Topic: [GLBSE] BFLS - Bitcoin Mining & Sales - page 5. (Read 17925 times)

Mining went fairly well this week.  I was waiting on one last payment to come in and it just came in, but the transfer to GLBSE is taking longer than I'd like (Yay for 1 hour + confirmations).  As such, I am going to be headed to bed soon, so dividend payments will happen first thing in the morning (for me). 

Sorry I haven't responded to this before now, I wanted to have a better answer for you.  But in the interests of at least making people aware of that fact that I am considering the options, that's what I'm doing. 

1) Yes, that is the most likely scenario, although there are a few other options I am considering, but are fairly unlikely.
2) I don't have a current answer for this, but I'm open to it - although I'm not sure why anyone would NOT want that to happen.
3) I can not answer this right now due to the fact that I have proprietary information that has not been released publicly as of yet and any answer I give would disclose at least some of that knowledge.  But I will say the share distribution will be fairly distributed based on cost vs performance.  Currently while shares equate to ~4 MH/s, the share price was determined by the cost not speed, so expect more of the same without a very good compelling reason to change.  I did this because it prevents the shares from suddenly becoming worthless when newer technology comes out... as you can see with all the other mining bonds out there now, they are going to suddenly delvalue a whole hell of a lot if/when ASIC becomes common place - BFLS shares will retain all of their value since they are based on the hardware, not deterministic mining output. 

Once the rigboxe(s) come in, I will be selling the rigbox shares based on a similar formula based on Rigbox cost, not it's expected hashrate.  So again, you'll get the benefit of upgrades without the shares devaluing.

My physical miners have had a crappy week as well. Primary and backup pools underperformed. Just bad luck. Good luck happens just as often ... just have to wait for it.  I consider anything above 100% PPS to be a bonus; when it happens it is much appreciated. BFLS can mine at various 100%+ PPS pools to provide shareholders with 100%+ PPS, but those are not always reliable. The possibility of greater than 100% PPS payouts is one of the perks that BFLS shareholders enjoy, something the fixed 100% PPS mining bonds cannot claim. Though with that comes the risk that there may be times when back luck happens.

Cheers for the service!

Inaba, I was going to hold off asking this until after the June 15 announcement, but perhaps I can pose these initial questions to get us thinking: as you know BFL has stated that they will honor a 1:1 swap of old/existing product for their upcoming SC line.

1] Can we assume that it is your intention to swap out the existing BFLS hardware when (and if) that opportunity is presented?
2] Would that decision go through a 'Motion Vote' on GLBSE for existing BFLS shareholders (I'm not sure how that works)?
3] How would the swap affect BFLS shares? i.e. right now a share is worth 1/200th of a Single (4.1Mhps). Let's say the $600 Single was swapped for a $600 SC product with 2x the hashrate. Would the BFLS share then represent 8.2Mhps (2x 4.1Mhps), or would you do a share split in which 1 share was converted into 2 with each one still representing the the same 4Mhps hashrate?

Probably too early to be making final decisions on this, but I'm thinking this is a topic that WILL be brought up sooner or later, and it might be good to at least start thinking about the various issues it will bring to the table.

Dividends for this week have been paid.  This was an exceptionally crappy week as far as mining goes... several factors contributed to a just over 100% PPS rate.  I am going to be making some changes to the way mining is handled, hopefully this week, so we should net greater than 100% PPS next week.

As far as BFLS.FUTURES, I am still waiting on BFL for the remaining hardware.  If you're following the other thread at all, you'll see no one has received a shipment of singles in ~2 weeks... as soon as I get the hardware, I will start converting BFLS.FUTURES shares.  I apologize, but I can't do anything without the hardware.

Dividends have been paid.  I hope to have the hardware available this week as soon as the cases come in.  I'll keep this thread updated as soon as I know something.

Thanks for the heads-up. Appreciated.

I am not in a place I can get the dividend payouts handled tonight.  I apologize, but they are going to be delayed a day... I should have them ready to go and distributed tomorrow night, a day late.  I apologize if this causes a problem.

I am traveling today. I am going to try to get dividend payments out today but if I can't I will have them done hopefully Monday evening.

Thanks for the update Inaba.

I'm waiting on the hardware from BFL.  If you are following the other thread(s), they are in a holding pattern waiting for cases.  I stopped by the labs this week to check on things... there is a huge stack of uncased units ready to go, so as soon as the cases come in it should be good.

coming another end of week. Too much false hopes is worse than tell everyone frankly the real time schedule.

Roughly 4 MH per share net.  Though dividends have been paying out a bit more than that.

Inaba, whats the exact number of mh per bond?

I was searching for mining companies that are mostly invested in BFL singles and found yours.

Dividends for last week have been paid.

This week should see the last of the hardware, I hope.

Any update on this? Those of us with futures shares are on the edge of our seats.

Apparently I managed to break GLBSE again, it's trying to charge me 265,795,000 BTC to transfer some shares that were issued erroneously.  Needless to say, the funds in my account are woefully short of 265 million BTC.  I can't issue dividend payments until those shares are reclaimed into the asset account so it won't dilute the dividend payments.

As soon as GLBSE support gets back to me and the issue is straightened out, I will issue dividend payments.

PS - if I ever do have 265 million BTC @ 5 USD or more per share, ya'll are on your own cause I'm out!

*crossing fingers*

Very soon, waiting on a last batch of units now.  Hoping by the end of the week.

Any updates on futures equipment?