Dividends will be paid out on Saturdays ~12 noon Eastern Time(UTC -0500.)
If I buy the bonds on Wednesday when will the first dividend be paid? Saturday the 20th of July 2013?
If so I will buy 100 BTC worth of bonds.
You don't get any dividends until the machines arrive. After that you get 85% of what the machines you paid a 200% markup for mine.
If you don't want to wait you can achieve the same result faster - just send 2/3 of your BTC to an address you don't have the key for.
Where do you see a 15% fee included? It will be a zero fee company with all running costs covered by the company for life... As well as that, the hashrate per bond will be increasing over time. In fact Dave from BitFury has agreed to fly out to meet me in order to present a working prototype to me. I will likely be investing in BitFury a significant amount which will increase the hashrate per bond significantly.
Sorry - was confusing this with one of the other offerings trying to sell on hardware/pre-orders at a big markup.
Make up your mind whether you're running a bond or a share.
If it's a bond then fix in stone what gets paid.
If it's a share then add accountability in - and take your cut via a defined management fee.
This vague "it's sort of a bond but I'll try to give a bit more than X but without any guarantees and I'll keep whatever I feel like" approach just isn't one or the other. Investors should know what they're entitled to from the contract. If it's a bond then they're entitled to some fixed payment. If a share then they own the output of everything bought with funds raised - less costs and management fee.
Hmm, this reminds me of people coming and viewing your belongings for sale on craigslist, yet spend the duration of the time kicking tires, and questioning its worth.
Its a very simple concept, either invest, or don't.
Actually the dude has a point. A bond has a fixed rate coupon (interest rate) and share pays out after company costs and retentions are met. This is nether a bond or a share and now I have concerns that this operation was not well thought out.
This bond/share creates market confusion when people want to unload it and I don't see how you can run this operation without taking operational costs.
RatLab need to be fair to himself and keep some of the value he has created.
I'm sorry you feel as though it wasn't thought out, maybe I didn't like either a bond or a share scheme. One the investors are locked in at a certain hashrate even if new tech comes out meaning their dividends are constantly shrinking. The other, I would have to keep shares as to maintain ownership of my own company which gets messy if I want to issue new shares...
I just wanted something that could reward both parties and increase in worth over time instead of deteriorate in value.
Also thank you for being understanding of the fact that I should not run a high scale mining company and put myself in the hole while doing it. I have already sunk hundreds of hours and thousands of dollars into this company before I took a dime from anyone. I didn't even take money from the few individuals I let pledge initial investments to me. They were only there to see if there would be interest in my starting up a company.