Topic: [Groupbuy] Jupiter KNCMiner (0.5 BTC shares) 12 sold! [CLOSED] !!! - page 14. (Read 33060 times)
June 14, 2013, 02:50:24 PM
-- reserved for FAQ --
June 14, 2013, 02:46:24 PM
Thanks for working out the IPO agreement. I know it is tedious. 
You bet! and you're welcome!May I ask how 148800 shares is derived?
total of 12 miners * 124 shares equals 1488 shares. To enable to transfer smaller amounts we have multiplied that by 100. So for every share bought in this topic you will receive 100 shares on bitfunder.For the expansion plan, I guess there is no restriction on the purchasing only KNC miners, right? At that time, any better alternatives will be selected, right?
Correct! Doesn't even have to be KNC. The best option will be selected (and if it involves risk shareholders will vote about it). Coupling the share with a fixed hashrate may cause share price to drop over time as the network hashrate may grow substantially in the future. I am not sure if this matters.
Well, that's the funny thing. If I'm not mistaking an asicminer share stands for 100MH originally, but they are worth 2.80 BTC at the moment. Currently the original and new agreements do now allow reinvestment. We'd have to change that in order to change the hash/share. We might just do that in the future but that would certainly require a vote. 
June 14, 2013, 02:37:26 PM
Thanks for working out the IPO agreement. I know it is tedious.
May I ask how 148800 shares is derived?
For example. Total hashing power of 144800 shares is 4200GH. Which is 28.23MH per share. If we were to buy a new miner that delivers 200GH we can issue 200.000 / 28,23 == 7084 new shares. This ensures that all shares are equal.
Newly issues shares will be kept in a special depot until the miner they represent is up-and-running. While in depot, these shares will not yield dividend and will not be tradeable. New shares are not prices above market value, but never below costprice (ie. the price of the miner it represents). Once an tranch is issued and the miner is working, any profits (difference between cost-price and issued shares) are payed out as dividends to current shareholders. Once that's done the new shares are released.
Expanding with miners that are not directly deliverable (like KNC's) cannot be done without a vote.
For the expansion plan, I guess there is no restriction on the purchasing only KNC miners, right? At that time, any better alternatives will be selected, right?
Coupling the share with a fixed hashrate may cause share price to drop over time as the network hashrate may grow substantially in the future. I am not sure if this matters.
May I ask how 148800 shares is derived?
For example. Total hashing power of 144800 shares is 4200GH. Which is 28.23MH per share. If we were to buy a new miner that delivers 200GH we can issue 200.000 / 28,23 == 7084 new shares. This ensures that all shares are equal.
Newly issues shares will be kept in a special depot until the miner they represent is up-and-running. While in depot, these shares will not yield dividend and will not be tradeable. New shares are not prices above market value, but never below costprice (ie. the price of the miner it represents). Once an tranch is issued and the miner is working, any profits (difference between cost-price and issued shares) are payed out as dividends to current shareholders. Once that's done the new shares are released.
Expanding with miners that are not directly deliverable (like KNC's) cannot be done without a vote.
For the expansion plan, I guess there is no restriction on the purchasing only KNC miners, right? At that time, any better alternatives will be selected, right?
Coupling the share with a fixed hashrate may cause share price to drop over time as the network hashrate may grow substantially in the future. I am not sure if this matters.
June 14, 2013, 02:09:27 PM
Good evening everyone!
Allright, we've finished the IPO agreement. Now before we start, the following:
We've had to rewrite original agreements in the post because some things just need to be airtight when you do an IPO, also this share will hopefully be traded for many years to come and the original post wasn't setup to be on an exchange. We believe the changes made do not change anything for you (or us as a matter of fact) but clarify things and remove irrelevant things. We want you to take this opportunity to ask questions, check for mistakes and making sure we haven't forgotten anything.
We kindly request that if you feel somethings is not right, not clear, missing (or worse
) etc, you let us know either by PM, Email or on topic. If you want to discuss it we'd prefer PM, Email or IRC (#p2poolnl on freenode). This because we need consensus with all of you (and there are more than 100 of you 
). I'll reserve the post below for
Allright, about the IPO. We decided to do this on bitfunder.com. I know we have mentioned btct.co before but we've had a really pleasant talk with the owner Ukyo, the trade volume of bitfunder is almost the same as btct.co. Also Ukyo helped us tremendously with setting up the agreement and most importantly, bitfunder will enable us to expand our operation in a special way (more on that below). Read more about bitfunder here https://bitcointalksearch.org/topic/bitfunder-asset-exchange-marketplace-rewritable-options-trading-130117.
So what's next. Below you'll find the complete agreement. As said wednesday, we want to try to finalize these over the weekend. In total 840 shares were sold (7 miners *120 shares). If a 67% mayority of shareholders (exclusing our own shares!) is in favor of the agreement we will finalize them and start the IPO.
Below the agreements we've added a short summary of changes. We look forward to your reviews and comments. We've tried to be as thorough and precise as possible, but please remember both of us are not native English speakers and people simply make mistakes
Thanks!
BlastBob & Tyrion70
--------- START AGREEMENTS --------
About the asset
ADDICTION started as a groupbuy on bitcointalk. 1214typo KNC Jupiters were bought with the intention of making it an investment on an exchange. We thought this was best for multiple reasons. First of all it would allow shareholders an easy way to trade shares, even before the KNC miners are delivered. Second it would greatly simplify the administration of paying out dividends. Lastly if done right it would allow us to expand the operation and issue more shares. More on that later.
The Conditions
We are bound to the conditions we started out with on Bitcointalk. The original conditions can still be found here. Irrelevant parts have been removed and conditions were rewritten to accomodate the IPO. A summary of changes made to the original agreement are outlined below the original conditions.
Shares
Currently 148800 shares are issued. These shares represent the total hashing power of ADDICTION. As of this writing ADDICTION's hashing power comes from 12 KNC Jupiter miners. Total estimated hashrate of ADDICTION should be 4200GH/s. A bi-weekly average hashing rate will be published together with financial statements in order to determine the hashing equivalent of each share.
Dividends
Dividends are payed bi-weekly.
Payments
Payment are based on the total proceeds from the total hashrate of ADDICTED minus the costs described below. Detailed reports regarding the total mined amount will be made available bi-weekly together with dividend payment.
Costs
costs consist of the following one-time costs:
- the USD/BTC market difference at the time of purchase due to the fact that shares were payend in BTC and miners were bought with USD
- funding for power supplies for the miners
- costs for shipping and setting up the miners at the chosen facility
- one time costs for repairs / replacement parts during operation
- tax, duty or other governmental fees
and the following returning costs
- costs for hosting of the miners
- Unforeseen expenses to maintain efficient operation not exceeding 1BTC per month
- tax, duty or other governmental fees
A details expense report will be made available bi-weekly. Expenses not mentioned above exceeding 0.5 BTC cannot be made without consulting the shareholders. through a vote.
Hosting
Miners are hosted at a facility of operators choice. Choice of facility will be based on a number of things like network facilities, power facilities, airconditioning, location, on-site support etcetera.
Delivery
Miners are expected september/october 2013.
In case of non-delivery
We believe KNC will keep its promises. In case KNC does not deliver we will do everything in our power to refund your (and our own) investments. We cannot guarantee this however. Buying these shares means you agree to not hold us responsible in case KNC does not deliver.
Expanding the operation
We want to be able to expand our operation in order to keep profitable. In order to do that we calculate Hash/share on a bi-weekly basis. This number will be used when issuing new shares.
For example. Total hashing power of 144800 shares is 4200GH. Which is 28.23MH per share. If we were to buy a new miner that delivers 200GH we can issue 200.000 / 28,23 == 7084 new shares. This ensures that all shares are equal.
Newly issues shares will be kept in a special depot until the miner they represent is up-and-running. While in depot, these shares will not yield dividend and will not be tradeable. New shares are not prices above market value, but never below costprice (ie. the price of the miner it represents). Once an tranch is issued and the miner is working, any profits (difference between cost-price and issued shares) are payed out as dividends to current shareholders. Once that's done the new shares are released.
Expanding with miners that are not directly deliverable (like KNC's) cannot be done without a vote.
--------- END AGREEMENTS --------
Changes to original agreement
- We waived our right to retain the miners after 24 months of operation. Miners are simply assets of ADDICTION.
- Shares have been multiplied by 100 to allow smaller transfers.
- Costs have been specified in more detail
- Added several conditions on when a vote is called for
- Changed share definition to an equivalent of total ADDICTION hashing power
- Removed miner specifications to allow for expansion
- Removed part on how to acquire shares
Allright, we've finished the IPO agreement. Now before we start, the following:
We've had to rewrite original agreements in the post because some things just need to be airtight when you do an IPO, also this share will hopefully be traded for many years to come and the original post wasn't setup to be on an exchange. We believe the changes made do not change anything for you (or us as a matter of fact) but clarify things and remove irrelevant things. We want you to take this opportunity to ask questions, check for mistakes and making sure we haven't forgotten anything.
We kindly request that if you feel somethings is not right, not clear, missing (or worse
) etc, you let us know either by PM, Email or on topic. If you want to discuss it we'd prefer PM, Email or IRC (#p2poolnl on freenode). This because we need consensus with all of you (and there are more than 100 of you ). I'll reserve the post below for Allright, about the IPO. We decided to do this on bitfunder.com. I know we have mentioned btct.co before but we've had a really pleasant talk with the owner Ukyo, the trade volume of bitfunder is almost the same as btct.co. Also Ukyo helped us tremendously with setting up the agreement and most importantly, bitfunder will enable us to expand our operation in a special way (more on that below). Read more about bitfunder here https://bitcointalksearch.org/topic/bitfunder-asset-exchange-marketplace-rewritable-options-trading-130117.
So what's next. Below you'll find the complete agreement. As said wednesday, we want to try to finalize these over the weekend. In total 840 shares were sold (7 miners *120 shares). If a 67% mayority of shareholders (exclusing our own shares!) is in favor of the agreement we will finalize them and start the IPO.
Below the agreements we've added a short summary of changes. We look forward to your reviews and comments. We've tried to be as thorough and precise as possible, but please remember both of us are not native English speakers and people simply make mistakes
Thanks!
BlastBob & Tyrion70
--------- START AGREEMENTS --------
About the asset
ADDICTION started as a groupbuy on bitcointalk. 12
The Conditions
We are bound to the conditions we started out with on Bitcointalk. The original conditions can still be found here. Irrelevant parts have been removed and conditions were rewritten to accomodate the IPO. A summary of changes made to the original agreement are outlined below the original conditions.
Shares
Currently 148800 shares are issued. These shares represent the total hashing power of ADDICTION. As of this writing ADDICTION's hashing power comes from 12 KNC Jupiter miners. Total estimated hashrate of ADDICTION should be 4200GH/s. A bi-weekly average hashing rate will be published together with financial statements in order to determine the hashing equivalent of each share.
Dividends
Dividends are payed bi-weekly.
Payments
Payment are based on the total proceeds from the total hashrate of ADDICTED minus the costs described below. Detailed reports regarding the total mined amount will be made available bi-weekly together with dividend payment.
Costs
costs consist of the following one-time costs:
- the USD/BTC market difference at the time of purchase due to the fact that shares were payend in BTC and miners were bought with USD
- funding for power supplies for the miners
- costs for shipping and setting up the miners at the chosen facility
- one time costs for repairs / replacement parts during operation
- tax, duty or other governmental fees
and the following returning costs
- costs for hosting of the miners
- Unforeseen expenses to maintain efficient operation not exceeding 1BTC per month
- tax, duty or other governmental fees
A details expense report will be made available bi-weekly. Expenses not mentioned above exceeding 0.5 BTC cannot be made without consulting the shareholders. through a vote.
Hosting
Miners are hosted at a facility of operators choice. Choice of facility will be based on a number of things like network facilities, power facilities, airconditioning, location, on-site support etcetera.
Delivery
Miners are expected september/october 2013.
In case of non-delivery
We believe KNC will keep its promises. In case KNC does not deliver we will do everything in our power to refund your (and our own) investments. We cannot guarantee this however. Buying these shares means you agree to not hold us responsible in case KNC does not deliver.
Expanding the operation
We want to be able to expand our operation in order to keep profitable. In order to do that we calculate Hash/share on a bi-weekly basis. This number will be used when issuing new shares.
For example. Total hashing power of 144800 shares is 4200GH. Which is 28.23MH per share. If we were to buy a new miner that delivers 200GH we can issue 200.000 / 28,23 == 7084 new shares. This ensures that all shares are equal.
Newly issues shares will be kept in a special depot until the miner they represent is up-and-running. While in depot, these shares will not yield dividend and will not be tradeable. New shares are not prices above market value, but never below costprice (ie. the price of the miner it represents). Once an tranch is issued and the miner is working, any profits (difference between cost-price and issued shares) are payed out as dividends to current shareholders. Once that's done the new shares are released.
Expanding with miners that are not directly deliverable (like KNC's) cannot be done without a vote.
--------- END AGREEMENTS --------
Changes to original agreement
- We waived our right to retain the miners after 24 months of operation. Miners are simply assets of ADDICTION.
- Shares have been multiplied by 100 to allow smaller transfers.
- Costs have been specified in more detail
- Added several conditions on when a vote is called for
- Changed share definition to an equivalent of total ADDICTION hashing power
- Removed miner specifications to allow for expansion
- Removed part on how to acquire shares
June 12, 2013, 07:47:41 PM
Quote
So far you've been the best shareholder's we've seen in all the groupbuys; we are very proud of that and will do our utmost best to keep you this happy and satisfied
Oh how you flatter me. Honestly I chose this particular groupbuy because of your username. A Lannister always pays his debts. You and Blastbob have been great at organizing everything and keeping us updated, thank you for your hard work!
Nothing can go wrong with Freddy on the stage
June 12, 2013, 07:46:54 PM
Quote
So far you've been the best shareholder's we've seen in all the groupbuys; we are very proud of that and will do our utmost best to keep you this happy and satisfied
Oh how you flatter me. Honestly I chose this particular groupbuy because of your username. A Lannister always pays his debts. You and Blastbob have been great at organizing everything and keeping us updated, thank you for your hard work!
June 12, 2013, 07:18:14 PM
I did some analysis , actually rough future prediction on profitability, difficulty, network hash rate..
Hope it helps everybody to decide and understand the risk.
https://bitcointalk.org/index.php?topic=232670.0;topicseen
https://docs.google.com/spreadsheet/ccc?key=0AjEbQ5LBKsAEdDYtajZTMi1Ua0ZkUXR0X0NKSnVaSXc#gid=0
Thanks.
Hope it helps everybody to decide and understand the risk.
https://bitcointalk.org/index.php?topic=232670.0;topicseen
https://docs.google.com/spreadsheet/ccc?key=0AjEbQ5LBKsAEdDYtajZTMi1Ua0ZkUXR0X0NKSnVaSXc#gid=0
Thanks.
June 12, 2013, 06:16:04 PM
Quote
So far you've been the best shareholder's we've seen in all the groupbuys; we are very proud of that and will do our utmost best to keep you this happy and satisfied
Oh how you flatter me. Honestly I chose this particular groupbuy because of your username. A Lannister always pays his debts. You and Blastbob have been great at organizing everything and keeping us updated, thank you for your hard work!
June 12, 2013, 05:56:47 PM
Hi All,
Time for another update. We haven't been sitting still but instead decided to put the pressure on ourselves to get the IPO done asap.
We're actually finalizing the "paperwork" today and tomorrow and we'll be able to provide more information on friday. since we are in the process of rewriting the original agreements in the post to agreements that are "IPO worthy".
What's going to happen next?
- Friday we'll publish the proposed terms of the IPO
- Over the weekend we'll update these and make them final
- Next week between monday and wednesday each of you will receive a PM or E-mail detailing how many shares you have and giving information on how you can access your shares on the exchange. You will be asked to confirm this PM or E-mail.
- Next weekend (22 June) we will finalize the IPO
So far you've been the best shareholder's we've seen in all the groupbuys; we are very proud of that and will do our utmost best to keep you this happy and satisfied.
Thanks!
Blastbob & Tyrion70
Time for another update. We haven't been sitting still but instead decided to put the pressure on ourselves to get the IPO done asap.
We're actually finalizing the "paperwork" today and tomorrow and we'll be able to provide more information on friday. since we are in the process of rewriting the original agreements in the post to agreements that are "IPO worthy".
What's going to happen next?
- Friday we'll publish the proposed terms of the IPO
- Over the weekend we'll update these and make them final
- Next week between monday and wednesday each of you will receive a PM or E-mail detailing how many shares you have and giving information on how you can access your shares on the exchange. You will be asked to confirm this PM or E-mail.
- Next weekend (22 June) we will finalize the IPO
So far you've been the best shareholder's we've seen in all the groupbuys; we are very proud of that and will do our utmost best to keep you this happy and satisfied.
Thanks!
Blastbob & Tyrion70
June 12, 2013, 05:32:40 PM
*willing to sell 1 share for 2 BTC*
June 12, 2013, 05:16:41 PM
@all, don't keep your hopes up. So far all shares are sold. The ones that are still on reserved will most likely be paid. If not we'll put em up for auction we'll organize a lottery :p
Please let me know if you plan to do the lottery - or if you decide to do another group buy. Thx.Tyrion will come with some updates when it comes to putting up the IPO. You should be able to buy some shares there if someone is willing to sell
June 12, 2013, 03:32:31 PM
@all, don't keep your hopes up. So far all shares are sold. The ones that are still on reserved will most likely be paid. If not we'll put em up for auction we'll organize a lottery :p
Please let me know if you plan to do the lottery - or if you decide to do another group buy. Thx. 
June 11, 2013, 11:29:33 PM
For all of you that have entered into this group purchase, I have created a moderated thread for us to discuss business between ourselves.
Please stop by and say hello!
https://bitcointalksearch.org/topic/official-p2poolnl-knc-jupiter-group-buy-thread-232333
Please stop by and say hello!
https://bitcointalksearch.org/topic/official-p2poolnl-knc-jupiter-group-buy-thread-232333
June 11, 2013, 01:58:31 PM
@all, don't keep your hopes up. So far all shares are sold. The ones that are still on reserved will most likely be paid. If not we'll put em up for auction we'll organize a lottery :p
June 11, 2013, 01:57:37 PM
2 shares reserved from Miner 11
Tx ID: 903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
https://blockchain.info/es/tx/903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
Tx ID: 903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
https://blockchain.info/es/tx/903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
I thought I heard a beep
if was blockchain.info confirming your transaction, thanks! June 11, 2013, 01:57:10 PM
Sorry about that. I didn't read your full details. It wasn't in reference to your group buy that I was referring to though. And I clearly referenced other group buys in the 1/42 numbers.
Well done on your sellout. I trust that it will do well. We're all in the same boat hoping for a delivery on time.
Well done on your sellout. I trust that it will do well. We're all in the same boat hoping for a delivery on time.
Thanks for the correction! Good luck on your endeavours as well
June 11, 2013, 01:49:39 PM
2 shares reserved from Miner 11
Tx ID: 903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
https://blockchain.info/es/tx/903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
Tx ID: 903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
https://blockchain.info/es/tx/903bd9f6a34fdb3035058758b334c5b3521e3e99e39519c705e97498e98dc1b5
June 11, 2013, 01:06:51 PM
Sorry about that. I didn't read your full details. It wasn't in reference to your group buy that I was referring to though. And I clearly referenced other group buys in the 1/42 numbers.
Well done on your sellout. I trust that it will do well. We're all in the same boat hoping for a delivery on time.
Lets see..
35/40 vs 120/124 is a better % in your eyes? EDIT: it all depends on the power/hosting costs which are not 100% clear at this time..
I don't mind you posting here to sell your shares since we're sold out. I do mind you saying things that aren't true (EDIT: as far as we know now)..
Happy for you that u met your minimum though, it's good to see that so many group buys succeeded!
Cheers!
Well done on your sellout. I trust that it will do well. We're all in the same boat hoping for a delivery on time.
Since the group buy has all sold out here, please look at my group buy. Better percentage and longer runtime.
https://bitcointalksearch.org/topic/group-buy-1-2-soldout-avail-1-knc-saturn-200ghs-miner-day-1-deliver-228700
https://bitcointalksearch.org/topic/group-buy-1-2-soldout-avail-1-knc-saturn-200ghs-miner-day-1-deliver-228700
Lets see..
35/40 vs 120/124 is a better % in your eyes? EDIT: it all depends on the power/hosting costs which are not 100% clear at this time..
According to KNC Miner's specifications One hash is guaranteed:
175/40 = 4.375 GHs
Here its 350 / 124 = 2,823GH per share.. 175/40 = 4.375 GHs
I don't mind you posting here to sell your shares since we're sold out. I do mind you saying things that aren't true (EDIT: as far as we know now)..
Happy for you that u met your minimum though, it's good to see that so many group buys succeeded!
Cheers!
June 11, 2013, 12:47:13 PM
gonna pay my 3 reserved shares soon!
offtopic: btcquick is so very slow with their services
offtopic: btcquick is so very slow with their services
June 11, 2013, 12:39:48 PM
I'd take an extra one too, scraping everything together took some time. 
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