Topic: Closed[GB] 400 GH/s Bitfurys October Delivery 1BTC share (Read 3974 times)

I wonder why no one wanted to join this GB

sent a PM

87 shares currently

How many shares are still available?

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. 

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

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.

Bump, no one else interested?

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

Noted, added to OP and spreadsheet

Please send email and Skype User

welcome

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

Thank you, Soniq!

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

also added clause to OP

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 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.

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 don't expect you to be, no worries

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

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.

OK.

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.

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. 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?

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 ?

its very tempting

I am confused. The math doesn't add up.  How is this only 98 shares at 1BTC?

wow, this revised pricing seems to be alot better! but wait.  i might be tempted to buy a few shares here.

Bitfury currently ship only to Europe. Does "currently" cover October shipments? If yes, you must have some arrangement where you receive the unit in a european address and then re-ship to Canada. Wouldn't there be additional costs like shipment / insurance and perhaps import duties to Canada?

Sorry, I am mixing up KnC and Bitfury

Can you link to $6995 price?

http://www.bitfurystrikesback.com/product/400gh-miner-october-2013/    7500 Euro + a forwarding charge of 10%

Correct I am not charged VAT

EDIT:  https://megabigpower.com/shop/index.php?route=product/product&product_id=53   I can buy quite a bit cheaper here, I should be abler to buy for 98 BTC

will adjust OP

Megabigpower will be offering Bitpay soon as well, if Bitpay is not setup before shares are sold out will wait for Bitpay to be available

The price on their website is us$6995 + shipping. If I am not mistaken, you have them shipped to Canada, so you shouldn't be charged VAT. Can you help me understand your amount of €7575 ?

My price for buying and forwarding is 7575 Euros plus shipping which at current rate is about 117 BTC + shipping. Are they cheaper somewhere else?

I will buy some shares


Prefer BTC to keep it simple


Probably not,those were the terms established from the beginning, and I lowered my commission from 6% to 2% there after the 6 machine sold.

The extra machines are ordered because of popular demand, and this is a service to smaller investors who would not otherwise be able to invest in mining. And is a win win situation for the members and I.

There are no guarantees that any devices will ship and I have quite a few hours and BTC  invested already and will be investing quite a bit more before machines even ship.

 

Noted and added to OP

Welcome

There are now 17 Jupiters in the other group buy ... will you be lowering your management fees there accordingly?

I did ask this in that thread weeks ago but was ignored.

The us$ price is exactly my issue too. That's why I suggested to refund the unused BTC after a purchase.

current bitfury group buy: 400gh / 119shares * 0.95(fee) = 3.19 ghash/sec per btc
current knc group buy: 400gh / 30shares / 2.6btc * 0.98(fee) = 5 ghash/sec per btc

bitfury price: 119 shares * 1 btc/share = 119 btc * 87 usd/btc = 10,353 usd (should the price per share be changed)
knc price: 30 shares * 2.6btc = 78 btc * 87 = 6786 usd --> nice

clearly knc have the advantage.  hope knc will really deliver.

Since BitFurys are priced in euros, will you accept payment in euros (SEPA/paypal)?

this is the cheapest among the bitfury group buy in terms of ghash/s per bitcoin, though it would really be nice if the operator would lower the maintenance/operation fee.  i'm interested to buy some shares here to diversify my investment.  so guys, if we made past 4 units of bitfury, the maintenace fee would be lowered from 5%.  come and buy shares.

Bought 5 shares @ 1 BTC

5 BTC from 1JiLKmD8q6oP44rYofKugL4GSRE3YTxEW3 to 1Lzp614A1teQRyEcpakMLWhoEfwfJqBEhB
Tx 93d855e4bfeada190356de98da965cb408d295078af499866e06c7c543d04353

Thanks!

May I suggest to buy a machine when you've collected 119 BTC, and return the unused BTC to the participants of that machine right after buying to prevent issues.

Are you going to participate yourself in the GB ?

Not expecting to sell 12 devices in this GB, so commission is higher.  If I sell more than 4 would lower commission rate

Yes Bitfurys are more expensive than KNC Jupiters, they claim to use less power. Not sure if that compensates for the higher price?

You're taking 5% this time? The KNCs were 2%.  Looks like the cost per GHs is a little higher here too.

Why a Bitfury GB when you have a large KNC Jupiter GB and Bitfury's are more expensive?  The biggest reason is diversity, anything can go wrong with Asic preorders, betting on two different horses mitigates risk.

Closed and Locked Due To Lack of Interest, will return any BTC invested

This group buy is for 400GH/s Bitfury's October delivery https://megabigpower.com/shop/index.php?route=product/product&product_id=53

92/93 shares available

Offering:
Effective July 10,2013 Shares are 1 BTC each, will adjust as USD/BTC exchange rate changes as Bitfurys are priced in USD. I am not making a profit buying the Bitfurys's
- 93 shares at 1 BTC are available
- Each share entitles the owner to 1/93th of the BTC proceeds from the Bitfury/Bitfury's mining 24/7 till no longer profitable or sold (less expenses and management fees)
- management fees are 5% of BTC mined after expenses are deducted.(expenses include but are not limited too, hosting, repairs, shipping, taxes)
- payment will be made to the address of the share-holder  bi-weekly  
- miners will be hosted at Tier 3 datacenter in Canada at $357 a month per Bitfury


To purchase shares:

- Send 1 BTC per share to address: 1Lzp614A1teQRyEcpakMLWhoEfwfJqBEhB  [This address will be for this GB alone]
- PM me/and post the transaction ID (txid) in this thread.  
- ONLY use sending addresses you fully control. I will use the sending address for BTC payouts for your share ownership and if you request change of payout address I will require that you can sign your share purchase address to make this happen OR I WILL NOT CHANGE THE RECEIVING ADDRESS. This is for your own protection.
-This Group Buy will be sold in lots of 98 to qualify for another 400GH/s Bitfury October delivery
-anyone not included in another 98 share lot before September 2, 2013 will be refunded

  

IN CASE OF NON DELIVERY:
 - I (soniq)take no responsibility for the possibility that Bitfury does not deliver the 400GH/s Bitfury October  delivery. I(soniq) have done what I consider a thorough due diligence but as we all know, you can never 100% guarantee anything when it comes to pre-orders.
- Refunds will be given in case of non-delivery less 1% for management of GB
- this group buy will be refunded after Jan 1, 2013 if Bitfury is not delivered, and Bitfury refunds payments
- shareholders can elect to wait further, or shareholders not willing to wait can sell their shares to existing Bitfury shareholders

Miscellaneous:

- once Bitfurys are delivered and mining shareholders can sell their shares to shareholders outside of original Bitfury Group Buy
- shareholders can sell their shares before Bitfurys are delivered to buyers outside of original Group Buy but will be charged a onetime .1 BTC charge for name transfer
- at my discretion I can suggest to sell Bitfurys at any time and majority vote by share holders can decide to sell or not. Sale proceeds will distributed on a prorated share basis
- I (soniq) will not be responsible if Bitfurys do not hash at advertised rate of 400GH/s
- Any excess BTC above purchase price of a Bitfury will be refunded or paid out prorata as dividends




Why should I trust you?

- 100% positive feedback at eBay since 2002 http://myworld.ebay.ca/buglebarn/
- have done some transactions on this forum ( do a profile search, or I can PM )
- do not risk more than you can afford to lose, BTC and BTC mining preorders are high risk
- PM me for other information you need to verify identity
- identity verified by John K https://bitcointalksearch.org/topic/m.2404012
- organized a successful GB https://bitcointalksearch.org/topic/group-buy12-kncminer-jupiters-15-sold-closed-jupiter-pool-226319 and here https://bitcointalksearch.org/topic/m.2577450

If I have forgotten anything or you require more info etc. Please feel free to ask/post in this thread.
Name             Payment address                                       Shares

* waiting for confirmation and or waiting for next buy


If you havnt already download Bit Message, will be using this for contacting shareholders about updates, payments and trading shares

Will also create an informal Skype group for casual conversation amongst shareholders