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Topic: SCAM IPO [Bakewell] - Finally, a 'transparent' investment that will 'grow'! - page 16. (Read 47857 times)

hero member
Activity: 634
Merit: 500
Possible mining pool idea:

Horrible Horrendous Terrible Tremendous Mining Pool

Forum | Website

This is a PPS pool made by fireduck (the programmer behind SatoshiDICE).

His pool allows you choose how much of a fee you pay based on the difficulty of the shares you submit. You can get all the way down to near 1%.
His theory is that every share submitted adds a load on the pool and put additional strain on the database.
If you submit less shares (and don't clog up the pool as much) you get charged a lower fee.

So, if you choose to submit difficulty 32 shares (the default) the pool charges a 2% fee.

His pool also features no sign up, and auto payouts.

Here is a chart of the various fees:
Code:
Diff	Fee
2 17 %
4 9 %
8 5 %
16 3 %
32 2 %   <--- default
64 1.5 %
128 1.25 %
256 1.125 %
512 1.0625 %
1024 1.03125 %
2048 1.015625 %
4096 1.0078125 %
8192 1.00390625 %
16384 1.001953125 %
32768 1.0009765625 %

hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
Just opened a new support ticket at the GLBSE (#358)

I'm just trying to remove any roadblocks that any potential investor might have.
Verification and paying a dividend are the last two major hurdles.

We are getting closer.
Keep up the good work.

To me the last road block (now successfully cleared) was simply the fact that all my play dough was tied up in other projects.  I suspect this is the case with most interested investors at this moment. Other than that, it seems to me that Bakewell is among the most transparent and least risky opportunities out there - and after meeting Ian in person last week, I feel even more strongly so.

hero member
Activity: 634
Merit: 500
Just opened a new support ticket at the GLBSE (#358)

I'm just trying to remove any roadblocks that any potential investor might have.
Verification and paying a dividend are the last two major hurdles.

We are getting closer.
Keep up the good work.
sr. member
Activity: 389
Merit: 250
More good news, there are currently several buy orders in above Ian's 0.125. So even before the first rig is up liquidity is improving.
sr. member
Activity: 406
Merit: 250
I'm in for 110 shares.
Let's get that first rig up and running Smiley
hero member
Activity: 634
Merit: 500
Quick share sales update:

Currently in the wild: 1337

OK. I'll make the comment:

HA!  Leet

-- I am working on getting those first 2500 sold as quickly as I can.
Still in the process of reaching out to fund managers.

My fear is that selling those last 500 shares (of the first 2500) will be very, very difficult. As I said earlier, please try to get a dividend as soon as possible.
This could be holding up some investors and fund managers. It shows the complete process of having actual equipment and generating income.
183.75 BTC is more than enough to get a rig going (with 1 GPU). Plus you can add more GPUs as additional capital comes in.
And, don't forget to take rig pr0n photos. Those are always fun.  Wink

Also, tell Nefario to update your BAKEWELL verification. You posted that you submitted verification over a week ago. What gives?
hero member
Activity: 634
Merit: 500
BMF has invested for 300 shares of BAKEWELL.

This is great. BAKEWELL is starting to take off.

5. The issue is insured by an independent third party.

This made me chuckle. Usagi, I know you wear many different hats... but, um. I'll just leave it at that.

20,000 shares put aside for a founders stake. ... 2500 of these are going to initial investors who purchase 100 shares or more. This knocks me down to 17,500.
Then the dividends I receive on those 17,500 shares, 50% , are going into a shareholder protection fund. So initially, I only take 8.75%.

Just to clarify for those of you who tr;dr the thread:

If you want to get in right now, Ian will give you 10% more shares for free if you PM him and buy 100 shares or more.
These 10% extra shares come from Ian's "Founder Shares" aka, his management fee shares. He is giving these shares away to not only help get this first rigs up and running, but to also thank early investors.
Remember, the 10% bonus shares will only be matched for a total of 25,000 shares set aside for this special offer, and ONLY in you request it through a PM to ianbakewell.
I repeat, the shares for sale on GLBSE do not qualify for this offer, but are a great way to purchase shares if you can't afford 100+.

If there are any other fund managers considering BAKEWELL, really take a look at this offer.


@Ian,
You might want to look at getting that first rig up and running sooner than later. Getting any kind of dividend paid (not matter how small) will get a lot more investors to buy. It will show that BAKEWELL can generate income and is not "all talk."
hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
When you investing a mining company you should take the management fee factor into consideration. And this Ian charges for 20% of this mining company by receiving free shares. It is too high compared to other mining stocks.

And he placed your BFL orders too late. Investing your mining company will not be profitable.


Disagreed on both counts. Care to try again? 20% is standard for this sort of contract. His bfl orders will still be profitable. He will probably end up waiting less than most of the first guys who ordered.

Also, he'll get to choose the best ASIC product based on actual performance, not promises.
full member
Activity: 126
Merit: 100
When you investing a mining company you should take the management fee factor into consideration. And this Ian charges for 20% of this mining company by receiving free shares. It is too high compared to other mining stocks.

And he placed your BFL orders too late. Investing your mining company will not be profitable.


Disagreed on both counts. Care to try again? 20% is standard for this sort of contract. His bfl orders will still be profitable. He will probably end up waiting less than most of the first guys who ordered.
newbie
Activity: 14
Merit: 0
When you investing a mining company you should take the management fee factor into consideration. And this Ian charges for 20% of this mining company by receiving free shares. It is too high compared to other mining stocks.

And he placed your BFL orders too late. Investing your mining company will not be profitable.
newbie
Activity: 87
Merit: 0
Looks like we also had a market buy of 40 shares last night, we are coming along well, a little more than 1/3 of the first rig has been raised now.

That was me!
hero member
Activity: 634
Merit: 500
Just put a little investment into this, looking to get more later.
If you are looking to get 100+ shares, send a PM to Ian and you can get 10% additional shares for FREE!*

*Limited time only.
newbie
Activity: 25
Merit: 0
Just put a little investment into this, looking to get more later.
hero member
Activity: 634
Merit: 500
I noticed that you are still not verified on GLBSE. I would check with Nefario on this.
Some investors will not purchase if there is no verification.
member
Activity: 118
Merit: 10
Owner of Empire Hotels
Hey Guys!
I am also in with a small amount!
i think it is important to push transparancy, ian shows the community a new way of company leading!

best wishes

Chuck
hero member
Activity: 634
Merit: 500
I will begin reaching out to the fund managers this week, see how I can go about getting them involved.

Another good move. If you are successful with some fund managers, I expect our first purchase of mining equipment in the very near future.

Can you throw around some funds you intend to talk with?

  https://glbse.com/api/quantity_trading/BAKEWELL
631 shares in the wild

[snip]

Currently 24941 shares are on ask with 69 having been sold to the public.

Again, I love the transparency.
hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
It turns out Ian and I are neighbours, so we met over a drink and had a chat about lots of things, including his business and Bitcoin in general. I feel it's a good idea to share my impressions and thoughts, so here they are:

  • Ian looks exactly like the guy from the picture above, minus the sock on his head. Not even a tinfoil hat. Make of it what you will.
  • He knows what he is talking about, and he does his homework. Specifically, we discussed in some detail the mining rigs and software, pools, networking, digital commodities, and legal aspects of his operation.
  • His operation has a significant competitive advantage in terms of cost of electricity - right now it is absorbed by a huge apartment complex, and even if he decides to start a stand-alone farm, the price in Alberta is presently $0.05-$0.09 per kWh.

Disclaimer: I have no conflict of interest to declare at this moment, as I do not own any shares yet. However, I am considering an investment.
sr. member
Activity: 389
Merit: 250
Hello Carnth,

Thank you for raising your concerns. I specifically mentioned using 7970's because I want people to know that I am not investing in fpga
I wanted to be sure to mention the 7970's as they will retain the resale value much more than fpga and other gpu (5970/6990's) once asic hit the market
This is a competitive advantage BAKEWELL has over other mining offerings and I wanted to hilight it.
I don't think Carnth is disagreeing with your use of 7970's, just that there's no reason to force yourself into using those in contract. You could just say GPU and for as long as 7970's are the best option keep using them.
hero member
Activity: 634
Merit: 500
The new contract for BAKEWELL has been pushed live & I have updated this threads op.

The whole contract looks good. You now have a clear plan on what you intend to do:
  • There is a plan to raise capital (With a bouns for early investors)
  • There is a plan to utilize that capital with a growth and maintenance plan
  • There is a fair exit strategy.

The only thing I would change in the entire contract is the naming of specific mining equipment. For instance, you specifically mention 7970 GPUs and BFL ASIC mini rigs. And you don't need to. Who knows what equipment will be best in the future. Maybe a competitor to BFL will come out and have better performance.
I would have kept this more generic saying:

Quote
I will be withdrawing BTC to purchase GPU mining rigs every 2500 shares sold
Quote
the remaining 25,000 will be used to place an order for a 1TH/s mining rig (for example: a BFL ASIC Mini Rig)


When using more generic terms, you get more freedom to choose from the best available mining technology--a phrase that you used when describing the maintenance shares:

Quote
The dividends received on the 30,000 growth and maintenance shares, after covering monthly expenses,
will be put toward expanding our mining operation with the best available technology.


One more thing you should consider doing for transparency, is starting a share-able spreadsheet (Google Docs/Drive) and specifically list how many shares are sold, how many maintenance shares and Founder shares and in existence, etc.
You can also use this spreadsheet to list equipment that BAKEWELL currently owns, if it's in use, how much BTC was earned, dividends paid, etc., etc., et cetera.

newbie
Activity: 25
Merit: 0
Keeping an eye on this.  Looks promising, and I like how much trouble you're going to to try and be as open as possible and do what your investors feel would be best to optimize the bond.
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