Topic: FPGA Mining Contract - page 20. (Read 38737 times)

Might be you should wait till 24 November, when the poll will be closed, because
one can change his decision, because he have no all the information (about the price of new issues).
Right now the votes are
Yea votes: 3964 / Nay votes: 361
Which is less then 4008

If it will change before poll closing - then you will have no justification for that movement.

That's a good point, but the number of shares should vary based on how much money is needed, not the price per share. At the current exchange rate and the 24h average price per share, this should work out fine. If it's a few bucks short, I'll cover it.


Unfortunately, GLBSE won't allow you to pay dividends in NMC. Any earned from merged mining would have to be converted to BTC before paying to shareholders.

Yes, totally agree. I need some namecoins to register .bit domain

The price should be more than ~0.2616 (calculated from $2.5 per 1 BTC),
otherwise you will not achieve your management goal to buy one more FPGA

The current tally on the motion is:

Yea: 4008
Nea: 317

So, the motion passes. I will issue 500 additional shares, but at what price? It looks like there were a few trades after the IPO ended at higher prices:

Price, Volume
0.29990, 3.00
0.29990, 1.00
0.29000, 1.00
0.30000, 3.00
0.30000, 12.00

What do you guys think, what's the right way to price it? Based on the last price? Some kind of weighted average? The current weighted averages based on time:

4h: 0.299 (4 shares)
12h: 0.2577 (128 shares)
24h: 0.2519 (509 shares)

I'm leaning towards the 24 hour average, as that is the generally accepted method for the BTC-USD rate. Please let me know your thoughts on this.

1) You should first fulfill your promises and build first 6 FPGA cards and give their photos
to prove and describe the setup (might be there will be USB-performance or other issues?)

After that it will be logical to issue more shares with the promise to setup proportional amount of new FPGA cards.

2) What be the price of new shares?
Will they cost more, because of exchange rate drop ?

If not - it will be unfair to previous holders

Thanks, zapeta!

I'm still learning to use GLBSE, so I realize now I should have put the name of the asset in the motion. I hope you folks with big portfolios can tell which asset this came from...

Just voted my shares yes.  Assuming my pending deposits show up while shares are available I will be buying.

All shares from the IPO have been sold!

I raised a motion to issue 500 additional shares, which should be enough to bring our 6.4 boards up to 7. You can't really mine with 2/5ths of a board, so it makes a lot of sense to me!

The motion will pass with 3667 votes, or fail with 1834 nay votes. The motion will expire in one month (Nov. 24).

I personally am interested in buying this many shares if no one else is, so please vote yes for my sake!

Yes, when all shares have sold. Only 166 left so this could be very soon.

So are you going to raise a motion to release additional shares?

im jsut waiting for money to transfer over im buying 40 shares.

Summary of holdings:

As of right now, 4770 shares have been sold at 0.25 BTC, for a total of 1192.5 BTC. I've been exchanging this for USD as it comes in, trying to get the best possible exchange rates, but hedging against the market dropping further. Mostly, this meant setting up a lot of sell orders at various levels. Right now, the current balances are: $2771.53 and 255.34 BTC.

If the BTC was converted to USD right now ($2.65), this would be $676.65, for a total of $3448.18.

If we include the 230 remaining shares, this is 57.5 BTC, or $152.38. Because I will buy those extra shares if no one else does, we can assume they are sold for calculation purposes. This brings the grand total of holdings to approximately $3600.

This is quite a bit short from the $4560 I originally budgeted (21% less). This shouldn't be a surprise because the market is currently 27.4% down from the price at the time. Subtracting $100 for the PSU and various parts, that leaves $3500 for FPGA boards. At $560/board, this is only enough to buy 6.25 boards. I'm willing to lower the price per board to $545, given that those that pre-ordered can currently buy a board at $560 and I promised that this company would get the boards at a lower price than anywhere else. This brings us to 6.4 boards. I suggest issuing at least enough shares to buy that additional 3/5ths of a board. This would be $327, or 125 BTC, or 500 shares at 0.25/share.

If I've lost you with all these numbers, please let me know and I can either send you my spreadsheet or write a more clear explanation.

Something like that, for test. I can see now a spike If primary pool will fail, theres should be over 800 MH/s added. So, if more share holders will follow my steps dividends should skyrocket

Wow, it looks like you added about 400 MH/s! Thanks for your contribution!

As for the share price question, yes, the price can be set by the "hand of the market," but FPGAs aren't sold in BTC, unfortunately. If the shares sell for more, the BTC will be converted into USD and as many boards as we can afford will be purchased. If it looks like we can buy an additional board for say, 200 BTC, then we can issue enough shares to raise that much BTC at whatever is the current market price for shares.

It's a little bit of a confusing concept, I know. In a sentence, the Share <-> BTC <-> USD conversions might fluctuate, but in the end the only constant thing is USD <-> FPGAs. That's what the contract is based on, and what will ultimately determine our earnings.

Ok, good point. I'll probably buy about that many, but I'll give others the opportunity first.

I'm right now adding up all of the current holdings as a result of the IPO. This will determine how many boards we will be able to afford. Remember that I calculated 8 boards for 5000 shares (1250 BTC) when the exchange rate was at $3.65. The markets really crashed right after the IPO, so we're definitely going to have somewhat less. I've been exchanging BTC for USD as shares are sold, so it's time to take a look now at the total USD raised.

I'd like to have the final 230 shares sold before we go out and issue more.

Ok, it's done. But I don't know if it's working. Some shares are accepted but I don't see any increase in hashrate on stats page...

Well, when last share will be sold the price will start depend on share holders. It's just how stock exchange works...

You're right, all shares are almost gone. Should I raise a motion to issue more? If we did, I would personally buy at least a few hundred shares myself. This would be for an increase in total hash rate, not to dilute the value of each share.


You're right, I haven't set up merged mining yet, but I plan to soon.


Yep, that's what's so cool about Eligius!

I noticed after following the link to our miners that we need to register an NMC address so we can collect the namecoins.  It doesn't make sense to let part of the reward go to waste.


Eligius doesn't require worker names or passwords.  The worker name is just the address you want the payout to go to, and the password can be anything.  To set it up as your backup, the worker name would be 1FPGAxkfHskMq9fg2gbAWhPrnqwXydbX93 and choose anything for the password.  More info can be found at:  http://eligius.st/wiki/index.php/Getting_Started