rafNL7XArMsjff5N9Ghpx9jEZF64NYQHGG

Patrick's Kraken fund might be an even more clear cut case that Patrick deserves a scammer tag. Patrick guaranteed those deposits, and it is clear that Patrick knew the Kraken assets were correlated and risky.

Approximately 75% of the assets in Kraken are bad Pirate debt via Payb.tc, PPT.A, PPT.B, and PPT.E (as later disclosed in his Kraken newsletter on October 14, 2012). This Pirate debt was purchased after Pirate had already defaulted. Joel can't argue that Patrick didn't know his Kraken assets were correlated, because Patrick specifically chose to put a significant portion of the fund in bad Pirate debt. Joel can't argue that Patrick didn't know the assets were risky, because Pirate had already defaulted.

Is there anybody that invested in the Kraken fund that has requested a withdrawal and hasn't been paid back in full? This might deserve a whole new thread since Kraken was a different fund.

https://bitcointalk.org/index.php?topic=100913.msg1102858#msg1102858

I LOVE BITCOIN

18QaQCwHgPNPBhYjS6r5vRwF2sjpWuUxoe

I'd be fine with using Regretsy as the first charity, especially if we can pull it off in the next 24 hours while the media attention is still hot.

I'm in for at least 5 BTC.  I already sent 1 BTC to the vanity address via this transaction hash:
54b1aa3b6fc52f3a212dd6eddb9af1fe27b42c91bc6ec9b27afd41ae72a14213

Wait, I don't understand how it is possible for you to be collecting dividends equal to that of the payout to shareholders.  You haven't paid for that many shares yet, have you?

As far as I can tell, a total of 202.7945 BTC in dividends has been paid out to other shareholders so far.  If an equal amount has been paid out to you (and reinvested in the company to pay for your shares), then you also effectively have received 202.7945 BTC.  At 0.75 BTC per share, this means that you have paid for 202.7945 / 0.75 = 270.39 shares.  If 2304 shares have been sold so far, and you have only have 270.39 shares, you should not be collecting dividends equal to the payout of other shareholders.  You should only be collecting dividends equal to 270.39 shares, since that is the number of shares you have earned via reinvestment.  If dividends aren't going to be reinvested back in the company, you should only be collecting dividends proportional to the number of shares you have paid for, and the rest of the dividends should be split among all shareholders.

From your first post in this thread:

You said you will only "collect dividends normally once your shares are paid for," which hasn't happened yet.

And from the amended contract you posted at
https://bitcointalk.org/index.php?topic=8167.msg284966#msg284966

Here is my calculation of dividends paid out to other shareholders:
34.235 BTC on June 13, 2011 https://bitcointalk.org/index.php?topic=8167.msg212008#msg212008
35.895 BTC on June 24, 2011 https://bitcointalk.org/index.php?topic=8167.msg273039#msg273039
19.435 BTC on July 5, 2011 https://bitcointalk.org/index.php?topic=8167.msg324962#msg324962
16.235 BTC on July 11, 2011 https://bitcointalk.org/index.php?topic=8167.msg350142#msg350142
22.195 BTC on July 23, 2011 https://bitcointalk.org/index.php?topic=8167.msg390746#msg390746
16.865 BTC on July 27, 2011 https://bitcointalk.org/index.php?topic=8167.msg404918#msg404918
25.76 BTC on August 10, 2011 https://bitcointalk.org/index.php?topic=8167.msg447073#msg447073
16.39 BTC on August 17, 2011 https://bitcointalk.org/index.php?topic=8167.msg464132#msg464132
13.3345 BTC on August 25, 2011 https://bitcointalk.org/index.php?topic=8167.msg480531#msg480531
0.205 BTC on September 3, 2011 https://bitcointalk.org/index.php?topic=8167.msg500715#msg500715
2.245 BTC on September 8, 2011 https://bitcointalk.org/index.php?topic=8167.msg515533#msg515533
(Did Tawsix already start collecting on Sept 8, or were an equal 2.245 BTC reinvested to pay for his shares?)

Total paid out to other shareholders:
34.235 + 35.895 + 19.435 + 16.235 + 22.195 + 16.865 + 25.76 + 16.39 + 13.3345 + 0.205 + 2.245 = 202.7945 BTC
(202.7945 BTC is about 270 shares at 0.75 BTC per share)

Please correct me if I'm misunderstanding something, but it seems like Tawsix should be collecting dividends equal to the ~270 shares he has earned, not collecting dividends equal to the 2304 shares that have been sold on glbse.

It might be ok to stop reinvesting back in the company (although that should probably be put to a vote), however if you stop reinvesting then you should be capping yourself at 270 shares, not pretending you've paid for 2304 shares.

I don't think you know what deflation means.  The USD deposit will have lost value (purchasing power) due to USD inflation, an increase in the USD money supply.  This is one of the problems that Bitcoin has the potential to fix.

If you store USD in a bank account your returned deposit will have less purchasing power than your initial deposit thanks to inflation.  If you get less purchasing power back from your bank, I don't think that really counts as getting your deposit back.

SIN has now solved 2 blocks on its own!
http://btcmine.com/api/getstats/020d055f94131c4b29baeca9915c7e04917bb18e/

That would have been 100 BTC without a pool!  I'm not advocating mining without a pool (at least, not until we have a lot more rigs), but it is kinda cool.

Yes, dividends will be divided among shares.  The total number of IPO shares hasn't changed either.

I don't know whether or not this will eventually provide a good return on investment.  I was just responding to your original post where you were comparing the cost of rigs.  Tawsix said his rigs cost $1160, and you said you would spend $1200 to buy your own rig.  I guess that makes SIN rigs cheaper (you didn't give rig specs).

I don't think your analysis makes sense, because you incorrectly fixed the number of rigs at 39.  If the USD/BTC exchange rate has risen, that just means more rigs can be purchased for the same number of BTC.  That doesn't increase the cost of each rig, it increases the number of rigs that can be purchased.

The price per rig in USD stays the same.  Last I heard, Tawsix is buying rigs that cost $1160 each.  If the USD/BTC exchange rate has increased, it just means more rigs can be purchased.  So if 5000 shares were sold @ 0.75 BTC, that would be 5000*.75=3750BTC.  If BTC are $18, that's $67500 USD.  67500/1160 = 58 rigs.  These numbers are just an example since the BTC were and will be exchanged at different rates.

Try this guy (for $100, anyway):
http://forum.bitcoin.org/index.php?topic=12362.0

I agree, I meant the entire process surrounding the CLI is too difficult, especially the setup.

I think the fastest route to 39 rigs is to pay dividends, because this will result in more IPO shares being sold, thus resulting in more capital that can be used for rigs.  If all dividends are used for new rigs, we won't get new investors and it will actually take longer to accumulate enough capital to buy rigs.

Nefario is supposed to have a new GUI interface for GLBSE in the next week, which could significantly expand the number of potential investors.  I don't think very many people are capable of using the current command line interface to GLBSE.  I think we should give these new GUI-using investors a good reason to buy SIN.

I think until the IPO shares are sold out, all mined BTC should be paid out as dividends (after subtracting expenses).  IPO shares are currently being sold to raise capital for rigs, and paying the maximum dividend will help sell those shares more quickly.

After all the IPO shares are sold out, maybe 50% of mined BTC could go to purchasing new rigs (growth) and 50% could be paid out as dividends?

Not sure if it's what you need, but here's data for the SkepsiDyne rigs that are already active:
http://btcmine.com/api/getstats/020d055f94131c4b29baeca9915c7e04917bb18e/
http://btcmine.com/api/getminerstats/020d055f94131c4b29baeca9915c7e04917bb18e/

Looks like a good start.  The more exchanges the better, and the Bitcoin community definitely needs more competition in the exchange area.

I'd like to see automated deposits to make the process faster.  The website says Dwolla deposits take up to 24 hours, and Bitcoin deposits are manually processed and may take up to 12 hours.  Manual processing won't scale very well and will take a lot of your time, so I think that automating it will make you and your users happier.

I guess Dwolla's API isn't sufficient to automate Dwolla deposits in real-time yet, but maybe you could add your vote to this thread or start a new thread describing your needs:
http://www.dwolla.org/d/showthread.php?510-subscribe_notifications-POST-notifications

I just checked, and most of them are selling at 1.0 BTC right now, but a few shares are available for 0.99999999 BTC.

If you do this command:
bmc.py buy 100 SIN 100000000

You'll be creating a buy order for 100 shares of SIN and you're saying you're willing to pay up to a maximum of 1.0 BTC per share.  If there are any shares available for less than 1.0 BTC, you'll get the lower asking price for those shares.

In most markets, it is free to create a buy or sell order (and it's free to cancel the order).  There is usually a fee/commission only if the trade is actually executed.  This is the way it already is on Mt. Gox.  If there were a fee to create orders, this would reduce volume and liquidity in the market.  We want more volume!

I don't think there should be a fee to place or cancel orders.  There should only be a fee when a trade is executed (as it is now).

You need to do:
bmc.py buy 100 SIN 100000000

The GLBSE client doesn't use decimal points yet, so 1 BTC is entered as "100000000".  If you type:
bmc.py buy 100 SIN 1

that would actually be entering a buy order for 100 shares at 0.00000001 BTC.

For more info and examples, check out the "Numbers" and "Buying" sections of the tutorial:
https://gitorious.org/black-market/pages/Tutorial