So at a full sale 6250 shares will be out of which 1250 will belong to Eric Corlew. At 0.33BTC you value the entire company at 2062.5 BTC or approx $28k at today's exchange rate.

Also on the 4:1 distribution base I think it is unlikely more shares will ever be issued if a majority of shareholders is required to agree.

I've successfully launched and manage two funds currently([LTC-GLOBAL]LTC-DMF and [CRYPTOSTOCKS]AGLTC), but this is my first stock. If there is something that is unclear in the contract or someone has a suggestion that would provide additional clarity I'd be happy to hear suggestions. The stock is not open for trading or moderator approval at this time. This is the time to work these things out.

I'm hoping to unlock it for approval this evening and begin trading as soon as it's approved. As I'm a miner and have been for 1.5ish years I have a modest revenue stream to share until BTCFPGA ships bASIC units. In fact due to the way in which I've structured the IPO and the fact that expenses come only from dividends on my own shares I will be in the red for some time as revenue from the GPUs will no longer be paying the electric bill.

Thank you, I've enjoyed creating and running LTC-DMF, and one of the first thoughts I had with regard to creating bASIC-Mining was that I would be unable to add it to LTC-DMF's portfolio due to the obvious conflict of interest. I intend to manage bASIC-Mining in the very same transparent fashion.

I had no idea there was a problem with the profile links. What happens when you click them? I believe you have to be logged into BTCJam to view profile information, I don't know a way around that, other than a screenshot.

Edit: Profile links fixed.

This comment was posted anonymously by a moderator on btct.co:

Anonymous voted YES with comment:


I added the bolding

I thought about this for some time prior to writing the contract and the primary reason I chose to maintain this ratio for all offerings is because I'd like to keep investor shares unencumbered and it's not difficult to envision a scenario where expenses could grow significantly. While ASICs are efficient compared to GPUs they still use power, PSUs & cooling systems croak and have to be replaced, etc. I also wouldn't feel comfortable hosting a large number of ASICs owned primarily by others without insurance & additional security. I agree it's a tough sell down the line, but if we're all making money, then who knows where this thing could lead.

Thanks for the vote and the comments. 

These items are being given to the company and will be 100% owned by shareholders.


I've imagined such a scenario, though it's not my favorite version. I don't expect that to happen once my commitment to this endeavor is demonstrated.


I choose to look at it as a long term commitment to a business startup. Businesses require initial funding, as well as effective management to succeed, I'm committed to providing both of these things.

Thank you for providing an opportunity to clarify this point.

You are absolutely right. This language was added to LTC-DMF's prospectus prior to trading, but failed to make it into this contract, this has been corrected. Thank you for bringing this to my attention.


Likely I'd simply halt trading prior to announcing closure. Closing down can be a messy business, someone is surely to be unhappy regardless of how it's handled, I simply chose the way that seemed most fair.

One more minor clarification needed.

Contract says:

"For every four IPO shares of bASIC-Mining sold one share will be paid
to bASIC-MINING management as a founder?s stake."

The issue not addressed is what happens if the company itself buys back shares.  Two options I see:

1.  Company not allowed to buy back shares.
2.  If share bought back then 1 founder share returned for each 4 bought back.

I'm sure you can see why one of these two is needed.

Interesting point. You must stay awake thinking this stuff up.

It's not inconceivable that a situation could develop in which it would benefit shareholders sufficiently to justify the buy back of shares. As such I wouldn't care to rule out the option entirely, particularly as it's mentioned in the contract in the event of closure. If such a scenario did play out, I think it only fair that the same ratio apply, and those founder shares be returned as well.

At which point? You mean following delivery of the company's bASIC01 or prior?

I can only speculate as obviously future difficulty is well...difficult to predict, but a 72Gh/s bASIC01 at current difficulty would be expected to mine 75BTC in 7 days.