Topic: SCAM IPO [Bakewell] - Finally, a 'transparent' investment that will 'grow'! - page 18. (Read 47857 times)

Holy shit! I can't believe you just cursed... and in your own thread!   


I don't mean to sound like a dick either. I'm also just being honest with you. Constructive criticism and all that.

My whole point is:
You already say you want to buy a BFL ASIC rig and that's great. Until that happens we investors make nothing. You joke about NYAN.A being paper bullshit, but it is paying real CPA insured dividends right now.

This is what you are competing against. That's right, you are competing against all the other assets. So you have to prove why you should get our BTC instead of someone else.
As an investor, I look at GLBSE and see BAKEWELL and NYAN.A or COGNITIVE or any other mining asset and I have to calculate the risks vs the rewards... and I see no reward from your asset.
The only way to profit from your asset--as it stands with waiting until all share are sold--is to wait and buy the last shares. In the mean time, this mean no shares are sold, because everyone is waiting to be the last.



I like the idea. Taking calculated steps toward the goal instead of waiting and making a huge gigantic leap.

I would still recommend to go smaller (say 150 BTC) and here's why (Watch out... more "honesty" incoming):

• You are new to this board, and although you have perfectly identified your real life self... I don't know you.
• I don't know if you know how to handle a mining rig and how to get the most profit from it. I say this because you asked for shareholder advice on where to mine--and to be frank--this is something a mining operator should already know.
• In other threads, you say you are new to all this
  
  Quote from: ianbakewell on September 04, 2012, 03:57:44 PM
  Fair enough I am new to this....
  

I would not invest until you have a clear plan. You need to show how you can get some return from my BTC.
Start very small... Get a rig with one GPU going. Show how you plan to use it, and when you can get a return from it. And when the investors can get their return as well.
Once you do this, this thread can get much more active with all the positive returns.
But you may have to dip into you own pocket to get things going. This can be either BTC or rigs you already own. AKA, a loan from yourself to the BAKEWELL asset. This is perfectly fine as long as everything is clearly documented.

Once you get things started, more investors will follow. And... be nice to fund managers, they usually have bigger pockets than individual investors. 

+1 Me too


I would devenetly invest in thes project if you would go with one of this options. Especially at the price you are offering. Would prefer option 1 though.

I really like the open nature of your offering. I like the price.

But I got to be completely honest with you.


In your example, we can at the very least expect the difference back in 65 weeks.
Or, I can also invest my .15 BTC with PatrickHarnett's Starfish Bank OR NYAN.A and expect to have .25 in 55 weeks (rough guess).

As it stands right now, I can not expect any return in any number of weeks because there is no guarantee when ALL 50K shares would be sold.
Will all the shares be sold before or after the block reward halving? Will they all be sold by 2013? 2014? There is no way any one can know, unless you can get some big investors ready to drop the 7,500 BTC needed. And that is a tall order.


Again, with no way of knowing when all shares will be sold there is no way what the exchange rate will be at that time.



The bottom line is: You need to have some kind of return for the investors and you need to be able to tell them when to expect it. Without that information I fear you will never sell all the shares.


As said in an earlier post, you are not the first one to do this... so this is how others have done it:

• Buy equipment as shares are sold. This is not always ideal, as you have to purchase a little at a time over a long time. But it does produce coins that can be paid as dividends. COGNITIVE, BTC-MINING, and NASTY do exactly this... by buying FPGA singles from BFL with the intent on taking advantage of BFL's ASIC exchange program. You said that you would use GPUs to mine. Why not start with that?
• Take the proceeds from current sale of shares and invest it in something like NYAN.A or Starfish to get dividends that you can then re-pay to your investors. Once all shares are sold, cash out and buy the equipment. The downside to this is that you would have to clearly explain this process in the GLBSE asset and/or make a motion to invest current funds in this way.

I think too, that waiting until all shares have been sold until you start buying equipment is a bad Idea.

In that case I would be waiting until the majority of the shares has been sold and than try to get in, maybe tring to get some shares below IPO-Price, too, as people would surely get frustrated and sell off.

Best plan would be IMO to put asside 2/3 of the BTC ,or so, for the BFL Rig and immediately invest the remaining 1/3 in GPUs to show at least some dividents.

Once the Rig is paied you can invest 100% in further GPU grow.

Am I to understand that equipment will not be purchased until all 50K public shares are sold? I just want to make sure I understand this clearly.
If this is true, you may have to re-think your strategy. I can not afford to have BTC invested in an asset that is not producing current dividends. I'm sure many other investors think the same way.

BTC Guild is pretty good (they even have DDoS protection) but 5% fees is steep.
I'm sure there are other pools out there, but I am not the best person to offer advice in this area.

Hello, it's looking good. Here are my questions:
When can we expect to see the first purchase of equipment and first dividend?
Where will the equipment be located? Will the equipment be insured against fire/theft/etc.?
Will you be mining solo, or in a pool? Which one? PPS rate?

lol they didnt ask for a shoe on head ?

I hate it when my ID expires and I need to go back to using a paper birth certificate for all my ID purposes 

So, another guy trying to get the community to buy equipment for them.... what makes yours any different?

Restored from: http://web.archive.org/web/20130305005856/https://bitcointalk.org/index.php?topic=104489.0
Please note that Ian Bakewell is currently in default and hiding from his obligations - more information see:
http://scammer-ianbakewell.com/

https://bitfunder.com/asset/BAKEWELL

100,000 shares total

50,000 public shares @ .15
30,000 growth and maintenance
20,000 founders stake

The shares will be released on a 5 : 3 : 2 schedule
For every 5 shares sold to the public, 3 will be considered active for
growth and maintenance, and 2 will be sent to my personal portfolio.
This will keep the percentages proportional to funds raised while we grow

Total bitcoin raised: 7500
Market Cap: 15000

25,000 shares will be put up on ask @ .15
25,000 shares will be available through GLBSE private transfer, minimum 100 shares.

I will be offering investors the opportunity to receive an additional 10% bonus shares on purchases over 100.
These bonus shares will be awarded to them from my founders stake as a thank you for taking the first step with me.
Those interested in a purchase of 100 shares or more should PM me. The bonus is only available on the 25,000 shares put aside for private transfer.

I will be withdrawing BTC to purchase 7970 rigs every 2500 shares sold with the goal of hashing and paying dividends as quickly as possible.
Once the first 25,000 shares have been sold, the proceeds from the remaining 25,000 will be used to place an order with Butterfly Labs for a BitForce Mini Rig ‘SC’ (ASIC)
Upon arrival of the Mini Rig I will break down and sell the 7970 farm. The proceeds from this sale will be used to order a second BitForce Mini Rig ‘SC’ (ASIC)
Any available capital after the second Mini Rig order will be put into BitForce Single/Jalapeno purchases
*Reserve the option of purchasing equivalent ASIC technology from a BFL competitor should that become a better option for us

This plan of action will allow us to immediately begin mining and receiving dividends while allowing us to competitively upgrade to ASIC technology once it becomes available.

100% of the coins gained from mining will be paid out
Dividends will be paid on Monday and Thursday mornings before 12 Noon Mountain Time
My compensation will be received as dividends on my 20,000 shares

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.

Bitcoin is an amazing opportunity and I look forward to building one of the top mining companies with you.
The future is uncertain and should we ever need to wind down and close out this asset,
we will do so by liquidating the physical equipment at fair market price and utilizing the proceeds and any other BTC holdings to pay a final dividend.

https://bitfunder.com/asset/BAKEWELL