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Title: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on July 31, 2013, 08:17:06 PM https://lh6.googleusercontent.com/-YkWjvHtiAq0/UfmRhyOA_wI/AAAAAAAAGQw/s7a7VT0AnZo/w200-h240-no/hashing+from+the+ashes.png
Fenix. Hashing from the ashes of the infamous Bakewell scam. A group of four ex-Bakewell shareholders banded together to recover the two Avalon ASIC mining units belonging to shareholders. The units are currently hashing at ~140 GH/s. This same group has been unanimously voted in by the shareholders to become the advisory board for Fenix. The board's function is to suggest operating strategies for Fenix. Major decisions will be put to a shareholder vote. The board of Fenix has the vision to become a major Bitcoin mining outfit, to manage the company in a completely ethical and transparent manner, and to do its best to expand the company for the benefit of shareholders. All current and future Fenix equipment is the property of Fenix shareholders. Links to the mining pool and addresses of the dividend and growth funds will be posted in this forum thread. Description This asset is being listed for the following purposes: 1. As a means of paying dividends from the proceeds of Bitcoin mining. 2. To allow shareholders a way to trade their shares. 3. To facilitate the purchase of additional mining equipment to expand Fenix. Shares This asset will begin with 24,000 issued shares. Each existing Bakewell share can be exchanged for 4 Fenix shares. Instructions on how to transfer shares have been sent to all known shareholders. Any Bakewell shareholder who has not yet claimed ownership of shares is welcome to post in this forum thread, and we will contact you with instructions. Dividend payments Dividends are paid twice weekly and based on 70% of total mining proceeds from all equipment owned by Fenix minus expenses described below. A monthly financial report will be posted in this thread. Expenses The following expenses will be deducted before dividends are paid: 1. Electricity costs 2. Incidental repairs and replacement costs 3. Any applicable taxes, customs duties or other fees. (Paid) 4. Any unforeseen expenses to maintain efficient operation Expansion & Growth 30% of mining proceeds after the above expenses have been deducted will be retained for expansion, e.g. purchase of new equipment. The board may attempt to maximise this growth fund by careful investment, subject to shareholder vote. Hosting The mining equipment is hosted for Fenix at a trusted non-US facility. Voting As Bitfunder has no voting mechanism, issues for voting will be announced in the forum thread, and voting will be by signed message. Equipment Liquidation When the board determines that mining equipment is no longer profitable to use, it will be sold. Sales proceeds will then go into the growth fund. If there is no longer any equipment in current use, the growth fund will be distributed as a final dividend, pending a shareholder vote. Title: Re: Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on July 31, 2013, 08:23:21 PM Fenix FAQ
Q. What was the Bakewell scam? The Bitcoin mining IPO Bakewell was launched in 2012. Investors bought in because Bakewell himself appeared highly transparent by making his photo and contact details public, and being very communicative. In the end Ian Bakewell absconded with two Bakewell Mining Avalon ASIC pre-orders, 4000 CAD worth of mining equipment, and mining profits. Property that rightfully belonged to Bakewell shareholders. Q. How was Fenix born? By the time Ian Bakewell was revealed to be a scammer, most investors thought it was too late to do anything about it. A very few, including strello, nameface, TradeFortress, and wisard thought differently. They stayed in constant communication over bitcointalk, and fought hard for months to recover the units. Q. How were the Avalon ASICs recovered? Effective communication channels were opened with Avalon and the board received assurances the units would be considered the property of Bakewell shareholders if we could provide legal proof of our claim. A legal fund was created and a lawyer was hired to review the case and provide a legal means of acquiring the devices. Q. How was the name Fenix chosen? We had many good suggestions for names such as Scambusters Mining and Minewell. However, the suggestion to name the company Phoenix was the one that stuck. The Middle English spelling of Fenix was selected because of its uniqueness. Q. How were important decisions made? Board members of Fenix stayed in constant communication with shareholders and made several successful major decisions based on voting. Q. How and where can I redeem my Bakewell shares? Please PM FenixPR for instructions. Please send your Bakewell shares using the Bitfunder transfer (https://bitfunder.com/transfer) to username fenix, and you will receive 4 Fenix shares in return. The transfers are being done manually, so please be patient. Q. Where can I buy shares? https://bitfunder.com/asset/Fenix Q. Who is managing the BitFunder asset? Both the Fenix asset and hardware are managed by TradeFortress (https://bitcointalk.org/index.php?action=profile;u=67058) who is based in sunny Sydney, Australia. Q. What is the vision for Fenix moving forward? Fenix board members including nameface and wisard feel strongly that Fenix is a name that will last in Bitcoin mining. We collectively have many good relationships in the Bitcoin business community. The vision for Fenix is to become an elite Bitcoin mining company. BTC Special Thanks to Everyone Who Helped make Fenix possible! BTC Title: Re: Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on July 31, 2013, 08:25:12 PM Fenix Financials
Fenix Balance Sheet: https://docs.google.com/spreadsheet/ccc?key=0AnQyVAskGw8xdEtNWXhlZXE5ZkV3bW1DOU1rTmNjVGc Dividends Fund address: https://blockchain.info/address/1AJtCkse7QLV3Mb1VwhhFEEV9fSsZobVss Reinvestment/ Growth Fund address: https://blockchain.info/address/1AN1vQiRfy4Hiavvvs57ZQajkpf1qf4sYA Title: Re: Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on July 31, 2013, 08:26:05 PM Fenix updates
We are currently mining on BTC Guild, team Fenix. https://www.btcguild.com/index.php?page=rankings§ion=teams First dividends will be paid on Monday 5th August. :) If you haven't transferred your Bakewell shares yet, it would be good if you can do it before Monday. Any problems with transfers, please PM FenixPR. Trading on https://bitfunder.com/asset/Fenix commenced at: 2013-08-05 22:00:00 UTC The first Fenix dividends will be paid at approximately: 2013-08-06 02:00:00 UTC Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: timewaster on July 31, 2013, 11:13:00 PM Nice work by the people who made this happen, what a great outcome. I have a few Bakewell shares, could you pm me instructions to convert to Fenix please.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on July 31, 2013, 11:44:02 PM Success: Transfer completed!
Congrats to our team of crack team of elite Bitcoin Police! 8) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: 🏰 TradeFortress 🏰 on July 31, 2013, 11:47:28 PM Success: Transfer completed! Congrats to our team of crack team of elite Bitcoin Police! 8) You go by a different username on BitFunder right? I've processed all existing transfers and haven't seen any new ones. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 01, 2013, 12:23:08 AM Success: Transfer completed! +1Congrats to our team of crack team of elite Bitcoin Police! I'm very proud of what we accomplished. Strello deserves a medal (but I'm sure he'll settle for Bitcoins 8)) 8) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 01, 2013, 01:57:47 AM Do you need a smartphone to turn on the two-factor authorization? It says you need two-factor authorization to transfer shares, but I can't figure out how to turn it on?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Carnth on August 01, 2013, 02:57:43 AM Do you need a smartphone to turn on the two-factor authorization? It says you need two-factor authorization to transfer shares, but I can't figure out how to turn it on? It looks like BitFunder is requiring Google 2FA to transfer your shares. Yes, you will need an Andriod phone or tablet OR iPhone/iPad OR Blackberry. More info about installing on each OS can be found here: https://support.google.com/accounts/answer/1066447 To setup for Bitfunder...
You can setup Google Authenticator on multiple devices. Just be sure to scan in your unique QR code on each device. Then you will always be able to sign in with whatever device happens to be closest. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 01, 2013, 03:27:28 AM 2 factor can be accomplished with a landline, you get a recording with the code to enter.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 01, 2013, 06:25:32 AM Success: Transfer completed! Congrats to our team of crack team of elite Bitcoin Police! 8) You go by a different username on BitFunder right? I've processed all existing transfers and haven't seen any new ones. Yes, PM sent thx. May we start mocking Ian Bakefail now, or must we wait until shares begin trading? ;D Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: strello on August 01, 2013, 08:30:34 AM To all asking about Google 2 factor and smartphone, there is a way to do it without.
You can use http://gauth.apps.gbraad.nl/. Clearly this is less secure than using a separate device as it runs on your computer, but it works. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 01, 2013, 03:59:57 PM Something down? 9gh/s this morning.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: MikeMark on August 01, 2013, 05:34:59 PM Something down? 9gh/s this morning. I think it was moved. You can check the Fenix team on BTCGuild. :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 01, 2013, 07:39:04 PM It should be noted that our 2nd choice for a name was Scambusters Mining :D
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Evolvex on August 01, 2013, 11:55:49 PM Do you need a smartphone to turn on the two-factor authorization? It says you need two-factor authorization to transfer shares, but I can't figure out how to turn it on? You could install Jelly Bean in a VM (thats what I do atm) and get google auth that way. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Evolvex on August 02, 2013, 12:01:44 AM This is excellent stuff guys, serously the media should have wind of this, just goes to show what the internet and a few good people can do :).
Strello, post your bitcoin address if you would, wont be much, but its as close to a medal as I can do :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: zapeta on August 02, 2013, 01:15:08 AM Congrats on actually recovering the Avalons. Now I wish I hadn't sold my shares at the end for a 99% loss. Best of luck.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: strello on August 02, 2013, 07:18:24 AM This is excellent stuff guys, serously the media should have wind of this, just goes to show what the internet and a few good people can do :). Strello, post your bitcoin address if you would, wont be much, but its as close to a medal as I can do :) @Evolvex. Yes, we are very proud of what we achieved through cooperation and discussion. This was very much a team effort, so if you would like to donate a few satoshis to the cause, please send them to 14McCpCbik4ZaugQeSXy91Fj8fQqrhoBVN and they will be distributed equally between the four of us. Thank you, we really value your appreciation. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on August 02, 2013, 05:39:22 PM Bitfunder seems to have less and less transactions. BTC-TC gets 10 times more. Any IPO for new money should probably done on BTC.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Ukyo on August 03, 2013, 03:11:46 AM Bitfunder seems to have less and less transactions. BTC-TC gets 10 times more. Any IPO for new money should probably done on BTC. Next time you should check your facts before making offhanded statements. :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 03, 2013, 03:52:42 AM Bitfunder seems to have less and less transactions. BTC-TC gets 10 times more. Any IPO for new money should probably done on BTC. Next time you should check your facts before making offhanded statements. :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on August 03, 2013, 05:03:22 AM 24 h volumes as of today
Bitfunder: 875 BTC BTC-TC 11805 BTC Bitfunder seems to have less and less transactions. BTC-TC gets 10 times more. Any IPO for new money should probably done on BTC. Next time you should check your facts before making offhanded statements. :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Ukyo on August 03, 2013, 05:17:22 AM Next time you should say 'less and less transactions in comparison' rather than in general as BitFunder has certainly done nothing but grow.
Also, a 24 count view is probably not the best basis for 'less and less' as that would imply over time, and your citing a single point in time. Yes, I am happy that btct is growing. Burnside has a lot to deal with at the moment. :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on August 03, 2013, 08:07:05 AM OK ;)
Next time you should say 'less and less transactions in comparison' rather than in general as BitFunder has certainly done nothing but grow. Also, a 24 count view is probably not the best basis for 'less and less' as that would imply over time, and your citing a single point in time. Yes, I am happy that btct is growing. Burnside has a lot to deal with at the moment. :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Evolvex on August 04, 2013, 04:01:19 PM This is excellent stuff guys, serously the media should have wind of this, just goes to show what the internet and a few good people can do :). Strello, post your bitcoin address if you would, wont be much, but its as close to a medal as I can do :) @Evolvex. Yes, we are very proud of what we achieved through cooperation and discussion. This was very much a team effort, so if you would like to donate a few satoshis to the cause, please send them to 14McCpCbik4ZaugQeSXy91Fj8fQqrhoBVN and they will be distributed equally between the four of us. Thank you, we really value your appreciation. Excellent, sent!. Cheers again. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: kokojie on August 04, 2013, 04:14:15 PM lol bitfunder, no thanks
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: usagi on August 04, 2013, 04:32:20 PM lol bitfunder, no thanks Yeah but BAKEWELL was on BitFunder so it makes sense to list there. Fenix is more concerned with transition for existing shareholders I'd warrant, than being an entirely new security in and of itself. In that respect I don't think anyone cares that you don't like the UI :p Title: trading Post by: klaus_ffm on August 04, 2013, 07:33:44 PM when is the trading going to start?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: timewaster on August 05, 2013, 03:44:05 AM Fenix will be listed on BitFunder and trading will begin on Monday. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 05, 2013, 03:59:00 AM Fenix will be listed on BitFunder and trading will begin on Monday. But when on Monday? Midnight? Dawn? Tea time? 4:20??! What time zone? Daylight savings or GMT or Sidereal?! ZOMJESUS, this is like Labcoin all over again but worse! /can't wait to begin teasing Ian for epic SCAMFAIL ;) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 05, 2013, 04:24:45 AM Fenix will be listed on BitFunder and trading will begin on Monday. But when on Monday? Midnight? Dawn? Tea time? 4:20??! What time zone? Daylight savings or GMT or Sidereal?! Clarification would be nice, or I'm gonna be checking while driving down the highway all day. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 05, 2013, 02:39:34 PM Apologies for the delayed information.
Trading on https://bitfunder.com/asset/Fenix commenced at: 2013-08-05 22:00:00 UTC The first Fenix dividends will be paid at approximately: 2013-08-06 02:00:00 UTC Thanks for your patience! Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: 🏰 TradeFortress 🏰 on August 05, 2013, 09:56:39 PM Bump :D
https://bitfunder.com/asset/fenix Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 05, 2013, 10:15:44 PM Hooray! Huzzah! Woopee!
Take THAT Ian Scamwell!!! :D Interested investors may wish to know exact GH/per share, but current hashrate cannot be found at https://www.btcguild.com/index.php?page=rankings§ion=teams ~140GH divided by 24,000 issued shares equals ~4.3333MH/share. Correct? How does this compare to other mining securities? Time to put in some bids! Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: MikeMark on August 05, 2013, 10:49:42 PM Hooray! Huzzah! Woopee! Take THAT Ian Scamwell!!! :D Interested investors may wish to know exact GH/per share, but current hashrate cannot be found at https://www.btcguild.com/index.php?page=rankings§ion=teams ~140GH divided by 24,000 issued shares equals ~4.3333MH/share. Correct? How does this compare to other mining securities? Time to put in some bids! That's 24,000 limit, only about 22,000 actually issued and owned receiving dividends. So more like 6.4 MH/s /Share. In addition to that, this first dividend is likely to be BIG! The systems have been chugging along quite a while. Buying here, before first dividend, will reap excellent reward. Enjoy! :D -MikeMark Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: 🏰 TradeFortress 🏰 on August 05, 2013, 11:39:42 PM There are only 22,953 shares outstanding :)
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 05, 2013, 11:44:00 PM I'm not selling, because free money forever. 8)
But I might be buying... This Fenix logo is very slick! GJ to the creator. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 06, 2013, 01:10:31 AM le sigh, missed opening of trading. Would love to have got some before they went up.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 06, 2013, 01:12:42 AM Any dividend estimates? Or do we need to start a Fenix Speculation, FUD, and Manipulation thread for that? :D
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 06, 2013, 01:21:27 AM Any dividend estimates? Or do we need to start a Fenix Speculation, FUD, and Manipulation thread for that? :D Hashing since July 25th, call the average whatever you want 140-150gh, minus a day maybe for setup, then a transfer to another pool once. So maybe 10-11 days worth, think there was a difficulty jump inbetween there. So if someone wants to do the math go ahead. My guess is .000603 Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 06, 2013, 01:31:53 AM Any dividend estimates? Or do we need to start a Fenix Speculation, FUD, and Manipulation thread for that? :D Hashing since July 25th, call the average whatever you want 140-150gh, minus a day maybe for setup, then a transfer to another pool once. So maybe 10-11 days worth, think there was a difficulty jump inbetween there. So if someone wants to do the math go ahead. edit based on https://blockchain.info/address/1AJtCkse7QLV3Mb1VwhhFEEV9fSsZobVss ~.001 per share 2013-08-05 22:06:33 22,953 ฿0.00060255 ฿13.83033015 Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: MikeMark on August 06, 2013, 02:16:17 AM I'm not selling, because free money forever. 8) But I might be buying... This Fenix logo is very slick! GJ to the creator. Logo is the work of @nameface. I agree, @nameface: good job! By the way, he and his wife are expecting. Think I'll add to the baby shower fund, and show my appreciation for his work at the same time. :D Enjoy, -MikeMark Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 06, 2013, 02:47:40 AM I'm not selling, because free money forever. 8) But I might be buying... This Fenix logo is very slick! GJ to the creator. Logo is the work of @nameface. I agree, @nameface: good job! By the way, he and his wife are expecting. Think I'll add to the baby shower fund, and show my appreciation for his work at the same time. :D Enjoy, -MikeMark Thanks for the appreciation iCE, and thanks a lot for the tip MM :) Today, that's enough BTC to buy the baby an outfit... By the time the baby's born and ready to wear an outfit, it'll buy two outfits! GO GO BITCOIN PRICE!!! Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: MikeMark on August 06, 2013, 03:35:43 AM Wow, last dividend still hot to the touch and the units just earned another BTC1.5! That's nice. Two dividends a week! Cool! 8) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 06, 2013, 03:41:31 AM Saw buying before the dividend then someone dumped a bunch. wonder if they profited?
Bitfunder states 22953 outstanding and paid dividends. The google doc linked on the first page is showing 22604, google doc need an update? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: MikeMark on August 06, 2013, 05:30:36 AM Saw buying before the dividend then someone dumped a bunch. wonder if they profited? Bitfunder states 22953 outstanding and paid dividends. The google doc linked on the first page is showing 22604, google doc need an update? You know, it's funny. We often think the one buying is the same as the one selling, and they are just after the dividend. Pessimistic human nature to think that. There's a good chance the two are unrelated. I'm just happy to see this bird hunt. :D -MikeMark Title: new hardware Post by: klaus_ffm on August 06, 2013, 05:49:24 AM We are making currently 12 BTC a week to substain the business. How do we invest the money to make our business case sustainable? I guess we need an additional IPO and new hardware soon.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FlipPro on August 06, 2013, 11:56:49 AM I own an undisclosed amount of Bakewell shares that I need converted into Fenix shares ASAP.
Who do I speak to about this? Thanks in advance. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 06, 2013, 12:30:46 PM I own an undisclosed amount of Bakewell shares that I need converted into Fenix shares ASAP. Who do I speak to about this? Thanks in advance. I have sent you a PM with instructions. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: wisard on August 06, 2013, 01:34:02 PM Future investments.
I think it makes good sense to place 30% funds not paid as dividends with coinlender. But without locking it in. And then when we are ready to invest, we should go for a diversified group purchase like the one CoinHoarder is doing. https://bitcointalk.org/index.php?topic=268280.0 Order from multiple vendors. Maybe issue new shares to place the orders from multiple vendors. Or maybe just join a group buy already happening where we don't have to raise more funds, but still maintain the growth. If we have to issue new shares - how would we go about calculating the strike price? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: lophie on August 06, 2013, 01:44:21 PM Just a question. Are there any "new" shares that would be added to the how many shares are offered or are the conversion from Bakewell shares and Fenix are accounted for in the IPO.
Because if it is the first case, Wouldn't that be a major dilution to the share price? I don't think I would be comfortable with that. Being an investor in Fenix and all. Please shed light on this. thank you. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 06, 2013, 04:13:32 PM Just a question. Are there any "new" shares that would be added to the how many shares are offered or are the conversion from Bakewell shares and Fenix are accounted for in the IPO. Because if it is the first case, Wouldn't that be a major dilution to the share price? I don't think I would be comfortable with that. Being an investor in Fenix and all. Please shed light on this. thank you. 6000 Bakewell became 24000 Fenix. Any further share release should it be to raise funds or purchase equipment would have to be put to a vote as per the first few posts in this thread. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: lophie on August 06, 2013, 06:12:03 PM Just a question. Are there any "new" shares that would be added to the how many shares are offered or are the conversion from Bakewell shares and Fenix are accounted for in the IPO. Because if it is the first case, Wouldn't that be a major dilution to the share price? I don't think I would be comfortable with that. Being an investor in Fenix and all. Please shed light on this. thank you. 6000 Bakewell became 24000 Fenix. Any further share release should it be to raise funds or purchase equipment would have to be put to a vote as per the first few posts in this thread. So I am buying other people shares in Bakefail as Fenix, right? and the others just still didn't claim them yet to be able to trade them? Did I get it right? What about the divs? are they distributed to the claimed shares until the rest are claimed or are their divs stay somewhere until they claim the shares? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: MikeMark on August 06, 2013, 06:13:16 PM Future investments. I think it makes good sense to place 30% funds not paid as dividends with coinlender. But without locking it in. And then when we are ready to invest, we should go for a diversified group purchase like the one CoinHoarder is doing. https://bitcointalk.org/index.php?topic=268280.0 Order from multiple vendors. Maybe issue new shares to place the orders from multiple vendors. Or maybe just join a group buy already happening where we don't have to raise more funds, but still maintain the growth. If we have to issue new shares - how would we go about calculating the strike price? One choice for any new shares would be a completely new issue, probably as a type of bond or loan. Maybe named "Fenix.Grow," offering a flat percentage dividend that begins paying on a specific date, say 1 month from now. The bond (or loan) could be bought back from the growth fund at a flat rate percentage on a specified date. That satisfies keeping the Fenix asset issue intact, gives Fenix itself working capital, and offers a repayment plan. That new issue could be placed on any exchange, because it would be separate from the Fenix asset issue. How's that? ;) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: lophie on August 06, 2013, 06:15:07 PM Future investments. I think it makes good sense to place 30% funds not paid as dividends with coinlender. But without locking it in. And then when we are ready to invest, we should go for a diversified group purchase like the one CoinHoarder is doing. https://bitcointalk.org/index.php?topic=268280.0 Order from multiple vendors. Maybe issue new shares to place the orders from multiple vendors. Or maybe just join a group buy already happening where we don't have to raise more funds, but still maintain the growth. If we have to issue new shares - how would we go about calculating the strike price? One choice for any new shares would be a completely new issue, probably as a type of bond or loan. Maybe named "Fenix.Grow," offering a flat percentage dividend that begins paying on a specific date, say 1 month from now. The bond (or loan) could be bought back from the growth fund at a flat rate percentage on a specified date. That satisfies keeping the Fenix asset issue intact, gives Fenix itself working capital, and offers a repayment plan. That new issue could be placed on any exchange, because it would be separate from the Fenix asset issue. How's that? ;) It is the only way it should be otherwise I am out. Dilution by adding shares would mean falling prices. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on August 06, 2013, 06:26:42 PM Future investments. I think it makes good sense to place 30% funds not paid as dividends with coinlender. But without locking it in. And then when we are ready to invest, we should go for a diversified group purchase like the one CoinHoarder is doing. https://bitcointalk.org/index.php?topic=268280.0 Order from multiple vendors. Maybe issue new shares to place the orders from multiple vendors. Or maybe just join a group buy already happening where we don't have to raise more funds, but still maintain the growth. If we have to issue new shares - how would we go about calculating the strike price? One choice for any new shares would be a completely new issue, probably as a type of bond or loan. Maybe named "Fenix.Grow," offering a flat percentage dividend that begins paying on a specific date, say 1 month from now. The bond (or loan) could be bought back from the growth fund at a flat rate percentage on a specified date. That satisfies keeping the Fenix asset issue intact, gives Fenix itself working capital, and offers a repayment plan. That new issue could be placed on any exchange, because it would be separate from the Fenix asset issue. How's that? ;) It is the only way it should be otherwise I am out. Dilution by adding shares would mean falling prices. Agree 100%. We could also use the remaining 30 % to pay out a dividend for the new IPO. People need to see that they do not have to wait 6 month for any r. o. c. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 06, 2013, 06:40:52 PM Go for ipo on Fenix.Research
Summary: Research into quantum processing mining. Get your coins before you mine them. On a serious note. An ipo with a clear indication that 10% of mining proceeds would be part of a research division of Fenix that could do things with the leaway Darpa has. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: lophie on August 06, 2013, 06:54:53 PM Go for ipo on Fenix.Research Summary: Research into quantum processing mining. Get your coins before you mine them. On a serious note. An ipo with a clear indication that 10% of mining proceeds would be part of a research division of Fenix that could do things with the leaway Darpa has. Ha Ha......... Ha -_-! Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 07, 2013, 03:30:08 PM Go for ipo on Fenix.Research Summary: Research into quantum processing mining. Get your coins before you mine them. On a serious note. An ipo with a clear indication that 10% of mining proceeds would be part of a research division of Fenix that could do things with the leaway Darpa has. :) We could produce the world's 1st chemical grade bitcoin nanobot miners. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 07, 2013, 08:37:42 PM A bit of dumping bakewell shares that were converted to fenix? Any speculation? I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo?
Date Type Price Per Amount Total 2013-08-07 14:13:30 ฿0.01000000 5 ฿0.05000000 2013-08-07 14:09:37 ฿0.01200000 254 ฿3.04800000 2013-08-07 14:09:31 ฿0.01210000 14 ฿0.16940000 2013-08-07 14:04:53 ฿0.01210000 4 ฿0.04840000 2013-08-07 13:58:15 ฿0.01210000 1 ฿0.01210000 2013-08-07 13:57:45 ฿0.01210000 1 ฿0.01210000 2013-08-07 13:57:45 ฿0.01500000 2 ฿0.03000000 2013-08-07 13:57:44 ฿0.01754538 4 ฿0.07018152 2013-08-07 13:57:44 ฿0.01500001 1 ฿0.01500001 2013-08-07 13:57:43 ฿0.01810000 1 ฿0.01810000 Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 07, 2013, 08:56:11 PM Had I been watching, I'd gladly buy for those prices, still above my adjusted cost from Bakewell.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 07, 2013, 11:09:08 PM A bit of dumping bakewell shares that were converted to fenix? Any speculation? I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo? Since it was just listed yesterday, it is not surprising there is some volatility as the market settles on a price for this. We will get a clearer picture after there are a couple more dividend payments. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 08, 2013, 01:25:58 PM There's no telling what people will do when they receive "free money". It's logical to assume a % of them will want/need to cash out.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: MikeMark on August 08, 2013, 03:11:16 PM A bit of dumping bakewell shares that were converted to fenix? Any speculation? I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo? Since it was just listed yesterday, it is not surprising there is some volatility as the market settles on a price for this. We will get a clearer picture after there are a couple more dividend payments. Wow, too bad they dumped like that. Looks like the price range jumped right back up to between 0.020 and 0.025. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 08, 2013, 04:33:35 PM A bit of dumping bakewell shares that were converted to fenix? Any speculation? I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo? Since it was just listed yesterday, it is not surprising there is some volatility as the market settles on a price for this. We will get a clearer picture after there are a couple more dividend payments. Wow, too bad they dumped like that. Looks like the price range jumped right back up to between 0.020 and 0.025. Bitcoin investors are not known for being logical or patient. That is why the bid-ask spreads can be quite large on many assets. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 09, 2013, 12:50:02 AM TO ALL FENIX SHAREHOLDERS!
The time has come to vote on how to invest 50% of our Growth Fund. The Board recommends we acquire a position in at least two of the following mining assets: LABCOIN and BTCGARDEN (BTC-TC), and ICEDRILL (BitFunder). We feel this investment is a balanced choice which keeps the focus squarely on Bitcoin mining. Holding these assets offers us the chance to profit from growth, as well as the opportunity to increase our capital resources with cutting-edge hardware. As always, we are open to suggestions. The investment of the entirety of our Growth Fund will be discussed shortly after this vote is completed. Please send a private message to FenixPR matching the template below: ### I, ____ , own X shares of Fenix, my BitFunder address is: (example) 1AJtCkse7ZLV3Mb1VwhhFEEV9fSsZobVss I vote YES , NO, or ABSTAIN on: Use 50% of Growth Fund for investments in LABCOIN, BTCGARDEN, and/or ICEDRILL shares. Notes/Preferences: (we value all additional commentary) ### Signature: (example) IHaX/N/jvaQXKxvavFZLs47f52+u0Q43H3M1LYuvJvF/l6ZiMJfbMGAnjm8tocNKXS4pSffJySn1hpuPK14iOno= Signed using: (example) Bitcoin-QT ___ If any of you are not familiar with the process of signing a message, pls refer to the instructions below: 1. Go to http://blockchain.info/wallet/ and create a new wallet. 2. Login. And go to "Import / Export" 3. Go to "Import" in the left navigational panel. 4. Import your bitcoin address that is associated with your bitfunder.com account. This needs to be the address that is listed* on https://bitfunder.com/assetlist 5. Now go to "Receive Money" link. 6. Find your address that you just imported, and click on the "Actions" drop down to the right of it. 7. Click on Sign Message 8. Copy-paste the message and click "Sign Message" button. You will be shown a signature. 9. Send in your address, your exact signed message text, and your signature that they provide. * If you don't own the private keys to the address listed on https://bitfunder.com/assetlist (say its a mtgox address or something) then please change your address first. 1. Create a new wallet at http://blockchain.info/wallet/ 2. Login and go to "Receive Money" - you will see a new bitcoin address over there. 3. Now go to http://bitfunder.com and login in 4. Go to "Settings" page 5. On the bottom right hand side, you will see a field for "Public Bitcoin address" - paste your new blockchain bitcoin address over here and click "Change Public Bitcoin Address". 6. Go to the https://bitfunder.com/assetlist and confirm that your public address has been updated for the Bakewell security. 7. Then login to blockchain.info/wallet and proceed from Step 5 in the list above. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 09, 2013, 03:13:58 AM TO ALL FENIX SHAREHOLDERS! The time has come to vote on how to invest 50% of our Growth Fund. The Board recommends we acquire a position in at least two of the following mining assets: LABCOIN and BTCGARDEN (BTC-TC), and ICEDRILL (BitFunder). The first batch is a initial sale of 14,500,000 (14.5 million) shares, which will be sold on BitFunder for 0.0014 BTC per share. The first batch will raise money to partially pay for chips and mining equipment from the manufacturer (HashFast, see thread https://bitcointalk.org/index.php?topic=262052.0) This money needs to be raised before the 12th of August (00:00:00 UTC, 12 August 2013) for this IPO to be deemed successful. The shares have no voting power. ---- Rather you folks go buy another miner and hook it up. I don't think the rest of the shares on bitfunder will sell. 10mil is alot left to go before the 12th edit: hit submit too soon... Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 09, 2013, 04:01:13 AM if the ice.drill IPO fails our money gets refunded.
if the IPO succeeds we have cheap shares of the next asicminer. for diversification purposes I *should* be in favor of a little Lafcoin/Garden exposure, but my infallible instincts say go with hashfast, activemining, and/or cointerra pre-orders. TL;DR: 28nm or GTFO Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 09, 2013, 04:12:55 AM The landscape of ASIC mining is changing fast and we want FENIX to be a balanced asset. If we rush to buy a third unit, we are putting all of our eggs in one basket. Buying hardware directly will make a bit more sense when we have more cash and/or shares on hand. We can always sell shares we hold if the prices rises, take profits off the table an order a unit...
We have some other good growth opportunities as well, including a lead on a new private hardware manufacturer, and the chance to do some lending. We want to make sure Fenix is nimble enough to capitalize on at least a handful of opportunities at once, and diversified enough to survive no matter what comes. When you buy 50 BTC units, you have made a choice and there is no turning back. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 09, 2013, 04:27:46 AM right nameface, no reason to rush.
btc hardware is in a state of flux (even more than usual) as gen2 asics arrive and the spectre of gen3 looms larger. cash is king. Suggest we wait and see, while putting reinvestment funds into ukyo.loan. more importantly, has anyone been able to reach Ian Scamfail and rub it in? ;D Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 09, 2013, 04:31:22 AM I may be able to get a discount on HashFast units, but I don't have the details right now.
Title: 2 nd dividend Post by: klaus_ffm on August 09, 2013, 05:16:16 AM do we get a dividend totay?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 09, 2013, 06:16:04 PM Board members are discussing the coupon schedule.
Title: Dividends Post by: klaus_ffm on August 09, 2013, 06:45:06 PM Board members are discussing the coupon schedule. Dividend payments *************** Dividends are paid twice weekly and based on 70% of total mining proceeds from all equipment owned by Fenix minus Expenses described below. Is there any open question left for discussion? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 09, 2013, 06:47:45 PM https://lh6.googleusercontent.com/-YkWjvHtiAq0/UfmRhyOA_wI/AAAAAAAAGQw/s7a7VT0AnZo/w200-h240-no/hashing+from+the+ashes.png Fenix. Hashing from the ashes of the infamous Bakewell scam. A group of four ex-Bakewell shareholders banded together to recover the two Avalon ASIC mining units belonging to shareholders. The units are currently hashing at ~140 GH/s. This same group has been unanimously voted in by the shareholders to become the advisory board for Fenix. The board's function is to suggest operating strategies for Fenix. Major decisions will be put to a shareholder vote. The board of Fenix has the vision to become a major Bitcoin mining outfit, to manage the company in a completely ethical and transparent manner, and to do its best to expand the company for the benefit of shareholders. All current and future Fenix equipment is the property of Fenix shareholders. Links to the mining pool and addresses of the dividend and growth funds will be posted in this forum thread. Description This asset is being listed for the following purposes: 1. As a means of paying dividends from the proceeds of Bitcoin mining. 2. To allow shareholders a way to trade their shares. 3. To facilitate the purchase of additional mining equipment to expand Fenix. Shares This asset will begin with 24,000 issued shares. Each existing Bakewell share can be exchanged for 4 Fenix shares. Instructions on how to transfer shares have been sent to all known shareholders. Any Bakewell shareholder who has not yet claimed ownership of shares is welcome to post in this forum thread, and we will contact you with instructions. Dividend payments Dividends are paid twice weekly and based on 70% of total mining proceeds from all equipment owned by Fenix minus expenses described below. A monthly financial report will be posted in this thread. Expenses The following expenses will be deducted before dividends are paid: 1. Electricity costs 2. Incidental repairs and replacement costs 3. Any applicable taxes, customs duties or other fees. (Paid) 4. Hosting and management fees for the miners (currently 5%) 5. Any unforeseen expenses to maintain efficient operation Expansion & Growth 30% of mining proceeds after the above expenses have been deducted will be retained for expansion, e.g. purchase of new equipment. The board may attempt to maximise this growth fund by careful investment, subject to shareholder vote. Hosting The mining equipment is hosted for Fenix at a trusted non-US facility. Voting As Bitfunder has no voting mechanism, issues for voting will be announced in the forum thread, and voting will be by signed message. Equipment Liquidation When the board determines that mining equipment is no longer profitable to use, it will be sold. Sales proceeds will then go into the growth fund. If there is no longer any equipment in current use, the growth fund will be distributed as a final dividend, pending a shareholder vote. For Reference Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 09, 2013, 06:54:33 PM I was following the discussion here: https://bitcointalk.org/index.php?topic=267682.msg2876442#msg2876442
<quote> Fenix Assets = 2 Avalon Asic Miners - currently hashing at 140 GH/s total shares = 24000 or 5.8 MH/s per share outstanding = 22950 recent price = 0.025 market cap = 575 BTC ~ USD $58,000 price per GH = 4.31 BTC </quote> Would like to open some discussion here specific to Fenix. Since we are paying such a premium in their opinion, what are the benefits to owning Fenix? I understand we are investing returns to stay competitive so that helps a little, but ELI5. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: 🏰 TradeFortress 🏰 on August 09, 2013, 11:57:34 PM Regarding dividends: I am unable to login to weex. It just redirects back to the home page. The password is correct. I've contacted Ukyo.
I will be paying dividends as soon as I can. Here's my thoughts on reinvestment opportunities: Mining PMBs: For the right price, they can be profitable. However, at the current prices of PMBs, the only reason why we'd want to buy them is if we think the network difficulty's growth will substantially decease. As we are already hashing with hardware, we'd already get significant benefits from the network difficulty decreasing, buying PMBs to increase our losses in case of large diff increases isn't a wise idea. DMS.SELLING: This is the reverse of a PMB - a SELLING share is backing a MINING (PMB) share, with the SELLING holder believing the network difficulty will increase more and that MINING is not profitable. Dividends to DMS.SELLING will be paid once there are more than enough coins to pay for 400 days of MINING's dividends at the current difficulty. DMS.SELLING can be interesting if we want to hedge against difficulty increases. ASICMINER hardware: When ASICMINER sells hardware, they only sell what they have on hand (with the exception of some resellers doing preorders and getting yelled at by friedcat). Unfortunately, the price for the hardware isn't profitable based on expected difficulty increases BFL: BFL will take an insane amount of time to ship. Buying BFL is silly. Avalon: Avalon is not selling anything at the moment I believe. They've mentioned they won't do preorders anymore. There are more ASIC manufacturers than ASICMINER, BFL, and Avalon. Some of the manufacturers probably will turn out to be another bASIC. The delivery dates quoted by manufacturers are always optimistic. https://www.hashfast.com/baby-jet/ https://www.kncminer.com/ http://www.bitfurystrikesback.com/shop/ I should note that if we don't have enough coins in the reinvestment fund to purchase a unit, we can issue more shares / another fund or we can simply participate in group buys and purchase shares of hardware. Other mining companies/projects that we can buy shares of: ASICMINER, ActiveMining, IceDrill, LABCOIN, BTCGARDEN, etc. ASICMINER would have been a good buy @ 3.5, and IceDrill's IPO might not even sell out and it doesn't seem like a smart investment. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 10, 2013, 01:51:04 AM 0.00027435 if my math is correct. Not bad for 4 days.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 10, 2013, 04:35:22 AM It appears shareholders want to order fresh equipment asap AND have some shares in BTCGARDEN and LABCOIN. The other option that has been suggested by several parties is to place a % of the fund into Coinlenders and/or Ukyo.Loan while we wait to accumulate BTC for a hardware purchase.
We need to tweak these numbers to best suit everyone: LABCOIN 25% BTCGARDEN 25% Ukyo-Loan 25% Coinlenders 25% CASH 0% note: funds placed in loans would be available for the hardware purchase (no long term loans) and select which unit to order: https://www.hashfast.com/baby-jet/ http://www.bitfurystrikesback.com/shop/ https://www.kncminer.com/ Based on voting it appears we could probably go ahead and invest 50% of the growth fund into BTCGARDEN and LABCOIN. However, we would like to open up the discussion and see if we can nail down all of our upcoming decisions in one fell swoop, based on your feedback. What exactly do you guys want to do? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 10, 2013, 05:50:04 AM let's get that liquid-cooled 500GH baby-jet ASAP! 8)
this is our savings account, not a venture capital fund. Play it safe. I object to labcoin/garden and anything not currently hashing/paying dividends. NO VAPORWARE PLZ. AM and 100TH are way more established/profitable. limit geographical/political risk, esp. to China. 20% TAT.AM (PRC) 20% 100TH (USA) 20% CIPHERMINE (UK) 20% ukyo.loan 15% coinlenders 5% cash in skunk bids for 1-3 is my ideal. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 10, 2013, 01:06:06 PM let's get that liquid-cooled 500GH baby-jet ASAP! 8) this is our savings account, not a venture capital fund. Play it safe. I object to labcoin/garden and anything not currently hashing/paying dividends. NO VAPORWARE PLZ. AM and 100TH are way more established/profitable. limit geographical/political risk, esp. to China. 20% TAT.AM (PRC) 20% 100TH (USA) 20% CIPHERMINE (UK) 20% ukyo.loan 15% coinlenders 5% cash in skunk bids for 1-3 is my ideal. I agree, this money should be placed somewhere relatively safe and easy to access when there is enough saved for another miner. Coinlenders, ukyo.loan, graet.loan, btc-bond(on btct) are all good ooptions. Spreading it out among several places also lowers the risk if any one of those people suddenly goes under. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 10, 2013, 08:58:47 PM Coupons are paid at ฿0.00021346 per share.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Fosca on August 10, 2013, 09:06:29 PM I agree not too much VaporWare indeed. Lets invest in best divident/shareprice ratio. 70% defensive, 30% offensive shares (might be vapor ware like soniq or icedrill). Then lets save to invest in hashing when the 'second hashing wars' begin, meaning the second generation of asics to enter the market beginning of 2014.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 10, 2013, 09:50:04 PM Zero percent vaporware, please!
CIPHER, AM, and 100TH have more than enough exposure to undelivered G2/G3 chips already. Let's grow safely with PREDICTABLE dividends/interest, instead of speculation on unproven blue sky ventures which may yield windfalls but are far more likely to go to zero. Fenix needs to accept the boring slow dime, and leave the lucky fast buck to individuals with high risk tolerance and wildly aggressive investment goals. Our mission here is saving up for a Mini-Jet without losing money, not striking it rich on a long shot. ice.drill is an acceptable compromise for "offense" as they will issue refunds if the IPO fails, and are backed by the extremely reputable deadterra/cypherdoc. The conservative 'no more god damn vaporware' approach has worked very well for CreativeX/bASIC. The 'shut up and take my (gambling) money approach has done nothing, or worse, for LABCOIN/GARDEN 20% TAT.AM (PRC) 20% 100TH (USA) 20% CIPHERMINE (UK) 10% ICE.DRILL 10% ukyo.loan 10% coinlenders 10% cash in skunk bids for 1-4 Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 10, 2013, 10:53:11 PM ...save to invest in hashing when the 'second hashing wars' begin, meaning the second generation of asics to enter the market beginning of 2014. Good thinking. 20% TAT.AM (PRC) ^ IMO this is starting to look like something most people will agree with. TF's opinion was that 3.5 would've been a good price for AM, but it's now at 3.9 :/ CIPHERMINE and 100TH are on different asset markets... 20% 100TH (USA) 20% CIPHERMINE (UK) 10% ICE.DRILL 10% ukyo.loan 10% coinlenders 10% cash in skunk bids for 1-4 For simplicity's sake we could go: 30% ICE.DRILL 15% ukyo.loan 50% coinlenders 5% cash in skunk bids for 1 __ I want to discover a clear strategy. I'm pro-baby jet. I'd like to see us hashing with 2 new units ASAP. This is how I see the bitcoin mining game, it's about being aggressive. I played poker professionally for many years and the best wisdom for bankroll management is: If you have a big bankroll, you must play smaller stakes and sacrifice potential profits to protect it. If you have a small bankroll, it is easy to replace, therefore your best play is always to accept more risk and play higher stakes. I see Fenix as a small player that wants to be a big player. Therefore, it should make moves. Here are our options: 1. issue ~1000-2000 more shares at ~0.02 2. create Fenix.grow 3. wait until growth fund is large enough to place orders 4. funnel dividends into growth fund As you may have guessed I think #3 is a better strategy for an asset with larger capital reserves. If we want a chance to be highly competitive in the future, we may have set the dividend % too high. In hindsight I would've rather pipped up and said 50/50 for growth/dividend. We have a pretty good group who share trust, with decent intellectual resources, so there's no point in being wimpish. What are you thinking? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 10, 2013, 11:42:10 PM I'm thinking 50/50 after depreciation is almost aggressive enough. If we're not super serious about growth, might as well auction off both units and quit, because millions of Avalons are being fired up somewhere deep below the Forbidden City. And Bitfury is shipping...!
Using multiple exchanges is a feature, not a bug. Say 'no' to single points of failure, bottlenecks, etc. Disagree with poker game approach, advocate orphan's college fund paradigm instead. Putting >20% into any single asset is too risky for Fenix (says the guy half in ice.drill :D). Ice.drill won't pay dividends or appreciate significantly for months, if ever. AM pays great divs now and is easy to liquidate. 100TH is ramping up and set to explode. Ditto CIPHER, which also gives LTC/XPM exposure. Haven't looked at Coinlenders closely but you like it, so will bulk up on that. Not in favor of issuing growth bonds at this time, but may be convinced with some math and fancy charts, especially if difficulty continues to skyrocket. 49% divs, 51% growth, after expenses and depreciation (one-ups CIPHER ;)) 15% TAT.AM (PRC, Havelock) 15% 100TH (USA, Picostocks) 15% CIPHERMINE (UK, LTCGLOBAL) 15% ICE.DRILL (USA, Bitfunder) 15% ukyo.loan (USA, Bitfunder) 15% coinlenders 10% cash in skunk bids for 1-4, marketing, slush fund, etc. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 11, 2013, 01:18:45 AM My vote goes to the status quo, let it earn some freaking dividends/growth before you go planning how to spend it back to 0. Worse yet issuing more shares to pay for additional equipment. I think the wall-street mentality is too strong in the last page of this thread.
Having a known declining income (difficulty) with plans to bump it back up with equipment purchases from the growth fund is a steady, and predictable route which may infuse confidence in the assets future. Investing the growth fund into other assets to which we have no control is essentially gambling with the growth fund hoping it pays off. Go back to the start of bitfunder, or further back to glbse and the loosers outnumber the winners by a large margin, should the "board" start trying to pick winners my 12% will be sold off. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 11, 2013, 02:30:50 AM My vote goes to the status quo, let it earn some freaking dividends/growth before you go planning how to spend it back to 0. Worse yet issuing more shares to pay for additional equipment. I think the wall-street mentality is too strong in the last page of this thread. Having a known declining income (difficulty) with plans to bump it back up with equipment purchases from the growth fund is a steady, and predictable route which may infuse confidence in the assets future. Investing the growth fund into other assets to which we have no control is essentially gambling with the growth fund hoping it pays off. Go back to the start of bitfunder, or further back to glbse and the loosers outnumber the winners by a large margin, should the "board" start trying to pick winners my 12% will be sold off. Thank you very much for this input. Everybody who has been vocal so far seems to be operating under the premise that through due diligence we will find good investment opportunities, and that we will profit. But it's important to note that historically many Bitcoin assets have not performed well. For some reason the idea of issuing more shares has been popular, I'm not a strong proponent of this, but I'm not opposed. Are you simply suggesting we sit on Growth Fund until it is large enough to purchase a unit? That is a sobering perspective. We could consider: 10% LABCOIN (it's cheap right now) 10% ICE.DRILL 80% Cash on hand The 20% invested is held as a bit of security by diversification. If we did this, and adjusted the dividend to growth fund ratio to 50/50, we'd have our order in fairly quickly. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 11, 2013, 03:17:24 AM My vote goes to the status quo, let it earn some freaking dividends/growth before you go planning how to spend it back to 0. Worse yet issuing more shares to pay for additional equipment. I think the wall-street mentality is too strong in the last page of this thread. Having a known declining income (difficulty) with plans to bump it back up with equipment purchases from the growth fund is a steady, and predictable route which may infuse confidence in the assets future. Investing the growth fund into other assets to which we have no control is essentially gambling with the growth fund hoping it pays off. Go back to the start of bitfunder, or further back to glbse and the loosers outnumber the winners by a large margin, should the "board" start trying to pick winners my 12% will be sold off. Points taken, but thanks in equal parts to luck and exhaustive due diligence, I've only picked winners thus far. We've already "earned some freaking dividends" but that halcyon era is rapidly fading. So let's plan for a turgid future. Diversification gives us power over the "essentially gambling" aspect because this sector is expansive, not zero sum. Scared money don't make money. 8) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on August 11, 2013, 09:12:30 AM Hi,
lets try some mathematics: Next week the Difficulty will be 50 Mio. The rate increases approximately 50% per month. So the Difficulty in November will be 170 Mio. The total amount of BTC our Avalons will mine till November is less than 100 BTC. No matter if we use 50 % of the dividends or sell 1000 new shares, we will not get enough BTC to buy hardware that makes Fenix sustainable. In my opinion discussions about investments in other shares are not helpful either. Fenix is not an asset manager. Shareholders can just invest in other shares on her own. Unfortunately we got the Avalons just 3 months to late. We should try sell the Avalons and start with a new IPO to invest in the new generation of miners. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 11, 2013, 07:14:27 PM Next week the Difficulty will be 50 Mio. The rate increases approximately 50% per month. We are hashing out 15BTC per week right now.So the Difficulty in November will be 170 Mio. Diff in Nov will be 130. Diff in two weeks will be 50m (source: https://docs.google.com/spreadsheet/ccc?key=0Auya3iRE6az1dDc0UVgwMU52YVpTazVjSHByOGNiWHc#gid=8) No matter if we use 50 % of the dividends or sell 1000 new shares, we will not get enough BTC to buy hardware that makes Fenix sustainable. I have the opposite opinion. No matter what we do, we can get enough. In my opinion discussions about investments in other shares are not helpful either. Fenix is not an asset manager. Shareholders can just invest in other shares on her own. I am starting to see it this way too. Fenix is about mining. Let's keep it straight.We should try sell the Avalons and start with a new IPO to invest in the new generation of miners. I totally disagree. We have a good mining venture, we are hashing, we have cheap power. Either mining is profitable, or it's not.Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: tulkos on August 12, 2013, 10:34:11 AM I agree that we are a mining outfit first and foremost and should not act too hastily in spreading our investment around. this is Bitcoin, unforseen drama will always be just around the corner.
But If we must put the investment somewhere while we wait for the next gen mining gear it's gotta be low risk and not a new IPO. Why not BTCINVEST ? it's already diversified around a number of stocks and loans, has a good track record, managed by tradefortress (who has an interest in this fund), and will not require much management on our behalf. Note: I have a few shares of btcinvest. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 12, 2013, 04:00:30 PM BTCGARDEN is toast https://bitcointalk.org/index.php?topic=264696.0
As I learn more about the mining game I sense that there really is a lot of smoke and mirrors. We are in a good position, we are hashing, and we want to MINE. Fun Fact -> If we hadn't paid out dividends, we'd have virtually enough coin to order a baby-jet. Instead of trying to pass a motion to invest in other companies, or doing a group buy, we could have tried to pass a motion to invest in ourselves. Personally I would have no problem halting dividends until we have made 1 order. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 12, 2013, 04:56:20 PM Personally I would have no problem halting dividends until we have made 1 order. agree since first to mine gains the biggest advantage.Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: iCEBREAKER on August 12, 2013, 08:19:03 PM BTCGARDEN is toast https://bitcointalk.org/index.php?topic=264696.0 As I learn more about the mining game I sense that there really is a lot of smoke and mirrors. We are in a good position, we are hashing, and we want to MINE. Fun Fact -> If we hadn't paid out dividends, we'd have virtually enough coin to order a baby-jet. Instead of trying to pass a motion to invest in other companies, or doing a group buy, we could have tried to pass a motion to invest in ourselves. Personally I would have no problem halting dividends until we have made 1 order. Second the motion to redirect divs until we have a Baby-jet. Friendly amendment: make it two! :D Also, let's avoid IPOs in China and listen to the people who warned against vaporware (EG me). :P Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Fosca on August 12, 2013, 08:54:54 PM I also second to redirect divs to purchase mining rig(s)
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on August 12, 2013, 10:12:51 PM Thread turning around, self investment is better then dilution and gambling.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: strello on August 12, 2013, 10:36:46 PM I agree with halting dividends until there is enough in the growth fund for an order for a Baby-jet, unless that turns out to be another pipe dream in the meantime.
Lets put it to a vote. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 12, 2013, 11:47:16 PM Part of the reason people buy assets like this is to get the steady dividends. I do not think we should be halting dividends now, who knows what the future will bring? Just save the money in a fixed percentage bond that allows buyback at face value until we have enough money to buy more mining equipment, then cash out the bonds and buy the equipment.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 13, 2013, 01:58:05 AM I know it may seem like we're turning in circles, but we're not. This is highly valuable discourse!
Peter Lambert's point is well taken. A middle ground must be sought. The board's initial decision to go 70/30 was ambitious. The dividend to reinvestment ratio is really the problem we've all been sensing from the beginning. We can all agree that FENIX should have a strong reinvestment strategy AND pay good dividends. How about:
- 40% Dividends ( 1 per week ) If our goal is to stay competitive, a 60/40 ratio is far better. I don't think there's really a dire need to halt dividends altogether. Everything always feels like a rush in Bitcoin, but what we really need here is a sane overall strategy we can all agree on. If we can come to a loose consensus in this thread, then we can move on to the next problem of whether to save for our own unit or participate in a group buy. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: tulkos on August 13, 2013, 05:32:11 AM
- 40% Dividends ( 1 per week ) I would be happy with this. It would basically mean sacrificing some dividends now for a larger rise in share price in the future due to a larger purchase of GHs. Is that right? Title: new hardware Post by: klaus_ffm on August 13, 2013, 06:07:54 AM If we stop paying dividends the pps will tank to 0.01 or less.
Please check out the following links: http://decentralizedhashing.com/bitcoin-mining-equipment-table/ http://blockchain.info/de/charts/miners-operating-profit-margin?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= I would like to make Fenix a sustainable business too. But there should be a business case for it. Just invest with little chance to make a profit does not make sense to me. Title: Re: new hardware Post by: nameface on August 13, 2013, 02:30:58 PM I would like to make Fenix a sustainable business too. But there should be a business case for it. I appreciate your comments Klaus, but why hold Fenix shares if you don't even think there is a business case for mining? I'm looking at the chart you provided and the outlook is very good for bitfury, KNC, and HashFast IMO. These are the hardware units we are considering reinvesting in right now. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 13, 2013, 02:49:00 PM
- 40% Dividends ( 1 per week ) I would be happy with this. It would basically mean sacrificing some dividends now for a larger rise in share price in the future due to a larger purchase of GHs. Is that right? Yes sir! The goal is to simultaneously increase our future profitability and continue to pay solid dividends. Most real world businesses pay dividends of maybe a few %. That's how the big guys are going to play Bitcoin mining, investors returns will shrink as the market stabilizes. Specialists will be the ones who make the money. "Specialists" means chip manufacturers, but also those who make good decisions about who to deal with in the industry. We aren't "big money", but we are hashing as we hatch a good plan. If Fenix can't grow, then I believe there is something wrong with Bitcoin. I don't know about you guys, but I don't feel like surrendering the remaining 10 million coins to large corporations. I still want to mine. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 13, 2013, 04:08:05 PM Coupons are paid at ฿0.00027716 per share.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Fosca on August 16, 2013, 03:49:13 PM hmmm shareprice really took a dump any views?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 16, 2013, 04:18:06 PM A bit of selling at ~0.013. Nobody knows what it's worth :)
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: lophie on August 16, 2013, 05:07:39 PM A bit of selling at ~0.013. Nobody knows what it's worth :) Maybe realizing that this income is decrease everyday without clear plans to expand the hashing power? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Fosca on August 16, 2013, 06:50:14 PM It is strange: LabRatmining has 360Ghz (little more than double Fenix speed), but 67k shares (more than double Fenix amount of shares) LabRatMining is priced at 0.16. That means LabRatMining is now valued more than 10x Fenix shareprice. Although Fenix is on par and has a growthfund. Either LabRatMining is overvalued or Fenix is heavily undervalued!
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 16, 2013, 06:54:32 PM It is strange: LabRatmining has 360Ghz (little more than double Fenix speed), but 67k shares (more than double Fenix amount of shares) LabRatMining is priced at 0.16. That means LabRatMining is now valued more than 10x Fenix shareprice. Although Fenix is on par and has a growthfund. Either LabRatMining is overvalued or Fenix is heavily undervalued! I would suspect a bit of both.Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Kuroth on August 16, 2013, 07:04:10 PM I might have to get in on some of this...
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 16, 2013, 08:27:13 PM It is strange: LabRatmining has 360Ghz (little more than double Fenix speed), but 67k shares (more than double Fenix amount of shares) LabRatMining is priced at 0.16. That means LabRatMining is now valued more than 10x Fenix shareprice. Although Fenix is on par and has a growthfund. Either LabRatMining is overvalued or Fenix is heavily undervalued! LabRatMining is overvalued. Is there a way for us to short it? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 16, 2013, 08:42:26 PM Coupons are paid at ฿0.00011056 per share.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: strello on August 16, 2013, 11:26:52 PM How about putting something to a shareholder vote?
- 60% Hardware reinvestment - 40% Dividends ( 1 per week ) Seems like a good place to start. I also think that putting the growth fund into a "safe" place to earn a little interest while we wait for a good opportunity to order is a good idea. Coinlenders or Ukyo seem safest. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 17, 2013, 12:31:33 AM TO ALL FENIX SHAREHOLDERS!
The time has come to make a decision regarding the distribution of our incoming BTC. The board's recommendation is as follows: - 60% Allocated to hardware reinvestment - 40% Distributed in the form of a weekly dividend Reinvestment will be directly in mining equipment, and may include the purchase of shares in group buys. Voting is open for 72 hours. Please send a private message to FenixPR matching the template below: ### I, ____ , own X shares of Fenix, my BitFunder address is: (example) 1AJtCkse7ZLV3Mb1VwhhFEEV9fSsZobVss I vote YES or NO on: Funds being split 60% for direct hardware reinvestment (including the possibility of group buys), and 40% to be distributed in the form of a weekly coupon. Notes/Recommendations: ### Signature: (example) IHaX/N/jvaQXKxvavFZLs47f52+u0Q43H3M1LYuvJvF/l6ZiMJfbMGAnjm8tocNKXS4pSffJySn1hpuPK14iOno= Signed using: (example) Bitcoin-QT ___ If any of you are not familiar with the process of signing a message, pls refer to the instructions below: 1. Go to http://blockchain.info/wallet/ and create a new wallet. 2. Login. And go to "Import / Export" 3. Go to "Import" in the left navigational panel. 4. Import your bitcoin address that is associated with your bitfunder.com account. This needs to be the address that is listed* on https://bitfunder.com/assetlist 5. Now go to "Receive Money" link. 6. Find your address that you just imported, and click on the "Actions" drop down to the right of it. 7. Click on Sign Message 8. Copy-paste the message and click "Sign Message" button. You will be shown a signature. 9. Send in your address, your exact signed message text, and your signature that they provide. * If you don't own the private keys to the address listed on https://bitfunder.com/assetlist (say its a mtgox address or something) then please change your address first. 1. Create a new wallet at http://blockchain.info/wallet/ 2. Login and go to "Receive Money" - you will see a new bitcoin address over there. 3. Now go to http://bitfunder.com and login in 4. Go to "Settings" page 5. On the bottom right hand side, you will see a field for "Public Bitcoin address" - paste your new blockchain bitcoin address over here and click "Change Public Bitcoin Address". 6. Go to the https://bitfunder.com/assetlist and confirm that your public address has been updated for the Bakewell security. 7. Then login to blockchain.info/wallet and proceed from Step 5 in the list above. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 17, 2013, 12:35:32 AM Does Bitfunder not have capability to hold votes?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Carnth on August 17, 2013, 01:10:23 AM Does Bitfunder not have capability to hold votes? No. >:(Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on August 17, 2013, 06:46:51 AM TO ALL FENIX SHAREHOLDERS! The time has come to make a decision regarding the distribution of our incoming BTC. The board's recommendation is as follows: - 60% Allocated to hardware reinvestment - 40% Distributed in the form of a weekly dividend ------------------------------------------------------------------------ how about 60% Allocated to hardware reinvestment or buy back shares? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 18, 2013, 02:20:42 AM TO ALL FENIX SHAREHOLDERS! The time has come to make a decision regarding the distribution of our incoming BTC. The board's recommendation is as follows: - 60% Allocated to hardware reinvestment - 40% Distributed in the form of a weekly dividend ------------------------------------------------------------------------ how about 60% Allocated to hardware reinvestment or buy back shares? Why? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Dropthebass on August 18, 2013, 02:31:51 AM So if my understanding is good, instead of 70% distributed as dividend and 30% for hardware investment we switch to 40/60.
There is nothing wrong with that for me as I'm looking for long term profitability as well however, it kinda lacks of plans concerning the reinvestment in new mining hardware. Any idea at the moment ? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 18, 2013, 03:54:13 AM So if my understanding is good, instead of 70% distributed as dividend and 30% for hardware investment we switch to 40/60. There is nothing wrong with that for me as I'm looking for long term profitability as well however, it kinda lacks of plans concerning the reinvestment in new mining hardware. Any idea at the moment ? It's immaterial how specifically we intend to invest in hardware. If this motion passes we can vote on it later. The things we could do are: 1. Halt dividends to save for hardware 2. Issue new shares to raise capital for hardware 3. Sell our units to raise capital for hardware 4. Make the asset a 100% PMB 5. Switch to a 40/60 model in order to strike a better dividend/reinvestment balance We could do #1 #2 #3 AND #5 all at once! ::) But I opted put forth the this motion because it's simplest, and it balances out the concerns of those who have been vocal in this thread and in PMs. Nobody seems to want FENIX to be a fund, or to invest in 'Bitcoin things other than mining'. We just want to mine with our own equipment. Note: BTW If I'm doing something screwed up, or if I'm missing some great opportunity somewhere please lambaste me in the thread. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: bob131313 on August 18, 2013, 04:44:06 AM 4. Make the asset a 100% PMB Note: BTW If I'm doing something screwed up, or if I'm missing some great opportunity somewhere please lambaste me in the thread. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Dropthebass on August 18, 2013, 05:03:39 AM Thank you for the quick reply Nameface.
Quote Nobody seems to want FENIX to be a fund, or to invest in 'Bitcoin things other than mining'. We just want to mine with our own equipment. I couldn't agree more. That's why I'm interested in your company. Quote It's immaterial how specifically we intend to invest in hardware. If this motion passes we can vote on it later. I'm fine with this answer as shareholders can vote later. Seems pretty fair to me. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 18, 2013, 05:11:32 AM 4. Make the asset a 100% PMB Note: BTW If I'm doing something screwed up, or if I'm missing some great opportunity somewhere please lambaste me in the thread. Title: Re: Fenix. Hashing from the ashes of Bakewell. Post by: MPOE-PR on August 18, 2013, 12:37:09 PM Q. How was Fenix born? By the time Ian Bakewell was revealed to be a scammer, most investors thought it was too late to do anything about it. A very few, including strello, nameface, TradeFortress, and wisard thought differently. They stayed in constant communication over bitcointalk, and fought hard for months to recover the units. I must say this shit is pretty impressive. Well done strello, nameface, TradeFortress, wisard & co. Title: Re: Fenix. Hashing from the ashes of Bakewell. Post by: stereotype on August 18, 2013, 02:59:58 PM Q. How was Fenix born? By the time Ian Bakewell was revealed to be a scammer, most investors thought it was too late to do anything about it. A very few, including strello, nameface, TradeFortress, and wisard thought differently. They stayed in constant communication over bitcointalk, and fought hard for months to recover the units. I must say this shit is pretty impressive. Well done strello, nameface, TradeFortress, wisard & co. Ditto here. Looks like the method and lawyers you guys deployed, may be needed on the Avalon thread! ;) What happened to Ian Bakewell? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Justin00 on August 18, 2013, 03:10:30 PM you guys are like the only people out of the 100000000000000 people who have been ripped off to actually do something about it !!
great work =) Ian is probably still checking for the UPS man to deliver the ASICs every day :p Title: Re: Fenix. Hashing from the ashes of Bakewell. Post by: Peter Lambert on August 18, 2013, 04:28:53 PM What happened to Ian Bakewell? He is probably still lurking around here somewhere under a different user name. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on August 20, 2013, 07:31:58 PM Our most recent motion was passed unanimously!
To clarify the changes: 60% of FENIX revenues now go directly into our Reinvestment Growth Fund 40% Are paid out in the form of a weekly coupon on Thursdays Title: ashes to ashes Post by: klaus_ffm on August 21, 2013, 08:28:07 PM People don't understand that we need to double hashing power every month to stay even with the increase of difficulty.
Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO. I wish I had sold my shares the first day... Title: Re: ashes to ashes Post by: Peter Lambert on August 21, 2013, 08:46:32 PM People don't understand that we need to double hashing power every month to stay even with the increase of difficulty. Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO. I wish I had sold my shares the first day... What are you talking about? The high was 0.027, the low is 0.004684, that is a loss of about 82.7%, not 90%, and there were several dividend payments in that timeframe as well, about 4.5%, which brings the loss (if you bought at the peak) to somewhere around 78.2%. But that is just if you bought at the peak (on the first day), most of the shares were carryovers from Bakewell, how much did you actually pay for those shares? If we have a miner currently mining, it would be silly to sell it and start over. If we sold it what would we buy, the same model we just sold? Plus we would miss out on all the mining while we wait for new hardware. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 21, 2013, 09:25:59 PM The only reasonable action was to sell the 2 avalons and start with a new IPO. It makes no sense to sell our machines because we pay no management fee and we have extremely low power costs. "The only reasonable action" was and continues to be mining Bitcoin. There has been no trading below 0.0799, and I suspect that price undervalues FENIX (but who knows...) We'll have to start considering our next move now. I had a meeting last night about a group buy that went very well. note: We pay NO management fee. Our listing on BitFunder has always been incorrect and will be changed soon. Title: Re: ashes to ashes Post by: tolan77 on August 28, 2013, 01:04:29 PM People don't understand that we need to double hashing power every month to stay even with the increase of difficulty. Honestly I agree, however I felt too guilty to sell as to me that devalued all the hardwork the team(strello,nameface,ect) has put in to even make this security possible so honestly I already had seen it as money lost anyway so any money back is good and it's a basic little hedge if I'm wrong about difficulty increases. However if we have much in the reinvestment jar we might look into this new price on blades from asicminer. https://bitcointalk.org/index.php?topic=282867.0 Cheapest miners that we can get ASAP. ~~2500mH/s per BTC which is the best price I've found and could get us back in the game a bit however who knows if we'd even get this investment back with new asic companies shipping.Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO. I wish I had sold my shares the first day... Title: Re: ashes to ashes Post by: nameface on August 28, 2013, 07:13:07 PM People don't understand that we need to double hashing power every month to stay even with the increase of difficulty. Honestly I agree, however I felt too guilty to sell as to me that devalued all the hardwork the team(strello,nameface,ect) has put in to even make this security possible so honestly I already had seen it as money lost anyway so any money back is good and it's a basic little hedge if I'm wrong about difficulty increases. However if we have much in the reinvestment jar we might look into this new price on blades from asicminer. https://bitcointalk.org/index.php?topic=282867.0 Cheapest miners that we can get ASAP. ~~2500mH/s per BTC which is the best price I've found and could get us back in the game a bit however who knows if we'd even get this investment back with new asic companies shipping.Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO. I wish I had sold my shares the first day... Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 30, 2013, 12:50:29 AM Coupons is paid. Starting today it's simply 1 week's worth of dividends every Thursday.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Evolvex on August 30, 2013, 01:12:49 AM Our most recent motion was passed unanimously! To clarify the changes: 60% of FENIX revenues now go directly into our Reinvestment Growth Fund 40% Are paid out in the form of a weekly coupon on Thursdays Catching up on old posts..... I agree with the above btw, so I'm glad it went through. As I noted in a few PM's, an aggressive growth strategy, in my opinion the only way to stay mining. I think I worked it out to be around, having to double hashing speed every 10 months or so (I think it was more than this, but rounding it down a little), so we need to be sure that we have enough saved in "the last period" to get the newer gen hardware as it comes out, skipping a gen between orders perhaps. Regardless, job well done everyone :) Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on August 30, 2013, 04:16:45 AM I think I worked it out to be around, having to double hashing speed every 10 months or so (I think it was more than this, but rounding it down a little), so we need to be sure that we have enough saved in "the last period" to get the newer gen hardware as it comes out, skipping a gen between orders perhaps. I'm hoping to propose we invest in a particular deal I'm involved in that would get us in on a large group buy. These will be managed through a new hosting facility for asics that will offer cutting edge features. Details are coming soon. There are no guarantees the deal will go through, but I'm sure we'll find good options on an ongoing basis regardless.Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Daeiro on September 03, 2013, 03:05:41 PM Hi All,
I have some Bakewell shares that I would like to convert to Fenix shares. Can I just transfer them to fenix on Bitfunder ? regards, Daeiro Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on September 03, 2013, 04:31:45 PM Hi All, I have some Bakewell shares that I would like to convert to Fenix shares. Can I just transfer them to fenix on Bitfunder ? regards, Daeiro Hi Daeiro, PM sent to you. ;) Enjoy, FenixPR Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on September 07, 2013, 11:16:13 AM I wonder what kind of hardware a company with 2.5 BTC dividend and a market cap of less then 50 BTC can buy.
2 monthy ago we could have sold the avalons for > 200 BTC. Now Fenix is as bust as Bakewell. I think I worked it out to be around, having to double hashing speed every 10 months or so (I think it was more than this, but rounding it down a little), so we need to be sure that we have enough saved in "the last period" to get the newer gen hardware as it comes out, skipping a gen between orders perhaps. I'm hoping to propose we invest in a particular deal I'm involved in that would get us in on a large group buy. These will be managed through a new hosting facility for asics that will offer cutting edge features. Details are coming soon. There are no guarantees the deal will go through, but I'm sure we'll find good options on an ongoing basis regardless.Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on September 07, 2013, 03:43:19 PM 2 monthy ago we could have sold the avalons for > 200 BTC. Now Fenix is as bust as Bakewell. We took a vote on how we should proceed upon receiving the units. IIRC only 1 person voted to sell the units.> 200 BTC is a very optimistic figure for a sale price, it might have been only ~125 BTC. We have mined > 91 BTC with our units so far. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Daeiro on September 11, 2013, 01:33:06 PM Hi All,
Does anyone know if FenixPR is on vacation or something ? I've sent a message there 6 days ago and had no reply yet. regards, Daeiro Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: tulkos on September 21, 2013, 06:16:23 AM Any Divs this week ???
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Fosca on September 21, 2013, 10:16:05 AM Indeed where is the div?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Evolvex on October 02, 2013, 03:56:05 PM Things seem very very quiet here lately....
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on October 09, 2013, 03:25:33 AM Any/All Americans invested might want to get a plan together, checkout the press release on Bitfunder (or read any one of the threads here)
Don't panic and sell, a transfer might be your best bet. I'm an outsider that will be going through with verification and could manage some additional shares if people wanted. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: tolan77 on October 09, 2013, 04:19:05 AM Any/All Americans invested might want to get a plan together, checkout the press release on Bitfunder (or read any one of the threads here) As an American this has limited my options. Being someone that's stuck it through since Bakewell I promised myself I wouldn't sell as it almost holds sentimental value for me. Would be interested in possibly a transfer to the new btct.co or just privately traded.Don't panic and sell, a transfer might be your best bet. I'm an outsider that will be going through with verification and could manage some additional shares if people wanted. Curious to see what you guys decide on doing. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 09, 2013, 06:48:40 PM @nameface: could you please distribute the 50 BTC planned for future investments as final dividend?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on October 10, 2013, 12:09:41 AM If the time ever had to come, I think we could trust the group who helped get Fenix going to continue to manage outside of an exchange.... Just takes a couple more sheets on the google doc to keep track of what addresses own how much, and dividends can be sent out (manualy) to those listed. Would be nice to pair down those with very few shares to keep the number of transactions down....
I don't think its the right time to panic and distribute the investment fund as a dividend, it would be better put to use buying more hardware. Good thing we didn't get the asic's hosted in the USA. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: mattmcegg on October 11, 2013, 12:00:35 AM What are the options at this point for Americans with shares? I'd like to hold direct shares, or maybe you could work to get on Havelock. Any word from a Fenix rep yet?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 13, 2013, 08:16:57 AM The avalons are worthless. Why not distribute the cash reserves? This is the best option for US shareholders.
What are the options at this point for Americans with shares? I'd like to hold direct shares, or maybe you could work to get on Havelock. Any word from a Fenix rep yet? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: 🏰 TradeFortress 🏰 on October 16, 2013, 10:18:25 AM The avalons are worthless. Why not distribute the cash reserves? This is the best option for US shareholders. This is being performed right now. A final dividend is being issued. No electricity cost is being deducted from the final dividend. What are the options at this point for Americans with shares? I'd like to hold direct shares, or maybe you could work to get on Havelock. Any word from a Fenix rep yet? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: fourd00rgtz on October 16, 2013, 12:43:36 PM So whats being done with the shares/asic's? Once the last dividend is handed out everything is worth 0 ?
Will there be any further transactions outside of Bitfunder? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 17, 2013, 08:37:41 PM Some people still pay > 1000 USD on ebay for an avalon.
So whats being done with the shares/asic's? Once the last dividend is handed out everything is worth 0 ? Will there be any further transactions outside of Bitfunder? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on October 17, 2013, 08:42:38 PM What is a fair price for 2 Avalons?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 17, 2013, 09:04:38 PM The best price pay people on ebay as many don't calculate the hardeware break even. You would get probaly 2500 USD for 120 GH.
http://www.ebay.com/itm/1st-of-2-Avalon-4-module-ASIC-bitcoin-miner-110-GH-possible-IN-HAND-SHIPS-FAST-/331045667320?pt=LH_DefaultDomain_0&hash=item4d13dc01f8 If you calculate with a diff increase of 30% every 10 days than the FAIR value is about 9.5 BTC without power costs. Did we save only 35 BTC? 60 % of 95 BTC should be a few more, right? What is a fair price for 2 Avalons? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: ProfMac on October 17, 2013, 09:29:11 PM What is a fair price for 2 Avalons? A properly run auction discovers this price. TradeHill recently had an auction of 2 module, new construction avalons, in hand, clocked at about 60 GH/s. Bids ran from about 2.21 BTC to about 3.00 BTC. With this information in hand, Avalon is offering 2 module units at 6 BTC each. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: supermono on October 18, 2013, 06:02:40 AM I own 1 share of BAKEWELL. I sent FenixPR a PM on October 9 asking about converting it into a share of Fenix, but never received a response.
Is my share of BAKEWELL both worthless and useless now? Should I file it with my share of ZigGap? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on October 18, 2013, 03:13:47 PM So a fair price for the Avalons is somewhere in between 12BTC and 18BTC? Therefore, it's reasonable to ask for 15BTC?
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on October 18, 2013, 03:14:54 PM I own 1 share of BAKEWELL. I sent FenixPR a PM on October 9 asking about converting it into a share of Fenix, but never received a response. You must communicate with TradeFortress, he manages the asset. You were supposed to have transferred him your share a long time ago.Is my share of BAKEWELL both worthless and useless now? Should I file it with my share of ZigGap? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: supermono on October 18, 2013, 08:06:53 PM I own 1 share of BAKEWELL. I sent FenixPR a PM on October 9 asking about converting it into a share of Fenix, but never received a response. You must communicate with TradeFortress, he manages the asset. You were supposed to have transferred him your share a long time ago.Is my share of BAKEWELL both worthless and useless now? Should I file it with my share of ZigGap? I just tried to send TradeFortress a PM and got a red error message "User 'TradeFortress' has blocked your personal message." Is that normal? (This is the first time I have tried to send a PM to TradeFortress.) Thanks! Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 18, 2013, 09:46:08 PM 15 BTC would be perfect for the sharholders
So a fair price for the Avalons is somewhere in between 12BTC and 18BTC? Therefore, it's reasonable to ask for 15BTC? Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 20, 2013, 06:55:24 PM Fenix should have generated >95 BTC but only 80 BTC have been paid out. Was the rest for power costs and management fees?
2 monthy ago we could have sold the avalons for > 200 BTC. Now Fenix is as bust as Bakewell. We took a vote on how we should proceed upon receiving the units. IIRC only 1 person voted to sell the units.> 200 BTC is a very optimistic figure for a sale price, it might have been only ~125 BTC. We have mined > 91 BTC with our units so far. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: 🏰 TradeFortress 🏰 on October 21, 2013, 07:47:38 AM Fenix should have generated >95 BTC but only 80 BTC have been paid out. Was the rest for power costs and management fees? 2 monthy ago we could have sold the avalons for > 200 BTC. Now Fenix is as bust as Bakewell. We took a vote on how we should proceed upon receiving the units. IIRC only 1 person voted to sell the units.> 200 BTC is a very optimistic figure for a sale price, it might have been only ~125 BTC. We have mined > 91 BTC with our units so far. 3% Btcguild fee, plus electricity costs, yes. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 21, 2013, 08:00:16 PM OK now it is obvious that the company lost >50 % by not selling the hardware as I suggested.
Hopefully we get 10 BTC for selling now, 4 months to late. Fenix should have generated >95 BTC but only 80 BTC have been paid out. Was the rest for power costs and management fees? 2 monthy ago we could have sold the avalons for > 200 BTC. Now Fenix is as bust as Bakewell. We took a vote on how we should proceed upon receiving the units. IIRC only 1 person voted to sell the units.> 200 BTC is a very optimistic figure for a sale price, it might have been only ~125 BTC. We have mined > 91 BTC with our units so far. 3% Btcguild fee, plus electricity costs, yes. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: maxocoin on October 23, 2013, 11:39:03 AM Hi,
I'm non American and have 4 Fenix shares on Bitfunder. What is the status right now? Cheers MC Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: BlackFor3st on October 23, 2013, 01:37:44 PM Hi, I'm non American and have 4 Fenix shares on Bitfunder. What is the status right now? Cheers MC That would interest me too! I'm also an non-american and i hold 186 Shares on Bitfunder. Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: nameface on October 23, 2013, 04:39:09 PM The reinvestment fund has been distributed, and we are working with TradeFortress to figure out the price of the final dividend.
Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: FenixPR on October 25, 2013, 07:57:23 PM We are winding down this asset, and have decided to accept a price of 12 BTC from TradeFortress for our 2 Avalons. The upcoming final dividend will include a redistribution of funds from this sale.
The board would like to thank you all for mining with us. We hashed 123 BTC so far, and will be receiving an additional 12 BTC, a total of >135 BTC. We could have sold our units initially for a price similar to 135 BTC. However, this was not the will of the majority of FENIX shareholders. We wanted to mine, and that's what we did. The board considers the entire FENIX experience to be a huge success! Good work! Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 25, 2013, 09:42:54 PM We hashed 123 BTC and paid out only 81 on dividends?
We are winding down this asset, and have decided to accept a price of 12 BTC from TradeFortress for our 2 Avalons. The upcoming final dividend will include a redistribution of funds from this sale. The board would like to thank you all for mining with us. We hashed 123 BTC so far, and will be receiving an additional 12 BTC, a total of >135 BTC. We could have sold our units initially for a price similar to 135 BTC. However, this was not the will of the majority of FENIX shareholders. We wanted to mine, and that's what we did. The board considers the entire FENIX experience to be a huge success! Good work! Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Daeiro on October 30, 2013, 04:21:34 PM Hello Fenix,
I have received only a quarter of the Fenix shares that were promised for my Bakewell trade-in. I've PM-ed Fenix-PR but never received a reply. Any suggestions on what to do now ? regards, Daeiro Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Carnth on October 30, 2013, 10:37:50 PM We hashed 123 BTC and paid out only 81 on dividends? See a couple of post above. Fenix should have generated >95 BTC but only 80 BTC have been paid out. Was the rest for power costs and management fees? 3% Btcguild fee, plus electricity costs, yes.Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: klaus_ffm on October 31, 2013, 06:48:36 PM How can it be considered a success if sharholderes got 80 BTC by mining compared with > 120 BTC by selling the avalons?
We hashed 123 BTC and paid out only 81 on dividends? See a couple of post above. Fenix should have generated >95 BTC but only 80 BTC have been paid out. Was the rest for power costs and management fees? 3% Btcguild fee, plus electricity costs, yes.Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Spincycle on November 05, 2013, 04:20:14 PM Important Notice (November 4, 2013)
Please be advised that BitFunder is ceasing operations. In connection with BitFunder's shut-down, please note the following points, which supplement the points outlined in BitFunder's October 8, and October 11, 2013 notices: As of November 14, 2013, no BitFunder user will be able to enter into any new positions or sell positions on the BitFunder website. BitFunder users are encouraged to transfer their shares from the BitFunder site to the respective issuer(s) no later than December 1, 2013. As of December 2, BitFunder will initiate a transfer from the BitFunder site to the respective issuer(s) of any remaining shares held by BitFunder users, and will provide the issuer(s) with the public bitcoin address associated with the user account. After transfer, each user will need to work with the issuer(s) with respect to the future treatment of the shares. On December 2, 2013, bitcoin balances in the accounts of all users will be transferred to their WeExchange accounts. As of the date of this notice, BitFunder is not assessing any new fees against any BitFunder user. Notwithstanding the shut-down, the site will remain available for viewing and users will be able to request records from BitFunder until at least December 15, 2013. ** Do we transfer you the shares now to you or wait until Bitfunder does it on Dec 2? ** Title: Re: [BitFunder] Fenix. Hashing from the ashes of Bakewell. Post by: Carnth on November 05, 2013, 06:50:19 PM Important Notice ..... Fenix has already shutdown operations. If you have/held shares, you have already been paid final dividends that included the liquidation of mining equipment. Just withdraw your BTC from your Bitfunder account account. Just let the shares sit in your account. They will go away when Bitfunder does. |
