Topic: [Groupbuy] Jupiter KNCMiner (0.5 BTC shares) 12 sold! [CLOSED] !!! - page 21. (Read 33193 times)

This group buy is going great, big thank you's go out to tyrion70 and blastbob!

1 share
tx id: d6c7a9cccbbef15814fd68848571af3d69ee316ceb698c200636e32494a61a2e

10 shares
tx id: 657dfadb936d4ef63ae5d4f409ec3ede9d614ea1fcb24de6cca0f0b0a55e1c61

thanks


Net amount: -2.00 BTC
Transaction ID: bd1a204bef37ed68c974305ec6b04be81707949f82c6a178c70edc4693c9bd7b
 4 shares

PM'ed you, please confirm

Yes we're open for business again! I was updating the main post when u replied

still offering any shares? it says on hold? i want in for 4 shares.

Allright people! We've had the worst it seems. We'll be buying the 9th miner shortly and we'll open up the 10th miner. If BTC crashes again later tonight we reserve the right to refund the 10th miner. We decided not to change anything else.

Cheers and thanks!

Derp. 2 under tx ID : 130299bbd0741fb531e66afbb490697be6b6411861a69888996f57d3b02f3363

Tyrion is back soon, we will most likely get it going in a short time.

Goal is 10 miners, and hopefully the BTC can stabilize enough later today.

Would like to buy a share or two, but you seem to be on hold. I have funds ready. What should I do to be certain of getting in?

I think the clarification you gave is great.  Especially the matter of capital invested.  I think this could roll well into an IPO.  The deal with the 2 year life cycle I don't agree with but that still doesn't mean it might be the best choice.  Especially if you look at it as business expenses and stocks in company.  Equipment needs updated and investors supply capital once things get rolling.  So more machines coming online down the road is good for all.

Cheers,
LiteBit

Hey Litebit,

Lot of good questions and I'll answer them for the benefit of the group

Exactly what we believed so far and why we haven't changed terms.. BTW it's the group that actually eats the BTC drop because the market difference will be deducted as costs in the first payouts. So far they were only relatively small amounts which we could pay out of pocket (still hurts to pay it now and not see anything in return but we see it as a show of good faith). On miner 9 we pay almost 15BTC out of pocket which means a total of almost half a miner which we only get back once the miners are delivered.. We are still deciding on what to do with miner 10.. Maybe we should just stop here, we'll get back on that.

True; but we actually only added that part to prevent discussion later on when the hardware is end of life. We can only hope this gear stays profitable for that long. Were expecting that it won't take two years before the hardware isn't profitable anymore. Aside from that the most profit will be made in the beginning not in the end.

A lot from the 9 miners sold so far 5 were bought by us (marked by privately bought). One of the reasons why this deal is so good is that we add our own miners to the deal (spreading out risk of failure etc). We have a lot at stake here but we strongly believe this is going to be the ASIC that shook up the world. That's also the reason why the recent price drop is not making us happy; We invested 35000$ already. We simply don't have much left and every 1000$ we have to pay upfront is a lot of money.

Correct; we need to buy power supplies; I do agree that terms could have been made more clear on that point. We considered them as costs of hosting (since you need power to host). I'll update the terms clearly stating when it was changed. Same goes for shipping costs as well btw. We tried to make this as transparant as possible but I now realize that it might still raise questions. Other group buys have much bigger margins on the shares and still calculate costs from proceeds though. It can't come as a big surprise that we won't lose money on this deal (other than our own 35K ;-))

That's the shiny part (as far as we think), this is a group buy and a group effort. Therefore you own a % of the collective (just like we do). as soon as the first miner fires up we'll start paying dividends.

This is stated in the start post, I thought this was pretty clear but if it needs updating please give suggestions:
We consider that as a compliment; thanks! With regards to your last sentence; we are coming up with a business plan for the IPO. we will definately not IPO for a two-year venture. It's not worth the trouble and costs and we believe the definitive shares should be a part of a company not just miners. We'll get back on that to..

Cheers!

I'd recommend NOT changing share price if you want to IPO.  I haven't bought any shares, just an outsider interested in how these group buys are going.  Up to this point I believe your offering is better than the other because the Terms haven't changed from what I've read.  You 2 are going to have to eat the BTC drop if you plan to make this a successful IPO or business in the future.  

To the group, one thing that stands out that I don't like from what I've read is the fact that these shares are conditional shares.  I hope all of you realize you'll only have 2 years of mining revenue.  Then the 2 owners get to keep the machines and earn 100% profit from then on.  Read the Terms again and make sure this is what you want to do.  

I also am cautious about the amount of money the 2 owners have put into the group buy.  I can't tell as easily as the other Jupiter group buy in the forum.  If the owners are actually just acting as a pass-through to Jupiters (meaning they have a low order number but aren't paying their money, YOU are paying money) then make sure those are the terms you are good with.  Remember any number of things can happen with this, but they still get to collect a maintainence fee no matter what.  

Also, what about power supplies?  The amount the Jupiters were bought show that PSU wasn't included.  Who is going to pick up that tab?  The group or the owner?  The Terms need to be defined better with this.  That's an extra $200-$300 per Jupiter that someone needs to get in order to make anything.

And finally, how do the shares work as units come online?  Are the first buyers or private buyers in a line and get paid as "their" unit goes online?  Or is this a group buy and all shares are part of the whole buy?  Do you own a % of a mining collective (if this IPOs or not) or do you just own a share(s) of 1 Jupiter unit?  And when that goes online do you then get paid?  What if that unit is DOA or stops?  Do others get paid as you don't?

Anyways, like I said, up to this time I think the 2 owners have covered most stuff well.  Just make sure you're informed and understand the Terms.  Again, as an outsider, my biggest beef with this is that the owners may not be putting any money in... the still get a nice fee no matter what...  and after 2 years they own the equipment and 100% profit and these shares (IPO or not) become worthless.

Yes it is.. you must have looked wrong     

My name is not in the list.... Do something.
Already got 9 confirmations:
 http://blockchain.info/tx/29f845c68a08683c436e135fca0c871ab73a85fe8f1bc7376dd977b842c87d5a 

LOL, yeah we won't front 150k.. :p Luckily..

Actually I'm waiting for Blasbob to come online. So far we paid 10BTC ahead already on the previous miners. this miner alone will cost us another 13btc extra to pay upfront and you can imagine we didn't calculate a 20%+ price drop. We've sold all the shares of miner 9 now. We want to try to sell miner 10 as well, but we'll have to consider our options. The other group buys have had to either raise prices on shares or had a big margin to start with (we have no margin on the buy at all). We are reluctant to do that because it will make an IPO on BTC-e harder to do. As soon as I've spoken to Blastbob we'll come with a definitive solution.

Cheers!

BTW, miner 9 is now Sold! You can buy shares on miner 10 but we might have to change something with the share price or something else. We'll get back on that.

How you are gonna pay for that ?
btc dropped 25%

u will get 150k usd from your pocket ?