Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 10.

Bitcoin Oz

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Wat

Quote from: myrkul on October 05, 2012, 06:34:03 AM

Quote from: nrd525 on October 04, 2012, 09:50:07 PM

>>the dividends are from the mergedmining shares + nasty shares

I'm not talking about dividends in the spreadsheet. I'm talking about "dividends paid". You are paying out dividends to your share holders, even though your company isn't making a profit (as the loan defaults are equal to the dividends from mining shares plus the gratuities). Am I right about this or wrong?

Wrong. He's already explained. He makes almost BTC4 per month in profits, splits BTC2 up among the shares as dividends, and uses the rest to buy more shares in other ventures.

Quote from: ?? on ??

Average Net Income (monthly) = 3.84 BTC
Divdends (monthly) = 2.00 BTC

Quote from: ?? on ??

the 3.84 btc is the average monthly income, so I would buy shares with 1.84 and the remaining 2 pay out as dividend

That is why irl companies usually dont pay dividends till the end of the financial year. Because you dont know if you have even made a profit that year so you shouldnt be paying dividends.

If you pay out 30btc in dividends over the year but you actually lost 60btc in bad debts then you shouldnt be paying dividends at all untill your gross income exceeds your costs which would include bad loans.

bitcoinbear

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Quote from: ?? on ??

Quote from: nrd525 on October 06, 2012, 10:06:00 PM

(I'm a fan of the IBB ideals, I just think he might be ruining it with bad accounting practices.)

you are more than welcome to become ceo of IBB Cheesy

It doesn't need a new CEO, just a new CFO.

bitcoinbear

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Will IBB continue without GLBSE? Do you have a contingency plan for shareholders?

nrd525

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>Wrong. He's already explained. He makes almost BTC4 per month in profits, splits BTC2 up among the shares as dividends, and uses the rest to buy more shares >in other ventures.

Except that doesn't include the 43.5 BTC defaults that he wrote happened.

Sure he makes a profit in many months (if you only count that 30 day period), but when a default hits it knocks out several months of profit.

(I'm a fan of the IBB ideals, I just think he might be ruining it with bad accounting practices.)

myrkul

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FIAT LIBERTAS RVAT CAELVM

Quote from: nrd525 on October 04, 2012, 09:50:07 PM

>>the dividends are from the mergedmining shares + nasty shares

I'm not talking about dividends in the spreadsheet. I'm talking about "dividends paid". You are paying out dividends to your share holders, even though your company isn't making a profit (as the loan defaults are equal to the dividends from mining shares plus the gratuities). Am I right about this or wrong?

Wrong. He's already explained. He makes almost BTC4 per month in profits, splits BTC2 up among the shares as dividends, and uses the rest to buy more shares in other ventures.

Quote from: ?? on ??

Average Net Income (monthly) = 3.84 BTC
Divdends (monthly) = 2.00 BTC

Quote from: ?? on ??

the 3.84 btc is the average monthly income, so I would buy shares with 1.84 and the remaining 2 pay out as dividend

nrd525

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>>the dividends are from the mergedmining shares + nasty shares

I'm not talking about dividends in the spreadsheet. I'm talking about "dividends paid". You are paying out dividends to your share holders, even though your company isn't making a profit (as the loan defaults are equal to the dividends from mining shares plus the gratuities). Am I right about this or wrong?

bitcoinbear

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Quote from: nrd525 on October 03, 2012, 10:03:19 PM

A cash on hand balance, while valuable, isn't the most important factor for a corporation.

A more important indicator is an asset valuation.

So IBB lost about as much money from defaults (43.5 BTC) as it has earned since it started, right?

And IBB is paying out dividends and calling this "income", when in fact you are depleting your capital to do this?

Yes, for investors (or potential investors), what we want to see in each monthly report is: current assets (cash on hand, investments), current liabilities, monthly expenses, monthly revenue, monthly profit/loss, the monthly equity changes (dividends, stock sales).

You know, the financial statements.

All this "total since the beginning of time" and "on average per month" stuff just obfuscates the facts. Give a monthly report, and give a yearly report, but make it clear which one you are doing.

nrd525

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A cash on hand balance, while valuable, isn't the most important factor for a corporation.

A more important indicator is an asset valuation.

So IBB lost about as much money from defaults (43.5 BTC) as it has earned since it started, right?

And IBB is paying out dividends and calling this "income", when in fact you are depleting your capital to do this?

myrkul

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Quote from: ?? on ??

Code:

A B C D
------------------------------------------------------------
From/To Description Net change +/- Balance
------------------------------------------------------------

This should be familiar to anyone who has ever balanced a checkbook.

And if you can't balance a checkbook, what are you doing investing in stocks? That's like trying to run before you can crawl.

(I hear the objections now - "But I use a debit card!" - To which I say: It's the same format used by the bank statements. You DO read those, right?)

myrkul

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Quote from: nrd525 on October 02, 2012, 12:23:54 AM

The report is very unclear. Does this mean that the net income for the entire year is 3.84 BTC? The accounting in general is very hard to follow.

Are these total dividends the dividends paid out to IBB shareholders for the entire year?

Total Dividends paid = 46.11886 BTC
Default = -43.50 BTC
Average Net Income = 3.84 BTC

What is the D column in the report? What does the 5.04 BTC value represent?

Total is the total for all 12 months.
Average is the total for all 12 months, divided by 12 to get an average.

It's plenty clear to me.

nrd525

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The report is very unclear. Does this mean that the net income for the entire year is 3.84 BTC? The accounting in general is very hard to follow.

Are these total dividends the dividends paid out to IBB shareholders for the entire year?

Total Dividends paid = 46.11886 BTC
Default = -43.50 BTC
Average Net Income = 3.84 BTC

What is the D column in the report? What does the 5.04 BTC value represent?

senbonzakura

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{Dividends} Statement Release 30/09/12

IBB shares 0.5398999 BTC 30/09/12.
2.99999952 BTC in total will be paid out in dividends to 1008 shareholders, each share will receive 0.00297619 BTC.
CEO
IBB - Islamic Bank of Bitcoin
www.ib-bitcoin.com

myrkul

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Quote from: nrd525 on September 28, 2012, 01:18:18 PM

So you lost 43.5 bitcoins due to default in August. Why are you paying out dividends?

IBB is only making an average profit of 2 BTC per month - if you have zero defaults and you cannot count on that.

Read the report again. That's an annual total.

nrd525

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So you lost 43.5 bitcoins due to default in August. Why are you paying out dividends?

IBB is only making an average profit of 2 BTC per month - if you have zero defaults and you cannot count on that.

🏰 TradeFortress 🏰

vip

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👻

Quote from: ?? on ??

500 shares issued at 0.60 , pm me if you want to buy directly from me at that price

dividends are way too low :3

bitcoinbear

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Quote from: memvola on September 05, 2012, 05:23:19 PM

Quote from: ?? on ??

1,000 shares @ ~ 0.30 btc ,enough to develop a proper website + server costs + invest in some mining shares to get dividends

Why not 500 @ 0.6, which is close to the current price? 0.3 is below what I paid for the shares I own.

Why not 10000 at .6? Think big!

I agree that something like the average price of the past month or something would be a fairer price.

memvola

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Quote from: ?? on ??

1,000 shares @ ~ 0.30 btc ,enough to develop a proper website + server costs + invest in some mining shares to get dividends

Why not 500 @ 0.6, which is close to the current price? 0.3 is below what I paid for the shares I own.

HDSolar

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Shariah compliant, that's a +

bitcoinbear

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Quote from: ?? on ??

its been like this for a while

i think its time to release new shares and appoint a new CEO to move IBB forward

feedback from shareholders welcome

At what price would the new shares be released?

myrkul

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Quote from: ?? on ??

its been like this for a while

i think its time to release new shares and appoint a new CEO to move IBB forward

Or maybe just a CTO.

Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 10. (Read 112806 times)