[CLOSED] S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx

[DannyM]

What shareholders got?

Dividends

[Bugpowder]

Seriously??? I am really shocked to see most of you are so happy with this ending.

Apparently, Erik really know finance and really good at misleading people by his knowledge. What happened here is someone took over Erik's shares at a discount price - 0.00126315. Then Erik told us that your share is worth 0.00126315 but I will add another 0.00223685 because I am responsible. Come on! Look at MPEX, the past 30 days average is around 0.0025. I believe this is how they value shares at real life stock market.

This is not the only one. When Erik tried to offer the shares at first, the shares are valued at 8 P/E ratio. Afterward when people start to losing money and blame Erik, he was like - don't too focus on price movement, please look at
annualized return, the P/E ratio is 8! Now when he try to buy back those shares, he seems forget to mention P/E at all - its time to look back to price! Wow! What a generous guy! If we give the 8 on current earning, the price will be at least 0.0045.

Is this fair???

If we ignore all the noises - the buyout thing, the 0.00126315 and the new owner - no one know if they are really exist. What we are 100% sure is Erik issued shares at around 0.0035. Now he buy back at same price. What he got? A business with public recognition through IPO. What shareholders got? Nothing.

Is this fair???

I hear you man.

Trades on mpex the past month look like some heavy insider trading for millions of shares, making the people that sold for a much lower price almost half of the mpex shares.

Erik, was this you buying up or one of your friends with inside knowledge?

Of course it was him.  Remember when he was going to steal all the dividends last month too?  Dude knows how to extract bitcoins from the community. He has probably acquired the majority of the float on MPEX over the last month.

[ThickAsThieves]

Seriously??? I am really shocked to see most of you are so happy with this ending.

Apparently, Erik really know finance and really good at misleading people by his knowledge. What happened here is someone took over Erik's shares at a discount price - 0.00126315. Then Erik told us that your share is worth 0.00126315 but I will add another 0.00223685 because I am responsible. Come on! Look at MPEX, the past 30 days average is around 0.0025. I believe this is how they value shares at real life stock market.

This is not the only one. When Erik tried to offer the shares at first, the shares are valued at 8 P/E ratio. Afterward when people start to losing money and blame Erik, he was like - don't too focus on price movement, please look at
annualized return, the P/E ratio is 8! Now when he try to buy back those shares, he seems forget to mention P/E at all - its time to look back to price! Wow! What a generous guy! If we give the 8 on current earning, the price will be at least 0.0045.

Is this fair???

If we ignore all the noises - the buyout thing, the 0.00126315 and the new owner - no one know if they are really exist. What we are 100% sure is Erik issued shares at around 0.0035. Now he buy back at same price. What he got? A business with public recognition through IPO. What shareholders got? Nothing.

Is this fair???

I hear you man.

Trades on mpex the past month look like some heavy insider trading for millions of shares, making the people that sold for a much lower price almost half of the mpex shares.

Erik, was this you buying up or one of your friends with inside knowledge?

Not saying it was. It could well have been the buyer. Just asking.

It also could have been the new owner.

[Zebulon Pike]

So I can't help but notice that there is no "news" or announcement at BitFunder about this.  Does anyone with knowledge of pass-throughs know what we as shareholders through such services have to do in this case?  Do we have to sell our shares (for less than the buyout value based on their spread), or can we just sit tight, and wait until our assets magically just disappear and our account balance goes up?

[zy02264]

What shareholders got?

Dividends

We made our buy decision not because of the dividends, are we? In the past months, shareholders' bitcoins are the 'bankroll' of Satoshi Dice game. Don't they deserve those dividends?? We bought it because we believe it will grow. Now it is earning way more than the time before IPO, but we have to sell them at much lower P/E ratio.

Even in Erik's 'share retirement' letter, he said 'This is a 277% premium over the sale price and a roughly 175% premium over the current market price of S.DICE shares on MPEX.' Wow fancy number! But this is completely misleading, please check how to calculate "premium" on dictionary - they should be 177% and 75%.

Sorry if I made my comments too personal. I just think shareholders deserve fair

[wosinddiehirsche]

So I can't help but notice that there is no "news" or announcement at BitFunder about this.  Does anyone with knowledge of pass-throughs know what we as shareholders through such services have to do in this case?  Do we have to sell our shares (for less than the buyout value based on their spread), or can we just sit tight, and wait until our assets magically just disappear and our account balance goes up?

You can wait. The pass-throughs will automatically get bitcoins for all the shares they hold and will forward them to you and remove your shares.

how long is it until this happens?

[Rannasha]

So I can't help but notice that there is no "news" or announcement at BitFunder about this.  Does anyone with knowledge of pass-throughs know what we as shareholders through such services have to do in this case?  Do we have to sell our shares (for less than the buyout value based on their spread), or can we just sit tight, and wait until our assets magically just disappear and our account balance goes up?

You can wait. The pass-throughs will automatically get bitcoins for all the shares they hold and will forward them to you and remove your shares.

how long is it until this happens?

Ask the operator(s) of the passthroughs. They have to manually distribute the coins when they receive them.

[strello]

So I can't help but notice that there is no "news" or announcement at BitFunder about this.  Does anyone with knowledge of pass-throughs know what we as shareholders through such services have to do in this case?  Do we have to sell our shares (for less than the buyout value based on their spread), or can we just sit tight, and wait until our assets magically just disappear and our account balance goes up?

You can wait. The pass-throughs will automatically get bitcoins for all the shares they hold and will forward them to you and remove your shares.

how long is it until this happens?

Please note that due to my vacation in Spain, the payout and buy back of the S.DICE shares will not happen until the 28th.
I am sorry for this but I do not have my gpg key and such on my laptop they are on a dedicated computer of which I currently do not have access to.
Best Regards
DeaDTerra

[Spekulatius]

So I can't help but notice that there is no "news" or announcement at BitFunder about this.  Does anyone with knowledge of pass-throughs know what we as shareholders through such services have to do in this case?  Do we have to sell our shares (for less than the buyout value based on their spread), or can we just sit tight, and wait until our assets magically just disappear and our account balance goes up?

You can wait. The pass-throughs will automatically get bitcoins for all the shares they hold and will forward them to you and remove your shares.

how long is it until this happens?

Please note that due to my vacation in Spain, the payout and buy back of the S.DICE shares will not happen until the 28th.
I am sorry for this but I do not have my gpg key and such on my laptop they are on a dedicated computer of which I currently do not have access to.
Best Regards
DeaDTerra

For how much of the total public lot does DeaDTerra account for?

[misterbigg]

...
As per the S.DICE agreement, asset owners do not have voting rights to effect operational changes, nor any rights to negotiate nor block a full buyout of the company.  Nevertheless, SatoshiDice has kept the interests of the asset holders in mind throughout this negotiation process, and has intended to treat these holders fairly, above and beyond contractual obligations.
...

Erik is an ethical business man and was very professional in his operation of SatoshiDice. Let this be an example to anyone who believes that we need regulations and the coercive power of the state in order to have commerce.

Erik, nice job this is really cool and I think that the SatoshiDICE experiment is one for the history books.

[wtfvanity]

...
As per the S.DICE agreement, asset owners do not have voting rights to effect operational changes, nor any rights to negotiate nor block a full buyout of the company.  Nevertheless, SatoshiDice has kept the interests of the asset holders in mind throughout this negotiation process, and has intended to treat these holders fairly, above and beyond contractual obligations.
...

Erik is an ethical business man and was very professional in his operation of SatoshiDice. Let this be an example to anyone who believes that we need regulations and the coercive power of the state in order to have commerce.

Erik, nice job this is really cool and I think that the SatoshiDICE experiment is one for the history books.

lol

[Namworld]

So he's pocketing only 56,315 BTC net for 80m shares, or 0.00070394 BTC per share.

You got that wrong. Erik gets 126,315 BTC.

If I remember right, 3 more slice of 1 million shares were sold by the private investors, so 13m * 0.0035 = 45,500 BTC for MPEx holders.

It leaves 80,815 BTC to be split among the remaining 87m shares, thus 0.00092890 BTC per share. This cut is taken by Erik/private investors. Only MPEx holders are compensated at ~IPO prices. If the sale prices he quotes is true, he's giving MPEx holders almost 3x what he had to as per contract for the sale. About half the market price. It's a cut, but there wasn't enough demand to fill 87 million shares.


(By the way, for the others, even if it was not profit shares but these had voting rights, MPEx holders wouldn't be able to vote against it and the minimum compensation is indeed much lower than sale price, so he could have paid 0.00126 per share)

(a)The representatives of SatoshiDice have elected to divide SatoshiDice into 100`000`000 (one hundred million) equal non-voting shares with a total equity value of 10`000 BTC (0.0001 BTC each). In the event of liquidation or breach of this Agreement they solemnly promise and warrant to repay all investors holding shares at this minimum value.

[greyhawk]

...
As per the S.DICE agreement, asset owners do not have voting rights to effect operational changes, nor any rights to negotiate nor block a full buyout of the company.  Nevertheless, SatoshiDice has kept the interests of the asset holders in mind throughout this negotiation process, and has intended to treat these holders fairly, above and beyond contractual obligations.
...

Erik is an ethical business man and was very professional in his operation of SatoshiDice. Let this be an example to anyone who believes that we need regulations and the coercive power of the state in order to have commerce.

Erik, nice job this is really cool and I think that the SatoshiDICE experiment is one for the history books.

You're a funny guy.

[greyhawk]

So I can't help but notice that there is no "news" or announcement at BitFunder about this.  Does anyone with knowledge of pass-throughs know what we as shareholders through such services have to do in this case?  Do we have to sell our shares (for less than the buyout value based on their spread), or can we just sit tight, and wait until our assets magically just disappear and our account balance goes up?

You can wait. The pass-throughs will automatically get bitcoins for all the shares they hold and will forward them to you and remove your shares.

how long is it until this happens?

Please note that due to my vacation in Spain, the payout and buy back of the S.DICE shares will not happen until the 28th.
I am sorry for this but I do not have my gpg key and such on my laptop they are on a dedicated computer of which I currently do not have access to.
Best Regards
DeaDTerra

So what happens when DeaDTerras plane is dead set on screwing itself into Terra Firma?

[giszmo]

Erik is an ethical business man and was very professional in his operation of SatoshiDice. Let this be an example to anyone who believes that we need regulations and the coercive power of the state in order to have commerce.

Erik, nice job this is really cool and I think that the SatoshiDICE experiment is one for the history books.

I agree that this went exceptionally good although I don't see how this should be proof of anything.
Even if this most recent move was not just a step to anonymize his 100% share in the company which would at least be a bit delicate for the other share holders, Erik had no big incentive to do harm to the customers and share holders.

Consider for a second Pirate@40 intended to pay back every last Satoshi and he was just stupid. Things going bad makes people forget about moral when money is at stake and I guess Erik would not be an exception. Taking an exit when things go really well is a smart move to not get tempted when things go bad.

Hey, if you were the owner of S.dice and had to pay taxes for the millions you make but then could sell to some undisclosed third party who paid you well, wouldn't that be great? Wouldn't it be even greater if that undisclosed third party was yourself calling you from the dark net? Wouldn't it be great if everybody had learned the rules of the game and was just playing happily ever after even if your public website crashes and burns? Some watch dogs might check if s.dice still plays by its rules by finding it on tor to check the revealed secrets and sound the whistle if it didn't, but why would it? I don't see how this service could run into any trouble apart from the bigger thieves (read "government") shooting at this small fish.

[ThickAsThieves]

So he's pocketing only 56,315 BTC net for 80m shares, or 0.00070394 BTC per share.

You got that wrong. Erik gets 126,315 BTC.

If I remember right, 3 more slice of 1 million shares were sold by the private investors, so 13m * 0.0035 = 45,500 BTC for MPEx holders.

It leaves 80,815 BTC to be split among the remaining 87m shares, thus 0.00092890 BTC per share. This cut is taken by Erik/private investors. Only MPEx holders are compensated at ~IPO prices. If the sale prices he quotes is true, he's giving MPEx holders almost 3x what he had to as per contract for the sale. About half the market price. It's a cut, but there wasn't enough demand to fill 87 million shares.


(By the way, for the others, even if it was not profit shares but these had voting rights, MPEx holders wouldn't be able to vote against it and the minimum compensation is indeed much lower than sale price, so he could have paid 0.00126 per share)

(a)The representatives of SatoshiDice have elected to divide SatoshiDice into 100`000`000 (one hundred million) equal non-voting shares with a total equity value of 10`000 BTC (0.0001 BTC each). In the event of liquidation or breach of this Agreement they solemnly promise and warrant to repay all investors holding shares at this minimum value.

I think this payout structure makes it even more likely that MPEx is the buyer.

[dexX7]

There are 9000 call options available for S.DICE-PT on btct.co with a premium of 0.00001155 and a strike of 0.03100000. That's 10x too much, because of a missing 0.

1000 were already sold and exercised...

2013-07-18 18:44:45   Call Option   1000   BTC 0.031   BTC 31

That poor guy paid 27.5 Bitcoin too much.

[adameb]

There are 9000 call options available for S.DICE-PT on btct.co with a premium of 0.00001155 and a strike of 0.03100000. That's 10x too much, because of a missing 0.

1000 were already sold and exercised...

2013-07-18 18:44:45   Call Option   1000   BTC 0.031   BTC 31

That poor guy payed 27.5 Bitcoin too much.

Wow, major bad karma to whatever dick wrote that call option.

[Ozymandias]

There are 9000 call options available for S.DICE-PT on btct.co with a premium of 0.00001155 and a strike of 0.03100000. That's 10x too much, because of a missing 0.

1000 were already sold and exercised...

2013-07-18 18:44:45   Call Option   1000   BTC 0.031   BTC 31

That poor guy payed 27.5 Bitcoin too much.

Fools and their money, if it's too good to be true, and all that other good stuff

[nubbins]

Please note that due to my vacation in Spain, the payout and buy back of the S.DICE shares will not happen until the 28th.
I am sorry for this but I do not have my gpg key and such on my laptop they are on a dedicated computer of which I currently do not have access to.
Best Regards
DeaDTerra

So what happens when DeaDTerras plane is dead set on screwing itself into Terra Firma?

I think you know the answer to that, and I think you're not the only one who's mildly surprised that nobody was left at the wheel.