SCAM IPO [Bakewell] - Finally, a 'transparent' investment that will 'grow'! - page 10.

Carnth

hero member

Activity: 634

Merit: 500

Quote from: ianbakewell on December 02, 2012, 01:11:07 PM

The Litecoin community seems small but is growing, and with the litecoin stock exchange, a possibility of spinning off a BAKEWELL subsidiary (BAKEWELL-LTC?) group exists.
Not sure if much demand would exist for a LTC clone of BAKEWELL tho.
[snip]
(spin off gives us LTC we can convert to BTC as well, its just not a total liquidation, we would leave some equity behind in return for the ownership stake in BAKEWELL-LTC)

Thoughts & Opinions?

Many miners (predicatively) switched to Litecoin when the Bitcoin reward halved.
This, in turn, skyrocketed the Litecoin diff to more than double--overnight. As miners found out that Litecoin is not profitable because of the high Diff, they are now leaving.

The Litecoin community is a up-and-coming scene (full disclosure, again: I am a Global Mod at LitecoinTalk forums).

To be honest though, the few mining assets on the Litecoin Global Exchange are not performing well. BUT this is for the same reason that Bitcoin mining bonds stopped performing well... they are mining bonds.

BAKEWELL-LTC would be the first Litecoin mining company in which shareholders own the equipment as well. This would be a boon to investors.

The fact that BAKEWELL can mine with free electricity is a huge benefit. It allows for mining possibilities that other setups couldn't possibly consider.

I would definitely consider BAKEWELL-LTC. Numbers would have to be run to see potential profits and the ability/feasibility to expand operations. But I have a good feeling overall. If you were to do a BAKEWELL-LTC I would keep everything LTC. Burnside might even have a way to "import" shareholders from BAKEWELL if you plan to spin-off operations.

btharper

sr. member

Activity: 389

Merit: 250

Quote from: ianbakewell on December 02, 2012, 01:11:07 PM

Quote from: btharper on December 02, 2012, 10:07:27 AM

Hate to spoil the fun, but that's block 210354 and was only worth 25BTC. Still a solved block though!

Haha yeah, I was really hoping that we would have banked BTC50 and solved a block before the halving, it was one of the goals in the back of my mind. Ah well, came in pretty close

---

The Litecoin community seems small but is growing, and with the litecoin stock exchange, a possibility of spinning off a BAKEWELL subsidiary (BAKEWELL-LTC?) group exists.
Not sure if much demand would exist for a LTC clone of BAKEWELL tho. Just something that crossed my mind while thinking about asic on the horizon and liquidating the rigs.
We are sitting on BTC170 (44 earned from mining and should be dividended, but maybe retaining for purchase due to time raising funds lost, is better)
... so we will be able to place an asic order when they hit the market. Then its just what we want to do with the rigs. Sell them or spin them off.
(spin off gives us LTC we can convert to BTC as well, its just not a total liquidation, we would leave some equity behind in return for the ownership stake in BAKEWELL-LTC)

Thoughts & Opinions?

Might be a good way to use the machines you've built after the big rig gets purchased. However with the halving and ASICs coming out there's some thought that a number of people may end up doing just that, so it's a bit of a gamble. Also I'm not sure how stable the BTC/LTC price is long-term as I don't think Litecoin has achieved the same acceptance from merchants. Interesting though.

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: ianbakewell on December 01, 2012, 12:49:50 PM

Shouldn't have done this. A newbie might come across this image, and get the idea that you can literally mine coins with those rigs.

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: btharper on December 02, 2012, 10:07:27 AM

Quote from: ianbakewell on December 01, 2012, 12:49:50 PM

It looks like we solved our first block last night! (30.11 17:31 000000000000002fd8edc2c445189351c1f2c6133d587a1ccd688718f911c45e BAKEWELL)
This is one of the mini milestones in my head, solving a block / earning 50BTC

Hate to spoil the fun, but that's block 210354 and was only worth 25BTC. Still a solved block though!

And still earned almost 50btc, per post you quoted.

btharper

sr. member

Activity: 389

Merit: 250

Quote from: ianbakewell on December 01, 2012, 12:49:50 PM

It looks like we solved our first block last night! (30.11 17:31 000000000000002fd8edc2c445189351c1f2c6133d587a1ccd688718f911c45e BAKEWELL)
This is one of the mini milestones in my head, solving a block / earning 50BTC

Hate to spoil the fun, but that's block 210354 and was only worth 25BTC. Still a solved block though!

Carnth

hero member

Activity: 634

Merit: 500

Quote from: niko on December 01, 2012, 05:57:43 AM

Quote from: ianbakewell on November 29, 2012, 05:11:10 PM

Also, does anyone know the equation I would use to work out how much BTC should have been earned if mining 24/7 with 2400Mhash/s from Oct.3 until now (@ 50btc so with a 3% fee)?

this may be problematic because of variability ("pool luck").

I thought 50BTC (ironic name now) is a straight PPS pool. Wouldn't this make calculating daily payouts easier as a there is no variance on PPS pools?

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: ianbakewell on November 29, 2012, 05:11:10 PM

Also, does anyone know the equation I would use to work out how much BTC should have been earned if mining 24/7 with 2400Mhash/s from Oct.3 until now (@ 50btc so with a 3% fee)?

This is not trivial. I don't see much historical data provided by 50btc except the list of blocks solved. There is no total hashrate available, so we can't tell what fraction of those blocks' rewards belongs to us.
Alternatively, we could rely on historical Bitcoin total hashrate, which is easily accessible, but this may be problematic because of variability ("pool luck"). My understanding is that, due to 50btc being the largest, error would be low, but someone more versed in statistics should confirm or refute this. If confirmed as ok, I'll pull out nethash data and make a spreadsheet with expected daily earnings.

001sonkit

hero member

Activity: 784

Merit: 1000

Casper - A failed entrepenuer who looks like Zhou

one vote for cryptostocks

Icoin

hero member

Activity: 585

Merit: 501

Quote

Anyone have opinions on cryptostocks, therocktrading, havelockinvestments, mpex, or anywhere else they would like to mention?

Just want to make sure we take a look at everything and hear everyone out.

Well my expirience with Cryptostocks is just awesome

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: ianbakewell on November 29, 2012, 07:25:57 PM

Anyone have opinions on cryptostocks, therocktrading, havelockinvestments, mpex, or anywhere else they would like to mention?

Just want to make sure we take a look at everything and hear everyone out.

I've been happy with Havelock Investments for many months now, and that is exactly why I would not like to see BAKEWELL migrate there... I don't want all of my eggs in one basket. Btct.co seems interesting, not least because of the cautious approach to legal questions. It appears that, the way they are set up, they couldn't do much damage other than run away with whatever funds they are holding at the moment.

LoweryCBS

sr. member

Activity: 364

Merit: 250

firstbits 1LoCBS

Quote from: ianbakewell on November 29, 2012, 07:25:57 PM

Anyone have opinions on cryptostocks, therocktrading, havelockinvestments, mpex, or anywhere else they would like to mention?

Just want to make sure we take a look at everything and have hear everyone out.

I am quite impressed by BTC-TradingCo. Bakewell will thrive there.

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

That is correct. GLBSE assets will get the 5 BTC refunded to their account once we have verified that they existed on GLBSE before the shutdown.

We also have an import script that will import Nefario's list, create accounts, transfer the shares to the new accounts, and email the users their new account info,

Cheers.

Carnth

hero member

Activity: 634

Merit: 500

Quote from: ianbakewell on November 29, 2012, 05:11:10 PM

A few options exist to relist, still not sure what the best option would be, and everywhere has really low volume - I guess investing in bitcoin land is killed now?

I would be very happy to see BAKEWELL continue on https://btct.co/

Quote from: ianbakewell on November 29, 2012, 05:11:10 PM

We would need to win some sort of popularity contest or somesuch to get onto btct.co but I'll look into it more, it seems to be the most recommended around the forum and easiest to get involved with.

On the upside, should we take a new listing somewhere, it gives us the opportunity to address some of the problems we had on the GLBSE (thinking back to the ceiling problem and lots of shares on the market)

I know how btct.co works, because I manage an asset on burnside's Litecoin Global's exchange (and btct.co is just a copy-n-paste of that).

It's true the when a new asset is listed on btct.co, your asset is approved by umm.. lets call them "asset moderators" (full disclosure: I am one).
Here's how it works:

You sign up, list your asset.
The moderators take a look at your asset contract, your history (from forums, irc, whatever) and then give a YES or NO vote.
Once you get 5 YES votes, your asset is approved and trading can begin.

Burnside did this so that assets approvals are not in his hands (although I'm sure he is a moderator as well).

Other benefits of btct.co:

Speed. Burside developed the exchange with speed in mind and continues in that direction.
Community Involvement. Burnside is actively involved with the community. He listens to all suggestions and implements the best ones
Registered as an actual company in Beleize
As a asset issuer/manager, you will be emailed all shareholder info (as of right now) at least twice a day. This email includes the email address of all shareholders and how many shares they own--just in case.
I heard burnside is "going easy" on previous GLBSE asset issuers and might reduce or even refund the asset creation fee.

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: ianbakewell on November 27, 2012, 12:12:17 AM

Quote from: niko on November 26, 2012, 11:58:33 PM

Have you received the claims from everyone? Anyone missing?

A little less than half the shares in the wild have been claimed.
Most people seem honest, some seem like total bullshit...
and a good portion know they liked me, think they might have bought me, but do not really know what they held.

I have not received anything from the GLBSE yet.

It's been 12 days now since you started collecting claims. Would it be wise to set a deadline, so we can move forward?

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: ianbakewell on November 17, 2012, 06:11:29 PM

Quote from: niko on November 17, 2012, 06:07:28 PM

Would it hurt to start asking shareholders to submit their claims to you now? Perhaps it would turn out that no p2p trades are claimed. Even if they are claimed, both seller and buyer would need to claim their part, and it would all need to add up in your book.

Let's give it a try

Shareholders:
If you held BAKEWELL shares at the time the glbse went down, please PM me any information you have regarding your holdings.

Have you received the claims from everyone? Anyone missing?

matthewh3

legendary

Activity: 1372

Merit: 1003

Quote from: Bitcoin Oz on November 20, 2012, 07:20:44 AM

Quote from: Carnth on November 19, 2012, 09:57:50 PM

If you plan on continuing operations with a new exchange, I would highly recommend https://btct.co/
burnside has spent a lot of time on the Litecoin version of his exchange (where I manage an asset), and has now just released the BTC side.
Burnside got a lawyer, and registered it in Belize.
As a standard feature, you will be emailed all shareholder information on a routine basis--just in case. And, it's not slow!

+10

+1

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Quote from: Carnth on November 19, 2012, 09:57:50 PM

If you plan on continuing operations with a new exchange, I would highly recommend https://btct.co/
burnside has spent a lot of time on the Litecoin version of his exchange (where I manage an asset), and has now just released the BTC side.
Burnside got a lawyer, and registered it in Belize.
As a standard feature, you will be emailed all shareholder information on a routine basis--just in case. And, it's not slow!

+10

Carnth

hero member

Activity: 634

Merit: 500

If you plan on continuing operations with a new exchange, I would highly recommend https://btct.co/
burnside has spent a lot of time on the Litecoin version of his exchange (where I manage an asset), and has now just released the BTC side.
Burnside got a lawyer, and registered it in Belize.
As a standard feature, you will be emailed all shareholder information on a routine basis--just in case. And, it's not slow!

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Would it hurt to start asking shareholders to submit their claims to you now? Perhaps it would turn out that no p2p trades are claimed. Even if they are claimed, both seller and buyer would need to claim their part, and it would all need to add up in your book.

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: Carnth on November 16, 2012, 11:30:02 AM

Sure, Ian may know who purchased shares using his "special deal." But who's to say that nobody sold those shares on the open market?
In my opinion, until Nefario decides to do something, there is not much that any asset manager can do.
And everyone will just have to wait (essentially all assets frozen) until that time.

It's not that big of a problem, as only 54 shares were sold in the open market. Even if someone lies to not have sold them, they are risking their reputation for ~$80, and we can easily absorb that loss.

Quote from: niko on October 29, 2012, 03:45:19 PM

Based on the GLBSE trade history available in
https://bitcointalksearch.org/topic/complete-glbse-trading-and-dividend-history-and-estimated-revenue-117491

we can see that there were a total of 52 trades of BAKEWELL, for the total of 610 shares worth 91.03 coins. Note that trade history file does not include private transfers. Out of these 610 shares, only 54 were traded below BTC0.15, for the total value of BTC7.63. I'd say even if we don't get info from GLBSE, it won't be hard to figure out ownership based on what everyone claims. Many people, I am sure, will have some kind of personal ledger they've kept, and the rest can be calculated, as it all needs to add up.

Topic: SCAM IPO [Bakewell] - Finally, a 'transparent' investment that will 'grow'! - page 10. (Read 47857 times)