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Topic: [GLBSE] Introducing: Bitcoin Syndicate, a new mining op trading publicly! - page 9. (Read 23353 times)

sr. member
Activity: 407
Merit: 250
To clarify, the web interface only publishes the last 100 tx. But the database that backs the site holds all tx ever on the wallet. (so it's merely a ui change to add some pagination, or an "advanced" page to the financial page that gives all transactions or something... Just haven't taken the time to write that code yet lol...

The other problem is right now I'm pulling the transactions (last 100) from the bitcoin client, so once the transaction falls off the last 100 it will stop updating confirmation count and status changes this shouldn't be a problem for the forseeable future, and I can always crank up the number of transactions to grab I believe. (so it grabs the last thousand or whatever).

The reason this could be a problem is if we mine more than 100 transactions in say 24-48hr. Then the mined transactions may not have time to update to "generated" from "immature" (this wouldn't affect the real wallet, only what's shown on the site, but still not ideal).

Anyway, this week sometime I'll try and add a makeshift "advanced" page which shows ALL transactions (and later once that gets too big, I'll write the code to paginate it lol)

In theory the maximum number of mining payouts per day is the number of blocks per day (and that's only if P2Pool was mining 100% of all blocks lol). At 1 every 10 minutes (plus say a 50% buffer for absolute safety) that's 216 tx per day max... So once we get close to 500+tx, I'll have the wallet start pushing out the last 500tx instead of the last 100tx, which should solve the "stale data" issue, and as I said, the transactions will live in the db indefinitely. So it's just a UI change to have it show more than 100.

Thanks for bringing this up though mila, as I hadn't thought about it.

And of course if other shareholders/members want to undertake their own accounting initiatives using the blockchain (or blockexplorer) please feel free!

It would be interesting to see what you come up with, and if something good comes out of it, I may consider merging it into the official site's financial pages.

Thanks!
sr. member
Activity: 462
Merit: 250
hi folks,
the http://btcsyn.com/financial page should only display last 100 entries (so I've heard) and since the switch to p2pool the payout is for every block that is found (instead of a mining payout 2x day) we will soon loose the tx history for early transactions and slowly also medium history and so on.
one shareholder offered help with accounting, I call him (yes, you) to cooperate in spontaneous control of the published numbers. PM me or reply here. I'm collecting the data every few days to be able to reconstruct the flow of bitcoins in and out and have an independent view of the syndicate's balances. observing, providing alternative view (even if the numbers should be the same). It does not have to be this public (this forum or the syndic forum) but I believe it should be done. I'll try to post bi-weekly updates of my observations and am willing to disclose them for a peer review before posting.

bitcoin accounting is relatively new and has its specific issues (p.ex. there will always be unbalanced accounts while waiting for 120 blocks maturity of new coins) plus syndic specific book entries like the unpublished gox history and operational spendings (glbse fees, forum advertisement). I'm not interested in all of it. I'm just interested in keeping the most important records and see if we come to the same conclusions.
sr. member
Activity: 407
Merit: 250
Since the IPO is sold out, and we have our first batch of hardware ordered, I see no reason to continue the "IPO Period" through to the end of March as stated in the bylaws. We can end it early so we at least see a partial dividend payment in the beginning of April, followed by our first "full" dividend payment in the beginning of May. This Motion will run for a full week to allow adequate time for vote.

The Motion ID is #87 and it will run until Monday March 19th 2012 at 5PM EDT.
Please log into GLBSE and Vote ASAP.

Motion Text:
BTCSYN Motion:
Motion to end IPO Period Early. The IPO has now sold out, there is no need to continue the IPO period any longer. Ending it now will allow us to begin making dividend payments as of the beginning of april (for the March period).
This IPO will run until March 19 2012 according to GLBSE. If the vote is successful, at that time I will move all remaining funds to the Growth Fund, and consider the IPO period complete. All remaming funds earned after that will be divided as usual at the end of the month, and dividends paid in the first week of the following month as per the bylaws.
sr. member
Activity: 407
Merit: 250
I got the shipping confirmation and tracking number last night! The 17 new Icarus FPGA Miners are on their way now, shipped via EMS Express from China to Canada.

From past experience with shipping from china (I used to run a business regularly importing from china) I expect they will arrive somewhere between the 19th and the 23rd (likely closer to the 19th though). Provided Canadian Customs doesn't have a problem.

Just wanted to post this great news!

Also I already have all hardware and parts needed to get them up and running, so once they arrive I can start spinning them up right away (I'll likely do them in small batches so we can monitor and validate them as we go, so I expect it will take me a total of one week or so to get them all up and running in full power).

12+ GHash/s here we come! WOOHOO!

(and yeah after re-reading my previous post, I realized my math was broken... thanks mila)
sr. member
Activity: 462
Merit: 250
  • Also wanted to point out that our share prices have been steadily climbing after the IPO completion. We're up over 0.40BTC now! WOOT! that's a jump in price of approx 40% in a very short time. And our first batch of mining gear isn't even here yet! I imagine that will see another spike in value Wink
you see your mistake?

hint take your hands of the pockets if counting on fingers. it's not decimal anymore
it would be 40% if the price on your mind was 0.35
hard to tell or choose, it changes daily

edited & big thumbs up for the fixed stats. I like graphs
sr. member
Activity: 407
Merit: 250
Hey everyone, just another quick general update.

  • Our first batch of FPGAs should be on their way today! I'm just watching the thread and my emails closely for a notice from ngzhang that he has shipped our 17 Icarus boards!
  • Our stats page is repaired. And all stat graphs are working again. Also I've added a "detailed stats" page to show all the more detailed P2Pool Graphs.
  • P2Pool migration is complete
  • We are experiencing an outage on John's miners, as discussed in this thread: http://forum.btcsyn.com/viewtopic.php?f=15&t=40 we hope for it to be resolved this week.
  • We are also experiencing a momentary downtime of Andrew's miners as per this post: http://forum.btcsyn.com/viewtopic.php?f=15&t=26#p156 it will definitely be back up and running Monday at full strength.
  • (so the above 2 points should help to explain why our hashrate is short 2GHash from what it should be).
  • Also wanted to point out that our share prices have been steadily climbing after the IPO completion. We're up over 0.40BTC now! WOOT! that's a jump in price of approx 40% in a very short time. And our first batch of mining gear isn't even here yet! I imagine that will see another spike in value Wink
  • Also in reference to the IPO, I've been busy last few days, but I'll raise a motion early next week, and run it for a week, to end the IPO period early, so that our first dividends can be paid out in early April.
  • Lastly I've been continuing development on our FPGA solution. And following FPGA news in the bitcointalk forums closely too. Looks like our investment in FPGAs will be a good one, since there are plenty of very good things on the horizon in the form of bitstreams that boost performance. Looks like we might get very close to the same price performance as the BFL offered in the end (in a few months time, possibly earlier).

Overall things are going extremely well so far!
sr. member
Activity: 407
Merit: 250
Just a quick update, sorry about the delay in fixing the stats chart. I hope to have it resolved in the next 24h. Until then please refer to the P2Pool chart.

Thanks!
full member
Activity: 168
Merit: 100
Oh I see; the P2Pool chart is roughly inverse of the main chart give or take a few pixels to the left.

I was looking at the stats page but didn't register that it was in essence two charts for the same thing.

marked
sr. member
Activity: 407
Merit: 250
Check our our forums at http://forum.btcsyn.com
(specifically: http://forum.btcsyn.com/viewtopic.php?f=6&t=34)

I guess I should have posted it here too Wink lol

We're currently transitioning miners over to P2Pool. They are still mining for the syndicate but because our mining proxy (Which gathers the stats) doesn't play nice with P2Pool, it's one or the other. So while we transition over the graph shows a decline, then once we're over, I'll adjust the site to source the graph data from P2Pool so that it shows the correct values.

Yes I could build some kind of hybrid, but that would take a lot of effort and I don't have a lot of time right now Wink lol

If you want to see the specifics you can look at the stats page. There is a graph there from P2Pool showing where the added mining is going.

Lastly there has been a slight hit to one of our miners due to some uncontrollable circumstances causing power outages for him. That's causing some of his miners to be popping on and offline over the next week. But that should only see fluctuations of around 1Ghash. The big dip you're seeing now is because of the migration over to P2Pool.
full member
Activity: 168
Merit: 100
What happened today?

It slowly started dropping about 5 hours ago from ~4.5 GH/s down to about 1.75GH/s 4 hours ago, and has since slowly started rising to a touch over 2GH/s.

marked
sr. member
Activity: 407
Merit: 250
Congrats everyone!

Our first order of FPGA miners is now bought and paid for. We just successfully ordered 17 brand new Icarus FPGA miners, which have been confirmed, and we have a confirmed ship date of the 11th of March via EMS Express.

Once I have a tracking number I'll let you all know. (but for security reasons I won't be posting the tracking number publicly)

Once they are on their way, I'll go out and pick up the remaining hardware needed, so we can have them up and running within a few days of their arrival!

Woohoo! 12GHash/s here we come!
sr. member
Activity: 407
Merit: 250
Problems resolved. Thanks Nefario!

Motion now live and can be voted on!
sr. member
Activity: 407
Merit: 250
yeah this is a result of the issue on GLBSE, I'll have nefario delete 84 so it's not confusing. There was a date shift happening somehow, so the motions were "auto-expired" I recreated it thinking I did something wrong the first time, but it also autoexpired, so that's how we got 2 similar ones.
sr. member
Activity: 462
Merit: 250
just a quick update there are two very similar motions #85 and #84
you instruct shareholders to vote in the #85 motion. just to parrot what I understood
sr. member
Activity: 407
Merit: 250
Based on the decision in the poll to switch to Icarus mining hardware, this motion is to go ahead with that purchase. This motion is under a tight timeline so please vote promptly.

The Motion ID is #85 and it will run until Tuesday March 6th 2012 at 5PM EST.
Please log into GLBSE and Vote ASAP.

Motion Text:
BTCSYN Motion:
This motion is to spend the 1700BTC we have on 17x Icarus FPGA Mining boards (including shipping) as decided in the poll on the forums. In addition 25BTC will be paid out to the CEO (Paul Mumby) to compensate for approximately $120 in hardware required to support the FPGAs (new power supply, DC connectors, some wiring, USB hubs, and cooling fans, as well as some materials for the chassis). These parts will be aquired locally to avoid shipping charges, and will be paid in cash, then sold to the syndicate for 25BTC flat price. This motion has a short timespan, and will end on the 6th of March at 5pm EST. Note this motion will be immediately considered successful earlier than this (in the interests of time) if at least 7201 yes votes are received, 60% of total circulating shares).

Edit: Note: as of 4pm EST March 5th, the motions aren't working apparently on GLBSE... I've contacted Nefario and am hoping for a resolution soon. Unfortunately I can't extend the timeline much without risking our deadlines, so please watch for an update... Thanks for your understanding.

Edit: As of 4:30pm EST March 5th, issues resolved. Motion 85 can be voted on now!
sr. member
Activity: 407
Merit: 250
Here is the response back from Sonny at BFL to my questions. Seems I've got his attention now (he put my questions inline):
(as before you can follow the discussion and poll at: http://forum.btcsyn.com/viewtopic.php?f=7&t=37 )

Code:
Hi Paul,

Not to make your customer service experience any worse...  but this is a good example of the immediate difficulty.  Email inquiries turn into ongoing conversations with several rounds of followup. 

In any case, you have my attention and I'll do my best to answer your questions.
 
- What revision (Rev1? Rev2? Rev3?) will our order be?

New orders at this point will be getting Rev3.  Rev 3 has a proprietary heat pipe thermal solution which comes out of manufacture 2 weeks from now.  Rev 3 also uses a few different parts all of which reduce heat generation or increase heat tolerance which are already on Rev 2 boards.  A bottom fan is used in Rev 1 & Rev 2...  and may or may not be used on Rev 3 depending on tests.
 
- What date can you guarantee shipping by for our order?

4-6 weeks from the date of payment.  Now that we're in production, the timelines are much tighter, so earlier may be possible, but please assume 4-6 weeks at this point.
 
- Can we increase our order in size, now that we have our second wave of growth budget available?

You can only increase order size via new orders.  We can't retroactively increase volume on orders as it would impact others.
 
- Considering we're looking at buying 15+ units, can you do something to help us out due to the inconvenience? (a small discount, or a free Single unit, which would be less than a 7% discount which is not unreasonable I think). In this one time case due to the circumstances.

I wish I could help you there, Paul but in all likely hood we'll probably be increasing the price of the units as we get the time to focus on increasing their performance.   

- I'll leave it at that, and I hope you guys start to see the light. As I said I've been there, and know what your saying, but going forward, PLEASE look into some automation to stop this from happening again ;)

I've also been on your side and share your concern about the agony of crap response time.  I can assure you it's not an accurate refection of the way we run our company.  I trust you'll happily agree in due course.
sr. member
Activity: 407
Merit: 250
A quick update. I thought this should go here to notify those of your curious about the status, of our BFL Hardware order.

I have received 2 good responses from BFL at this time. And you can see the full thread, along with our shareholder poll to make a decision going forward here:

http://forum.btcsyn.com/viewtopic.php?f=7&t=37

Here are the full emails:

Here's the email I Sent them:

Code:
Hello, I recently placed an order for 7 Singles. I now have funds for my second batch of 7+ Singles as well, and have yet to even hear back from you about the first order (with even a simple automated response with an order number, or anything).

I require a response immediately. As I have shareholders to answer to. Without further response, I may be forced to cancel my order and go with an alternate option.

There is much speculation in the community that you are either:
A) A scam (admittedly an intricate one)
B) Incompetent at running your business.
C) Just badly overworked, and a nice new startup that wants to do good for the community, and provide a great product.

But C is definitely loosing that race.

I've been in your shoes before, doing a massive import/fulfillment/manufacturing business on minimal staff (1-3 people at most). And having customers banging down my door with orders, and questions, and QC problems, and support questions, all while trying to fulfill orders.

But the lack of any response when there are DOZENS of simple ways you could alleviate it with minimal effort is unacceptable. You could add an auto-responder to your email. You could have your website automate order confirmations with minimal work, if you're taking in that many orders that you have been able to do nothing else but that (not even answer emails) for over a week now, then you are likely doing enough sales to justify a minimum wage student for a couple hours a day to answer emails. (unless your significantly underpricing your product, in which case we go back to B above).

Ultimately you need to do something to re-assure people. Waiting a week or more for a simple order confirmation for people looking to give you money is unacceptable. Period.

I really wanted to see you guys succeed, and hoped your products would pan out, as you have the best price/performance out there. I was excited, and looking forward to getting my Singles (and in the future hopefully a Rig or two). But I can't wait months with money tied up waiting on you guys. That same money could be put to an alternative, and could easily make up for the performance difference in the time I'm spending waiting with it idle.

Also as I said, I have shareholders to answer to, and this isn't entirely my decision.

So don't disappoint me here, please respond ASAP and let me know what's going on (and do yourself a favor and do SOMETHING to solve the black hole of customer service you have right now, to restore the communities faith in you).

Thanks.

- Paul
CEO of the Bitcoin Syndicate

And their response:

Code:
Hi Paul, I appreciate your comments.  I really do.  It's a special sort of pain knowing  our customers wait and wonder.  

However, the rush of emails and contact attempts simply overwhelmed us and we had to make a difficult choice.    Production or PR.  We're schedule to dedicate some time to catching up on our email this week and it's my hope that our customers will find the means to accept our apology for the radio silence.  Certainly our original customers may as it means they get their units.

Please stand by, we'll resume normal communication within the next couple days.

Kind regards,
Sonny K
BF Labs Inc.

PS.  Feel free to share my comment with anyone else you know would be comforted by it.

I've informed them that the poll is in effect, and that they have until monday to respond and possibly sway the vote in their favor. But they have to answer several questions, and provide a guaranteed ship date in that email. Hopefully I'll get another response.
sr. member
Activity: 407
Merit: 250
Another big update:

First let me say WOOHOO! Congrats to everyone on making this IPO a major success!
And a huge thanks to all investors!

IPO is now 100% sold out, and shares are trading on open market (and the value is already increasing!)

Also, We're now testing on P2Pool actively, it's working well so far (right now one worker working on P2Pool). But our mining proxy doesn't play nice with it (which is why the Paul worker is not showing active, it's on P2Pool). So we'll have to do a full cut-over to P2Pool directly soon. I'll leave my test running a little longer to confirm everything is good, after which we'll cut over all the miners, and switch the website to point at the P2Pool stats. this will interrupt stats reporting somewhat on our public site, but will NOT affect the actual mining speed. (only what's reported, since we have to cut over hard, no soft transition possible).

Lastly, there is some concern of late with the timelines, and viability (not to mention growing concerns of an elaborate scam) revolving around the ButterflyLabs hardware. We had planned on a purchase of their gear (and have an order in, but unconfirmed and unpaid due to their silence). We are now re-evaluating this. There is some discussion, and a poll on our forums about this, and based on the decision we may decide to cancel the order and go with an alternative FPGA option.

This isn't a decision we make lightly, as the BFL gear offered the best price/performance ratio, but if it's going to be months before it ships (or worse, it's a scam) it is not worth it for the added performance. And right now we have approx 1700BTC to spend on mining hardware. We want to make sure we make the right decision with that money.

Please head over to our forums at http://forum.btcsyn.com/ and check out the announcement and polls section for more info on all of the above. And feel free to jump into the conversation in the other threads too.

That's it for now, I'll post more updates as I have them.
sr. member
Activity: 364
Merit: 250
[#][#][#]
... i wanted to increase my position to at least 1% untils the IPO is sold out. to late. but im anyway comfortable with it. should have been faster, maybe i spare some coins for the next IPO (if you do one at all?). lowest asks now > 0.33.

full member
Activity: 192
Merit: 100
Quote
(by the way, seriously shares almost sold out! as of the time of this post, there are 554 left for sale! That's it! And once we get our first batch of gear in, expect those shares to soar in value, a lot higher than 0.25! So now is your chance to grab them while they are hot!)

Was waiting on some confirmations but too late, oh well I did get some  at .25, just wanted more. - Gone! Ask - .33
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