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Author Topic: [ANN] BearMining  (Read 36661 times)

printshop

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[ANN] BearMining
December 01, 2014, 04:36:49 am

Why "BearMining"? I don't know. Maybe "bare" as in "no fees". Power of spirit bears? Stong like russian bear? Sure, why not.

Asset Id:  16866116529232450550

Representation:
1. Tickets represent ownership of mining hardware which may be redeemed for physical mining hardware mailed to the shareholder. The shareholder will pay all transfer fees, currency conversion fees, miscellaneous fees and shipping fees.
2. Tickets do not represent ownership or control of the underlying company. Not insured. No bank guarantee. May lose value.

Profits:
3. Out of the profits obtained by the ongoing operation of our mining hardware, we will attempt to purchase more mining gear such that we pay more than any other mining asset,
4. then to repurchase shares such that the price of the security is close to 1 NXT -- close meaning 1% or so,
5. then to sell shares and buy mining hardware so the price of the security is close to 1 NXT,
6. then to cover any fees of any kind like transfer fees, currency conversion fees, or system fees,
7. then pay remaining income like mined coins, mining dividends, capital gains, trading profit, or other income, distribution or gains, as dividend to shareholders.

Management:
8. Management shall receive no payment of any kind for the management or operation of BearMining. All compensation to the management must be obtained at arm's length.
9. Limited Liability. Management shall not be liable for any loss to shareholders. Shareholders are entirely responsible for their own actions, and must do their own due diligence before investing.
10. These terms may be changed at any time with or without notice to shareholders. This post will be the only officially endorsed source of information regarding BearMining.

Bear Related Pictures and Videos:
11. There is a prize for posting the best bear-related pictures, memes and videos to this thread. Each week while paying Bearstrubutions, we will award the BearPrize to a BearHolder. This will amount to some free shares of BearMining. Who will be first to post only the best bear related media here, for the entertainment of all? As Maiev Shadowsong famously said in Warcraft III, "We must trust time to reveal all things" (offer expires in January 2015).

printshop

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Re: [ANN] BearMining
December 01, 2014, 04:40:36 am

FAQ/reserved

1. What is the highest paying mining asset in the world?
BearMining. This is because every other mining asset charges fees. We do not charge fees. And if anyone dares to pay more than we do, we will reinvest some of our profits until we leverage higher than they do. No one should be able to compete with us on price because we have no employees and no expenses. Net income is passed directly to shareholders, and liability is passed directly to the hashrate providers.

2. What happens if someone actually does beat you? There are rumors of certain assets planning to pull 100% reinvestment weeks to compete.
Yes, well, we can do the same thing. The truth is, we have a lead on all other miners, and we aim to keep that lead. But it is also important to note that once we sell out 50-60% of the fund, the market will then dictate the price of BearMining based on what it pays. If we pay more than another asset, it is only natural the price of bearmining escalates to match our payout per share in comparison with what the other asset is going for. This works in reverse too, other assets will fall in price because BearMining represents such a good deal.

3. Transparency please!
Our Asset ID is 16866116529232450550.
Our NXT account is NXT-UGHM-6URQ-ENTS-36ERN.
We use BTER for all currency conversions, however, we may be open to using an alternate exchange if there's a better one out there. Please make suggestions.
Our Litecoin address at LTCgear is LUCtMLqFNpxRNSFrZgsNYCskAoF7S7rULQ LeFBCFrGRZAhbYz32VtJhMfn83B8RPHSpQ -- don't send to the old address!
Our Bitcoin addtess at LTCgear is 13RpW21RAQqJHbiwVAVz4F5AwUj4ubW4XL 1FSY17fTVgFSsdgv821wzgCtmNnHeWZqPL -- don't send to the old address!
*note, we changed our LTC and BTC payment address recently. We have sent Chris an update on this as well as changed our account information. Don't send to the old address or the coins will be lost forever.


4. Why don't you make more regular or frequent disclosures regarding dividends, your assets, etc?
You can check our assets and transaction history by checking the public record of the above accounts.

5. Why don't I see any payments yet?
We just started. Anyways, we have set our account to "convert to shares" during the launch phase, so we can benchmark our dividends and ensure we are the highest paying mining asset. Payments will be enabled at some point in the future.

6. Do you use any other hashrate provider, like cex.io?
We may, if they have a good deal. In such a case, payment addresses will be disclosed.
In the particular case of cex.io, while we absolutely love their UI, sha-256 is a losing game right now, and we do not invest with them.

7. What happens if your account gets hacked, or LTCgear blows up, or whatever?
You lose all your money and I don't owe you anything. I am as liable for BearMining as I am for the assassination of Julius Caesar. The point of this is to provide a direct line to the hashrate providers, in NXT, on the NXT AE. I am not getting paid for this. I have no interest in LTCgear.com or any other hosted mining provider. This is just a free service, take it or leave it, no warranty express or implied, not fit for any particular purpose. MAY CONTAIN NUTS.

8. What assurances can you provide? What due diligence have you done?
We use 2fa and encrypted accounts everywhere. Our passwords consist of five or more random words and/or at least 21 random characters including symbols, numbers, uppercase and lowercase letters. We use Norton Internet Security. We never use pirated software or download radom shit from the internet. We don't use facebook, twitter, ICQ, babyhome, line, or whatever it is people get herded into using these days. We do not use exchanges which have been shown to release user's personal information or which have been rumored to participate in any unlicensed or illegal activity, in order to avoid a mtgox-style loss of funds or exchange shutdown. We do not invest with anyone other than LTCGear.com or insured assets so as to limit counterparty risk.

9. Why are there 100 shares of STSH, and/or small amounts of other shares, in the BearMining account?
We seeded the fund with a couple thousand in NXT and assets to cover ongoing transfer fees.
From time to time we may also invest in assets provided they are expected to provide a greater return than investing into a hashrate provider. This will help us return as much money to shareholders as possible. This may include strategic investments in funds which are well-managed and which have good reinvestment or insurance programs and will flower over time.

10. This HAS to be a scam. No one would work so hard without being paid.
Ahh, but I am being paid -- from running SafeHash and DailyTrade. Both of these assets get a better return on their mining investments by investing exclusively into BearMining. So while I don't make money on BearMining directly, the existance of BearMining makes SafeHash and DailyTrade much more attractive investments than if I had to invest in something else. And lets be honest, bearmining is worth way more than it is being sold for right now based on market prices. When we sell out, and we will, the price will jump and if you don't own shares you will have missed the boat. There will not be a second boat.
« Last Edit: December 20, 2014, 07:38:21 am by printshop »

printshop

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Re: [ANN] BearMining
December 01, 2014, 06:13:33 am

The Chart
Updated: December 4th, 2014

IssuerkH/sharebidaskavgkH/NXT bid
kH/NXT askkH/NXT avgReference
BearMining8.000.991.001.008.088.008.04https://nxtforum.org/index.php?topic=6812.msg137318#msg137318
HRLTCGear†4.620.99114.674.624.65https://nxtforum.org/index.php?topic=5816.msg136341#msg136341
SAAS274.93656565.004.234.234.23https://nxtforum.org/index.php?topic=5027.msg136381#msg136381
NXTMINING101.92252525.004.084.084.08https://nxtforum.org/index.php?topic=6821.msg136212#msg136212
SafeHash4.02111.004.024.024.0250% of ~1 BearMining per share.
ltc2nxt2100.00252525.004.004.004.00https://nxtforum.org/index.php?topic=6728.msg133579#msg133579
ltc2nxt100.00252525.004.004.004.00https://nxtforum.org/index.php?topic=5712.msg118733#msg118733
LTCshare2G474.25127.77148.00137.893.713.203.44https://nxtforum.org/index.php?topic=5521.msg136184#msg136184
iHash*23.337108.503.332.332.75https://nxtforum.org/index.php?topic=5108.msg114199#msg114199
STSH**60505552.501.201.091.14https://nxtforum.org/assets-board/%28ann%29-stsh-ipo-10-000-satoshisweek-guaranteed/
* iHash kH/share is an extrapolation based on market rates, assuming the income per dollar is approximately the same.
** ballpark estimate based on the iHash GH/KHS ratio times three (due to also obtaining profit from trading and investment).
† 20.5 active GH/s over 4,433,964 sold shares


We provide 72.0% more hashpower per NXT than our nearest competitor, HRLTCGEAR.
If you are looking to sell your other mining shares and buy BearMining, the following chart should be of assistance. This is a price ratio chart based on KHash per share. This is what other miners are worth in ratio to their average price based on their KHash per share compared to BearMining.

HRLTCGear   0.578519482
SAAS      0.526616504
NXTMINING   0.593520543
ltc2nxt2   0.49801149
ltc2nxt   0.49801149
LTCshare2G   0.428222702
SafeHash   0.4975
iHash      0.341772591
STSH      0.142288997
« Last Edit: December 04, 2014, 02:48:04 pm by printshop »

blackyblack1

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Re: [ANN] BearMining
December 01, 2014, 07:42:19 am

Quote
1. What is the highest paying mining asset in the world?
BearHash. This is because every other mining asset charges fees. We do not charge fees.
This is not totally true. Poor managment can come to lower payments even with zero fees. Eg normal price for MH at ltcgear is $4, mega pack can lower it to $3 and adding affilate bonuses and discounts can come to $2,5.

printshop

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Re: [ANN] BearMining
December 01, 2014, 08:00:31 am

Quote
1. What is the highest paying mining asset in the world?
BearHashBearMining. This is because every other mining asset charges fees. We do not charge fees.
This is not totally true. Poor managment can come to lower payments even with zero fees. Eg normal price for MH at ltcgear is $4, mega pack can lower it to $3 and adding affilate bonuses and discounts can come to $2,5.

But we do all of those things too, since we deal directly with LTCGear. We get all the affiliate bonuses, 8% extra on convert to shares, etc. that everyone else does. We buy our mhash shares for less than $2.50 on aftermarket if we cannot buy them in one unit. So I believe the statement is essentially true. But, as with all things, the proof is in the pudding :) Let's give it a couple of weeks to settle in and we will see if my claims prove true.
« Last Edit: December 04, 2014, 06:00:10 am by printshop »

JanSako

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Re: [ANN] BearMining
December 01, 2014, 01:12:19 pm

Printshop goes to mining bigtime!  ;D

1. Where is BearMining in relation to Safehash? Asking about the purpose/need of 2 assets, instead of doing what you do here within Safehash.

2. Why choose you over HRLTCGear?

THX!

printshop

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Re: [ANN] BearMining
December 01, 2014, 04:04:14 pm

Printshop goes to mining bigtime!  ;D

1. Where is BearMining in relation to Safehash? Asking about the purpose/need of 2 assets, instead of doing what you do here within Safehash.

2. Why choose you over HRLTCGear?

THX!

Hi! I don't think this is bigtime yet. Almost, but not quite :)

1. BearMining was created solely to allow SafeHash to trade shares of LTCGear directly on the NXT AE. You can think of it like a non-profit corporation. The goal of BearMining is to simplify my life running SafeHash. All we need to do is buy BearMining, we no longer need to buy any other mining asset. We also opened BearMining to the public. Unfortunately this means that the price of every other mining asset will become discounted by their management fees, and are likely to overshoot. In the case of an asset like HRLTCGear for example, we estimate their price will fall to at least 0.75.

2. Consider an investment of 1,000 NXT into HRLTCGear and a simultaneous investment of 1,000 NXT into BearMining.
First, if you hold existing shares of HRLTCGear, please be aware their TCO is $4.70/mHash (see: https://nxtforum.org/assets-board/reserved-5816/).
Our TCO is less than $3/mhash. Therefore, when you buy 1 share of HRLTCGear, you are buying into a pool which cost the entire fund $4.70 per mhash. So if you spent $100 dollars in NXT on HRLTCGEAR, you will get 21.27 hash points ($100/$4.7). But if you spend $100 in NXT on BearMining, you get 33.3 -- in laymans terms, buying BearMining gets you 56% more hashing power right off the bat, before we even account for fees.

Second, when you buy HRLTCGear, you are instantly dilluted by 11.11% because for every 9 shares sold 1 share is given to HRNXTPOOL. This makes the difference at point of sale more than 63%. You get 63% more hashpower when you buy BearMining instead of HRLTCGear.

Third and finally, when dividends are paid. Because 11.11% of the shares are diverted to HRNXTPOOL, so are 11.11% of the dividends. This means if LTCGear paid out 130 NXT over your share of both funds, this would look like a dividend of ~11.6% on HRLTCGear but 13% on BearMining. Now, add this to the 63.79% expected difference in hashpower, and by definition a 10% dividend on HRLTCGear will look like an 18.4% dividend on BearMining (i.e. 100 paid by HRLTCGear implies ((100/(1-0.11111)) * 1.6379) or 184.26 paid by BearMining).

This is not investment advice. It's just a couple of napkin doodle projections.
« Last Edit: December 01, 2014, 04:13:05 pm by printshop »

JanSako

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Re: [ANN] BearMining
December 01, 2014, 04:12:37 pm

OK, bought some, now show us what you can do!  :P

printshop

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Re: [ANN] BearMining
December 01, 2014, 11:15:10 pm

OK, bought some, now show us what you can do!  :P



This is for 102,500 shares sold.

IssuerkH/sharebidaskavgkH/NXT bid
kH/NXT askkH/NXT avgReference
BearMining6.791.001.001.006.796.796.79https://nxtforum.org/kongzi-news-service/%28ann%29-bearmining/
HRLTCGear4.620.99114.674.624.65https://nxtforum.org/index.php?topic=5816.msg136341#msg136341
SAAS274.93656565.004.234.234.23https://nxtforum.org/index.php?topic=5027.msg136381#msg136381
NXTMINING101.92252525.004.084.084.08https://nxtforum.org/index.php?topic=6821.msg136212#msg136212
ltc2nxt2100.00252525.004.004.004.00https://nxtforum.org/index.php?topic=6728.msg133579#msg133579
ltc2nxt100.00252525.004.004.004.00https://nxtforum.org/index.php?topic=5712.msg118733#msg118733
LTCshare2G474.25127.77148.00137.893.713.203.44https://nxtforum.org/index.php?topic=5521.msg136184#msg136184
SafeHash3.24111.003.243.243.2450% of ~1 BearMining per share.
iHash*23.337108.503.332.332.75https://nxtforum.org/index.php?topic=5108.msg114199#msg114199
STSH**60505552.501.201.091.14https://nxtforum.org/assets-board/%28ann%29-stsh-ipo-10-000-satoshisweek-guaranteed/
* iHash kH/share is an extrapolation based on market rates, assuming the income per dollar is approximately the same.
** ballpark estimate based on the iHash GH/KHS ratio times three (due to also obtaining profit from trading and investment).


Yes you read that right we are pulling almost 50% more hashpower (and thus, profit) per NXT than our closest competitor.

« Last Edit: December 02, 2014, 05:08:27 am by printshop »

JanSako

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Re: [ANN] BearMining
December 02, 2014, 01:17:01 am

Nice breakdown!

So far so good, now could you please elaborate on points 3,4 & 5 of the announcement (the part where you talk about what happens with the mining rewards).

Maybe use last week's payouts as an example?

Thanks!

printshop

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Re: [ANN] BearMining
December 02, 2014, 03:46:15 am

Nice breakdown!

So far so good, now could you please elaborate on points 3,4 & 5 of the announcement (the part where you talk about what happens with the mining rewards).

Maybe use last week's payouts as an example?

Thanks!

Sure. It means that if we are not the highest paying mining asset we can first buy more mining than pay dividends (at all). However, since we already have more than 60% hashpower from the nearest competitor, this should never happen. At least, we will be able to see it coming in advance, and take measures to use that extra 60% to keep us far in the lead.

The other policies will not affect you as a dividend seeking investor. Since we have such a large lead against every other mining asset in the community, we will easily be able to pay more than anyone else while still market making our own fund.

But the real benefit you will see is when NXT has a massive currency fluctuation.

If NXT doubles in price, and people start selling BearMining to participate in the rise, then holders of BearMining will see dividends increase because there will be fewer shares of BearMining available to take the dividends. So at some point dividends will double in terms of spacebucks, to account for the rise in NXT compared to spacebucks, and investors will stop selling because there's no longer a financial reason to do so. Sellers of BearMining will look back with regret, because those who stayed will have increased dividends and still retain the ability to sell for close to 1 NXT.

This is the hidden fear in the crypto investment community, right? Everyone remembers December 2013. People found that they could not take part in the explosion of wealth because all of their investments were held in mining, which was denominated in US dollars. But when the same thing happens in NXT and people try to get out of BearMining, we will help them to do so by repurchasing all the shares of BearMining we can. I think that is worth taking a little bit out of dividends each week, especially since we're by far the highest paying asset. We have a lot of room to do this and to maintain our lead. So it should not affect you as a dividend-seeking investor.

In fact I think I might keep 2 to 4% of the fund around in assets as a "moonshot detector"; if we have to sell those assets to bid on shares, there could be a moonshot in progress. 2 or 3% in high paying assets certainly won't break our lead. Does that sound reasonable?
« Last Edit: December 02, 2014, 03:51:14 am by printshop »

BitVenture

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Re: [ANN] BearMining
December 02, 2014, 03:51:48 am



Will be buying some BearMining shares soon

printshop

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Re: [ANN] BearMining
December 02, 2014, 04:00:25 am



Will be buying some BearMining shares soon

Welcome to BearMining. At BearMining, our motto is "ROOOOOOOOOOOAR!". Let me know if you have any questions :)

p.s. I just noticed I forgot to put HRLTCGear in the spreadsheet above. I had some trouble locating their khash per share and it was really late last night. I'll go fix that now.

whatnxt

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Re: [ANN] BearMining
December 02, 2014, 07:41:39 am



In fact I think I might keep 2 to 4% of the fund around in assets as a "moonshot detector"; if we have to sell those assets to bid on shares, there could be a moonshot in progress. 2 or 3% in high paying assets certainly won't break our lead. Does that sound reasonable?

High paying non-mining assets?
NXT-UAPC-3T43-FFT6-HW5BZ

BitVenture

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Re: [ANN] BearMining
December 02, 2014, 09:52:49 am


Will be buying some BearMining shares soon

Welcome to BearMining. At BearMining, our motto is "ROOOOOOOOOOOAR!". Let me know if you have any questions :)

p.s. I just noticed I forgot to put HRLTCGear in the spreadsheet above. I had some trouble locating their khash per share and it was really late last night. I'll go fix that now.


Thanks for the warm welcome :)

printshop

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Re: [ANN] BearMining
December 02, 2014, 10:12:23 am



In fact I think I might keep 2 to 4% of the fund around in assets as a "moonshot detector"; if we have to sell those assets to bid on shares, there could be a moonshot in progress. 2 or 3% in high paying assets certainly won't break our lead. Does that sound reasonable?

High paying non-mining assets?

Anything that pays well and is very liquid. Maybe just keep it in NXT.

peggy2jj

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Re: [ANN] BearMining
December 02, 2014, 05:40:00 pm

Bought some
Happy early Christmas!
Thanks for offering this asset

printshop

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Re: [ANN] BearMining
December 02, 2014, 06:45:39 pm

Bought some
Happy early Christmas!
Thanks for offering this asset

You're welcome Peggy!

We are now at 10,360 qASIC shares over 151,510 invested into mining. On a pound for pound basis, our mHash per share has increased today by 0.7% to 6.84 mHash/share.

I will be looking to buy shares at rock bottom prices over the next few days and I am hoping to hit 7 mHash/share before first dividends. Thank you for your support.

whatnxt

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Re: [ANN] BearMining
December 02, 2014, 06:50:09 pm



In fact I think I might keep 2 to 4% of the fund around in assets as a "moonshot detector"; if we have to sell those assets to bid on shares, there could be a moonshot in progress. 2 or 3% in high paying assets certainly won't break our lead. Does that sound reasonable?

High paying non-mining assets?

Anything that pays well and is very liquid. Maybe just keep it in NXT.

Then what is the the point of SafeHash?

If you want risk buy BearMining and enjoy the high return.

If you want your 1 NXT returned if things go wrong then buy SafeHash and enjoy security.

You might want to think about the assets SafeHash invests its backing NXT in though? Are they good for a rise in the value of NXT or will the backing shrink significantly?
NXT-UAPC-3T43-FFT6-HW5BZ

printshop

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Re: [ANN] BearMining
December 03, 2014, 03:15:20 am



In fact I think I might keep 2 to 4% of the fund around in assets as a "moonshot detector"; if we have to sell those assets to bid on shares, there could be a moonshot in progress. 2 or 3% in high paying assets certainly won't break our lead. Does that sound reasonable?

High paying non-mining assets?

Anything that pays well and is very liquid. Maybe just keep it in NXT.

Then what is the the point of SafeHash?

If you want risk buy BearMining and enjoy the high return.

If you want your 1 NXT returned if things go wrong then buy SafeHash and enjoy security.

You might want to think about the assets SafeHash invests its backing NXT in though? Are they good for a rise in the value of NXT or will the backing shrink significantly?

Took a while to think about this. There are pros and cons. In the end, keeping assets on the books which I could then sell and use to repurchase very limited amounts of BearMining doesn't make a whole lot of sense. You're right.

I'll still keep bid orders up (edit: small bid orders, less than 1% of the fund), we make a lot of money by repurchasing SafeHash (more than enough to cover transfer fees 5 or 10x over), I expect the same will be true with BearMining and we will be able to give those profits back to BearHolders.
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