through, but the price is just too high atm per GH/s. Undecided

Soniq, perhaps you could find another [less expensive] datacenter, or host it at your residence (if secure)?

matt4054

legendary

Activity: 1946

Merit: 1035

Given the lack of interest of this GB, I would like to reinvest my BTC somewhere else.

Larry, do you mind refunding my 5 shares at this point? Thanks.

matt4054

legendary

Activity: 1946

Merit: 1035

Bump, no one else interested?

soniq

sr. member

Activity: 462

Merit: 250

Hosting cost have been determined at $357 a month per unit for a six month contract. Will also be a one time setup fee of minimum $50 maximum $100

soniq

sr. member

Activity: 462

Merit: 250

Quote from: elkrisi on July 12, 2013, 01:27:26 PM

Just bought 1 Share @ 1BT:
From: 18F5QDWsHDkxBVeVcpWWpdJiHKUo2gp2LY To: 1Lzp614A1teQRyEcpakMLWhoEfwfJqBEhB
TxID: 7228a0fa81383386bf0ff962fbc82eddd1a5d725746a53b4fd5a60273a6da0a3

Thank you, Soniq!

Noted, added to OP and spreadsheet

Please send email and Skype User

welcome

elkrisi

member

Activity: 107

Merit: 10

Just bought 1 Share @ 1BT:
From: 18F5QDWsHDkxBVeVcpWWpdJiHKUo2gp2LY To: 1Lzp614A1teQRyEcpakMLWhoEfwfJqBEhB
TxID: 7228a0fa81383386bf0ff962fbc82eddd1a5d725746a53b4fd5a60273a6da0a3

Thank you, Soniq!

soniq

sr. member

Activity: 462

Merit: 250

Quote from: hardinero007 on July 12, 2013, 08:36:22 AM

Quote from: BenTuras on July 12, 2013, 01:10:59 AM

Quote from: hardinero007 on July 12, 2013, 01:02:37 AM

hi. birfurystrikeback website list this as 7,500 euro, roughly equivalent to 9,750 usd. how come the megabigpower can sell the same item for only 8,000 usd (discounted from 12,000 usd)? isn't it that bitfurystrikeback is bitfury's homepage? any details on this?

Read the start of the BFSB thread(https://bitcointalksearch.org/topic/ann-bitfury-asic-sales-in-eu-and-europe-250249), visit their website and you'll read there that BFSB is a Finish mail order company(?) and not Bitfury itself.

hi. pardon if i still can't understand. so basically the same item is being sold at 2 different website. bitfurystrikeback selling at 7,500 euro (9,750 usd) and megabigpower selling at 8,000 usd?

I am not sure why there is such a large difference in price, one merchant has a much larger profit margin?

soniq

sr. member

Activity: 462

Merit: 250

Quote from: BenTuras on July 12, 2013, 02:53:25 AM

Quote from: soniq on July 12, 2013, 02:15:34 AM

Quote

Why make it so difficult ? People are buying 1/98 share of a Bitfury. Let them pay 1/98 part of the purchase price and refund what's remaining. I do agree that you set the price higher to prevent having to ask for more BTC when the exchange rate drops too much. Adjusting the #shares per machine is too much hassle IMHO, so KISS and do 100 shares per machine for 1 BTC each and refund what's remaining per machine after purchase.

I am fine giving refunds if purchase price is much lower than BTC received for shares.

Like I said in OP I am not trying to make money on the purchase of the devices.

I have refunded members in other GB BTC if they changed their mind after purchasing shares, before the close of a group of shares.

In the previous GB I ended up with a surplus of 18 BTC, sounds like a lot? Not really, because there are over 100 members so thats .18 BTC per member and the group still needs to buy 17 PSU at $200+ each which is $3400

I think we're almost there.

It might be a language thing, so forgive me, but I want to be sure.
Playing devils advocate, I could read into your reply that you will refund me completely when I am not happy with my shares anymore before the close of a group of shares. I am not looking for that kind of refund.
I am looking for a refund of unused BTC after the purchase of a Bitfury. So at a certain moment in time you have sold 98 shares, you buy the Bitfury and the purchase price is 80 BTC. The remaining 18 BTC should be refunded pro rata.

I do understand that, like in the other GB, a power supply is needed.
So if you would like to reserve some BTC for that, fine by me and mention that in your OP. So the example above, reserve 3 BTC and refund 15 BTC pro rata.
I think refund of unused BTCs should be per purchased Bitfury and not for the complete GB.

also added clause to OP

hardinero007

sr. member

Activity: 938

Merit: 266

Quote from: BenTuras on July 12, 2013, 01:10:59 AM

Quote from: hardinero007 on July 12, 2013, 01:02:37 AM

hi. birfurystrikeback website list this as 7,500 euro, roughly equivalent to 9,750 usd. how come the megabigpower can sell the same item for only 8,000 usd (discounted from 12,000 usd)? isn't it that bitfurystrikeback is bitfury's homepage? any details on this?

Read the start of the BFSB thread(https://bitcointalksearch.org/topic/ann-bitfury-asic-sales-in-eu-and-europe-250249), visit their website and you'll read there that BFSB is a Finish mail order company(?) and not Bitfury itself.

hi. pardon if i still can't understand. so basically the same item is being sold at 2 different website. bitfurystrikeback selling at 7,500 euro (9,750 usd) and megabigpower selling at 8,000 usd?

BenTuras

hero member

Activity: 826

Merit: 1001

Quote from: soniq on July 12, 2013, 02:15:34 AM

Quote

Why make it so difficult ? People are buying 1/98 share of a Bitfury. Let them pay 1/98 part of the purchase price and refund what's remaining. I do agree that you set the price higher to prevent having to ask for more BTC when the exchange rate drops too much. Adjusting the #shares per machine is too much hassle IMHO, so KISS and do 100 shares per machine for 1 BTC each and refund what's remaining per machine after purchase.

I am fine giving refunds if purchase price is much lower than BTC received for shares.

Like I said in OP I am not trying to make money on the purchase of the devices.

I have refunded members in other GB BTC if they changed their mind after purchasing shares, before the close of a group of shares.

In the previous GB I ended up with a surplus of 18 BTC, sounds like a lot? Not really, because there are over 100 members so thats .18 BTC per member and the group still needs to buy 17 PSU at $200+ each which is $3400

I think we're almost there.

It might be a language thing, so forgive me, but I want to be sure.
Playing devils advocate, I could read into your reply that you will refund me completely when I am not happy with my shares anymore before the close of a group of shares. I am not looking for that kind of refund.
I am looking for a refund of unused BTC after the purchase of a Bitfury. So at a certain moment in time you have sold 98 shares, you buy the Bitfury and the purchase price is 80 BTC. The remaining 18 BTC should be refunded pro rata.

I do understand that, like in the other GB, a power supply is needed.
So if you would like to reserve some BTC for that, fine by me and mention that in your OP. So the example above, reserve 3 BTC and refund 15 BTC pro rata.
I think refund of unused BTCs should be per purchased Bitfury and not for the complete GB.

soniq

sr. member

Activity: 462

Merit: 250

Quote

Why make it so difficult ? People are buying 1/98 share of a Bitfury. Let them pay 1/98 part of the purchase price and refund what's remaining. I do agree that you set the price higher to prevent having to ask for more BTC when the exchange rate drops too much. Adjusting the #shares per machine is too much hassle IMHO, so KISS and do 100 shares per machine for 1 BTC each and refund what's remaining per machine after purchase.

I am fine giving refunds if purchase price is much lower than BTC received for shares.

Like I said in OP I am not trying to make money on the purchase of the devices.

I have refunded members in other GB BTC if they changed their mind after purchasing shares, before the close of a group of shares.

In the previous GB I ended up with a surplus of 18 BTC, sounds like a lot? Not really, because there are over 100 members so thats .18 BTC per member and the group still needs to buy 17 PSU at $200+ each which is $3400

BenTuras

hero member

Activity: 826

Merit: 1001

Quote from: soniq on July 12, 2013, 01:22:56 AM

When I set the # of shares this afternoon it was $84, I try to adjust as needed, but cannot be on the forum 24/7.

I don't expect you to be, no worries Wink

Quote from: soniq on July 12, 2013, 01:22:56 AM

Also when you pay an invoice with Bitpay, they are not exchanging the BTC/USD at the going Mt Gox rate. They have transaction fees

Agree, so it might be a BTC extra that you pay.

Quote from: soniq on July 12, 2013, 01:22:56 AM

What will happen if exchange price raises too much before I can make an adjustment in share #? your shares will just be moved to the next Bitfury or refunded.

Why make it so difficult ? People are buying 1/98 share of a Bitfury. Let them pay 1/98 part of the purchase price and refund what's remaining. I do agree that you set the price higher to prevent having to ask for more BTC when the exchange rate drops too much. Adjusting the #shares per machine is too much hassle IMHO, so KISS and do 100 shares per machine for 1 BTC each and refund what's remaining per machine after purchase.

Quote from: soniq on July 12, 2013, 01:22:56 AM

Hosting prices will be determined once we know more about the power usage, but a facility has been selected.

OK.

soniq

sr. member

Activity: 462

Merit: 250

Quote from: BenTuras on July 12, 2013, 12:42:52 AM

Sorry, it still doesn't add up.

The unit is us$8000 according to https://megabigpower.com/shop/index.php?route=product/product&product_id=53
The BTC/us$ is ~97. 8000/97=~82.5
The GB is still 98 BTC. What's going to happen with the ~15 BTC difference ?
You said in your OP that you wouldn't take a profit on the purchase.
I do realize that it is possible that the BTC/us$ will go down, it has to go down to ~ 82 us$/BTC before the 1 BTC/share is not enough.

Why not take my suggestion and do a refund for all BTC not used when the actual purchase is done ?
I will invest in this GB when you do that.

You have "Effective July 10,2013 Shares are 1 BTC each, will adjust as USD/BTC exchange rate changes as Bitfurys are priced in USD.". I think it means you will adjust the share price when the exchange rate changes too much, but this doesn't say anothing about people that already invested.

Another question: Hosting in a tear3 data centre. Have you already selected a data centre, made a deal with them and know the cost/month ?

When I set the # of shares this afternoon it was $84, I try to adjust as needed, but cannot be on the forum 24/7.

Also when you pay an invoice with Bitpay, they are not exchanging the BTC/USD at the going Mt Gox rate. They have transaction fees

What will happen if exchange price raises too much before I can make an adjustment in share #? your shares will just be moved to the next Bitfury or refunded.

Hosting prices will be determined once we know more about the power usage, but a facility has been selected.

BenTuras

hero member

Activity: 826

Merit: 1001

Quote from: hardinero007 on July 12, 2013, 01:02:37 AM

hi. birfurystrikeback website list this as 7,500 euro, roughly equivalent to 9,750 usd. how come the megabigpower can sell the same item for only 8,000 usd (discounted from 12,000 usd)? isn't it that bitfurystrikeback is bitfury's homepage? any details on this?

Read the start of the BFSB thread(https://bitcointalksearch.org/topic/ann-bitfury-asic-sales-in-eu-and-europe-250249), visit their website and you'll read there that BFSB is a Finish mail order company(?) and not Bitfury itself.

hardinero007

sr. member

Activity: 938

Merit: 266

hi. birfurystrikeback website list this as 7,500 euro, roughly equivalent to 9,750 usd. how come the megabigpower can sell the same item for only 8,000 usd (discounted from 12,000 usd)? isn't it that bitfurystrikeback is bitfury's homepage? any details on this?

BenTuras

hero member

Activity: 826

Merit: 1001

Sorry, it still doesn't add up.

The unit is us$8000 according to https://megabigpower.com/shop/index.php?route=product/product&product_id=53
The BTC/us$ is ~97. 8000/97=~82.5
The GB is still 98 BTC. What's going to happen with the ~15 BTC difference ?
You said in your OP that you wouldn't take a profit on the purchase.
I do realize that it is possible that the BTC/us$ will go down, it has to go down to ~ 82 us$/BTC before the 1 BTC/share is not enough.

Why not take my suggestion and do a refund for all BTC not used when the actual purchase is done ?
I will invest in this GB when you do that.

You have "Effective July 10,2013 Shares are 1 BTC each, will adjust as USD/BTC exchange rate changes as Bitfurys are priced in USD.". I think it means you will adjust the share price when the exchange rate changes too much, but this doesn't say anothing about people that already invested.

Another question: Hosting in a tear3 data centre. Have you already selected a data centre, made a deal with them and know the cost/month ?

Topic: Closed[GB] 400 GH/s Bitfurys October Delivery 1BTC share (Read 3963 times)