Bitcoin Forum

12/07/2012 500 shares of ASIC.COOP have been sold. Thanks to all investors!

The IPO is now listed on GLBSE, under the ticker ASIC.COOP.[/b] https://glbse.com/asset/view/ASIC.COOP

This is a project to buy the new announced ASIC miner from Butterfly Labs: BitForce SC Mini Rig 1TH/s, priced at $29,899.

http://news.yahoo.com/butterfly-labs-announces-next-generation-asic-lineup-054626776.html

You are buying shares in this unit so you own part of it. This provide piece of mind for future upgrades, but it also means that if the unit breaks we lose our investment.

I will operate the unit at my location. The weekly cost of operating the unit will be deducted from the earnings and the rest will be paid to the shareholders.

For the begining 5000 shares at 1BTC each will be sold.



Here is the IPO description for our COOP:

ASIC Miner COOP is a stock pool with the intention of acquiring ASIC (Application Specific Integrated Circuit) Bitcoin mining equipment. Our goal is to become one of the first in the market to begin mining operations based on ASIC technology, and to give the opportunity for investors to benefit from this technology.

The projected cost of mid to high level ASIC equipment can effectively block many small to mid size mining operations from acquiring these assets. ASIC Miner COOP will offer the ability for these operations and individuals to own dividend bearing stocks and voting rights in an ASIC mining operation.
Butterfly Labs™ has stated in their ASIC FAQ that projected availability will be in October of 2012. This information is subject to change and while ASIC Miner COOP has no control over order and shipping dates, the voting structure of the COOP will allow investors to take part in the decision making of the COOP. This structure allows the COOP flexibility and the ability to react to a changing market.

Pre-order investment funding will be placed in an interest bearing account at 1% weekly. The investment funds will be allowed to compound weekly, until the purchase order is placed with Butterfly Labs™ thus giving COOP and in turn the stockholders an immediate benefit above and beyond share pricing. If at any time it appears an adverse condition will occur with the acquisition of the ASIC equipment during the pre-order stage, a vote will be held to decide if liquidation or investment in other technology will occur.

Dividends will begin to be paid out after mining operations have begun, with all shares having equal standing. The COOP does not charge any load, and only operation costs are deducted from mining proceeds.

Decisions about investing part of the profits into interest bearing instruments to allow the COOP to invest in expansion of the operation will be done by a majority vote of the stockholders.

Addon: If the operator becomes unable to maintain the unit, he will transfer the unit to another member of the COOP after seeking shareholder approval.

IPO description proposal done by dreamwatcher.

Please discuss!

I setup a donation address for the 8BTC GLBSE fee: 15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44

http://blockchain.info/address/15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44
Please send a PM first with the amount you are donating.
First donors will get priority for buying shares.

Donors (not including myself):
pekv2 - 0.1  BTC
locust - 0.25 BTC
DutchBrat - 1 BTC
dreamwatcher - 8 BTC

Donations are closed we have the amount needed.

What will you do with those BTC until BFL can deliver somewhere next year?

May I suggest a pirate bank deposit ?

Makes perfect sense TBH

They usually require advance payment.

No numbers yet. The electricity cost will be deducted from the weekly earnings.

If 3.5 Gh/s can be powered by USB, I think 1 Th/s will not be a issue here. By the way, what is max power for a USB port anyway?

2.5w

So, it should be around 750W for the unit.

The PR release doesn't say the power comes only from USB, just that it's USB powered. It could have another power input, for example a phone charger.

I setup a donation address for the GLBSE fee: 15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44

I presume that USB Powered means that can be powered just from USB port... JMHO.

Probably, but there's wiggle room there for when they end up decreasing the expected hashrate and increasing expected power use, like they did for the singles.

Hey, be fair. They actually increased the hashing for the current mini rig by 1000 mhash and decreased the power by 100w so i think they learned their lesson for now.

just my 2 cents:

I think its to early right now to put my all money in into a preorder. It'll be a loooooooooooooong time until you see a working product.

There are many reasons:
- It's impossible right now to calculate your ROI on this investment (to many unpredictable factors like difficulty/competition/btc value)
- You have no clue when BFL is going to deliver
- A competitor could even deliver ASIC products month before BFL does
- A competitor could even sell and deliver ASIC products for better $ per mh/s ratio
- BFL could even go broke and your money is lost forever
- A rise in exchange rate per BTC will decrease the value of your stock - even before you get startet with mining
- There is a little chance that hash algo could be changed and make ASIC products worthless in order to protect the network (if BFL stays the one and only company on the market which produce ASIC)

I think you are part right.
For this I opted for a cooperative. You only lose what you can afford.
But also, without some risk you can't win. To each his own.

Interested !

I'm guessing you will wait selling the bonds until BFL actually takes pre-orders....


5000 Bonds @ 1 BTC ia already way over the supposed cost price of the SC Miner

I'm going to have them on GLBSE as soon as I get donations for the 8BTC fee,
I think is best to have the funds on hand, as to assure order frontline.
I will spend only the BTC needed for one unit, the remaining will be returned as divident.

Let's see...

a) You're not willing to risk 8 BTC to start your IPO.
b) You want the money NOW even though the product release date is at some indeterminate point in the future.

Hmmm....

You totally misunderstand the notion of COOP. I do not get any profit out of it, except for the shares I buy.
For this, all expenses should be paid by the COOP members.
Anybody is free to go at it by himself, or to pay ten times for mining bonds. Nobody will give you a better offer. If they do, please let me know.

I do not want your money now. You can buy them at your convenience, if still available on GLBSE.

And after all, competition is good for consumer!

I have been unable to find an official announcement from Butterfly Labs that is both credible and verifiable. Can you please provide a URL hosted on their domain with the appropriate news announcement?

Until then, I would urge caution with regards to this Internet rumor whose veracity is in question with an unverified source as it may be a hoax aimed at causing people to devalue their mining shares/bonds, equipment, etc. in an attempt to get them to sell them at a lower price.

Also, someone should let Butterfly Labs know about the press release since if someone is using their name without their consent then Butterfly Labs may want to proceed with legal action as there are several actionable torts if that is the case.

The price on title is in USD, if you pay attention. This is because the price of BTC is very volatile this days.
You are right there is no business plan, because this is not a business, it is a COOP.

Regards.

DUDE, how clearer can you get ?

Is you blind ? Stop posting rubbish. Nobody would pay $89 for an announcement to get me to sell my GPUs you conspiracy nutjob.

Official BFL post by forum account :

https://bitcointalk.org/index.php?topic=87934.msg966882#msg966882
https://bitcointalk.org/index.php?topic=83985.msg966924#msg966924

Stop the FUD. It is real all right !

They bought an announcement on Yahoo news.
They posted also in the forums:
https://bitcointalk.org/index.php?topic=87934.0

No ! It is all fake. I am telling you !!!

It is a government shape shifter conspiracy to get us to lose our constitutional rights and sell our mining rigs.

 :D How dumb / uninformed can you be ??? People still claiming announcement is fake ? LOL !

If it's USB 3.0 I think it's a round 4.5 Watts?

And with new spec changes mentioned here, a 100 watts or more:

http://arstechnica.com/gadgets/2011/08/usb-ports-that-power-laptops-monitors-soon-to-be-a-reality/

Sub, would want to get in on this once BFL starts shipping those ASIC rigs. Also you might have some competition: https://bitcointalk.org/index.php?topic=86854.msg967648#msg967648  ::)

If you run the numbers, that is not competition, it is just dust in your eyes.

Maybe, but these days people do this just for fun, so why not?  ;)
http://news.yahoo.com/leading-sha256-hardware-manufacturer-acquires-venture-capital-funding-081026668.html (http://news.yahoo.com/leading-sha256-hardware-manufacturer-acquires-venture-capital-funding-081026668.html)

LOL. Your numbers are way off, you are not mining yet, you have no hardware and you will not pay dividends any time soon. Your only intention is to push mining bonds prices down, so you earn as much as you can on shorting them. Looks like the shorting does not go as well as expacted if you don't have mere 8 BTC for IPO ;D

How do you know who send which donation?

Haha, I was just about to start something similar, but you woke up before me :P

If there is enough interest I can start a similar fund.

Best of luck!

Please send a PM first with the amount you are donating.

Thanks!
I'm always open to colaboration or competition. :)

You people tought I will go to war naked, don't you?
If you take time to check my post history, as you all should, you will see that I tried the same thing with the mini rigs, but I stopped because of the ASIC announcement.

If you are going to start a venture you ought to be willing to put up disproportionate risk and you also ought to take disproportionate reward. Bitcoin is a free market system, not a commune. So that's a red flag to me.

Being unwilling to put up 8BTC for the listing fee is also a red flag to me.

I do think the idea of raising a pool of money to invest in ASICs when they become available is a no-brainer, though (as in, a good idea).

I also think it would be a good idea in general for people raising money to include in their initial post a list of reasons why they should be trusted to manage other people's money. I don't know anything at all about you, and you havent't told me. I could go look through your posting history, but unless I go through it with a fine-toothed comb, I'm not really going to learn anything.

Best of luck.

Struck me as strange too. Who does not have 8 BTC available ???

Strange but I still think OP is legit.

Why am I the only one who can see right through this yahoo posting? Cmon guys..

I think you are not seeing clearly.
I do have 8 BTC, and if you look for the symbol CANMINE on GLBSE, that it is mine. And yes, I'm fully verified by GLBSE. I can always ask Nefario to change it, or I can add it to the operation cost, but what I really want is to check people interest in my idea.

A mining COOP that will be investing in ASIC is an intriguing idea.

A COOP is still a business, the main difference is it wholly owned by the employees. In this case, there is not really going to be any direct stakeholder activity in the business.

Perhaps COOP is the wrong term. It seems to me, that you want to create an investment pool that distributes all profits to the stakeholders with no principal investor. In reality only you would be doing the actual work and you would retain possession of all the assets.

Looks more like a normal business structure with the CEO taking a token salary (Like CEO's that have a $1 salary), and having heavy investments in the business. The work they do for the business is rewarded by increased dividends and share value, and in most cases they get a bonus in the form of more shares.

In any case, whatever structure you base this on, you need to pay yourself something for all the work you will do. Your investors are not going to be doing any of actual work, and unlike the $1 CEO, this is a start-up.

We might not see the first ASIC hit the general public for a year.As of now we only have a announcement that has not been verified on the BFL website itself.
I also have to agree in sorts with the idea that it is early for and ASIC investment, however,  temper the early investments in the business by investing the BTC until you can order the equipment.

Take the BTC you get from now until you can order and invest it (preferably something low risk, maybe split between low and medium risk) in a bond(s) that pays dividends regularly. Split the dividends between the business and investors. That way the investors are seeing some pay back right away and the business fund will grow before the first ASIC is ordered.

The only tricky part is knowing when to start selling off the bonds to have the liquidity in place to order the ASIC.

I think you will get a much better response, if you offer per-order investors some kind of return beforehand. Just leaving BTC sitting and waiting for a product to become available kind of makes people a bit nervous.

Anyway, that's my 2cents, take it or leave it.

Great Idea!!!! Just refine it a bit and I may invest.  :)

I agree with dreamwatcher.

Raise the money now and invest it in bonds or shares, particularly those that have BFL hardware so the bonds wont be worthless because they can upgrade, or just choose a fund that can manage the investment like MU or DeadTerra's fund.

This is a very thoughtful answer and I thank you for it. I really like the name COOP :)

I know that this proposition have risks and it is not for everyone. I would like somebody to offer it, but nobody does. I have my own farm, and another unit is no problem for me to take care of it.
I hate the idea of centralizing hashing power to a few huge miners.
I'm not ready to risk people money, on soon worthless investments, like the actual mining bonds. We can always, if the investors agree, place the funds in 1% guaranteed deposits offered by Patrik or Hashking.
I will do all the work for free for the first unit and I will invest 300BTC myself.

Peeople are not really investing heavily in pre-order mining operations - they're investing in runningmining operations.

There's really no way I'd consider investing in BFL's shipping promises again.

If you were to go that route, then it might be an idea to not distribute any dividends on those deposited funds, but instead using them to buy extra Jalapenos or, if it takes a long time between IPO and the possibility to pre-order, perhaps even the 40 GH/s miner.... depends on what the majority of investors want, obviously

I guess they just forgot to add it with the update..
Always better to just let some anon on the forums post official announcements. .
http://www.butterflylabs.com/production-update/

And of course not just anyone can post articles on yahoo...
http://news.yahoo.com/leading-sha256-hardware-manufacturer-acquires-venture-capital-funding-081026668.html

I asked Patrick and at least 500BTC can stay with him for awile, bringing in 1% weekly.

Thank you.

That works out well.

500 coins @ 1% compounded weekly would earn approx 115 coins in six months (52% APR =  common ratio ~ 1.52 converted to six months (1.52^0.5)~1.23)  6 month interest =  (1.23 * 500 = 615))

I believe one can assume at least six months before an order can be placed.

115 coins using $6.50 (USD) per BTC (conservative calculation - BTC will almost certainly be at a higher exchange rate) =  $747.50. More than half way to a SC single just in interest, before the first unit is ordered.

So, assuming more than 500 BTC and the exchange rate will rise above $6.50 (USD), it is conceivable to gain 40 GH (SC Single) before mining even begins.  :)

This or we can pay dividents, or whatever the majority decides.

I will probably buy into this. Once it comes out.

3 bucks for 100 shares = 100 Mhash/s. Maybe even more. Good stuff.

Please donate if you can and like the idea. Even 0.1BTC will help.

Waiting for a weekly pay-out, probably tonight....

Then I will donate 1 BTC

It will be much appreciated. First donors will have priority for buying shares.

I will pop off a high donation after my loans are paid. After my loans are paid I have a few more donations to toss to other ppl as well. If I do one donation, I will have to pop off donations to others, I cannot do that atm. It'll put me in the hole. hope you understand.

Ima pay my donations now. I'll grab some more moneypaks when possible + with my mining, I will be ahead as I am ahead now.

Sent .1 BTC.

This is correct.  We need official confirmation first. 

D

Thanks a lot. If you don't mind I will put your user name in the first thread as a donor.

Yea, go for it. np. thnx :)

Sent 0.25 BTC

Transaction ID: 5007f7729edede1e3878927980f2072e150d0d1b43199ab06b4fd09527b6be3e

Thank you! I added your user to the donors list.

Did the first donator ask for his 0.50 BTC back ? Or was that just you yourself who had put in something to get this started ?

If so, why did you take it out ?

No, I just sent 0.5BTC to myself, as my contribution. Use the total received on that page as your guide. Why are you asking? Do you want to donate :D ?

Hahaha Yes, told you before !  :P

Waiting for a weekly pay-out, then you can expect 1 BTC going to that adress and yes, you can put my username on the donator list after you have received it  ;D

I answered so many PM and questions today, I forgot about your promise.

Thank you.

New donation received.

Thank you DutchBrat.

4.5 or possibly a fair amount more if it's USB 3?

I have donated the entire 8 BTC.

Hurdle one is done   :D

Thank you very much. Let's start working on the contract. Any pro bono lawyers available  :D ?

Updated with the IPO description draft.
              Work done by dreamwatcher.

Thank you.

It is a good idea to state what the operating costs will be and to how much $ or BTC that comes to per week/month

It is hard to estimate at the moment.
I pay $0.075 for power.
I will operate it for free.
We might need to insure the unit, but I can't give an estimate yet.

Please tell me if you see other possible costs.

You should edit the thread title.

"ASIC MINERS COOPERATIVE 0.03$ PER 1MH/S"

Cooling; PC terminal; Internet... all these "little thinghs" have costs", so often forgoten

For all these I will add 1KW/h to the electricity cost. If there are other costs they will be submitted for shareholders approval.

Perhaps have a website up and running where shareholders can see the hashrate of the machine

At the moment I am checking my miners 25/7.... am pretty tired I must say  ;D

Yes, this will be done.

I have acquired the domain asicminercoop.com and will develop the website until somebody in the coop that is more expert at web development volunteers to take over. I am more of a network-hardware person myself.

Good news! Thank you dreamwatcher!

What I have been reading that there is a possibility of failure rate, that seems to be a great idea is to insure the unit in some way. Especially spending multiple thousands of dollars on it.

I would assume/demand a warranty on the unit

A $30,000 piece of equipment should have a multi-year warranty.

Automobiles that cost less normally have a minimum of 3 year warranty, and they are subject to weather and all kinds of abuse.

If the warranty offered by Butterfly Labs is inadequate, we can haggle for a better warranty.

When dealing with this level of purchase, some negotiation should be expected.

Until now, they offered a 6 months warranty. We can ask for a longer warranty if possible, or we can get some form of private insurance.

For a customer level product, like the singles, I can see that. To me, that is still low for even that level of the market.

No business in their right mind is going to accept a 6 month warranty on a $30k asset, and I certainly hope BFL knows that.

IF not, the COOP needs to negotiate an acceptable warranty, this should not be hard, the warranty costs BFL nothing if the unit does not break down.

If the unit breaks down and the unit is repaired at BFL, the costs would more than likely be much less than the profit they made on the unit in the first place.

I do not see this as a hard negotiation point, especially if we get the pool setup and establish a relationship with BFL early on.

When I made the affirmation, I was thinking of CPA  :D.

Thank you usagi.

I support this initiative. It makes more sense than trying to design an ASIC.

One idea I had was maybe we could come to an agreement with bfl for co-op members to do a  group buy of Jalapenos and as a benefit to the co-op get a discount on the price ?

I feel the Jalapenos will be out first then the larger ones.

Perhaps collect the money for them now and place it in an interest bearing account till the time comes to get them at the discounted price and the savings can be transferred to shares in the larger rigs ?

Give us your thoughts, please!

I will work on getting a basic website up this weekend. It will not be much, probably just announcing this project and a copy of the draft IPO description.
If we want to keep this project moving forward, we need to get more reaction to the IPO description draft.
The earlier we can get the IPO offered and develop a relationship with BFL, the better position we can possibility be in when the time comes to place the first ASIC order.


I also have a question about the .03 per 1MH/S statement, I assume this means if all the shares are sold. More than likely, there will be some unsold shares and people are going to trade shares, especially in the start.
What happens to the dividends attributed to the unsold shares?
I can see to two things happening, the unsold dividends get divided among the active shares or the dividends go back into the pool for further investment.


I also want to throw the idea out, similar to bitcoin.me, that maybe the pool could start purchasing current singles after it has met the minimum deposit on the principal per-order investment vehicle. Current singles have a 100% return value on the ASIC equipment, so it really is a no loss situation, unless the pool is REALLY unlucky mining with the singles, if it is not using them with a PPS pool, and it makes less than 1% weekly+compound. The decision to put the proceeds into the investment vehicle, further single investment, or dividing it among shareholders would be decided by vote.

I will start the listing on GLBSE on the weekend. I have had some people reading the IPO description and I believe we can go ahead.


Yes, it is .03 per 1MH/S if everything gets sold and it can be less or more depending on the exchange rate. I would say dividends get divided among the active shares, if we want to expand we raise more capital, share holders being given priority to purchase.


Some calculations need to be made, I'm not sure if the reward will be more than 1% per week.

After some primary calculation, the units would take about 26 weeks to even ROI. We also have to calculate the initial ship time (6 weeks?).

So upon further review, I think the COOP is better off placing the funds in the principle pre-order investment.

VERY BASIC website is up. Don't laugh too hard, I never said I was a web developer.  ;D

Mostly just the IPO description and a link to this thread.

Service email address is also provided.

http://www.asicminercoop.com/ (http://www.asicminercoop.com/)

News from BFL: http://www.butterflylabs.com/bitforce-sc-release-notes/

If BFL is reallygoing to start taking orders soon, we might notget a chance to sell all stock leaving the company short of 30.000 $

Then what will happen ? Will everyone get their btc back ? Will the company buy the cheaper ASICs instead ?

I would say we start with the cheaper ASICS, but we will vote on it.

I filled for IPO this evening. It should be here soon: https://glbse.com/ipos (https://glbse.com/ipos)

So you better have your BTC ready for Monday evening. :)

It seems like there's going to be an order-form tonight, so we might be late to the party

Still no word on how they exactly are going to handle the ordering process or the delivery of the products

Even if we are amongst the first to order (and I doubt we can  raise that much money that quickly) they might go for a lottery-style and we might not get it during a later production/delivery run

What they are proposing is the worst compromise I can think of

To a degree, maybe. I see most of the talk is about the singles, essentially a retail level product.

It is highly doubtful sales at the business level are going to be handled by a third party merchant like it appears the singles are.

The COOP is going to be purchasing the $30k business asset, the rules are a bit different for that level of product. I find it HIGHLY unlikely that this level of asset will be handled in a "lottery" like fashion.

This level of purchase is normally handled on a business to business level, with formal contracts.

I would not worry too much about it, even if a few of the bigger pools get their hands on a unit before us, it will not effect the COOP that much. The COOP will still be one of the first with the business level asset and thus in a position to produce a good profit.

Well, if we get the rig 4 weeks after someone else gets his/hers it will make a big difference in ROI, especially if the market is already flooded with Jalapenos and more importantly SC singles.... it will add to the difficulty big time when these little puppies are out in the wild.

Ciuciu.... how has the interest in this venture been so far ? Do we stand any chance to raise the kind of cash we need ?

Or are we going for singles instead ?

Order forms have been posted....

Really not to much interest, except what you can see in the thread. We will see after the listing gets on GLBSE.

If you truly believe that an asset of this value will have its ROI so diminished by something as small as a 4 week window,

3.5 GH , 40 GH  (0.3% and 4% for Jalapenos and Singles in relation to the TH rig)

$32,475 for 25 single units to match 1 rig means an extra added cost of $2576.00 to match the power of a rig (not including shipping etc.)

7.8% increased base cost to go with singles.

Something to consider if the majority of shareholders believe ROI will be severely diminished that it would be worth a 7.8% increase in cost.


I would also like to add, that I am totally UNIMPRESSED by the pre-order "form" for the SC RIG. This type of asset should most definitely be handled on a true business level contact, not on a NON-SSL site,asking for the same information as if one was ordering a $149 Jalapeno.

I certainly hope they are not expecting an entity to fork over $30k , ahead of time, with no formal contract. I would understand a deposit on a signed contract, and even an escrow account, but for a business to blindly hand over $30k like they were ordering a cup of coffee?????

Actually not a cup of coffee but a lot of coffee cup warmers  ;D ;D

More seriously, why did you expect anything different ? Its exactly the same way they handled the current mini–rig

If they decide to ship out a whole lot of SC Singles 2 months before the first Rig it will seriously diminish the roi

Furthermore, they are alreafing admitting they cant satisfy all the current demand on the first production run, hence the serioudly retarded semi lottery style

So what if we are rig nr 5 on the list and they decide to send it to us in the 5th month of production ????

Then it is wasted money

BFL should really tell us how many of which products will be produced on the first run

That way you know more what chance you have of actually getting the product shipped out to you

As it stands now, with NO clarity whatsoever, it's too much of a gamble to throw down $30K for a product without a definite shipping date

We are now listed on GLBSE. https://glbse.com/ipos (https://glbse.com/ipos)

The trading will begin Thursday.

So I'm interested in throwing my hat in the ring here, but I've got a question first.

Who are you?

This is a huge investment. This is a new car, or a condo in Denver. If the coop is going to have you handling the physical possession of the rig, the members need to know who they're giving that trust. If necessary, they need to know whose door the police should break down to get their money back.

Hi Qoheleth,

If you check the ASIC.COOP listing on GLBSE, you will see that I'm fully verified. In case something happens my details will be made public.

Thanks for your interest.

We are now trading live on GLBSE! https://glbse.com/asset/view/ASIC.COOP (https://glbse.com/asset/view/ASIC.COOP)

Cool.

If you don't mind me asking. How does this work? Buy ASIC.COOP shares, and each share are per 100 Mhash/s? That's when the product become available.

We sell shares, until we have the money to buy an unit.
After we receive the unit all mined BTC, minus the expenses are divided between the members, according with the shares owned.
Until we have the money to buy the unit, I will place the bitcoins in guaranteed deposits offering at least 1% weekly at the moment. We can pay dividends or buy smaller BFL units with the returns.
The equivalent should be around 190MH/S per share.

Alright, sounds good to me. :)

Morning bump.

The COOP needs investors!!!

I have just invested 50 BTC to get the ball rolling.

Come on supporters, now is the time to invest while the shares are still at 1.0 BTC, once the COOP gets more popular and shares start trading outside the initial offering pool, it will cost you more to buy.  :)

We supporters need to invest to create confidence, once others see the COOP has investors they will want to invest also.

As much as I want to, I will do so, after I get my loans paid off first.

I understand. Thanks for your support!

I will buy some shares as well pretty soon

Have one additional question:

BFL has said they will take all orders up till mid-july in consideration for the 1st production run

We are late to the party but might have some luck in the lottery

question is: do we wait until we have all the money to order an ASIC rig, or do we take end of the BFL order-period as cut-off date and order as many ASIC products as we can in the hope we get some delivered in the first batch

Keep the listing open and perhaps order more at a later date

In this conditions, I would say second option is best. We will vote on it.

Thanks.

It will help me with my records, if every buyer post in this thread, before buying the shares on GLBSE.

Thanks.

I've done some work, I am very ahead on my BTC as of now for my loans. I can spare 1 btc.

How do I go on about this? I already have a glbse account for the record.

Edit:
Seems fairly easy, I think I've got it. I am purchasing one share of ASIC.COOP for 1 BTC.

I've had the same problem! I think it requires you to have enough BTC+5% or something like that in order to purchase or create a sell order.

Yes, but 1. Placing an order on the order book doesn't incur fees and 2. The fee for filling an order is only 50 BP (0.5%), not >2%.

it seems to take the fee to put the order up and gives it back when the order is filled...

Check that your old bid isnt still listed.

Well, a few people with a few hundred thousand BTC in total did manage so far... ::)

Not to sound too arrogant, but the incompetence might not lie entirely on GLBSE's end in your case.

Hi,

At my end, everything looks OK. Maybe is something wrong with your account. Try again later and contact GLBSE support. If nothing works, you can send me 2BTC and I will transfer 2 shares to your acount.

Welcome aboard.

I bought 5 shares 6/26/2012  10:54:38 PM GLBSE time.

Had to get out of Newbie jail to post.

Thanks for your support. Tomorrow I will pay the first dividend!

 I'm a proud owner of 4 shares!

2% dividend paid.

Thank you.

ciuciu had helped me tremendously in the last 24 hours or more on some very much technical difficulties that I was having with glbse.

ciuciu had gotten this resolved, I had sent him some BTC for two shares of ASIC.COOP, he had transferred the two shares to my glbse account. ciuciu is a good guy in my eyes, so I just want to sincerely thank you, ciuciu, for all the help and support you have supplied.

Thank you, ciuciu.

Ok, I'm interested.

Seeing the response so far... When is the cut off for the decision to go with Singles or the rig?

If we have not pre-ordered until day X and a competitive product comes along, how would this be handled?

I have been watching this thread, my brother, friend and I have been saving up ~2600$ to buy 2 singles. We might be looking to buy shares here, but what happens if we don't get to 30,000$? I don't want to invest here and not have money to buy singles as a backup.

Is there a way to pay BTC with a set value of USD per share? What if BTC goes up to 7.50$ when some of us have our money saved up and ready? We would've payed 35,000$ for a 30,247$ rig.

Josh

The price in OP is in USD, I'd think it will be ordered / bought as soon as the shares hit that price. Be it by exchange rate, returns from the 1% investment or number of shares sold. Once the order is placed I expect no more shares will be sold.

I agree there should be a plan B for not getting the money together by XX date. Either getting Singles or pay back 1 BTC per share + what was made with the 1% investment / number of shares.


Edit: realised 1% investment is paid out as dividends.

Hi,

I'm trying to purchase 9 BFL ASIC single from this thread:
https://bitcointalk.org/index.php?topic=91278.0
The seller accepted to get paid for 7 and take shares in our ASIC.COOP for two. So, we need to raise $7840 ASAP. He have 252BTC and we need another ~955BTC.
If we want a chance, we need this money in a week.

Thanks.

Unfortunately, my business is not very liquid at the moment. I expect a large cash inflow mid-August to early September as a couple of investments come to maturity. If I try to liquidate them now, the penalty would be extremely high and pretty much eat up any gain I made on them.

I wish I could help, but at this time I have already invested any of the significant BTC in the COOP I have until then.

Why did the shares available drop to 997? Did we just have a huge buy?

I can buy 20 mores shares right now, but looking at what is needed,  I really only want to do that if it will get us over the goal.

No, I just adjusted the number of shares to account for the 9 units. I do not think we will be able to sell 5000 shares very soon.

I *might* be able to do 60 within the week. I'll be back in 24hrs.

I was also talking with the OP of that thread in regards to buying 2. Will the asic mining coop only be operated on these 9 singles rather than a mini rig?

Yes, I will opearate this 9 singles instead of a mini rig. It will take too long to sell 5000 shares.

I think that is the best way to go. We will also get more GHs/$ with the discount. I can definately buy ~1333$ in shares this week, and another 1000$ soon.

This will be great. I will buy another 100 shares myself too.

So how much will be going to operating costs and how much will be going to the shareholders? What is the new Mhash/$ we are getting with the 15% discount from the OP.

Also please update the original post.

I can't calculate exactly at the moment, but they will be kept at a minimum. All will be made public and they will be approved by the shareholders.

If needed, I can go the route of liquidating my mining farm. It is not huge but would enable me to buy an additional 150 or so shares.

I have been wondering what to do with this farm as I fear the 5800 series market will crash *when* BFL starts delivering en mass.I thought about selling off the 5800's and buying 7000 series as an interim solution.

But perhaps I will sell them off and invest it on the COOP, and when my investments pay off  in the next month and half - two months, put an order in myself for a single or two.

One issue is loss of income until BFL delivers, as I assume once the order is placed, there will be no more dividends until BFL delivers.

The other issue is time, I can probably liquidate the farm within a week, but not by the end of this week. Then the issue of converting cash to BTC arises, reasonable conversion takes 3-4 business days (through Dwolla). Other conversion routes that are quicker normally take about a 5% cut when all is said and done.

Anyway, let me know if you think this will be needed and would help the cause substantially.

Did you get the deal worked out with wogaut? 10080$ for 9 SC Singles right?

https://glbse.com/api/quantity_trading/ASIC.COOP shows only 255 shares sold?

256 sold at the moment.

He is asking $7840 for 7 singles, for the last 2 he will take shares in ASIC.COOP. So in total we get 9 singles for ~1600 shares, which is equivalent to 225Mh/s per share, minus the operating cost.

10 more for me.

ASIC.COOP    10    1.0    2012-07-03 18:11:58

Well with the changing price of bitcoin, 1600 shares = ~10400$ ATM for 10080$ costs. I think it should be 1550 shares at the average of 6.50$ a btc.

Also, if I did my math right, you're looking at 370$ a month for operating costs at what I've been reading that singles use 750w.

I don't believe the singles use 750 watts. From what I heard it should be about 25-40 watts for each single.

I'm sorry to say that it's very unlikely that I'll be able to make it for another 60 BTC until next Wednesday.  :(

Anyone with a cheap loan?

I could loan you some Bitcoins :)
Pm me with details
//DeaDTerra

Thanks for the dividends!  8)


I'm slowly buying (unfortunately mainly from other people selling ??? ), will have my pledged 60 done by Tue 7/10/2012 3:00 PM UTC.

I was wondering where some BTC came from last night, no notice or anything. :p

I try to pay 2% per week by doing some GLBSE trading.

Thanks.

ah, thank you as well :) .

Any answer to this? I think seeing a deadline for a target fundraising goal should be set. After that, investors should be able to sell shares back. I suspect this is holding back potential investments.

Also, we are not putting or coins at risk in order to achieve our dividend right?

I would like to continue to shift funds from other securities to this coop, but need some to know how long coins may be tired up (if the effort is unsuccessful) and that they are secure from risk.

This week I will put an order for I hope 2 BitForce Single ‘SC’ and after I will stop selling shares. Until then I will pay some divident, at 0% risk for the COOP funds.

Thanks.

As soon as my deposit to GLBSE confirms, I'll buy a share.

(I've never dealt with GLBSE before...)

EDIT: bought 1 share

Can you set a date and time (i.e. UTC) for when this will happen?

The deadline for buying ASIC.COOP shares is July 14 (next Saturday) at 10:00 EST (GLBSE time).

I intend to buy as much funds we have from here:
https://bitcointalk.org/index.php?topic=92267.0

Thanks.

Is that you with the massive 1.0 BTC sell order?

That's the IPO.

Done!  8)

ciuciu, will send you the transaction history.

Bought 18 shares @ 1.0 BTC each. Thanks!

65 shares left.

Just bought 25 more for a total of 75 shares. Only a few left.

17 left. Woot!

500 shares sold. I will try to buy 3 SC singles with our BTC. I will keep you updated.

Thanks to all investors!

Anybody wanting to put up more btc for a bigger buy? Maybe if we got 165 in buy orders, ciuciu could release another units worth of shares. would have to be done real quick though.

I'm done for now, thanks. :-)

Buy order for PUREASIC is up! Nice one!

yeah man!

+1 selling things that dont exist! and things that may exist one day! and things that we dont know if they will exist!

invest your money now!

@#@$#%^^^%^**(^*(&

I just realized this would put the trade fee on ciuciu (of course, buyers could put in orders at 1.005).

So yeah, we should get our order in.

I decided to wait for wogout to get verified with GLBSE. If he doesn't by Monday I will order direct with BFL.

Thanks.

Ciuciu,

I am reposting my response to your message in the PUREASIC thread here for your and others' reference:

Update: ID verification complete!

Just FYI: Nefario from GLBSE completed the ID verification. 

Are we going to miss this?

Bought 600 shares of PUREASIC.
We were left with 41 BTC. I will return 8BTC to the people who donated for the GLBSE listing, and return 33BTC as dividents. Any unforeseen spendings will be deducted from the first payment after sharehoders approval.

Thanks to all investors!

Alright! Thanks ciuciu

I don't follow, any better way to explain for myself to understand?

Ty, ciuciu.

Guess I will take the website down then.

You can send the listing refund to the address in my sig.

 It was a good effort, but even the best laid plans...

So is ASIC.COOP just going to be a pass-thru for PUREASIC?

I see that differently:

PUREASIC is the pass-through for BFL  :)

Because you will get the physical units to mine with when they arrive.

Thanks for buying!

OK, I guess I am not understanding exactly how the COOP has changed.

I will leave everything as is for now.

So the COOP is still going to run like the charter, except we are buying our units through a third party (PUREASIC) instead of direct from BFL?

Nothing has changed. 600 shares gets us 3 singles SC. We buy the units from him because he offers us better pricing.

Thanks.

I guess, it means the coop does not have any BTC reserves right now, to pay for i.e. shipping of the units (just an example). Should any expenses arise, they will be deducted from the first earning / dividend.

Donation had been refunded on surprise. Ty, ciuciu.

No dividends have been paid since July 14. Any news? ???

What are the time table payments?

I believe the dividend was only for the preinvestment period.

Dividend payed was because there were more BTC then were necessary for buying the shares from Pure.ASIC

There will be NO dividends until there is an ASIC somewhere happily hashing away

For now our 'BTC' are 'safely' in the hands of BFL  ;D :P

Hi,

As explained by the previous posters, the 1% dividend was limited to the amount of time I had the BTC in my possession. Because the ASICs have been ordered and paid for, there will be no dividend until they arrive and start mining.

Thanks.

OK thank you, I misunderstood. Cheers!

Don't see why this can't carry on as planned.

Of course dividends will have to be processed in a different way. Selling / buying will be more complicated. I guess another exchange will pop up for that eventually. Or ciuciu shifts to one of the existing ones. 

The units should be delivered as planned. The only problem is to identify the shareholders. I hope GLBSE will provide a list soon.

Somewhat good news ciuciu, I had Just received an email, did a pw reset to my email, logged into crypto and I see my one IBB share, so I am guessing soon, asic.coop should be receiving share holder information! Good news.

We are re-listing on cryptostocks?

I have no idea, but I do know that glbse is releasing share holder information.

If ciuciu could answer this, it would be great.

Yup, according to the GLBSE blog there will be more lists out tomorrow. So probably another month... :-p

All I'm saying (since there are other options for re-listing): it would be more in the spirit of a co-op to at least have a chat about where to re-list.

To all shareholders,

I received a list from GLBSE. I will go trough it and send emails to each of you, hopefully by the end of the year. I can't do it faster, I'm very busy. If I have any suspicions regarding the list, I will figure out some form of verification. Until then please discuss where can we relist ASIC.COOP.

Please be patient.

Cool. Glad to hear it.

Bitfunder currently has a bonus program for ex-GLBSE assets: https://bitcointalk.org/index.php?topic=130754.msg1401384

Most of the exchanges have.

Ah, yeah? My understanding was that most exchanges waive the registration fee. Bitfunder actually pays BTC for ex-GLBSE assets to be listed there. If Cryptostocks does so too, could you provide a link?

My bad, I was referring to the registration fee waiver.

29.12.2012 Claim process underway! Please check your email you had registered with GLBSE and follow the instructions!

Just a reminder to the shareholders who did not complete the claiming process.
The claiming process will end on February 15th.

Thank you.

15 days left for claiming.

Any word from BFL, ciuciu?

You may want to check out this thread: http://www.bitcointrading.com/forum/asic-mining/bfl-asic-shipping-update-expect-further-delays/

Eh, right. hm.

There's also the official BFL forum https://forums.butterflylabs.com, not that it would make much difference regarding delays :-/

Some good news I am guessing? Getting closer than we were?

BFL Jalapeno Unboxing and Demo
https://www.youtube.com/watch?v=_6mmTRheUzg

Hey ciuciu, have you recently received any recent news from BFL?

Any updates?

I think the person to ask is wogaut (sp?).

What?

Last time I checked we got our Singles SC from wogaut ( https://bitcointalk.org/index.php?topic=88008.msg1031266#msg1031266 and also scroll down a little) . Once he receives them from BFL he will transfer them to ciuciu, Therefore wogaut is in contact with BFL, not ciuciu.

Edit: Also: https://bitcointalk.org/index.php?topic=92267.0  I will ask.

hm, ok. and thanks for asking. I had no idea about any of this above. Confusing to me, except for the part someone is cheaper than bfl. dang this is taking forever, for what ever machines we are suppose to get.

Edit:
We are two months off, from being a year away on that post, holy shit.

I will post news as soon as I get them form wogaut. Hopefully we will hear soon from BFL shipping department.

Thanks.

Any news on this?

No news yet. I'm sure we will hear soon from wogaut.

What is the BFL order date , if possible please share order number.

July 15th 2012. I will check the order number.
More details here:
https://bitcointalk.org/index.php?topic=92267.0

Thanks, ciuciu.

Most of the time I really forget I have shares here, to the point I stopped caring, Updated Topics reminds and I goes like, oh yeaaa. uhwell.

Soon our shares might be worth something :)

I dont want to jump the gun, but is this what you're talking about?
https://bitcointalk.org/index.php?PHPSESSID=c14ekv2p5bmnlicfp1hi7uovg6&topic=199159.0
Also, if this is our unit, and you're mining away on it, are we suppose to get dividends payed to us?

I am really confused now.

What is the headsup?

The one you linked to is via Philij. ASIC.COOP is via wogaut.

But yeah, an update would be nice.  ;)

True, an update would be nice.

Also, where and who it came from, i really dont care. ciuciu is holding a unit, right? lol.

The units will be on Wogaut possession soon.

Unfortunately, I'm no longer in position to operate them. I propose to sell the units and distribute the total amount to the shareholders, after deducting the expenses.

Let me know what you think.

You couldn't have announced that a bit earlier? I could have run them, but this is very short notice now... :-/  Hm, let me think...

Technically, I guess, to get them sold you will have to put up a motion on Bitfunder. Hopefully there's more feedback on the issue than here.

Update?

https://bitcointalk.org/index.php?topic=92267.msg3118637#msg3118637

Any updates?

I emailed ciuciu, with no reply so far.

I know the units are sold.

My feeling is, this is not going to end pretty.

yea it will suck.

People still invested in this after it turned out he'd lied about what had happened with the cash in the bond he issued, stopped paying dividends and then refused to discuss it further on the forums?

When someone scammed one security it's generally not a good idea to invest in another one they run.

Thats a first for me.

If he did scam us, i wonder if I still have his mailing address. He loaned a card to me to be paid off, shipped it n all. I'd have to look for the box, or I reused the box and dont have the info any longer. This will be the first time I been scammed.

Last Active:    September 12, 2013, 10:39:07 AM  :-\

Yep, the fucker ran away. Sold the coop's units for 28 BTC each or so. I'm just collecting one more piece of info and will open a scam accusation thread. At least we get that.

I had one share = 1 bitcoin = 440USD. Motherfucker.

This is where I really enjoy reading about scammers going to prison/jail.

Trudeau was immediately taken into custody and awaits sentencing. He could face years in prison.

http://abcnews.go.com/US/kevin-trudeau-found-guilty-contempt-misleading-infomercials-weight/story?id=20868364

Sad day.

If you may, keep me informed on the scam accusations if and when you open a thread about it.

Very disappointing.

Quick edit:

I went looking for the box that he mailed that card in, can't find it, I believe I reused the box for sending something off. I should have taken pic of the mailing address. Lesson learned.

Though I no longer have a stake in this as I sold off my shares before the 'stock' site went off line, I also tire of the scamming going on in the cryptocoin community.

I  bought a GPU from ciuciu quite awhile back. I will see if I can dig up the address and I will PM it to pekv2.

I found the address and sent it to pekv2.

He is free to publish as he see fits.

Received and replied. As explained in my pm, we'll go forward and see how it goes. I am sure I am not the only one to appreciate this as I only lost what one BTC and newar, lost 24kUSD worth which is mind boggling "nodding my head over and over". I will pm newar as explained in my PM to you, dreamwatcher.

Thanks bud.