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GLBSE Ticker: SATOSHISDAEMON.horse
GLBSE AssetID: 277bec9bb692184762958f7942fd1e64442644cf14af5f99e16f1482ad48cb60
www.satoshisdaemon.com
I have entered into a partnership to purchase a 2 year old Louisiana-bred thoroughbred filly with the intent on racing her in Louisiana. Because Louisiana has four race tracks, we will be able to race year-round for attractive purse money. The horse has been named "Satoshi's Daemon". To try and offset some of our initial costs, we're going to offer what we call "Bitcoin Interest Rights" (BIRs) for the entire career of the horse under our ownership.
When the owners take money out of the partnership, there will be an equivalent bitcoin dividend paid to all BIR holders. A portion of all winnings will have to be retained to maintain the horse. When the horse is claimed or sold, BIR holders will also get their pro-rata interest in the sale.
Please visit the website for complete bylaws.
General Info:
We each put in $5,000 USD
Cost of horse was $1,500 + first $500 of winnings go to original owner
Cost of maintenance is ~$1,500 / mo
Planning for first race in January, 2012 at either Delta Downs in Vinton, La. or Fair Grounds Race Course in New Orleans, La.
We'd like to maintain a balance of ~ $3,000 while racing.
On race day:
Purses range from $9,000 - $35,000 for Maiden races, where Satoshi's Daemon will start.
Win: 60%
Place: 20%
Show: 11%
Fourth: 6%
Fifth: 3%
The rest: ~$80 each
Jockey Commission is 10% of our revenue from the race for a win(we offer $500 bonus to jockey for win)
Jockey Commission is 5% of our revenue from the race for a second or third place finish (no bonus to jockey)
Jockey is paid a mount fee ranging from $60 - $115 for 4th - last. (The amount is based on race purse money)
Trainer Commission is 30% of our revenue from the race
Trainer/Jockey commission may seem high, but we are getting preferential training rates. If Satoshi's Daemon goes onto bigger purse races, this could possibly be re-negotiated with the trainer, but the jockey commissions are standard and set by the Louisiana Racing Commission.
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Initial offer is for 500 BIRs at 0.21 btc. Thank you for looking!
