gnarl
Junior Member
Posts: 24 
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Post by gnarl on Feb 27, 2014 18:39:53 GMT -6
I saw a bitcointalk thread that involved bidding and cnotes for another batch, but it was too complicated to participate in. I liked the cryptostocks buy shares/order process much better.
If this order goes smoothly, will there be a second crowdfunded order to get their discounted price?
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Post by fasbit on Feb 27, 2014 23:31:32 GMT -6
Yes... My intention is to have a regular buy group and regular purchases.
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Post by imbiat on Feb 28, 2014 0:10:19 GMT -6
Yes... My intention is to have a regular buy group and regular purchases. will second orders be done as issuing more shares in the current cryptostocks purchase or will a new project be opened? would the price be at .000001 again or would they be at market? i missed the ipo and got all of my current shares at .000002. |
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Post by cryptodough on Feb 28, 2014 8:52:23 GMT -6
Yes... My intention is to have a regular buy group and regular purchases. will second orders be done as issuing more shares in the current cryptostocks purchase or will a new project be opened? would the price be at .000001 again or would they be at market? i missed the ipo and got all of my current shares at .000002. I can't see this as being "fair" for the existing GRID project if a new project were to be opened that purchased the same exact hardware. That would effectively kill this project as everyone would just buy the new project at IPO price and abandon this one. The way I would envision it happening would be to sell the # of shares required to purchase the next order at the current market price for the existing GRID project. So if it opened right now, and we needed 65 btc, he would sell 32,500,000 shares at .000002, and those orders would fall in line behind the current sell orders at .000002. I could be way off base here but that seems like the only logical way to do it. |
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Post by imbiat on Feb 28, 2014 9:29:09 GMT -6
will second orders be done as issuing more shares in the current cryptostocks purchase or will a new project be opened? would the price be at .000001 again or would they be at market? i missed the ipo and got all of my current shares at .000002. I can't see this as being "fair" for the existing GRID project if a new project were to be opened that purchased the same exact hardware. That would effectively kill this project as everyone would just buy the new project at IPO price and abandon this one. The way I would envision it happening would be to sell the # of shares required to purchase the next order at the current market price for the existing GRID project. So if it opened right now, and we needed 65 btc, he would sell 32,500,000 shares at .000002, and those orders would fall in line behind the current sell orders at .000002. I could be way off base here but that seems like the only logical way to do it. while that sounds mostly fair, i question what that does to dividend distribution and i need to spend some time thinking about the math. right now we think that each gridseed will equate to somewhere between 240,000 - 300,000 shares. whatever the number is, we'll have X gridseed units for 65,000,000 shares. When you do the second sell of 32,500,000 at .000002 in the same project, it takes less shares per gridseed, but about the same amount of bitcoin (assuming we get another X gridseed chips because gridseed chips/usd and usd/btc prices remain "stable" enough). but now we have a pool of 97,500,000 shares and 2X gridseed units. are the dividends paid out equally by number of shares? If so then it seems to me that people from the first round get a better deal here. For example, let's assume someone has 1,000,000 shares, currently they have about 1.54% of the total shares or .0154 * X gridseed units. If they buy nothing in the second round, they still have roughly 1.03% of shares or .0103 * 2X gridseed units. this may just be the way things work, and is the fairest way of doing it. it may also just be up to the project owner to do how they want and let the market decide what they want to do. i'm not sure, but i'll be thinking about it some more. |
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Post by rmtmadness on Feb 28, 2014 11:03:40 GMT -6
I would expect that fasbit will want to role the mining into or with FAS.
I could be totally wrong, but why would you want to have double the mining administration when he is stretched thin now. This is a buy project with an option to let the miners be mined for you. Unless I total misunderstood the basic project plan that's how I see it. I would expect that SOMEHOW there would be a conversion into the FAS mining operation based on the hash rate of the miners you contribute to the operation. Once the miners arrive the project would close and a new project opened for the next generation of Gridseed. You know they will have a bigger and better miners in no time at all and the conditions of sale could change.
What I'm not sure of is how you maintain ownership of the hardware that they would be mining for you.
Fasbit can you address these details when you have the time. It will influence my decision as to taking the hardware or leaving mine with you.
Also, maybe you have covered this somewhere, but what do we get with each miner? Any cables and how will you be working the controllers?
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gnarl
Junior Member
Posts: 24
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Post by gnarl on Feb 28, 2014 12:22:29 GMT -6
I would expect that SOMEHOW there would be a conversion into the FAS mining operation based on the hash rate of the miners you contribute to the operation. Once the miners arrive the project would close and a new project opened for the next generation of Gridseed. This is how I understood the project description as well. If I purchased enough shares to get 1.5 miners, I would take delivery of 1 miner and convert the .5 into FAS shares. Can you confirm and clarify this? |
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gnarl
Junior Member
Posts: 24
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Post by gnarl on Feb 28, 2014 12:52:43 GMT -6
will second orders be done as issuing more shares in the current cryptostocks purchase or will a new project be opened? would the price be at .000001 again or would they be at market? i missed the ipo and got all of my current shares at .000002. I can't see this as being "fair" for the existing GRID project if a new project were to be opened that purchased the same exact hardware. That would effectively kill this project as everyone would just buy the new project at IPO price and abandon this one. The way I would envision it happening would be to sell the # of shares required to purchase the next order at the current market price for the existing GRID project. So if it opened right now, and we needed 65 btc, he would sell 32,500,000 shares at .000002, and those orders would fall in line behind the current sell orders at .000002. I could be way off base here but that seems like the only logical way to do it. Closing the GRID project after the order is exactly what should happen, because that is how it was described in the GRID project description. After the purchase GRID shares will be transferred to either hardware or FAS, then GRID crowdfunding order #1 should close out. You get either hardware or FAS shares. Then if everything goes well, GRID order #2 can begin as a separate project. No complicated math or speculation, just crowdfunding an order to get a discount on hardware or investment in FAS. |
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Post by imbiat on Feb 28, 2014 13:15:04 GMT -6
so i guess the rate for converting from grid to fas shares will be determined by exactly how many miners we get, which will determine the amount of hashrate being added to the fas pool.
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Post by rmtmadness on Feb 28, 2014 13:49:42 GMT -6
I can't think of a better more transparent way to do this and be fair to the gridseed investors as well as the FAS investors. I am invested in both currently. It will cost .ooooo4 to buy a share of FAS right now. So converting could be interesting. I am very interested in Fasbit's take and ideas on how this Gridseed buy is going. I am sure it has gone more complicated than he thought it would be.
I will get in line for the next buy as long as this one works.
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Post by imbiat on Feb 28, 2014 14:58:40 GMT -6
I can't think of a better more transparent way to do this and be fair to the gridseed investors as well as the FAS investors. I am invested in both currently. It will cost .ooooo4 to buy a share of FAS right now. So converting could be interesting. I am very interested in Fasbit's take and ideas on how this Gridseed buy is going. I am sure it has gone more complicated than he thought it would be. I will get in line for the next buy as long as this one works. i'm most interested in making sure that i get the same equivalent hashing power from the transfer to fas share, if fas shares shoot up in price before and its converted based on price then that doesnt reflect the prices we paid for the hardware. |
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Post by rmtmadness on Feb 28, 2014 19:31:24 GMT -6
Imbiat, I agree except I'm unclear who retains ownership of the miners. Do we sell them to the pool for shares? How will this work exactly? This will make a difference to me as I can either pick them up or let FAS mine them. Any thoughts on how you would like to see it go?
Thanks!!
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gnarl
Junior Member
Posts: 24
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Post by gnarl on Feb 28, 2014 21:28:00 GMT -6
The Cryptostocks GRID description explains this, here is the updated section
How Can I get the physical miners after they arrive?
You will transfer your shares back to fasbit on the CryptoStocks website and we will
ship from Tulsa within 24hrs. Or you can pick up at our office in person.
***EDIT > If you plan to take physical possession of the miners, you must notify us within 7 days of arrival of the hardware. Otherwise you hardware become pool resources. ***
***EDIT > Please anticipate one week to ten days from auction to order, to allow for money conversion, shipping arrangements etc. Then four days to ship after we order.
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Post by cryptodough on Mar 1, 2014 7:39:32 GMT -6
I can't think of a better more transparent way to do this and be fair to the gridseed investors as well as the FAS investors. I am invested in both currently. It will cost .ooooo4 to buy a share of FAS right now. So converting could be interesting. I am very interested in Fasbit's take and ideas on how this Gridseed buy is going. I am sure it has gone more complicated than he thought it would be. I will get in line for the next buy as long as this one works. So I'm fine with him taking my GRID shares and converting them to FAS shares as long as I get the MARKET PRICE for my GRID shares. Now if you're telling me you're going to take my GRID shares, and just make them FAS shares but I don't get the FAS price for them, then we have a huge problem... |
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Post by cryptodough on Mar 1, 2014 7:45:31 GMT -6
Ah you guys got me all worked up for nothing. Here is what the cryptostocks Info page says, and I took screenshots of all that and saved it to my Dropbox for reference.
The Ground Rules
Round A – During the initial sell period, you will only be able to purchase shares at listed price. Once the round is sold out or the IPO flag is lifted, you will then be able to buy/sell at any price on the market. As we add on more hashing power more shares will be released. Please note that all existing shareholders will get at least 24hr benefit of testing, before the additional shares go online.
Round B – The second and consecutive rounds will be offered at market price. We will not “dump” shares on the market at below market price. Any new share sales will be announced 1 week in advance minimum and will be listed at market or higher.
Dillution: While technically issuing new shares will dilute your percentage of ownership, it will have no practical effect on your returns, since new shares means new equipment, which means more hashing power.
So yea, no stocks are going to be "dumped". No GRID stocks are going to be magically converted into FAS stocks, etc, as that would be "dumping", unless the shares are bought from us at FAS market price. (in which case I'm fine with that)
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