Topic: Kick Ass M100 Project (Read 2793 times)

8 shares to date have been sold, and a big shout out of thanks to the shareholders. We'll be starting out smaller--a few SC singles and I've also qualified on SmallKnot.com for fundraising status. Thanks to SmallKnot for helping us vet that we are a real life small business.

We'll be starting out with either 10-15 G/h per user and then adding to the G/h as we mine every few months

Here's the link for SmallKnot to purchase shares:
http://smallknot.com/kick-ass-colocation

Whether or not TradeFortress is a scammer/good programmer or not has no bearing on the [in]feasibility of your business plan..

Thank you for your feedback, and we're not interested in trading.

Take a look at this: http://polimedia.us/trilema/2012/the-problem-with-pmbs-ie-perpetual-mining-bonds/

There is no benefit for it being non-tradable. It only benefits you so you can not bother with listing on a bitcoin exchange.

Moore's Law, there will be better tech in 2 years...

So, again, why is a non-perpetual PMB that cannot be traded a good idea?

I think the real joke is right here:
https://bitcointalksearch.org/topic/tradefortress-review-thread-146319

Yes, we're not interested in the trade markets.

No share trading shows you know nothing of what you are talking about. You can trade bets on prediction markets, treasury bonds can be brought back, people at even trading preorder positions especially for Avalon.

It might appeal to people (and issuers) who have no business trading, but this dramatically limits the liquidity (to 0) and reduces options like selling now and getting upfront returns.

Your last answer is the worst you can give. Go work out the difficulty after BFL and Avalon and ASICMINER fully ships, add 10x the amount of people who aren't preordering, and you are forgetting your order is last on the line.

This would actually be interesting if you have a very early mini rig preorder, but now it's a joke.

1) Free market capitalism is the best path to prosperity, and you can trust different vendors and choose different services. We're not for everybody.
2) If we sell less than 100 Shares we'll put it to a vote--refund or purchase smaller units, like a few SC Singles.
3) The extra money goes into maintenance and administrative fees. For example we'll have additional insurance for the MiniRig, and we'll have to pay a Use Tax in Minnesota for purchase of the MiniRig. Also we're paying for 2 years of colocation at our top notch data center. Everybody wants redundant power, redundant internet, 99.999999 uptime, etc.. those things don't come cheaply. After 2 years, it's nowhere near $15,000.
4) That's sort of insulting to Bitcoiners we feel that there should be a long term plan, and trading shares invites scams.
5) We feel that the MiniRig will be profitable for 2 years, and after 2 years it wouldn't be profitable. It's really that simple.
6) The goal is to double everybody's money.

Ah, ok. I'm not trying to be rude / harsh or anything, but there are a bunch of little problems here (and in no particular order of importance):

1) There are already many other funds out there already doing this. Why choose you?
2) What happens if you only sell 10 shares? Detailed contingency plans go a long way..
3) Why are the shares $450 a piece and not $300? If you sold all 100 shares, what do you plan on doing with the extra $15,000?
4) Can we trade shares or are we locked in for 2 years? Most Bitcoiners tend to have a short attention span..they'll buy into hype and then lose interest a week later and wish to sell out. Liquidity is a big factor.
5) Are you a believer in transparency? If so, full disclosure of all company documents would probably be a good idea (business plan, financials, future network / profitability predictions, etc).

and finally

6) How profitable do you actually think you'll be? This sort of ties together the questions above.

This last one I ask because I'm getting the feeling you haven't quite done extensive research on where you think the network is going. I'm not saying you won't be profitable..the probability of breaking even and making a return on any ASIC device over the course of 2 years is pretty high..but rather how profitable. You're ability to explain this helps to show that a) you understand you won't get your mining device for many months, b) and at the time the difficulty will be "xx" because c) you took into account all existing preorders from all companies, on top of a presumed network growth rate...leading to d) predicted monthly dividend payments and a timeframe for when investors can see a return on their investment.

So far all I've gathered from this thread is:
"Hi, I want $45,000 (spread over 100 shares) to purchase a $30,000 Butterfly Labs Mini-Rig...once I'm mining with it I'll pay dividends every month for two years"

In short, that's not going to cut it. There is almost no benefit to the investor..especially when they have a number of other funds to choose from...funds that pay monthly dividends (regardless of mining or not) and will be getting their equipment much sooner than yours.


Disclaimer: Not vouching for my own fund..just pointing out there are a number of other people out there that are working on the same thing.

I'm also going by the past history of the FPGA MiniRig--which seemed much better than the other units

Thanks! My friends and I run a design studio in Minneapolis, MN. We're taking payments via BitPay, the shopping cart script doesn't have a denotation for Bitcoins, so a dollar amount is initially listed. When you pay it will be to be in Bitcoins. If you don't believe me, try adding the Share into the cart type in some bogus info, it'll at some point ask you for Bitcoins. BitPay was sent up so that I can also collect the email addresses and run the inventory of the remaining shares.

Once we hit a total of 100 Shares sold, we'll place an order with BFL and then start mining for a month. At the end-of-the-month totals are calculated then split into 100. Each owner of the share is contacted to ask for the wallet address and Bitcoin payments are sent out. Permanent wallets will work out the best. We'll do this for 2 years

During the  2 years we'll also post the monthly payout totals, stats of the MiniRig, pools that we have mined on, take votes when we hit crucial decisions regarding the MiniRig, etc...

If you've being doing your research on the overclockability you'd see that the Mini Rig has less overclock room than the smaller units. Plus, if BFL doesn't meet their unit target then it will be proportionally - say 80% for Jalapeno, 80% for Little single SC, 80% for mini rig..

The idea is pretty solid, but the execution is extremely poor. Peter, we have no idea who you are..and why are you selling "shares" in USD and not Bitcoins? Why in the world should we give you even 1 penny?

Other than a website, you haven't presented us with any details....which is a massive problem in the bitcoin community.

Actually if the MiniRig could be overclocked that number might be better Also, if BFL doesn't meet the unit target (actually I really hope that all of the unit targets are met) the smaller units might not perform as well. Another reason for going with a larger unit is that there's more hashing power and a greater chance of discovering new blocks. Admin and maintenance costs are factored in per share. After 2 years I'm sure that BFL will have better tech that we'll want to buy

It's great feedback I think some people wouldn't want to bother with the maintenance and admin of an ASIC unit.

Yes, trust is difficult I've spent most of my time on the BFL forum since Nov, and some people would just give up rather than purchase an SC.

+1

Hey, at least you might be able to sell your domain name! Let's do some calculations:

1 share = $450
Mini Rig = 1,500 GH/s
1 share = 15 GH/s

Little single SC = $649
Little single SC = 30 GH/s

There's the electricity costs, but don't forget that you won't be able to sell your "share", and it only lasts for 2 years.

Unfortunately for you, whether your intentions were good or not, BFL has priced their (currently non-existent) lower end units such that there is no need for people to throw in for a mini-rig. It would not make sense for someone to take on all the additional risk you're proposing vs directly buying a Little Single themselves. You don't even have a place in line. Sorry if that shattered your dreams.