ThickAsThieves



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Hero MemberActivity: 518Merit: 500 [TAT.VIRTUALMINE] June 02, 2013, 10:10:47 AM

Last edit: March 30, 2014, 05:54:20 AM by ThickAsThieves #1 Retired

ThickAsThieves



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Hero MemberActivity: 518Merit: 500 Re: [BitFunder] TAT.VIRTUALMINE - IPO Later Today! (6/2/13) June 02, 2013, 10:29:50 AM

Last edit: June 02, 2013, 11:12:00 AM by ThickAsThieves #5 Quote from: TradeFortress on June 02, 2013, 10:18:16 AM



Take a look at this:



Print it out, hang it on your wall - upside down - and this is your PMB's value.

Yay, waste more coins on PMBs that will have zero value soonTake a look at this: http://bitcoindifficulty.com/ Print it out, hang it on your wall - upside down - and this is your PMB's value.

There is no denying that there is a market of people that want to buy their hashes through mining assets on the exchanges, rather than buy mining equipment themselves.



My goal was to lower that cost with this asset. It is priced to be less expensive than any other mining bond, per hash. Hopefully people will see that they are overpaying elsewhere, and take the opportunity to lessen their overhead. There is no denying that there is a market of people that want to buy their hashes through mining assets on the exchanges, rather than buy mining equipment themselves.My goal was to lower that cost with this asset. It is priced to be less expensive than any other mining bond, per hash. Hopefully people will see that they are overpaying elsewhere, and take the opportunity to lessen their overhead.

ThickAsThieves



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Hero MemberActivity: 518Merit: 500 Re: [BitFunder] TAT.VIRTUALMINE - IPO Later Today! (6/2/13) June 02, 2013, 11:08:19 AM #10 Quote from: rini17 on June 02, 2013, 10:58:00 AM Where do the dividends come from? If ASICMINER pays less than current mining reward per MH (due to various reasons, such as necessary reinvestment), will TAT fill up the dividend from own resources?



If ASICMINER dividends are insufficient, I have a reserved pool of bitcoins to cover any differences. As part of my personal plan to protect myself in this endeavor, I must reserve a fair amount of personal coins to remain agile and prepared for any market/mining shifts. If ASICMINER dividends are insufficient, I have a reserved pool of bitcoins to cover any differences. As part of my personal plan to protect myself in this endeavor, I must reserve a fair amount of personal coins to remain agile and prepared for any market/mining shifts.

Sukrim



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LegendaryActivity: 2562Merit: 1002 Re: [BitFunder] TAT.VIRTUALMINE - IPO at 12PM EST - Early Bidding is Open June 02, 2013, 02:02:00 PM #15



Also I'm not too happy with the "buyback at 200 times current dividend" clause... Maybe change it to "the mining income of 200 days at 1 MH/s at the current difficulty". All you need to do otherwise is to pay a 1 Satoshi dividend and then do a buyback.



In the end you're betting on hash rates going up while we are expected to bet on them going down.

If they go up fast enough, you can buyback and reap the profits, otherwise you at least have some cash at hands early while loosing some of your ASICMINER dividends. Since difficulty can change during a day, which of the 2 difficulties (higher/lower) will be used for calculation or do you calculate the actual proper amount based on the time stamp of the block where difficulty changes?Also I'm not too happy with the "buyback at 200 times current dividend" clause... Maybe change it to "the mining income of 200 days at 1 MH/s at the current difficulty". All you need to do otherwise is to pay a 1 Satoshi dividend and then do a buyback.In the end you're betting on hash rates going up while we are expected to bet on them going down.If they go up fast enough, you can buyback and reap the profits, otherwise you at least have some cash at hands early while loosing some of your ASICMINER dividends. https://www.coinlend.org <-- automated lending at various exchanges.

https://www.bitfinex.com <-- Trade BTC for other currencies and vice versa.

Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf

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LegendaryActivity: 910Merit: 1000Quality Printing Services by Federal Reserve Bank Re: [BitFunder] TAT.VIRTUALMINE - IPO at 12PM EST - Early Bidding is Open June 02, 2013, 02:05:15 PM #16



It sound like you are borrowing money forever to buy up some other stuff and are willing to pay a dividend from what ever this other stuff earns.



Lets fix this for you:



Quote from: ThickAsThieves on June 02, 2013, 10:10:47 AM TAT.VIRTUALMINE represents perpetual virtual mining bonds at a value of 1MH/s .*



This is asset is being offered for the following purposes:

1. To provide the most affordable and competitive alternative to other mining assets currently available.

2. To provide an easy choice for investors to earn mining rewards without the responsibility and hassle of running personal mining rigs and farms.



Shares Bonds <-- you mean bonds?

Each 1 share of TAT.VIRTUALMINE represents the equivalent of 1MH/s of hashing ability at current mining difficulty at the time period for which each dividend is paid.



Dividends

Each TAT.VIRTUALMINE share has the right to 100% of its respective dividends. The amount of the dividend is defined as the average mining rewards that would have been generated in the previous 24 hours by 1MH /s of hashing power at the previous days mining difficulty at 12PM EST. Dividends will be paid daily and are not subject to any management fees, electricity costs, or miscellaneous expenses.



Initial Public Offering

The initial public offering will be 100,000 shares bonds, for a sale price of ฿ 0.007 each. Additional shares bonds may be issued at fair market price at any time, as long as TAT Investments has sufficient backing (see below).



Backing of Bonds

The total amount of bonds issued will always be backed by a quantity of ASICMINER shares that represent an amount of hashing power that is equivalent to TAT.VIRTUALMINEs total simulated hashing power, as determined by

Note: If ASICMINER shares begin to represent a decreasing amount of hashing, or if ASICMINER stops hashing altogether, TAT Investments will stop issuing new bonds until a sufficient alternative backing source can be established.



Reserved Rights

Issuer reserves the following rights:

1. To issue additional shares bonds as the market demands

2. To buy back shares bonds at any time within the listed parameters

3. To make changes to this contract that represent the best interests of its shareholders

4. To correct and clarify any gross errors or details herein that may prove to be open to misinterpretation



Voting Rights

There are no voting rights associated with these bonds.



Buyback Rights

The issuer reserves the right to buy back bonds at a price equal to 110% of the highest price the asset was traded for over the prior 7 days or 200 times the value of the most recent dividend.



Dissolution

In the event that the issuer chooses to, or is forced to, close this asset for any reason, a new operator may be vetted and chosen by ThickAsThieves (TAT Investments) to take over control of the asset, or all bonds will be bought back by the issuer.



Links

Link to buy this asset: (Going LIVE at 12PM EST 6/2/13



Issuer Info

TAT Investments is a Tier 5 BitFunder trader, trusted member of the bitcointalk.org forums, and issuer of the popular TAT.ASICMINER assets. Identity information has been provided privately to BitFunder as a gesture of good faith, and an avenue for emergency contact.



A dead mans switch will be implemented in order to pass control of this asset to a safe secondary operator in the case of the issuers untimely demise or hospitalization.



IRC: on Freenode, ThickAsThieves

E-mail: tat.investments -AT- gmail.com



* The formula used:

D is the current difficulty

H is your hash rate in Mhash/s = 1 MH

B is the current block reward in BTC = 25 btc

(H*B/D) * (60*60*24 * 65535 * 10^6 / 2^48)

1. To provide the most affordable and competitive alternative to other mining assets currently available.2. To provide an easy choice for investors to earn mining rewards without the responsibility and hassle of running personal mining rigs and farms.http://www.asicminercharts.com/live/ or the most recent hashrate as verified by ASICMINER staff.Issuer reserves the following rights:1. To issue additionalbonds as the market demands2. To buy backbonds at any time within the listed parameters3. To make changes to this contract that represent the best interests of its shareholders4. To correct and clarify any gross errors or details herein that may prove to be open to misinterpretationThere are no voting rights associated with these bonds.The issuer reserves the right to buy back bonds at a price equal to 110% of the highest price the asset was traded for over the prior 7 days200 times the value of the most recent dividend.In the event that the issuer chooses to, or is forced to, close this asset for any reason, a new operator may be vetted and chosen by ThickAsThieves (TAT Investments) to take over control of the asset, or all bonds will be bought back by the issuer.Link to buy this asset: https://bitfunder.com/asset/TAT.VIRTUALMINE TAT Investments is a Tier 5 BitFunder trader, trusted member of the bitcointalk.org forums, and issuer of the popular TAT.ASICMINER assets. Identity information has been provided privately to BitFunder as a gesture of good faith, and an avenue for emergency contact.A dead mans switch will be implemented in order to pass control of this asset to a safe secondary operator in the case of the issuers untimely demise or hospitalization.on Freenode, ThickAsThievestat.investments -AT- gmail.com

If this is a perpetual mining bond with a fixed Mh/s , this is superb opportunity for investment if you truly believe that difficulty will drop or stand still after all those ASICS finally hit the market.

In really simple terms: Every time diff crawls up, your Mh/s earns you less than before.

Good luck!

I guess you have no idea what the difference between a bond (debt) and a share (equity) areIt sound like you are borrowing money forever to buy up some other stuff and are willing to pay a dividend from what ever this other stuff earns.Lets fix this for you:If this is a perpetual mining bond with a fixed Mh/s , this is superb opportunity for investment if you truly believe that difficulty will drop or stand still after all those ASICS finally hit the market.In really simple terms: Every time diff crawls up, your Mh/s earns you less than before.Good luck! While reading what I wrote, use the most friendliest and relaxing voice in your head.

BTW, Things in BTC bubble universes are getting ugly....

EskimoBob



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LegendaryActivity: 910Merit: 1000Quality Printing Services by Federal Reserve Bank Re: [BitFunder] TAT.VIRTUALMINE - IPO at 12PM EST - Early Bidding is Open June 02, 2013, 02:13:45 PM #17 ...and for fuck sake people, bonds do not pay dividends!

Bonds pay interest to the bondholders. Why? Because bond is a DEBT aka loan.



Get this shit right and you start making sense. This is not that hard to master

While reading what I wrote, use the most friendliest and relaxing voice in your head.

BTW, Things in BTC bubble universes are getting ugly....

ThickAsThieves



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Hero MemberActivity: 518Merit: 500 Re: [BitFunder] TAT.VIRTUALMINE - IPO at 12PM EST - Early Bidding is Open June 02, 2013, 02:28:22 PM #18 Quote from: Sukrim on June 02, 2013, 02:02:00 PM Since difficulty can change during a day, which of the 2 difficulties (higher/lower) will be used for calculation or do you calculate the actual proper amount based on the time stamp of the block where difficulty changes?



The dividend section above specifies exactly what difficulty will be used. It will use the difficulty at 12PM EST they day before the dividend is issued. The only way this could ever be an issue is if difficulty changed at exactly 12PM EST one day. Which is extremely unlikely.



Quote from: Sukrim on June 02, 2013, 02:02:00 PM Also I'm not too happy with the "buyback at 200 times current dividend" clause... Maybe change it to "the mining income of 200 days at 1 MH/s at the current difficulty". All you need to do otherwise is to pay a 1 Satoshi dividend and then do a buyback.

You misunderstand how it works, the dividend is determined by the mining difficulty and the formula described. I can't issue a dividend at an arbitrary amount in order to buy back shares unfairly. Dividends are issued daily as described by the fixed method.



Quote from: Sukrim on June 02, 2013, 02:02:00 PM

If they go up fast enough, you can buyback and reap the profits, otherwise you at least have some cash at hands early while loosing some of your ASICMINER dividends.

In the end you're betting on hash rates going up while we are expected to bet on them going down.If they go up fast enough, you can buyback and reap the profits, otherwise you at least have some cash at hands early while loosing some of your ASICMINER dividends.

My goal is not to pull a "fast one". It is to provide the lowest cost mining asset on the market. There is indeed a risk that I face if mining difficulty stagnates. This offering simply provides people with the opportunity described at the beginning of its description:

1. To provide the most affordable and competitive alternative to other mining assets currently available.

2. To provide an easy choice for investors to earn mining rewards without the responsibility and hassle of running personal mining rigs and farms.

The dividend section above specifies exactly what difficulty will be used. It will use the difficulty at 12PM EST they day before the dividend is issued. The only way this could ever be an issue is if difficulty changed at exactly 12PM EST one day. Which is extremely unlikely.You misunderstand how it works, the dividend is determined by the mining difficulty and the formula described. I can't issue a dividend at an arbitrary amount in order to buy back shares unfairly. Dividends are issued daily as described by the fixed method.My goal is not to pull a "fast one". It is to provide the lowest cost mining asset on the market. There is indeed a risk that I face if mining difficulty stagnates. This offering simply provides people with the opportunity described at the beginning of its description:1. To provide the most affordable and competitive alternative to other mining assets currently available.2. To provide an easy choice for investors to earn mining rewards without the responsibility and hassle of running personal mining rigs and farms.