Topic: SkepsiDyne Integrated Node - The Bitcoin Mining Company - page 41. (Read 104288 times)

Does that mean we can look to see 7 rigs online by Tuesday?  That would be VERY encouraging.  Also, Are you going to stick with your plans of sending out 55% profit as dividends, keeping 45% for growth, or will you not do that until all shares are sold?  I ask because, I think by sowing the pool statistics of the rigs generating coins, and showing your intention to pay out dividends, while still allowing room for growth, will REALLY get people motivated to buy your remaining shares, possibly letting you sell them at the intended 1 BTC.

Nefario: The intention on my end was not to game the market, it was to give the initial investors a reward for their early trust.  I say that I got gamed because some people bought into the shares once the announcement that the value of the shares would be increased for the sole purpose of undercutting the IPO once it was repriced.  I agree that dividend payment will renew interest in the shares, and that is currently the goal to reach after bringing the total capacity of the company online.

vess: I can not take the IPO down, it will be the main source of income until many more rigs are brought on line.  The purpose of the shares sold was to raise funds, not create a market for shareholders.  The intention was that shareholders were in it for the long run, making an investment, not that they would see immediate liquidity in their stocks.  Once dividends begin being paid, which will occur when everything is settled in, the IPO will begin selling again.

As far as the new rigs arriving: they are currently scheduled to arrive on Monday.  This weekend I will be unlocking all of the GPU's I currently have so that they can be overclocked higher once the rigs arrive.

What Nefario said is right on.

Tawsix, I mentioned these dynamics early on; the "IPO" floated out about 2000 shares. That's pretty frickin' awesome, actually, so congrats. There wasn't sufficient market demand for all your shares at the IPO price. In the 'real' world, this problem is solved basically by testing the market with knowledgeable insiders who make some calls and commitments, and agree to float shares at an opening price. They buy the shares directly and privately from the corp, then sell what they want on the markets opening day.

Sometimes IPOs fail, that is, there's not uptake of all the shares, or the price drops precipitously in the first few days of trading. In that case, the corporation has had its bite for a little while -- the market has spoken, and it doesn't want all the shares. The corporation needs to make some progress before the market will be interested in dumping more capital into the corporation.

This is the situation you're in.

I urge you to cancel the rest of the 3500 shares on offer. Nobody will buy them until you demonstrate both that you are willing and able to dividend to shareholders from the mining earnings, and that you are continuing to bring more miners onboard. At the least you will be able to provide your existing shareholders with the chance to make a market for your shares; as it is, the massive 3500 on offer hangs over your order book, and it's alienating the people who currently are invested in you (like me!)

If you want to recapitalize the corporation later, you're going to need to work with existing shareholders and find a price everyone is happy about.

On the upside, you have some really simple methods to make people happy:

a) dividend
b) cancel share offering
c) update daily with timeline for new miners
d) bring them online
e) possibly set a dividend schedule so that people know when they should buy/sell.

This is dead simple given where you're at, and will make people much happier.

I think I need to weigh in on this.

Essentially, attempting to sell the shares at a higher price than the initial IPO offering simply will not work, it's not that the system is being gamed but that the system will not let you(Tawsix) game it.

Others have bought shares at the original 0.75btc price, unless there is more demand(more people want to buy) the price will not rise. This is the only reason that the price can go up in a market is if demand increases or supply decreases.

You are attempting to sell more shares, so supply is not decreasing, it is in fact increasing.

You can say that you will only sell the new shares at 1btc, but this simply will not work, because there are shareholders who have bought (many) shares for 0.75btc, and as long as you sell for even 2 satoishis (0.00000002btc) above 0.75btc the previous buyers will be able to sell at a (small) profit before you ever sell any shares.

Simply put you can't beat the market, and it's not a problem with glbse or with anyone gaming the system. THIS IS THE GAME.

You have to give peopel a reason to want to pay 1btc instead of 0.75 for a share, perhaps a new share that pays a higher dividend, or greater voting rights or something.

Or you could pay a high dividend, this will automatically cause demand for your shares to rise.

You could try to go outside glbse to sell at 1btc but you'll fail. Why would someone buy at a higher price from you when they can get the same thing cheaper (and easier) from the market?

Your only choice is to start paying dividends, sell new shares at the same price, or sell new shares at a lower price(which current shareholders probably won't like).

If you sell new shares at a lower price you won't be able to get the price higher until you get demand higher, and that will only happen with dividend payments.

I believe the market (and that's what you're operating in, a free and open market) won't give you any more capital until you start paying dividends.

Your only choice is to start paying dividends(whether now or in the future), and this means getting mining up and running.

Nefario.

As a shareholder and an investor, I am more interested in the sale of the unsold shares and the funds acquired from said sales be used to set up more rigs.

If he wanted to, he could have started a vote and votes. He would have won regardless.


It is Tawsix's responsibility to sell the shares and to acquire new investors.

The only role he needs to play in the market's value of unsold AND sold shares is keeping the business profitable, giving out dividends in the timely manner he has mentioned, and general PR. Basically keeping up and improving the image of the company.

Also to get technical, a ponzi scheme is a scam, and from what Tawsix has shown... he is not scammer.

You prove yourself that you are only interested in new investors and ignore the valueation for shareholder of any BTC already in your pocket. Its not a scam, its a mining ponzi scheme you are running to fund your mining operation.

There was no vote, I made the decision.  The person or people who undercut the IPO after the price was raised have admitted that they were doing so to make profit, not because of any loss of faith (though there were a few who sold for less than the original price.)  Only 5 shares of the IPO sold at 1 BTC, then the large chunk of shares was put up for .99-ad nauseam.  After a few people bought these shares, buying dried up.  I postulate that this was due to the fact that the money was no longer going towards investment in the company but to someone who was being very clever and playing the system.

As GLBSE does not take a cut of the transactions right now, I will be offering a system where those who wish to directly invest in the company will be able to PM their GLBSE user ID and the amount they want to purchase, and I will send them an address to send the BTC.  Once I receive the BTC I will manually transfer the shares to their GLBSE account.  Otherwise, people can purchase the shares that are currently undercutting the IPO if their only interest is to pick up milibit cheaper shares.

But was there a vote?  If there was a vote to drop the price that wasn't advertised here, I'll stop complaining.

I used to be an investor.  Sold off because I never got any info.  Was thinking about buying back in now that some miners were up, and then I see shareholders who are trying to sell getting undercut by the corporation they invested in.  Was this price drop done with the consent of the shareholders, like the price raise, or was it arbitrarily executed by Taswix?

Considering there are 3500 outstanding shares from the IPO, that's a long time for shareholders wait so they can treat their stock like, you know, a stock.

Also note the vote to take the price up to one was initiated by Taswix, so I don't see how he's completely innocent there.

So once again, can anyone tell me if the price drop was approved by the shareholders?

Dropping the price was necessary, because all unsold shares must be sold as soon as possible.  It is where SIN is getting its starting fund, the funds paying for those rigs.  Tawsix wasn't the one who decided to bring the price up to 1, it was the shareholders.  I supported, but did not vote on the decision to increase the share price, because I thought that a good amount of the people investing were planning on holding their shares for some time...

Given the way that SIN was trading when the unsold shares were upped in price, clearly a good amount of people were merely wanting to sell at .9999999, or anything higher than .75.

When the current investors have the confidence to hold onto shares if another price increase were to happen, that would be a sign of real confidence on the part of the original investors and would hopefully show other possible investors that people are not merely speculating.

One reason I think it was not selling at 1.00 was that the market had several days notice that the price was going to be moved up.  It looks like there were many people that bought at 0.75 and sold at 0.99 for a quick profit.

In the future, I recommend taking the large block of shares off the market while a price change vote is up for consideration.  This will help avoid these arbitrage games.

Stock wasn't selling at 1 BTC because potential buyers, like me, are waiting to see more than 2 systems on-line at once.  You seem to be suffering from a number of set backs which, while not necessarily your fault, make me wary.  In fact, dropping the price made me more wary.  Hopefully you really will be bringing 7+ systems up, but right now, it could just be a pig in a poke.  I'm not micromanaging your business, which I haven't invested in, but I do believe you are misreading the market.

Update: all components are currently in the mail.  We're selling stock at .75 BTC / share again because the previous 1 BTC / share price was not selling.

Here's what I was referring to Nefario.  I think this is the same vote you're talking about.  It says the next vote will start June 1st.  What I don't get is, if people voted no to raise the price from 1 to 1.25, why are the remaining IPO shares back to 0.75 without a vote to do so?

There was a vote already, the vote has been open for something like a week, it closed today(or yesterday, I'm not sure) and the final result was no to the proposal to raise the price.

There was supposed to be a vote today, June 1st, about a price change.  Was there one that just wasn't advertised on this thread?  Or was it just a unilateral decision because so many people are trying to cash out?

I just checked, they are up for .75 now... He wasn't selling any at 1, so I can understand why. Though, some notice or a vote would be nice.

Maybe 1 will look more attractive when we get these 5 GPUs pumping.

Whats up with the no-longer-selling of shares?

Update: Currently two rigs are up due to motherboard failure (we got a bad batch, only one boots consistently.)  We have ordered replacements and have started the RMA process to return the faulty boards.  In addition, we have ordered two more rigs which will bring the total number of rigs to seven.

Welcome aboard!

The BTC are rolling in, well, not really, but they are coming in about as expected. Tawsix, what are your dividend plans?