Harrygon’s assetmine asset



  • @harrygon I will think on it overnight, but my first reaction is that this is a Million Miles from the simple buy and forget Asset based Asset which would double my money in 50 Weeks.

    Can you please choose some assumptions and show some maths on the mining side of things to check that it is profitable over time. The network size is growing rapidly and reward is reducing?

    Also it's a big stretch from the current size of your miner to 250TB. I assume you have read / followed some of the ccminer thread to get a feel for what is involved? Are you up to creating and managing this size of Miner?

    What will you do if the new shares do not sell?

    Rich



  • @harrygon Eventhough I like your new idea I'm sure that a lot of ppl will be disappointed with your asset as you changed the core of it.
    So do I understand correctly that we will swap assetmine for new ones that will be bought back @5 thus our shares are still worth 10 ?
    When will you proceed with asset swap?
    This 1% div weekly at the beginning of pre ann is about our old shares - assetmine and new shares will receive 80% of total income?
    You should back it with some math and if I understood everything correctly then it's going to be great asset and I don't mind at all those changes^^



  • @RichBC it's totally different i know but i don't think the assets will recover. that's why i swap 2 for 1 so everyone can sell their shares at the same amount they bought.but i really don't want to loose any of my shareholders.

    sure i will come up with it tomorrow.

    well i never did it before but i have 1 good friend who currently works with server. and another who did monitoring for years, i think i will be able to run this kind of server. i can plot a few hdd's and test the read time before i actually buy the server.

    i don't know i just don't have a better idea to go forward with the asset. i would like to have a better option.

    harry



  • @Hyzi0 u get 2 new shares for each assetmine share. i will inform here about the asset swap don't know yet when it will happen. at the start all assets will receive 80% of the income as soon the incomes from miner reaches 1% weekly it will stay at 1%, the rest will be reinvested like mentioned above.

    harry



  • @harrygon But if you double the amount of shares of current owners, and half the dividend per share you still end up paying the initial asset holders the same amount of 2% per share don't you, since we get two 1%'s now. Are you sure you can keep that amount up ?



  • @keyd0s You will receive 2x 0.5% as new shares are worth 2 times less then the ones you got^^



  • @harrygon My biggest concerns over the proposal are your inexperience at running a large mining farm, the time it will take to get the farm up and running, uncertainty over the profitability of Mining and weather the new shares will sell.

    I am not in any way voting for this but I think you should consider any radical alternatives against the option of winding the Asset up, so please present some maths on what this would mean?

    Rich



  • @keyd0s ur right its still 1% weekly means 15k divs weekly (before 10k)
    atm 250 tb = 24000 burst weekly + 300 divs = 27000 burst weekly. i will come up wit better math tomorrow.



  • @RichBC so ether liquidate the asset or payout really small divs.

    liquidating would give around 400k burst means 4 burst per share buyback.

    income is around 3200 burst weekly =0.032 burst per share weekly without considering an buyback.



  • @harrygon Thank You, you might want to expand on this a little? I think it's important for Shareholders to have a no risk "Bird in the hand" offer against which to consider the radical untested alternatives.

    Rich



  • @RichBC sure u will get all that tomorrow just want to give a little overview. ok with that?



  • @harrygon Yes absolutely, as I have said all along, take your time, think about things, get opinions from shareholders. This is a difficult situation, let's make the best decision we can.

    As an aside I think that 2/3 of the Asset are held by me, haitch and focus. I am making inputs, perhaps to many, haitch is keeping quiet and focus does not post here.

    Would be good to get some inputs from the other 1/3.

    Rich


  • admin

    @RichBC Haitch only got home from work - long day. I'll consider the proposed changes, too tired to make any snap judgements. My initial gut feeling was that a well run large capacity miner would add value to the asset: My quick calcs: 250TB = ~ 25K Burst/week = 0.25 Burst/asset share week = 13 Burst year/Asset.

    One thing I would suggest, is learn from cc's issues running a big farm based on multiple external drives. Going the internal route makes life much easier. I'm building another big self contained miner - 192TB, all internal, that can then be expanded with SAS expansion chassis holding up to 45 drives. Over half a petabyte, all internal, all self contained. The initial 192 TB is going to cost about $6,200. $2K for a server chassis with 24 drive bays, server based quad Xeon CPU motherboard, 4 * 8 core/16 thread Xeons. 128 GB RAM, 24 Port SAS controller. And around $4,200 for the drives. Using server parts means the whole system is designed to provide reliable 24 * 7 usage. And with the number of cores and threads, and the RAM, I can CPU plot multiple drives simultaneously.



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  • @haitch i will defintly go for internal harddrives. I get an offer today or tomorrow what the server i posted in mining and plotting will cost with 100 tb storage



  • @harrygon I have read your post pre ann harrygon's assetmine step 2 a few times now and am having trouble fully understanding the sequence of sale, buyback, new shares etc.

    It's probably a senior moment but could you spell out the sequence line by line.

    I am Putting aside for the moment my concerns over the change in direction until I fully understand your proposal.

    Rich



  • @RichBC sure i can do that



  • @RichBC i think it's my english.

    So 300k new assets will be issued and will be swaped with the old1 2for1 so there are 100k left.

    100k will be sold on AE for 5 burst each. (im still thinkig of putting the price to 7.5 burst, so initial investors get that 15 burst buyback). I think 0.75% weely div's are sill good for a mining asset?

    With the assetsales i will build the miner.

    Buyback will start after the assets are sold. With the funds from escrow wallet. Buying back shares at initial release price 5 or 7.5 burst.



  • @harrygon OK let's make sure I understand this, will comment as I go.

    Step1 Release New Asset with 300K Shares and swap 2 for 1 with existing Asset. Objective being to create 100k Shares to sell to fund the Miner. If they sell at 5 then that makes them effectively the same price as the first sale.

    I guess this is my first concern, that in the current market you cannot sell 100k shares at 5 for a yet to be bought and assembled Miner? What are you going to do if say only 25% of the shares sell?

    Step 2 setup a Buyback at 5 using the escrow fund. I think this is the bit that is confusing me the most, so I am obviously missing something?

    Will this go ahead regardless of how well the share sale goes?

    Where is the Money coming from to fund a Buyback at 5 burst as the wallet has only 116,000 and we now have 300K shares, or is this just a free for all first come first served Buy Back?

    Rich



  • @harrygon 0.75% is rly small roi. Over 2 yrs for ROI won't bring too many investors. Still if burst ever surges and you would be able to keep this ROI (in burst not fiat) you could gain investors in time.
    My questions would be:
    In the best possible scenario, when everything works out, there are no problems and all assets sell in a week. After a month you have everything set and earn good amount of burst so you pay out 30% and reinvest 60% making it grow extremly fast and reaching value ~100k usd in a year. What happens to investors then? do we still earn 0.75%/week or will our ROI increase? (I know it's not likely to happen and there was no math involved whatsoever^^)
    In worst case scenario, no one buys any of your newly issued asset and you have no money to grow. A lot of your old investors try to undercut you to recover losses and your situation doesn't change at all from where you are now. what do you do then? (This is unfortunetly most likely scenario especialy if you issue your new shares @7.5)
    So just my 2 burst - You should use escrowed money to start your mining farm and start buying back using % of profit every week. Otherwise you will only refund some shares leaving rest of your shareholders unhappy and without good divs making them undercut your sales.


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