Topic: [GLBSE] Diablo Insurance - Butterfly Labs BitForce SC Insurance (7,829:30,903) - page 2. (Read 7567 times)
August 01, 2012, 10:53:04 PM
FYI, Inaba joins BFL as COO. Anyone wager this increases the chance that BFL will meet its target?
August 01, 2012, 10:03:29 PM
Tipped the scales a little 
August 01, 2012, 05:41:43 AM
22,510 shares sold of DI.BFLSC.Fail
3,837 shares sold of DI.BFLSC.Success
3,837 shares sold of DI.BFLSC.Success
July 29, 2012, 04:23:51 AM
21,975 shares sold of DI.BFLSC.Fail
3,837 shares sold of DI.BFLSC.Success
3,837 shares sold of DI.BFLSC.Success
July 27, 2012, 04:07:55 AM
Share value is fixed at 1/1000th of a BTC
This statement needs to be included in the prospectus.
(although nothing stops people from reselling their shares at a lesser value to others).
… except the fact that you can issue new shares at that price (I presume -- the prospectus as it stands is seriously under-defined).
I think you missed something, its right there at the end: "Shares will be issued at a price of one thousandth (1/1000) of one BTC."
July 27, 2012, 03:36:54 AM
Share value is fixed at 1/1000th of a BTC
This statement needs to be included in the prospectus.
(although nothing stops people from reselling their shares at a lesser value to others).
… except the fact that you can issue new shares at that price (I presume -- the prospectus as it stands is seriously under-defined).
July 26, 2012, 08:24:12 PM
Hey cool, I might finally be motivated enough to set up a GLBSE account.
... shares of DI.BFLSC.Fail will be repurchased at combined value of DI.BFLSC.Fail and DI.BFLSC.Succeed divided by ...
What exactly is the "combined value"? Is there some sort of "face value" for each share -- the price at which newly-issued shares are sold to the public -- and "combined value" is num_shares_outstanding*face_value? It can't be market capitalization since you can't actually liquidate a company at its market cap (market cap is based on the order book or last trade price, both of which are altered by attempts to liquidate). Will you stop issuing new shares at face_value, or change it, in the future? If not, it would seem to put a floor on the value of the security and defeat the market pricing mechanism.
Or, instead, do you act as a market-maker -- if you see a buy order for one of the pair and a sell for the other at a lower price, you execute a pair of matching orders, destroy one share of one security, and synthesize one share of the other? Unfortunately unless GLBSE allows short-selling (do they?) there's no way to kick off the whole process, but this would be the closest thing to Intrade I can imagine.
Forgive me if I don't understand how GLBSE works. But I'm trying to compare this to Intrade and it doesn't quite line up. I also couldn't find any additional details on the GLBSE page, which was a bit disconcerting. I'm mostly trying to figure out exactly what the counterparty risk is here.
Lastly, where is "shares outstanding" on the GLBSE page? I can only seem to find the order book.
GLBSE is both the exchange and the broker. "Companies" are issued the original stock, and then we sell it. DI.BFLSC will stop issuing shares October 1st or when BFL ships, whichever comes first.
Combined value is both Fail and Succeed added together. Right now we're at around 4000:21000 Succeed/Fail, so if Succeed to pay out right now, not only would Succeed get what they paid for the almost 4000 shares back, they'd get around 21000/4000 for each share on top of that.
Share value is fixed at 1/1000th of a BTC (although nothing stops people from reselling their shares at a lesser value to others).
Shares outstanding is not listed on GLBSE anywhere, its inside the API unfortunately.
https://glbse.com/api/quantity_trading/DI.BFLSC.SUCCEED
https://glbse.com/api/quantity_trading/DI.BFLSC.FAIL
July 26, 2012, 04:04:06 PM
Hey cool, I might finally be motivated enough to set up a GLBSE account.
... shares of DI.BFLSC.Fail will be repurchased at combined value of DI.BFLSC.Fail and DI.BFLSC.Succeed divided by ...
What exactly is the "combined value"? Is there some sort of "face value" for each share -- the price at which newly-issued shares are sold to the public -- and "combined value" is num_shares_outstanding*face_value? It can't be market capitalization since you can't actually liquidate a company at its market cap (market cap is based on the order book or last trade price, both of which are altered by attempts to liquidate). Will you stop issuing new shares at face_value, or change it, in the future? If not, it would seem to put a floor on the value of the security and defeat the market pricing mechanism.
Or, instead, do you act as a market-maker -- if you see a buy order for one of the pair and a sell for the other at a lower price, you execute a pair of matching orders, destroy one share of one security, and synthesize one share of the other? Unfortunately unless GLBSE allows short-selling (do they?) there's no way to kick off the whole process, but this would be the closest thing to Intrade I can imagine.
Forgive me if I don't understand how GLBSE works. But I'm trying to compare this to Intrade and it doesn't quite line up. I also couldn't find any additional details on the GLBSE page, which was a bit disconcerting. I'm mostly trying to figure out exactly what the counterparty risk is here.
Lastly, where is "shares outstanding" on the GLBSE page? I can only seem to find the order book.
July 23, 2012, 01:18:54 AM
20,831 shares sold of DI.BFLSC.Fail
3,833 shares sold of DI.BFLSC.Success
3,833 shares sold of DI.BFLSC.Success
July 21, 2012, 08:09:57 PM
16881 shares sold of DI.BFLSC.Fail
3718 shares sold of DI.BFLSC.Success
3718 shares sold of DI.BFLSC.Success
July 21, 2012, 12:53:20 AM
16881 shares sold of DI.BFLSC.Fail
2718 shares sold of DI.BFLSC.Success
2718 shares sold of DI.BFLSC.Success
July 20, 2012, 12:51:12 AM
Diablo Insurance is now for sale! nefario finally pressed the on button.
Explain what the word - "nefario" The guy who owns GLBSE
July 20, 2012, 12:39:04 AM
Diablo Insurance is now for sale! nefario finally pressed the on button.
Explain what the word - "nefario" July 19, 2012, 05:55:29 AM
How long will shares be sold and how many of them in total?
It seems to me like you will sell unlimited shares to each side until October 1st, right?
It seems to me like you will sell unlimited shares to each side until October 1st, right?
Yes.
July 19, 2012, 04:02:48 AM
How long will shares be sold and how many of them in total?
It seems to me like you will sell unlimited shares to each side until October 1st, right?
It seems to me like you will sell unlimited shares to each side until October 1st, right?
July 18, 2012, 08:18:08 PM
16881 shares sold of DI.BFLSC.Fail
2501 shares sold of DI.BFLSC.Success
2501 shares sold of DI.BFLSC.Success
July 16, 2012, 09:55:14 AM
3036 shares sold of DI.BFLSC.Fail
2500 shares sold of DI.BFLSC.Success
2500 shares sold of DI.BFLSC.Success
July 12, 2012, 12:46:51 AM
2813 shares sold of DI.BFLSC.Fail
2500 shares sold of DI.BFLSC.Success
2500 shares sold of DI.BFLSC.Success
July 11, 2012, 07:44:56 AM
Diablo Insurance is now for sale! nefario finally pressed the on button.
July 10, 2012, 04:46:51 AM
I'm not sure D, what about the big money spenders who don't want to advertise their purchase?
Also, your terms for success are dubious.
does this mean 23 Jalapenos, 1 Single, and 1 MiniRig (or whatever they call it) shipped by the end of October will be considered a success?
My advice is to give it up... You're welcome to proceed (obviously), but I'm not sure you've thought this through.
I mean, what if BFL manufactures shipping labels on dummy accounts to keep the long con going? This seems equally as likely as them being a long con in the first place.
For the record, I don't think they're a long con, but I'm willing to change my mind given evidence to the contrary.
Also, your terms for success are dubious.
does this mean 23 Jalapenos, 1 Single, and 1 MiniRig (or whatever they call it) shipped by the end of October will be considered a success?
My advice is to give it up... You're welcome to proceed (obviously), but I'm not sure you've thought this through.
I mean, what if BFL manufactures shipping labels on dummy accounts to keep the long con going? This seems equally as likely as them being a long con in the first place.
For the record, I don't think they're a long con, but I'm willing to change my mind given evidence to the contrary.
Yes, 23, 1, and 1 would be considered successful. It would also be like 1/8th of the network all by itself.
BFL can manufacture shipping labels, but they'd have to be valid ones that have working tracking numbers and have actually been delivered somewhere. Plus, they still need to produce the 25 units to go with the labels.
If there is any doubt about the validity of any individual pieces of evidence, they simply won't be used. If BFL has actually shipped units for real, I really doubt there will be a lack of evidence.
For example: if Giga or Yochdog say "Hey Diablo, we got our units", then any evidence they pony up will most likely be the real thing. If some random person with a brand new forum account and is clearly a sockpuppet says they got 25 units, well, we're going to need more evidence.
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