Monthly Archives: December, 2013

[SGMC Venture] State of the Coin

To the members of the Jupiter Venture, please review the document here.  We will need to call for a vote soon on how we are to proceed from the difficulty retarget for the benefit of all the members in the venture.

SGMC_Plans_2014

SGMC Update [16 Dec 2013]

Bitcoin rate calculated @ USD899 each.

Current Difficulty 908,350,862
Current SGD (In-hand) $3,611.43
Current USD (Exchange) $0.19
Current SGD (Exchange) $3,896.02
Current BTC (Wallet) 3.02605034
Current BTC (Pool) 0.57738866
Current NMC (Total) 16.02158
BTC on Exchanges 1.8
Estimated Assets SGD$ $13,628.38
Updated : 16 Dec 13 @ 3.44pm

I am happy to announce the ROI of the Jupiter system earlier this month.  It has been great having the opportunity to be able to get funds from you guys and to be able to work towards the first milestone!  Payouts of the original investment are still in progress and everyone should be paid out the original investment by Xmas.

Please take a look at the current holdings table above.  Do note that it does not include the monies that will be paid out to each individual investor and this is a snapshot of the pure PROFIT from now on.

Some highlights so far.

– MtGox has been disappointing in their withdrawals so I told them to go fuck themselves cancel the withdrawal and re-credit the monies back to the account.  I bought BTC and sent those BTC to FYBSG and liquidated for SGD instead.  We might have lost a bit here and there on transaction fees but only a couple of dollars and the peace of mind that the money will be in-hand 24 hours after a withdrawal request.

– Mining rate has dropped due to the increase in difficulty and we are looking at > 1 billion difficulty in the next retarget.  This means that our Jupiter will soon be making close to 0.2 BTC/day.  While it is still profitable but we will need to plan on maximizing profits while increasing our BTC holdings.  I have some ideas that I am putting down into a document for everyone to review.

–  Other than the above, everything is still business as usual.  Mining and then selling off a small portion for a “higher-than-average” market price.  I reckon another payout to all investors once we have > SGD$9.3k on hand,  which kinda looks that it will be happening soon.  Then I can say, we all did a 100% profit.  Then we’ll look at 200% and 300% (300% seems to be the target that some of the investors are aiming for, which I am actively trying to make into reality.)

 

 

SGMC Update [2 Dec 2013]

Bitcoin price is based off current rate of USD$1094.

Current Difficulty 707,408,283
Current SGD (In-hand) $700.75
Current USD (Exchange) $474.88
Current SGD (Exchange) $2,361.74
Current BTC (Wallet) 8.14154777
Current BTC (Pool) 0.39959953
Current NMC (Total) 3.54143296
BTC on Exchanges 0.2
Expected USD Transfer $1,631.31
Energy Costs Till 30 Nov $155.71
Estimated Assets SGD$ $17,416.46
Updated : 2 Dec 13 @ 12pm

Here is the updated table as of current.  Please see list of new activities below.

  • Traded all our Namecoins (NMC) at a very good exchange rate of 0.013 BTC per NMC (current rate 0.00822).  This yielded around 0.7 BTC which was then added to the group’s wallet.
  • Switched mining pool back to bitminter.com, so this blog stats should show up now.
  • Still pending USD transfer from MtGox.  Decided not to use them in future and will probably convert on FYBSG instead.  Will continue to look out for other alternatives.

And some interesting crypto-news.

KnCminer released a new pre-order of Neptune units at USD10K each, promising to hash at 3TH/s per unit.  Unfortunately, I wasn’t able to get my hands on any as I was out of town and didn’t get the email notification until I came back.

I have also started to “daytrade” at https://cex.io (link is to the right side of this page) by using BTC to buy cloud hashing compute power and immediately reselling them at a higher price.  So far been good and I haven’t made a losing trade…. yet.  It might happen but I believe with the Bitcoin craze going round now, it’s tough to make a huge loss if you are not greedy.  Do use the link beside this post and check it out!

For those who are able to control multiple servers and/or PCs, there is a relatively new CPU-only coin in town called ProtoShares.  You might want to check it out.  Free money if you have spare CPU power.