Topic: [Official Thread] - The SolarWind Mining Company - page 5. (Read 54700 times)

Hi James,

You've been talking about a Hashing Exchange similar to CEX.IO,
will you be implementing a referral program too?

Hello everyone,

I was considering the fact that there are a lot of individuals who have PayPal funds that are kind of stuck in their PayPal accounts. What occurred to me was that I have had many of these individuals ask me if I would take PayPal payments, my answer has mostly been 'no.' The simple truth is that it is possible for a consumer to initiate a PayPal charge-back on purchases for up to one full year after the purchase! Accepting PayPal payments are highly risky for a merchant. Especially when it involves a difficult to trace currency like Bitcoin.

It is plain to see, from both sides of the issue, the troubles associated with PayPal payments. The problem SWMC would have with accepting PayPal payments is this: An investor purchases a Contract for X-GH/s using PayPal for the purchase. The mined BTC for the Contracts is paid to the investor over the following 6 months (for this example, the life of profitability of the investment.) Then, sometime between 6 to 12 months after the purchase of the Contract, the investor tells PayPal that they didn't receive the service promised and initiates a charge-back on the purchase. On such an occasion SWMC would be left with nothing but miningware that no longer is capable of recovering its value and a debit on SWMC's PayPal account that SWMC will be responsible to cover.

Of course, such an event would be unacceptable to SWMC and its investors. The only way to prevent this type of thing from occuring is to hold back any payments from mining profits until the charge-back period has passed. That means that an investor would have to wait 12 to 13 months before receiving their earnings. Considering, that for many fiat investments, you can invest in various investment vehicles that require an investor to wait for a period of time. An investment into a CD can range in time from 30 days to 6-12 months, and Bonds can range in time from 2 to 20 years. These types of investments set a precedent for the types of investments that are generally acceptable.

In the spirit of such investment styles, and in consideration and due fairness to both parties involved, The SolarWind Mining Company has decided to offer such investment options for those who have PayPal funds that they cannot withdraw into a normal bank account. The investment will be sold as a Special PayPal Contract (SPPC) priced at 0.001 BTC with a 0.1 BTC minimum. All PayPal transaction fees will be deducted from your purchase.

The terms of the investment are as follows:

1. The investment funds will ONLY be used to purchase the needed components to fabricate miningware based on The Wasp Project Collectives design along with its supporting infrastructure - AND - the building of the new company website which will include SWMC's very own Hashing Exchange.

2. Earnings from the investment will be generated thru the following methods:
     i. Investment earnings will be reinvested to purchase more Hashing Power and will generate further earnings for the first 10 months of active investment.
    ii. $5 - 1GH/s for initial GH/s, the price for subsequent GH/s will based on the hardware purchased with the funds (Calculated at the USD/BTC exchange rate at the time of exchange not at the time of purchase (there is a waiting period for bank transfers.)
   iii. An equal share of 25% of hashing fees form SWMC’s Hashing Exchange for a period of 6 months (Starting when trading begins on the exchange)
   iv. Investor will own all of their GH/s, including the GH/s purchased in reinvestment of their earnings, and may keep them or sell their GH/s on SWMC’s Hashing Exchange at the end of the 12 month holding period.

3.  A lump sum Payment of all earnings held in the investors account will be made in BTC not sooner than 12 full months after the SPPC purchase. At the same time that the lump sum payment is made to the investor, the investor will also take control of their GH/s.


For those of you that would like the same benefits but can pay in BTC, I will be offering the same type of contract without the 12 month holding period and with no minimum purchase amount.

nice! thats less than 1/2 the current price of cex's model

The current estimate is sub $10-$5 GH/s, That will change over time as the price of GH/s per chip falls, the number of GH/s per chip rises and the number of chips that can fit on a single Wasp. But the trend is downward on the cost of GH/s.

That's disappointing.

I wish I hadn't asked.

The price will be market driven like CEX.io. Although I may institute a fair market cap on prices to prevent them from being sold for 10x or more than what they are really worth like it is at CEX.io. A base price would be hard to guess at The Wasps will use ANY chip, sha or scrypt or (anything else) and you can mine any crypto-whats-it if you install the chip for it, so the price to build is anywhere between $7-3 a GH/s for Bitcoin mining depending on the chip and volume discounting. Of course that price will go down as the price of GH/s per chip goes down. Its dynamic, not static. An example of what could make a substantial difference in cost is Bitmine's Coincraft A1 28nm ASIC. If you buy 500 A1 chips they cost $3.5 per GH/s at a price of $44,000 or $88 per chip. 10,000 A1 chips at that price would set you back $880,000. But, Bitmine gives a volume discount, for 10,000 A1 chips the price is $2.8 per GH/s for a total of $700,000. Thats a savings of around 20% or $180,000!

That 20% difference definitely determines if, and how long it will take, you (to) make ROI. Buy the way, that's one reason why the BIG mining companies are able to continue mining and profiting with the same chip you have in your Block Erupter while you are trying to figure out whether to toss your Block Erupter in the trash can or send it to be recycled, plus they build there own miners for their own mining and to sell them to you for a markup. They generally do not pay retail for there miners. So, as an individual, you don't have a chance to compete with those guys. That's why I started SWMC, to give the average person as close to the same opportunity as the BIG GUYS have as possible. Unfortunately, not enough people have seen the light and joined us. Imagine how profitable your bitcoin mining investment would be if you joined a collective and you all raised the capital to purchase 10,000 A1 chips, or 20,000 or 30,000. There you would be, with your tiny contribution of 0.3 BTC earning the same profit percentage as any of the BIG mining operations out there, instead of desperately trying to figure out how to get your hands onto a few TH/s of gear.

Anyway, I digress.


Why?

As far as the Hashing Exchange, the SWMC will derive its revenue from trading fees, hosting fees and selling its own hashes, so it benefits SWMC to offer the service. The more hashing power we have the higher the volume of hashes traded - ergo --> a higher volume of hosting and trading fees collected by SWMC. And SWMC isn't going to mount those chips onto a Wasp for free. SWMC will offer to mount the chips in exchange for either a fee, a percentage of the total number of chips or by some other mutually beneficial arrangement. Any chips acquired through this method will be added to the mix of chips that SWMC purchases to satisfy its own needs.

So you can see that there is sound reasoning behind offering a 'chip mounting'/hosting/'trade or keep your hash' service: higher volume of hashes traded in the Hashing Exchange increases the volume of collected trading fees, hosting more units increases collected hosting fees, convenient access to ASICs helps increase SWMC's own chip count, being fair and sharing the opportunity with others makes people happy which will make people love SWMC which in turn provides SWMC with greater opportunities (opportunities that SWMC will, again, share with others! Hey, anyone feel like breaking out and singing "The Circle of Life?"  )

Since I brought up the topic of sharing opportunity, SWMC will be offering investment contracts specifically for the Hashing Exchange. Help SWMC purchase the ASICs and supporting hardware and you'll get a portion of the profits generated by your investment's share of the exchange. Hmm... thinking... Maybe we could do a Protoshare Dac, Mastercoin app or our own SWMC proof of stake crypto-"coin." Maybe a SWMC HashExCoin for easy trading and transfer of ownership in the Hashing Exchange. We can call it the HEX... Ahhh!! There we go, we could rip the CEX.io concept almost completely. We could call the exchange HCX (HCX <-compare-> CEX. ) 'made the C in HCX by using a capital 'C' and the strikeout bbs code' Don't take this naming business too seriously, mostly I'm just fun'n around. (Or maybe brainstorming?)

So railzand, what is your opinion now?

Thanks,
James

sounds too good to be true

Yes, I understood. I was just saying that I am going to  keep my lips sealed.

---

On other news, I spoke to the web designer today and he was very interested in what I told him I had planned for the website. He didn't think it was something he couldn't handle. I actually watched him work on one website and found him to have remarkable skill. The two of us had several philosophical conversations while he was working. He appears to be able to pay full attention to a heavy conversation and do some rather complicated web coding simultaneously. It was something to behold, let me tell you.

He has one web project ahead of us, but he should be working on our website very soon. I have really been looking forward to the site getting done for quite some time now. Especially since it has been cycling between started and stopped all this time.

Gauging interest here: As part of the new website, SWMC will be adding a Hashing Exchange (similar to CEX.io) to its services. We will be using The Wasp Project Collectives design to populate the hashing power for the Exchange. It has been decided that up to 50% of the trading fees for the Exchange will be split between all contributors that help bring this project to completion.

There are several ways you can contribute, by direct investment and various sweat equity tasks that involve development. You can also contribute ASIC chips. If you contribute ASICs to the project, we will mount them onto a Wasp PCB and put them to work. You will own the hashing power that your chips produce so you can sell your hashing power on the SWMC Exchange. Buy contributing ASICs to help the project get off the ground, you are a contributor to the project and will receive a fair portion of the trading fees. Imagine if you had the chance to contribute to CEX.io before trading GH/s on the CEX.io website went live and you were getting a piece of their trading fee pie! Well, you missed that opportunity, DON'T MISS THIS ONE!!

Post your interest or comments!

Thanks,
James

had to put quotes, mature to me means being civilized, rather than "acting like an adult" which doesnt make sense because a LOT of adults act just as childish as a 14 year old


also, have you thought of putting solarwinds on a stock site like cryptostocks? (until you have the site up and running that is)

"Mature"? (1 of 2 and Bradley is welcome back at anytime)

yeah his first question was much more "mature", he was basically just asking what % of the original board members left (brad left? so thats 1 of x)

Ahh... I see. Wait, no I don't. Turnip ≠ bruised. Be more clear from now on.

I have more respect than to refer to others in such a manor. So the answer is, none.

So eager, are so many,
to revel in the failure of others,
whether real or imagined,
that they pounce on the least little sight of it,
from their twisted little eye.

What I mean to ask is how many of your bitches quit.

Sorry Atruk, I don't understand your question. Could you explain?

How many percent of the original board to you rep?

Your in luck, that one is already in the works!

i would like to keep track of my own shares and what not, rather than being able to see everyone who is part of the company, although both is nice (this would require a registration system for the site most likely)