Gen 1.5 500th

Hardware Update
• Already shipped devices (Gen1, already shipped) were limited by quantity of the power chip supply we pre-ordered before two months.
• We made an order of another brand of power chips which are about two weeks late. In October this will provide another 500TH/s (Gen1).
• If any deal of ordering Gen1 chips from outside buyers via us is reached, additional orders will be made.
• The size of the Gen2 order will be decided as appropriate, according to the network difficulty when it is time to finalize the order size.

What is now the most risky asset?

Anyway what's happening with the payments drying up

Oh well sorry I can't help you, since I don't know how to use the json rpc and had never heard of a signed message before... Is it like entering a random string in the public note section?

Message: Hi, this is dexX7 and I own address 1KqNPuC8egqxLdPVksjmSgC4zTdNysrz9p.
Signature: G7zfExNiKd6KomBZHXJ4sKRJoqfAVsfbHHo8+YJx31YiJQd4cmHrlGuHtGSB0N8hE/ji42SUBmiyJnrdYoU3OLI=

if you follow remainder of that tx, final resting place is 1J3bLZrFdWwVE6kG9cojT5189N6Er2xHrm, this is only originate address to send funds to address posted publicly today 19z5qVRTbMKkBwecQM3FFTeqQbPfkUwQsY , from which funds from signed labcoin address were posted to

Like what? You mean like to check if one person really owns a address?

Dear Shareholders,

Obviously today's news that LTC Global is closing down by the end of the month is very distressing.

We have not yet decided exactly what to do going forwards but are exploring a number of options, the most obvious of which is to simply bring all shares in-house and run them direct so you all continue to get dividend payments but to the public payment address you have set here (which does mean you must set it if you have not!).

If we were to do that it would prevent automated trading of the shares, and at this time we don't have the resources to administer trades manually. The security would therefore become illiquid for a time. We would likely therefore wish to move the security to a new exchange, and indeed we are exploring some options there too.

Another option is a forced buy-back of shares at the weighted average of the original issue prices (i-e. 1.62 LTC/share), but we don't have the necessary funds to do that in reality. Further, what funds we do have (mostly from the Avalon refund) I am more inclined to offer as a discounted, or possibly forced, buy-back of CIPHERMINE.B1 (the bond issued on BTC TC). At least 50% of the bondholders are investment funds who will likely want their money ASAP; I can't see how their funds can survive this unfortunately.

In the mean time please be assured that we are going to try to look after you, our shareholders, and that does include those of you with small stakes (my somewhat ill-considered forum post earlier should largely be ignored). CipherMine remains a viable business and will continue regardless.

I will be in touch in the couple of days with a clear plan. In the mean time, don't panic!

Kate.

I have some of your shares on btctc.  The problem is I do not trade (or have an account) on the LTC site.  I also, can't create an account -- because creating new users is disabled.  So, I can't transfer my shares.  Please keep this in mind as other users may be in the same situation.

bitfunder is one we are looking at...

I know kate is busy, but I am around a fair bit on both forums

8. Dissolution

In the event that the operator chooses to or is forced to close this security for any reason, the
following methods will be used for dissolution:

1. A new operator may be chosen by the operator to take over this security. Shareholders of
CIPHERMINE-PT are eligible to approve/disapprove the new operator by a motion.

2. Shareholders of CIPHERMINE-PT have the right to exchange CIPHERMINE-PT shares for
CIPHERMINE shares on LTC-GLOBAL. If applicable, this right is granted for at least four weeks.

3. All remaining underlying shares of CIPHERMINE will be sold on LTC-GLOBAL and the
proceeds will be distributed to the remaining CIPHERMINE-PT shares as a final dividend. This
option is to be considered as unfavorable and only applicable, if the other two options yield no
sufficient result and no other solution has been determined by a consensus of the operator and
shareholders.

Dear All,

This turn of events is unexpected and I shall not lie: almost certainly pretty bad for most of our shareholders.

As Giles said, we are looking at options as to how to proceed. The options under consideration are (in no particular order):

a) Move to a friedcat-style direct share ownership scheme
b) Migrate to a different exchange such as crypto-trade or Havelock
c) Create a new exchange (can't go into details right now but this is a possibility)
d) Forcibly buy back all shares (at a rate decided by the major shareholders, ie. me, Giles and a couple of others)

However, I must forewarn you that I do not think it is going to be practical to give all shareholders the same levels of attention in this transition. I am committed to looking after our major shareholders (eg. those with >500 or perhaps >1,000 share) but it may not be practical to switch to a friedcat-like system of direct share ownership with the large numbers of shareholders we have, nor to migrate all of you to a new exchange.

I therefore encourage those of you with a small number of shares to take what you can over the next week to get some value from the shares you have (ie. sell them) to avoid potentially being left with nothing at all should we end up in a situation where we cannot look after you all.

To be blunt, this experience has resulted in me getting royally screwed (I have significant holdings in addition to CipherMine on these exchanges). I am angry that this has come to pass and am tempted to take steps to close the door, taking CipherMine in-house with a very small number of investors. In practice, it would be simplest for us to walk away at this point (and with the exchange closing one could deem our contract as coming to a natural end) but I am going to take at least some steps to make good.

Anyway, the above is just me sharing some early, probably emotional, thoughts. I will be discussing the matter with our major investors (both in CIPHERMINE and CIPHERMINE.B1 the BTC bond) in due course. Unfortunately I have other pressing matters to attend to for the next 48 hours so please excuse a lack of comms in the mean time.

Kate.

Are you saying he doesnt control the IPO bitcoins?

Dividends will be paid regularly until the btct platform is available.

We are discussing our best course of action in regards to the news from burnside.
And will post more as we sort through it...

Regards