Topic: [GLBSE] BFLS - Bitcoin Mining & Sales - page 7. (Read 17925 times)

Do I understand it right that I hardly can buy the BFLS.FUTURES on the market as I don't know from whom I do buy them and where he was on the list.
Do you still offer the futures for 0.7 for the minirig? How does it work? If I ask for let say 20 - you put ask order of [email protected] to let me buy in or how?

I am hoping to have at least a couple more by the end of the week at the latest, if not all ten.  I have a lot more than 10 on order, but I don't know exactly when they all be shipped (just like everyone else, I'm eagerly awaiting them as well) - I plan on ordering at least one minirig and more singles this week as well.  I was hoping to raise enough funds for two mini-rigs, but I think I'm going to be a few thousand short, so I'll just do singles instead.

Sounds great! Approximately when do you expect the full 10 to be online? Back on April 9th you had mentioned that you were expecting them that week. From the BFL shipping thread it looks like BFL is shipping early February orders now ... if you placed the BFLS order in February they should ship 'soon', but if you ordered in March I'm afraid we may still be looking at several weeks before delivery.

I am going to press some of my personal hardware into working for BFLS until the BFLS hardware is available.  I will start with 4 or 5 units and may increase that as time goes on.  So expect dividend payments to begin within the next week, although they will be smaller/less than what you should expect once all the hardware is operational. 

Yeah, I will be making an announcement soon.  Another opportunity was brought to my attention that I discussed with BFL last night; I didn't get home until late.  I need to crunch some numbers and see if it's even feasible  with what I have on hand at the moment.  Once I figure out the direction to go, I'll announce it. 

BFLS should start paying some partial dividends soon, though.

Did they get back to you that day?  Did you make the next order?

Yes, the 10 singles are in that batch.  I have  query out to BFL right now asking about when it's expected to be allocated to me... I hope to hear something back today. 

I am going to be placing a new order for more hardware shortly ... if anyone else wants in on BFLS.FUTURES, now is the time, before I place the order.  At least 1 rig box and more singles.. if anyone else wants in on a second rig box, speak up, cause the time between order and delivery on those is substantially longer than the singles.

Inaba, you had mentioned about a month ago in a different thread that you had 30 Singles on order (though I don't recall you saying when they were ordered); are the 10 units earmarked for BFLS coming from this batch?

BFL is still working through their January orders, so if your order wasn't placed in January we may still have some weeks to wait. 

I even agree that the whole idea was good, just disgruntled because I didn't bid high enough.

Inaba, didn't mean any hard feelings.

I think that's a little on the optimistic side. Most of the people who have received theirs already waited at least 8 weeks. One would certainly hope that BFL would speed up the process as production gets into gear, but hope tends to spring eternal. 

They say 4-6 weeks at BFL thread here to keep track of it all when people actually get theirs.

https://bitcointalksearch.org/topic/bfl-single-order-dateship-date-67887

What is the estimated delivery now?

So hope us all.

Yes I had thought that was your idea from the start good luck with the venture and hopefully them boys at BFL pick up the pace on their assembly/shipping.

This is my intent exactly, which is why I created the FUTURES shares, so the people who buy the FUTURES are automatically guaranteed the BFLS shares before any of the public get them.  I will be ordering hardware with all proceeds, I'm not keeping any funds back, it all gets "reinvested" into hardware almost immediately.

Well he could say they are convertible upon arrival of the units ordered with that round of funding and in fact since he would know which shares went with what units then he could convert and notify the concerned parties once they do get there.

While that would be nice, asking Inaba to guarantee a date by which BFL will ship the products on order seems unfair; he has no control over that.

It can be a good deal, but I think in the BFLS.FUTURES should have a definite date in the contract of when the BFLS.FUTURES contracts can be converted to BFLS shares.

I think that because of the way this IPO was structured, there are several 'layers' to it which had appeal to different people for different reasons. One (perhaps obvious) benefit seemed to be that it would be a great way to get one's hands on a Single much quicker than ordering from BFL directly. Many people here have been trying to bypass the legendary/infamous "4-6 week" waiting line from BFL by buying up other's people's places in line, and this IPO seemingly opened a door for just that.

I don't presume to speak for Inaba, but I don't believe his original intent was to provide a 'move to the front of the Single line' service. The IPO's intent was to offer hashrate backed by physical hardware, with the added bonus/twist of allowing investors to trade in shares for that hardware. This was something not seen before on GLBSE.

My own attraction to BFLS shares was simply the ROI and the hassle-free nature of offsite mining. I wasn't interested in trading shares for a Single. I have no (or rather, very little) available infrastructure or desire to support significant mining hardware. Running a PC and Single(s) is not noise-free and generates heat. Neither of which is very appealing to me. What *is* appealing is the potential to purchase the equivalent of a Single and earn mining income, without any of the associated hassles.

My original, and simplistic, calculation went something like this:
(1) Order 1 Single from BFL:
Single cost: $600
Shipping: $30
Annual power cost: $50
TOTAL: $680 (first year)

(2) Purchase 200 shares of BFLS:
Share cost: 200 * 0.7 = 140BTC = $680 (assuming 1BTC = $4.85)
Shipping: $0
Annual power cost: $0
TOTAL: $680 (first year)

It seemed a no-brainer to purchase some BFLS shares instead of ordering a Single from BFL. Not to mention the "4-6 week" delivery delay from BFL. Now, we know it wasn't possible to purchase 200 shares at the IPO price of 0.7BTC/share. The price was bid up significantly higher. But even at 0.8 (or whatever the top few hundred shares were going for), it was a good deal.

Consider that a BFLS share at 0.8BTC/4Mhash is the equivalent of 1BTC/5Mhash. Compare to a 5Mhash Gigamining share (gigavps's recent IPO) currently going for 1.2 to 1.25 BTC/share. So from solely an ROI point of view (the contract details of Gigamining and BFLS are very different), a BFLS share is arguably a significantly better value.

From all accounts I'd say the BFLS IPO has been very successful. Not only were all issued shares sold (and quickly), but the average selling price was significantly higher than the original 0.7 offering. If this were my IPO I'd be quite happy. My only regret would be that I didn't have more than 8Ghash (10 Singles) of hardware to back more than 2000 shares.

But Inaba is building up, so additional shares will come.

True, but it will also create a secondary market for "selling your position" on the list (you will attract investors wanting to play that market).

Needs more thought.