Topic: [GLBSE] Introducing: Bitcoin Syndicate, a new mining op trading publicly! - page 12. (Read 23317 times)

OK dude but I want to finish on that within four months I'll have my third 'bfl single' and 4.56MegaHash/s per BTC invested or the 1.664GH/s for £20 of electricity a month will soon be growing by 50%.  The first one is already being ordered

And you'll notice I didn't make a fuss about your last post. One post I don't have an issue with, two I can live with, three is just spam. You've already made your prices clear, please don't clutter the thread.

I don't want a flame war, so I'm ending this now. I have expressed my opinion, if you are unwilling to acquiesce so be it.

I've posted before and Glasswalker wished me luck.  Whats your problem feel bitter at choosing the wrong investment vehicle   

That would be exactly the point of a comparison thread. If you want to advertise what you believe to be better numbers, that would be a great place to put it.

Only helping potential investors in finding the best profits available on the GLBSE   

My reply was serious. If this was a comparison thread, advertising would be welcome, but it is not. If you have a valid reason, please enlighten me.

 

A competitor's IPO thread is not the place to advertise your own company, regardless of the price.

Sorry to jump in your thread but RSM is offering 4.56MegaHash/s per BTC invested.  1.664GH/s for £20 of electricity a month.

Wow!

That's awesome coverage!

Thanks Bitcoinmedia & Nefario!

In the news!

http://bitcoinmedia.com/crowdfunding-gets-some-back/

For anyone who wants to see the latest trades on GLBSE in near realtime visit GLBSE on Twitter

Thanks for fixing the link mila.

Here is how the breakdown of the initial distribution of shares looks (I rounded off hash numbers to the nearest 50MHash division due to day to day fluctuations). Also Warf's miners were acting up at the time we issued, so I used previous averages from an earlier period. And we estimated 600MHash for andrew based on his rig which is 3x 6770 GPUs as this one will be back operational in the next day or two (expecting 200MHash per card).

BTC Per MHash/s - 0.18BTC as per bylaws

Paul: 2,200 MHash/s =  396BTC
Warf: 600MHash/s = 108BTC
Isaac: 1200MHash/s = 216BTC
Jeff: 500MHash/s = 90BTC
John: 1700MHash/s = 306BTC
Andrew: 600MHash/s = 108BTC

Total MHash: 6800MHash (as I said a couple of these are rounded up by a couple mhash, and Andrew's 600MHash approx aren't in the pool yet so this number looks to be accurate).
We only advertised 6Ghash because of this discrepency and the numbers on the chart fluctuate due to error rate and luck. (as mentioned earlier in the thread)

Paul's initial contribution in expenses registration, asset creation, domain, hosting, site dev (about 30 hours work), and so on: 100BTC

Based on the above, and a price per share of 0.25BTC for the IPO (market IPO price):

Paul: 1,984 shares
Warf: 432 shares
Isaac: 864 shares
Jeff: 360 shares
John: 1,224 shares
Andrew: 432 shares
Total founder shares: 5,296 shares
That will leave 6,704 shares for release in the IPO.

Of those 6,704, only 3,885 are still available. after not quite 24h.

With a 100% successful IPO, that's 6704 x 0.25BTC which is 1676BTC. Which should be enough for about 15 FPGA cards (when combined with the output of our mining efforts leading up to the end of the IPO, which currently totals about 25BTC). Perhaps more if we can negotiate a good volume deal.

At 15 FPGA cards, at approx 400MHash per card, that adds another 6GHash, as I predicted in some of my earlier posts, bringing our total to approximately 12GHash immediately following successful IPO.

So get buying up those remaining shares! the faster we sell out, the faster we can end the IPO period and get those additional FPGAs ordered and on their way so we can profit that much faster!

Hope that helps keep things transparent!

Thanks!

(edit: altered wording about warf's miners acting up, it was worded to sound like they ARE acting up, in fact they are not, but they were at the time the initial shares were issued, changed the wording to be more clear).

also online the forum.btcsyn

day by day trade history, from the  charts
traded total: 2,903 shares
volume current day 23/2/2012: 127 shares
volume first day 22/2/2022: 2776 shares

this just data aggregation and not an investment advice

also interesting page with more numbers

would be nice to see some official summary of initial distribution between ipo and founding members
my guess is 6704 shares on ipo on glbse exchange. it will be obvious after stats are reliable
or an confirmation will do. or maybe there is on the home forum, did not see all categories yet ; )

glbse waits for 6 confirmation to credit incoming paymens, while waiting
please export & backup your glbse keypair of the account you fund.

1)
go to Account Management or List Accounts
and click on Export Accounts

2)
save content of the popup window (if you use a web client)
optionally encrypt it with and protect it with a passphrase (built in feature)

the keypair is stored in your browser memory and will be lost when you clean locally stored browser files.
you can import it on multiple browsers or create always a new one if you wish just to observe at the source.
and don't mind the keypair would be lost from the local browser storage

You already have the highest 30D volume of anything on GLBSE - after one day! Congratulations!

I'm investing, just waiting for the transaction to confirm.

EDIT: Confirmed, shares bought.

Sorry for the double post, but I felt this one deserved it's own post...

I just want to say THANK YOU to who ever just invested in 1500 shares of BTCSYN!

I know myself, and the other founding members (And the other shareholders) all appreciate your support. That's FANTASTIC!

The faster we sell out the IPO the faster we'll purchase our FPGA miners, and move ahead into the growth and profit phases of our operation. (and begin pursuing other initiatives as well).

So once again, GOOD JOB COMMUNITY!

So far we've sold nearly 50% of the shares released for public trading in less than a 24h period. This is just FANTASTIC!

Thanks again! (and keep up the good work! lol)

I have looked into it further and P2Pool definitely looks like the way to go. It won't be a technical challenge at all, with my IT background setting it up will be a snap. The only thing holding it up is a bit of time.

So likely tomorrow depending on how my time looks I'll raise a motion to vote on the idea of switching to P2Pool. At which time I'll build out a dedicated secured P2Pool install (independent of our main webserver and not touching our wallet of course) and redirect the mining proxy setup over to the P2Pool box. That should result in zero downtime.

Provided the vote passes, I'll post an implementation plan, as to how we're going to do the transition, and what the timeline will be (we'll schedule a test for 1hr to confirm it's working well so that we can fall back if something goes wrong, and if it succeeds we'll continue there for now).

Any other shareholders I'd love to hear your opinions on this topic as well.

I'd also like to take this opportunity to point out we have our own forums at forum.btcsyn.com (can be linked to under our main page at www.btcsyn.com too) and I'd love to see the contributing members of this thread register there too. Conversation can continue here for sure, but that forum lets us keep things like polls for decision making, and more internal planning on a seperate board controlled by the syndicate. (It also allows shareholders to register and be identified so that we can centrally communicate to announce motions and such).

I'll keep this thread as the main "info portal" for the bitcointalk forum, and post motions and dividends here as well, just to have the info easily accessible at multiple points of course.

Thanks!

I am in definite agreement with Holliday; I don't want to (no offense to you or them) support Deepbit in any way, shape or form, simply due to my concerns about centralization of mining power. I agree p2pool is the best long-term option, but for a short-term, easy to switch to one, there are many options other than Deepbit. BTCGuild & ABCPool both offer low-fee PPS, EclipseMC offers zero-fee double geometric. (close to proportional, hopping-proof) At least in my opinion, any of those would both be more profitable (lower fees) and less potentially damaging to the future of Bitcoin.

I agree completely about the principal of it, and our intent was always to not contribute to deepbit. But because at the time we were pushing for a quick launch, we went with what was easy and fast, which was deepbit/slush (with the intent being to focus on slush with failover to deepbit). But because of the unexplained spike in rejected shares we dropped off to deepbit as our primary. Also we hadn't had the time lately to do a ton of research in pool options. Back when many of us started mining deepbit and slush were the ones to go with. A lot has changed, but we just stuck with what we knew and what worked. I never worried about it too much with the Syndicate because my feeling was always that a pool was merely a short term stopgap (we would quickly reach a hash rate allowing us to mine solo, and so would not need any pool, or would start our own).

That said, I would LOVE to switch to P2Pool from what your describing. But I will need to do a bit more research to validate this. And unfortunately at this point, it's not up to me anymore (any change at this stage would require a motion to be raised and voted on). But if my review confirms what you're saying here, I agree, it would be a no-brainer. Likely easier than setting up our own dedicated pool, and would be a great stepping stone to move towards fully solo mining.

I think the setup you describe is inline with many of our goals longterm. So I'll review and let you know what I come up with (and if we raise a motion to switch it).

And yes, we are definitely very serious about bitcoin and the future.

For the immediate term we are pointing at deepbit. That's not our intent long term (And wasn't the original intent). We have our proxy pointing at deepbit with failover to slush. We originally had it pointed at slush, as I'd rather mine there than deepbit to be honest, but we were for some reason seeing extremely high rejected share rates there, so our payout on deepbit was better. As soon as we have enough MHash to justify it (and I can complete setting it up) we'll begin mining solo (Against the bitcoin network directly, rather than through a pool) to cut out the added fees the pool charges, and allow us to contribute to the security of the bitcoin network without giving too much strength to a single large entity like deepbit.

If you have any suggestions for a mining pool that we could try out other than deepbit (I have not yet tried eligius for example). We had the deepbit and slush mainly due to stability and lower variance at least while we were getting stabilized. For now the focus is on getting things rolling, then once we are operating the other thing to consider is the target of our mining power will be open to vote by shareholders (the choice of pool will be voted on, and the same goes for the decision to move to "solo" mining, or our own pool).

Does that help answer your question?