Realtime


Trading has been permanently frozen for the site wind down.

CIPHERMINE.B1  operated by Cipher since Sep, 9 2013  

Outstanding Last 24h 24h Avg 24h 24h Vol 7d 7d Avg 7d 30d 30d Avg 30d Tot Vol Mkt Cap Score
100000 66@0.009699 -- -- -- -- -- -- -- 0.008 0.00824 0.009699 424 0 1    (1/0)


Asks   (Log in to trade ...)
5966 Shares, 62.62007 BTC
Quantity Price
361 0.010470
605 0.010480
5000 0.010500


Market Depth

Outstanding Last 24h 24h Avg 24h 24h Vol 7d 7d Avg 7d 30d 30d Avg 30d Tot Vol Mkt Cap Score
100000 66@0.009699 -- -- -- -- -- -- -- 0.008 0.00824 0.009699 424 0 1    (1/0)

CALL Options Available For Purchase
(an option to purchase shares)
Option ID Expiration Qty Strike Premium/ea Cost/ea
None available...

PUT Options Available For Purchase
(an option to sell shares)
Option ID Expiration Qty Strike Premium/ea Proceeds/ea
None available...


Trade History
Date Type Quantity Price Total
2013-10-08 02:25:30 Market Buy 66 ฿ 0.009699 ฿ 0.640134
2013-10-07 12:03:42 Market Sell 56 ฿ 0.008 ฿ 0.448
2013-10-07 11:04:35 Market Sell 100 ฿ 0.008 ฿ 0.8
2013-10-07 06:41:06 Market Sell 2 ฿ 0.00811 ฿ 0.01622
2013-10-07 06:41:05 Market Sell 14 ฿ 0.008127 ฿ 0.113778
2013-10-06 17:55:36 Market Sell 212 ฿ 0.0082 ฿ 1.7384
2013-10-06 16:02:45 Market Sell 180 ฿ 0.0082 ฿ 1.476
2013-10-06 15:58:27 Market Sell 20 ฿ 0.0082 ฿ 0.164
2013-10-06 11:33:54 Market Sell 40 ฿ 0.00812 ฿ 0.3248
2013-10-06 05:39:55 Market Sell 172 ฿ 0.00812 ฿ 1.39664
2013-10-05 02:17:08 Market Sell 22 ฿ 0.00812 ฿ 0.17864
2013-10-04 19:23:12 Market Sell 6 ฿ 0.00812 ฿ 0.04872
2013-10-04 19:19:24 Market Sell 113 ฿ 0.0082 ฿ 0.9266
2013-10-04 18:12:24 Market Buy 1 ฿ 0.009699 ฿ 0.009699
2013-10-04 18:12:21 Market Sell 18 ฿ 0.0082 ฿ 0.1476
2013-10-04 18:01:54 Market Buy 1 ฿ 0.009699 ฿ 0.009699
2013-10-04 17:57:51 Market Buy 1 ฿ 0.009699 ฿ 0.009699
2013-10-04 12:41:56 Market Sell 28 ฿ 0.0082 ฿ 0.2296
2013-10-04 05:40:07 Market Sell 200 ฿ 0.0082 ฿ 1.64
2013-10-04 05:40:06 Market Sell 8 ฿ 0.0083 ฿ 0.0664


Dividend History
Date Total BTC Shares BTC/Share Status
2013-10-14 00:00 ฿ 3.67900000 100000 0.00003679 COMPLETE
2013-10-08 12:50 ฿ 3.70900000 100000 0.00003709 COMPLETE
2013-09-29 22:00 ฿ 4.70000000 100000 0.00004700 COMPLETE
2013-09-22 23:00 ฿ 2.89360000 100000 0.00002893 COMPLETE
2013-09-16 07:35 ฿ 3.84950000 100000 0.00003849 COMPLETE



Final dividend from this site Posted: 7 years ago

Dear Bondholders,

Although the site remains open until the end of the month I wish to ensure that our alternate dividends system is working properly while this site remains. This shall therefore be the last payment from this site; the next one will be directly using a piece of software we have developed to help with the transition. We hope to migrate the security to a new exchange very soon (some further information here).

Kate.


Continuing dividend payments Posted: 7 years ago

Dear Shareholders,

First, apologies for the delay in last week's dividend; I was getting married but should have thought to just schedule it!

Second, please ensure that you have set your public withdrawal address and that you have specified a secure email address for your BTC-TC account. We will be using your public withdrawal address for dividend payments during any period where this security is not on an exchange.

We need a secure email address since when we move to the new exchange being planned we will likely automatically create accounts for you to reconstitute shareholdings and will be sending you your initial username and password to that email address.

You may get some small random payments to your public withdrawal address while we test the script we're using for that in the event we do not migrate to a new exchange before BTC-TC closes down.

Kate.


Dividend correction and the future Posted: 7 years ago

Dear All,

First, apologies but I made an error in last week's dividend calculation; an EUR/USD mix up. Anyhow I have made up the difference this week, hence the larger dividend payment.

Obviously the news about the closure of this exchange is dissapointing. However, CipherMine remains a viable business and shall continue to honour its obligations for the forseeable future. Further, I am part of a collective that is attempting to create a new exchange, hopefully using Burnside's code, so that we can all continue in the manner to which we have become accustomed (some info here).

There may well be a period during which this security is not listed on an exchange. During that time we will continue to pay dividends manually, so the only downside is that for a short time (hopefully no more than during the month of November) the security will become illiquid.

Kate.


Interest calculation Posted: 7 years ago

Dear All,

Just a quick note in case anyone is wondering why the interest calculation appears a bit out. I am using the 30 day weighted average for USD/BTC at BitStamp (as per the contract) which I've reckoned to be $117.5/BTC. In practice this means that in some weeks CipherMine gains a little and in other weeks, like this one, the investors gain a little. The purpose is to ensure we don't get artificial spikes due to BTC's volatility.

Kate.


Accidental personal sale Posted: 7 years ago

In case anyone is wondering which numptee just sold 2,500 bonds at 0.00012 BTC each, that was me on my personal account (woodtech). I bought some of the IPO myself and intended to re-list them at 0.012 BTC each but somehow an extra two 0's got in there. :/

Anyway, my loss, not CipherMine's. Incredibly careless error! :$ Lucky for someone though I guess!

Kate.


First and only bonds/shares issue Posted: 7 years ago

Dear All,

I'm delighted to announce that CIPHERMINE.B1 has been approved! I am starting the issue of bonds today. The current 30 day weighted average of BTC/USD at BitStamp is $118, so the yield shall be:

 ( $118 / 1.326 (USD/EUR) ) x 0.01 (BTC/bond) x 0.383% ((1.22^(1/52))-1) = €0.0034/bond/week

After much experimentation with the models and forecasts I have come to the conclusion that it is probably only really safe to issue about half what we originally intended, or 50,000 bonds, on the basis that all the funds were invested directly in SHA256 ASICs. However, pleasingly HashFast have now released their second batch pre-orders and are offering them with their Miner Protection Program. This effectively insures us against the scenarios where we might be unable to repay the bond due to BTC difficulty rising well beyond expectations. We shall be buying from other vendors as well.

Since getting the security unlocked took so long I had been in discussions with some major investors in the mean time, and between them they have actually bought/reserved all 80,000 bonds pre-IPO. Only 20,000 shall therefore be made available now.

Of the pre-IPO transactions, 40,000 of the bonds have yet to be paid for so the total in issue will initially be show 60,000.

Kate.


No motions yet
Contract & Prospectus
Ticker BOND: CIPHERMINE.B1
Moderator Score 1  (1/0)
Moderator Votes YES 1 / 0 NO    (0 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)

BTCTRADINGPT voted YES with comment: BTC-TRADING-PT shareholders approve by a vote of 150-48
Shares Outstanding 100000 / 100000 Issued
Issuer Cipher <kate@ciphermine.com>
Website http://www.ciphermine.com
Forum https://bitcointalk.org/index.php?topic=286634
Issuer Detail

This security is issued and managed by the virtual company CipherMine. Responsibility for financial administration falls to Kate Craig-Wood, CEO of CipherMine. For full details of CipherMine personel, including Kate, please see the CIPHERMINE listing on LTC Global.

Contract

This bond is a virtual corporate loan instrument to provide growth capital for the virtual business CipherMine, quoted on LTC Global. CipherMine is the issuer and backer of the bond.

Herein all EUR/BTC valuations refer to the 30-day weighted moving average of BitStamp's USD/BTC price converted to EUR at the current rates according to XE.com. For the purposes of the examples below we have used a price of €85.00 EUR/BTC.

100,000 bonds are to be created priced at 0.01 BTC each. The terms of the bond are as follows:

  • An interest rate of ~22%/year (0.38%/week) based on EUR/BTC value at time of issue (eg. ~€0.0032 / bond / week.
  • Dividends to be issued weekly.
  • Bonds to be issued at the first opportunity, at which time the interest yield will be set.
  • Number of bonds to be issued to be determined by CipherMine management based on a risk assessment at time of issue; we will likely not issue all 100,000.
  • Unissued bonds (the remainder) shall never be issed. E.g. if we issue 75,000 bonds in the first tranche we shall never issue the remaining 25,000.
  • Bond proceeds shall be spent discretion of CipherMine management, and only if they are satisfied that the funds can be repaid and that there is a useful way to spend them. Unspent funds shall be held as BTC to mitigate appreciation risks.
  • After 12 months, each bond may be redeemed at any time by bondholder for 0.01 BTC.
  • If before 12 months, three months notice is required to redeem bonds and rights to interest waived during that period.
  • Bonds may be sold on the market at any time with no penalty.
  • CipherMine has the right to redeem any bond in full with one month's notice to the bond holder at face value plus 12% less the number of months since issue. For example, after three months the redemtion value would be 0.0109 BTC/bond, and after 12 months the redemption value would be 0.010 BTC/bond. The redemption value will always be at least 0.010 BTC/bond
  •  The bonds shall ultimately be secured against the assets purchased with the funds, but this security would only be needed in dire circumstances where CipherMine had completely run out of cash.
  • Changes to the bond's shareholder contract would require approval both by a majority of CIPHERBOND bondholders and a majority of CIPHERMINE shareholders. Only CIPHERMINE shareholders would have the power to veto a motion (>25% voting against).

Warning

CipherBond is a virtual security whose shares (bonds) and dividends are to be quoted and distributed in a virtual cryptocoin commodity (Bitcoin) which is not recognised as a legal security in any jurisdiction. It is CipherMine's intention to uphold this shareholder agreement, but we, Kate Craig-Wood, Wood Technology LLP, Giles Russell, and all other individuals and legal entities associated directly or indirectly with this security, are in no way liable for any losses you may incur in connection with CipherBond or CipherMine.

Further, be aware that the BTC Trading Company is unregulated and legally considered an online game. Should something go wrong you have no recourse in law. CipherMine is a virtual company and the management team, staff and its associated, are not bound by law, corporate or otherwise, nor are we qualified to provide financial advice.
 

DO NOT INVEST MORE THAN YOU CAN AFFORD TO LOSE!

Executive Summary

This is a virtual corporate bond issued by CipherMine for use as growth capital (to be invested in additional mining hardware) with a yield of 22% APR (0.38%/week) based on the fiat value of BTC in EUR at the time of issue.

The bonds shall be redeemable without penalty after 12 months, and CipherMine may redeem them early for a premium.

Business Description

For full details of CipherMine's business operations please see the security's listing on LTC Global.

The funds raised from this bond issue shall be used to purchase additional mining hardware. In the near-term this will likely be SHA256 ASIC mining hardware, though we reserve the right to purchase other mining hardware should the business case make sense; CipherMine is a multi-coin mining operation.

CipherMine shall only invest the bond proceeds in equipment that it's forecasts predict will provide a sufficient return on investment to repay the bond.

To mitigate risk of significant BTC appreciation the principal aim of this bond is to invest in SHA256 ASIC mining hardware; since BTC is the main revenue generated and costs are fixed (power and cooling overheads), appreciation of BTC would make CipherMine's BTC mining operation more profitable making it easier to repay the bond.

At present CipherMine is generating more than adequate profits to be able to afford the interest payments on the whole amount, should it be issued immediately. Current profits are running at circa €1,000/month and the total interest repayments if all bonds were issued, even using the higher price of €100.00 (approx. at time of writing) would be ~€380/month.

Definition of the Market

This bond is designed to appeal to investors would would like a steady return on their investment (based on a fixed fiat value) with the potential upside of appreciation in the value of BTC against fiat.

Products and Services

For full details of CipherMine's business model please see the security's listing on LTC Global.

Organization and Management

For full details of CipherMine's organisation, personel and management please see the security's listing on LTC Global.

Marketing Strategy

This bond shall be marketed solely through its availability on the BTC Trading Company exchange. We shall not be spending money to promote it.

Financial Management

For full details of CipherMine's financial management and history to date please see the security's listing on LTC Global and the documents available at docs.ciphermine.com.


ʡ = Recent Notification or Pending Motion, ʬ = Recent Contract or Prospectus Change