[GLBSE] Bitcoin Mining Fund (see post #2 for FAQ)

pyrkne

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Quote from: Deprived on October 01, 2012, 12:11:35 PM

Questions about BMF's insurance policy with CPA.

Summary of the situation can be found in this post : https://bitcointalksearch.org/topic/m.1229467

No need to comment on all of that lengthy post (unless you really want to). My questions boil down to these:

1. Is BMF entitled to claim under that policy now (and previously) with it's NAV/share being under 1.0?
1a. If answer to 1. is "Yes" then why hasn't it?
1b If answer to 1. is "No" then what IS BMF insured against if it isn't NAV/share falling below 1.0? Does this represent good value to BMF investors for their 550 BTC worth of premiums.

2. On September 10th in regards to the policy you said ""This was announced, publicized, motioned, voted on and passed two months ago."
2a. Where was it announced and publicised?
2b. Where can I find the motion?
2c. Where can I see the results of the voting?

It's October and you're still asking about this???

I hold BMF (don't judge me) and I'd like clarification about this also.

Deprived

hero member

Activity: 532

Merit: 500

Questions about BMF's insurance policy with CPA.

Summary of the situation can be found in this post : https://bitcointalksearch.org/topic/m.1229467

No need to comment on all of that lengthy post (unless you really want to). My questions boil down to these:

1. Is BMF entitled to claim under that policy now (and previously) with it's NAV/share being under 1.0?
1a. If answer to 1. is "Yes" then why hasn't it?
1b If answer to 1. is "No" then what IS BMF insured against if it isn't NAV/share falling below 1.0? Does this represent good value to BMF investors for their 550 BTC worth of premiums.

2. On September 10th in regards to the policy you said ""This was announced, publicized, motioned, voted on and passed two months ago."
2a. Where was it announced and publicised?
2b. Where can I find the motion?
2c. Where can I see the results of the voting?

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

Quote from: ?? on ??

At great mental and emotional pain I have decided to take the advice of a couple friends on IRC.

I have decided to answer each question that I am asked in a calm and rational manner and add the answers to a FAQ in the OP. I will use post #2 which has been reserved for this purpose.

I'm going to ignore everything said in this and any other thread and only respond to questions regarding BMF, and only questions posted below this post, in this FAQ. Those are my terms. The FAQ may also be posted on BMF's webpage when I get around to it. Tirades and bullshit will be ignored. After all, if you do not actually ask a question, I can't answer it.

usagi, I would like to invest in BMF however I'm a bit concerned with the inconsistent dividends (0.001 for a few weeks).. what happened there?

Bitcoin Oz

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Wat

There are a few bfl competitors popping up it might be a good idea to diversify and support them as well. For instance ordering a https://www.btcfpga.com/index.php?route=product/product&product_id=58 in case bfl is all smoke and mirrors.

matthewh3

legendary

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RSM - https://bitcointalksearch.org/topic/796com-redstarminingcom-the-oldest-public-mining-security-150ths-63257 - just needs to sell ~250 shares @BTC0.30 each to be operating at 48(MH/s)per share on delivery of our ASIC's. I know were not issuing dividends until we receive the hardware but that's a better (MH/s)per share rate then most if not all our competitors. Were planning on issuing 300 new shares on Monday at BTC0.30 each to take us to >51.6(MH/s)per share. Although if we can shift another ~1400 shares at BTC0.30 we would be operating at >54(MH/s)per share or 1(GH/s)@<BTC5.55. Just thought I'd let you know. We've been operating over seven months now and I know Nefario personally.

Monster Tent

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Will you gpg sign a contract stating that you will eat a hat on camera if its not at 1btc per share ? Cheesy

Bitcoin Oz

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Merit: 500

Wat

Quote from: Deprived on September 09, 2012, 06:16:07 PM

If NAV has fallen below 1 shouldn't you just ask CPA to audit and pay-out on your insurance policy? The policy was for NAV falling below 1 - and you stated it was about 0.57. If that doesn't trigger a payout what does?

If I am reading this correctly, CPA signed a contract to payout when BMF was below 1 ?

But BMF was already below 1 when the contract was signed.

Quote

Quote from: usagi on July 15, 2012, 05:36:53 PM
NAV update:

Through precision trading we have raised the nav from 0.65 at the time of the motion to 0.866 today!

This puts us within a month away from recovery. If I can pull a few more good deals like this we could be paying divs again by the end of the month.

I just want you to know I am doing my best to get this done. Let's all hope for the best, thanks.

We have continued to make best efforts towards repairing our NAV and resuming dividends.

To this end we have signed an insurance contract with CPA which indemnifies us against capital loss.

We have decided to publish this contract, to give a clearer picture of what is going on with BMF these days.

This contract means we will likely begin paying dividends again by next week.

This is good news! Ok, don't celebrate yet, let's get through the week first Smiley

Thank you for your support, shareholders.

This is like signing a contract to pay out on your house getting burnt down when your house has already burnt down.

Deprived

hero member

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If NAV has fallen below 1 shouldn't you just ask CPA to audit and pay-out on your insurance policy? The policy was for NAV falling below 1 - and you stated it was about 0.57. If that doesn't trigger a payout what does?

MoneyIsDebt

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Activity: 642

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Cut in half at first... but then it might drive out a lot of miners, for whom it'll no longer be profitable to mine (or more profitable to mine litecoin or something). This may or may not be enough to lower difficulty. And then asics will throw any prediction out the window.

Bitcoin Oz

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Activity: 686

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Wat

I am wondering how the block reward halving will affect mining companies returns. In effect they will be cut in half.

Bitcoin Oz

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Activity: 686

Merit: 500

Wat

Quote from: ?? on ??

Quote from: MoneyIsDebt on August 10, 2012, 07:55:21 AM

Seems to me that when difficulty rises, mining bonds fall (and thus BMF).
And it's not like difficulty is going to fall any time soon?

This is why BMF is making a move towards mining companies vs. bonds. We will still buy bonds as long as they are cheap and, in our estimation, are a good long-term investment. But most of our purchases these days are into mining companies.

We're about to publish an interview with the founder of BTC-MINING. Please keep an eye on our website at tsukino.ca/bmf!

This is good.

MoneyIsDebt

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Seems to me that when difficulty rises, mining bonds fall (and thus BMF).
And it's not like difficulty is going to fall any time soon?

Newar

legendary

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https://gliph.me/hUF

Quote from: ?? on ??

our holdings & NAV page

Looks good!

What made you get rid of COGNITIVE?

Could you add a column what the tickers actually are? Some suggestions: i.e. Mining bond, Mining company (actually mining), Mining company (not (yet) mining)

Carnth

hero member

Activity: 634

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A little off-topic from saving the NAV and such but...

I really enjoyed the the two interviews you (usagi) did with gigavps and Garret about their respective mining ventures. (These interviews can be found on the BMF website: http://tsukino.ca/bmf/ )
It was an insightful look as to how "the pros" mine Bitcoins.
Thank you very much.

I hope that you will be able to continue to interview more of the operators of the securities that BMF has a stake in. It helps me (as an investor) to know that there are real people behind the ticker symbols.

Newar

legendary

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https://gliph.me/hUF

What is the outcome of the motion?

Newar

legendary

Activity: 1358

Merit: 1001

https://gliph.me/hUF

I hope you are feeling better.

Just wondering: What happened to the promised daily dividends for June? It looks good to me up until the 15th, but then there are more and more gaps?

(GLBSETime whilst posting this: 14:38, Sun Jun 24)

Quote

*For the month of June, we will read this to mean pay out dividends approximately once every 24 hours (on or before the 7th of the month) for the previous month's dividends. After June, dividends will return to their normal frequency.

Code:

2012-06-15 09:21 3.99999704 2774 0.00144196
2012-06-17 07:54 1.13997177 3381 0.00033717
2012-06-18 09:38 10.43998719 3387 0.00308237
2012-06-20 12:56 8.49999356 3494 0.00243274
2012-06-22 10:33 1.96997922 3594 0.00054813

Bitcoin Oz

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Wat

Im personally avoiding bonds and only invest in mining companies with hardware that has a clear upgrade path, or growth shares like Moore.

BinaryMage

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Ad astra.

Quote from: Lumpy on June 23, 2012, 02:23:16 PM

Quote from: MoneyIsDebt on June 23, 2012, 02:07:53 PM

What's the reason for the crash in your opinion?
Some people just cashing out, shifts of investments to pirate, increase in difficulty, what?

Increase in BTC price, increase in difficulty, BFL's ASIC announcements.

Mining bond prices were hit especially hard by all three, and so many of the assets on GLBSE are in some way dependent/related to/invested in mining bonds that nearly everything crashed. Also (IMO) some recovery from extreme overvaluation, which (IMO) isn't yet complete. Some bonds were (IMO) ridiculously inflated; a few shocks are bringing them much closer to their actual value.

Lumpy

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Quote from: MoneyIsDebt on June 23, 2012, 02:07:53 PM

What's the reason for the crash in your opinion?
Some people just cashing out, shifts of investments to pirate, increase in difficulty, what?

Increase in BTC price, increase in difficulty, BFL's ASIC announcements.

MoneyIsDebt

hero member

Activity: 642

Merit: 500

What's the reason for the crash in your opinion?
Some people just cashing out, shifts of investments to pirate, increase in difficulty, what?

Topic: [GLBSE] Bitcoin Mining Fund (see post #2 for FAQ) (Read 8122 times)