Thanks for clearing that up.

Even if we could raise a vote (according to the terms 30% would be required for that - I doubt that the GLBSE has rules for that in place though yet) - he owns 50%+1 share (+ a few thousand more shares) of the company and could easily deny the request.

Also as it looks you have to be the asset owner to raise votes, at least according to the documentation.

With the suggested 30 rigs @ 700MH/s a single share represents btw. 2.1 MH/s - at current difficulty that's 0.01341733 BTC/day - until that is reached however, it still might take a while, as these rigs have yet to be set up.

By what mechanism? It seems you are limited to stopping specific shrares trading in case of a dispute.

Unless you have a private police force somewhere?

Speaking of which, hey Tawsix, got an update for us?

so let me rephrase that:

you have money for 3 of your rigs already now, 4 if you would take a more optimized build, capable of give or take 1gh/s. you could already be mining with 3 rigs taking in, given current valuation, a few hundret bucks. instead, it seems part of your plan to let this go waste, the money of your investors. if ROI if your investors is a concern for you, why arent the first btc already there? we are looking at anything between 40 to 60 btc not mined just since the week started.

I agree with some of the other posters here. You could have ramped up by buying 1 or 2 machines and started them mining. This would increase confidence and trust that investors bitcoins are in safe hands. I am not a shareholder in your effort however I dont wish to see people taken advantage of.

Trust in these dealings with remote cluster mining are paramount.

python bmc.py depth SIN
Enter passphrase:

bids --:-- [[10, 1]]
asks --:-- [[4385, 75000000]] <-- 460,5 BTC raised

Please give exact rig specs + an update when the first rig is going to mine (as you won't start before the next difficulty increase, which is estimated to be 230k+, this means not starting this week with 1 rig lost you and your investors already quite some coins...).

Can shareholders also start motions in the future?

Today, enough shares have been bought to give me the confidence that there is sufficient interest in this venture and that operations can commence.  I will be withdrawing the funds raised from GLBSE and converting them to USD on MtGox.com.  The funds will be transferred to a dwolla.com account and then deposited into my bank account.  At this point, I will order the rigs, and assemble them upon arrival.  The central computer they will be pointed at is already available.

The amount of BTC raised at the time of withdrawal is 483, or 644 shares worth of funds.  At the exchange rate of $7.4USD/BTC, this will raise over $3500USD.  I have revised the build used for the rig such that each rig will cost $1160 and is capable of producing > 1400 Mhash/sec.  The funds raised will allow for the purchase of 3 of these rigs, for a total output of ~4200 Mhash/sec.  Using a difficulty of 250000, the first 50 BTC will be generated in about 3 days. 

I have initiated a vote for shareholders of the business concerning the reissuing and repricing of unsold shares.  The file attached to the vote contains the following content:

Vote Start:   Wednesday May 18, 2011 - 2:00 AM
Vote End:      Friday May 20, 2011 - 12:00 AM
Vote Num:   000001
Vote issue:   Reissuing and repricing unsold shares

This vote is being held to determine the shareholders' opinions
on the matter of reissuing and repricing current unsold shares
from .75 BTC/share to 1.0 BTC/share.  These shares would be
offered until May 25, 2011, at which point another vote would
be taken on reissuing and repricing.  The purpose of this is
to reward early investors for their greater risks as well as
raise funds quicker once the reputation and legitimacy of the
business is solidified.

A vote in favor (yes) will support a reissuing and repricing
of unsold shares to 1.0 BTC/share.

A vote against (no) will support a continuation of current
pricing of the shares until May 25, 2011, at which point
another vote will be taken.

I would like to thank those who have invested this early in this business, because without you it never would have left the drawing board.  Together we will break new ground and pave the way to the future.  Others will follow where you have led, but you are the pioneers who blazed the trail, and I can not thank you enough.

I would also like to thank Nefario: I would like to thank you for the opportunities you've provided not only me but the entire Bitcoin community.  This has been a huge success, far greater than what I anticipated, and I feel that it's just the beginning.  We will grow together, each of us benefiting the other as much as we individually benefit.  You have provided the solid ground for others to build upon, the ability to reach untold heights that could not be reached alone.  You have my gratitude.

I will continue posting updates on the status of the funds/rigs/etc. as things progress.  The hardest part is over, but there is still much work to do.

I voted.

These votes are to test the waters and help me make decisions concerning the business.  I will vote, but it will usually be in concurrence with the majority of the shareholders, unless I feel that it is an unfeasible or unprofitable move (aka shareholders vote that I send each one flowers every week, etc.) or I *really* want a certain outcome and there is a large split in the shareholders' votes.  I will not be overruling shareholder votes except in the most extreme circumstances, and I will be forward with my actions and reasoning.

We have since sold another 163 shares, which I will be withdrawing and listing on MtGox later this evening.  So far only 288/808 votes have come in.  The current tally is 288 yea, 0 nay.