First, the announcement : I've just placed five 10mn blocks for sale, at 0.00062, 0.00064, 0.00066, 0.00068 and 0.00070 BTC respectively. Of the 958`400`705 shares controlled by me this leaves 908`400`705 (approximatively 91% of the company), of which a further ~408 million could be soldi. This brings share distribution as planned just about on track.
Second, the rationale. I have always stated when discussing my long term plans for MPOE/MPEx with large investors that ideally I intend to release between 0.5% and 1% of S.MPOE shares every month (since about Q2 2012). This would mean 50% of S.MPOE should be owned by third parties within four to eight years, roughly speaking.
Once this point was reached I would consider, but not commit to transferring the remaining shares in one single block, only to a group of well trusted community members, and only through a proper and well designed auction process including actual competing offers to be compared according to a list of parameters (wherein price is just one factor among many).
This is all pretty standard and pretty rational when dealing with essential pieces of the infrastructure such as MPEx at the time promised to become, currently already is and undoubtedly will remain in the future. The reason I won't commit to exact timing and other specified characteristics of this plan is that I am only willing to proceed if I judge it to be advantageous for Bitcoin in general and sensible given the prevailing circumstances.ii
This said, it is true both that the current float (about 4.15%) is towards the lower bound as planned if not outright under it, and that sales of my stock have been rare in the months since August. The reasons are the significant instability caused by two events : the collapse of the pirate pyramid scheme in August and the implosion of the global scam exchange in early October. I judged it wisest to forego further S.MPOE stock sales in the wake of both these events. On recent signs of strong recovery (both a significant price appreciation of S.MPOE and strong increase in BTC deposited by customers) I am confident that we're entering what in fiat terms would be termed "an end to recession", and as such I am resuming sales from the owner's block.
On a final note : I was certain that these points were in fact published some point this Spring or early Summer, but I have been unable to find the reference.iii This announcement is intended to remedy any possible information asymmetry if indeed the general public was not aware what the plan is for my S.MPOE shares.———
- As per the contract, section 2.2.a the owner can never sell more than half his shares. [↩]
- You may of course think a profit motive is more likely a factor, and there's nothing wrong with that suspicion, but the fact is I was rich before Bitcoin and I will be rich after Bitcoin. While I would very much like to see it succeed, and while I am very much commited to making it succeed, my motivation is not trying to retire - I've retired already, a decade or so ago. My motivation is purely ideological. [↩]
- Maybe it was only shared publicly on IRC, it's really strange that I can't find it. [↩]