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Re: SkepsiDyne Integrated Node - The Bitcoin Mining Company
by
notme
on 19/11/2011, 09:04:46 UTC

I will be posting this periodically over the next few days so investors who are just now coming into the thread know the situation.

To address some issues people have brought up recently: I contend that I have paid off my debt to the company between my reinvestment and the time and materials I have personally contributed, as well as the time and materials of others who contributed to the company.  $15837.93 is the amount of money that was raised by the company from the IPO.  I have paid back 202.7945 BTC back into the company for a value of $3411.58 through reinvestment of dividends, I put 30 BTC of my own from my time solo mining into the company at the beginning (when BTC was at around $7.50, so about $225 from that), I provided a building (with insurance) to house the machines which I valued at $200/month (far below what we would have actually paid to rent a space), and I provided at least $500 of materials to build racks and a cooling system.  In addition to that, I logged 243 hours working directly on this project, at a rate of $35/hour.  I also contracted the work of several others to help with electrical setup, rack setup, cooling setup, etc. as well as to help take care of the machines in the event that I was unable to attend to them.

I think that this is value I added to the company and value that I should be able to be remunerated for.  I do not think I am being unfair in any of the prices or rates I listed.  When all is said and done I have invested quite a bit of time and personal capital into this company that would have otherwise had to be paid for by the company, cutting into dividend payments and growth.  My investment has easily been worth the $15837.93 that investors contributed.

I'm working at a startup for $12/hr.  We keep costs low so we can develop a quality product without rushing to release.  You however have blown through your startup capital and are unable to deliver a product.  Hard to be sympathetic to the idea you should bear none of the losses.