You guys should read something - http://www.sec.gov/info/smallbus/qasbsec.htm#noreg and ascertain whether it applies in our collective case. I would be hard-pressed to believe that any of you would think otherwise. Given that Creativex is an American citizen, it is in his best interest to remain silent now and possibly forever on the subject of bASIC-mining. We all jumped in and took the risk without fully understanding the regulations and consequences of our actions. It is time for us to grow up and take responsibility for those actions. Perhaps what is really needed at this time is a defence fund for Creativex rather than a scammer tag! You people are the scammers. You are probably in violation of federal and state laws which hardly gives you the authority to second-guess the integrity of Creativex. I would hope that he is retaining counsel if it is required and it would be nice if someone with the know-how would set up a defence fund on his behalf. Does anyone here have that knowledge? Creativex - if you are reading this - take care of yourself. |
|
|
|
Should BASIC come to an end, the current reserve fund would be paid out to investors, correct? My questions, how large is that fund and how many shares are there outstanding?
It's in the shareholder agreement. Should management be unable or unwilling to continue operations of bASIC-MINING, a suitable replacement, designated by management, will be sought out. If none can be found, all outstanding shares of bASIC-MINING will be bought back at a price no less than 105% of the 7d Avg price, all assets held by bASIC-MINING will be liquidated, and the proceeds distributed to shareholders. Take care |
|
|
|
I emailed him the other day and haven't gotten a response yet, I waited till 11:50 to panic sell and withdraw my shares  Why did you do that? Creativex posted on the main page to not panic sell and you said in your previous post you knew he would do the right thing for us... Take care |
|
|
|
What I think is happening is people are failing to realize order production is first PAID first made- not order #.
Well considering I paid with Bitcoin directly after placing my order, I can't see someone with 11xx order being in front of a 56x order... Take care Because every single person who ordered paid immediately? Doubt it. Before KnCMiner announced it was "paid orders are first" everyone just started placing orders for Saturns/Jupiters attempting to reserve their position and pay later. I did it- I know a handful of people who also did. I believe one of my first orders was 6XX but was cancelled due to non-payment. Later purchased and now im stuck at 17XX. No, I am specifically referring to my order. MY order is 56x and I paid AS SOON as I made the order and there is another person in here with two orders 11XX. He said he is on day 1 and I KNOW I am on day 2 for delivery - I am not making a generalization. Take care |
|
|
|
What I think is happening is people are failing to realize order production is first PAID first made- not order #.
Well considering I paid with Bitcoin directly after placing my order, I can't see someone with 11xx order being in front of a 56x order... Take care |
|
|
|
11xx
11xx
both day I "in progress"
Day 1 or Day I? If day 1 then this is strange because I am 56x and showing day 2 also "in progress" Take care |
|
|
|
if a troll is in the forest, under a bridge, and no one pays him a toll - has the troll done its job by preventing others passage? lets change around some semantics: If a global moderator feels compelled to nitpick a company for using an address on their 1st prototyped completed unit and yet turns around and accepted bfl money for years...does that make him a global Troll??? JOHN K?  ? It's a bit trolly to pick on KNC with only .5 TH online— which is why I made the "I guess I feel left out of the trolling" comment. But I really don't understand why people tolerate manufacturers competing with them. Battered wife syndrome perhaps. Its nothing as I see avalon testing some terahashes in eligius in months and keep customers to wait and waste of ROI.
It's funny, before avalon had products in existence they made a nice strongly worded comment about how competent testing doesn't involve mining on the network (a position I agree with). As far as I know they didn't mine at scale on the mainnet to test batch 1 units... but the later stuff? Yea. That also falls into my bin of "why the heck are people tolerating this??". Seriously??? I've been telling ppl they're full of it for 600+ pages. What will it take for everyone to get in on the program? They haven't made a heck of a lot - http://blockexplorer.com/address/17Czc8RVL3FU5T2MLx2zLbRnpfBNgH9vFo Anyway, they've been working all weekend so maybe they need some beer money - or Champagne money - and they deserve it! Finally a company that is a class act and still we aren't happy... Kudos to KnC!!! Take care $37.81? That's less than what I paid for the hotel I'm now in here in Paducah, KY. Ha ha! The Mini-mo or the Hickory House? Take care |
|
|
|
Time will tell guys... Time will tell.
Most of us aren't looking to wait that long... we'd actually rather hear from Sam or Andreas  Take care |
|
|
|
if a troll is in the forest, under a bridge, and no one pays him a toll - has the troll done its job by preventing others passage? lets change around some semantics: If a global moderator feels compelled to nitpick a company for using an address on their 1st prototyped completed unit and yet turns around and accepted bfl money for years...does that make him a global Troll??? JOHN K? ? It's a bit trolly to pick on KNC with only .5 TH online— which is why I made the "I guess I feel left out of the trolling" comment. But I really don't understand why people tolerate manufacturers competing with them. Battered wife syndrome perhaps. Its nothing as I see avalon testing some terahashes in eligius in months and keep customers to wait and waste of ROI.
It's funny, before avalon had products in existence they made a nice strongly worded comment about how competent testing doesn't involve mining on the network (a position I agree with). As far as I know they didn't mine at scale on the mainnet to test batch 1 units... but the later stuff? Yea. That also falls into my bin of "why the heck are people tolerating this??". Seriously??? I've been telling ppl they're full of it for 600+ pages. What will it take for everyone to get in on the program? They haven't made a heck of a lot - http://blockexplorer.com/address/17Czc8RVL3FU5T2MLx2zLbRnpfBNgH9vFo Anyway, they've been working all weekend so maybe they need some beer money - or Champagne money - and they deserve it! Finally a company that is a class act and still we aren't happy... Kudos to KnC!!! Take care |
|
|
|
Not really the point. Trust is all that matters in this space. If an asset issuer is trustworthy then it doesn't matter which boxes are checked. They'll adhere to their own contract anyway. The issue for me is that it's even an option. If btct.co did blow up because of the labcoin and btcgarden fiascoes then what will stop bitfunder from doing the same? Particularly given that some asset issuers listed there will not only choose to make their contracts unilaterally fungible but can and have unilaterally altered those contracts after selling shares.
mate BTCT are closing what are we doing? Direct shares? I'm happy with anything But we can't keep it like that... Uncertainty kill in this market The stock will be at 0.01 by the end of next week Pssst! This isn't labcoin, BTCGarden, PETA-MINE, ActM or countess other money grabs. bASIC-Mining has only ever taken in a total of 1872.7165 on the sale of 4000 shares while paying out 682.6940 in dividends, and 1584.5395 to purchase hardware and investments. This means we've already paid out 394.5170 more than we've ever taken in from investors and we still have 762.9402 in liquid assets belonging to shareholders as well as 2.235Th of mining gear also belonging to shareholders. This value has been created through responsible management. I donated the original ASIC pre-order that this company was founded upon. I find it offensive that you'd even make such a comment even if in tiny text. I am sorry I offended you, it wasn't meant in that way. What I meant is that BASIC could buy back some shares and discard them, so dividends per share will be larger. Hey JimiQ84, Jak jiste vite, you can buy your own shares at the bargain prices and increase your own dividends while at the same time lowering your average buy price. Sometimes you should filter your thoughts before committing them to screen. and Hey Everyone else, CreativeX has steered and continues to steer this revenue share with honesty and integrity - values which seem to be lacking in many areas of Bitcoin. I believe he will do what is right based on logic and reason rather than the emotionality and haste you people would foist on him at this time of uncertainty. We don't even know all the details of this latest news. Give the man some time to think things through. Creativex, Take care of yourself. Whatever you do, make sure to consider your best interests above all of us leechers who would only desire to make money from your ideas and hard work. |
|
|
|
This looks like nice setup of bitfury rig, with the RAM heatsinks Hi, my Boards now hashing at around 313gh/s (original around 170gh/s) 1,1kQhm    puffmais I like Bitfury - they do a lot for the Bitcoin community in terms of hardware and software development and Bitcoin promotion but holy smokes, there is no case nor any semblance of stabilization for those top-heavy cards on that somewhat flimsy-looking, uninsulated backplane. Sure it shipped as a kit but for the cost of the machine it looks rather like Mickey Mouse TM hashing. For $10k more, one could have purchased a used DeLorean TM, traveled to the future and brought back a Gen5 miner. Oh well, hopefully those that purchased the first shipment will at least break even but I wont hold my breath. You know, one could probably break even selling the DeLorean TM in a year or two if they weren't able to find a Gen5 miner in the future. I move that we buy a DeLorean TM with our Bitcoin stash for Creativex to go to the future Take care |
|
|
|
IC, I didn't get that from the quoted comment. In that case I vote we sell our bfl hardware first. Despite the fact that it's roughly 2x as efficient as our Avalon gear it's 10x the hassle to maintain and is guaranteed to be non-upgradeable.
I didn't get that either. I believe he wanted shareholders to have first dibs on the purchase. This is not a good idea as it puts an undue burden on Creativex and would lengthen the process. Anyone can get in on an auction, there is no need to tie our hands with this bit of legislation. Great idea to retire the mining equipment before it is past its prime - more money to buy the gen2 or gen3 equipment Take care |
|
|
|
I'd actually consider it(I'm a hockey freak) if they had a 2nd amendment or the Canuck equivalent. Think they'd mind if I brought one of my own with? :p
Happy Birthday Creative You can bring them with you in this - http://www.hockeymonkey.com/bags-stick.html - the only other thing you would have to do is say "How's it goin', eh?" to the border guard. Take care |
|
|
|
|
Hey Creativex,
It's sad that you even have to field this crap. I'm not so sure that changing the record would help this type of individual understand. Some people just want to find fault in things that they weren't able to achieve... somehow it makes them feel better about themselves.
Take care
|
|
|
|
Feeling pretty smug ATM about making that purchase at yesterday's exchange rate. Jist sayin'.
It's as if you knew it was going down! That's one way to get a discount Take care |
|
|
|
You're fine, this is a stressful time with a dreary outlook for mining profits in the near term. I've learned to use maths as a guide but to not rely on strictly numbers to make my purchasing decisions. Accepting as fact that each vendor will deliver on their claims has proven to be a mistake time and again...someone will likely miss their target in a major way. I believe we've placed an order with the most reliable vendor of gen 2 equipment available and the only one that's delivered anything to date.
Altering the 70/30 split would require a shareholder vote and I'm not yet convinced that doing so is necessary. We'll still have 665ish in our growth fund after this purchase and we'll continue to pile up more while waiting on our additional 800Gh/s. If we continue to see these quickening +30% retargets then we may have to make a change, but I'm hesitant to reduce our dividends unnecessarily.
Cheers.
Thanks creative, I trust your judgement. I also like the way you run the business with transparency and an open mind. I read in a Forbe's magazine article that listening to input from others can dramatically improve your decision making process. I like that you never give negative feedback to other's input. Take care |
|
|
|
|
I apologize to everyone for my last rant. Obviously there is some psychology and other market factors at play and I am only looking at it from a mathematical perspective. I believe that you have a good long-term strategy Creativex and it is also important to refresh the mining equipment as the previous generation becomes obsolete. Even if we break even, we are keeping up with the increasing difficulty so there wont be a need to play catch-up when things settle out.
Perhaps we should increase the percentage of mining that goes back into equipment purchases until thing settle out. Just throwing it out there.
Take care
|
|
|
|
Seems like a great choice but why only 2 of them ?
What's wrong with you guys?! AS it is, we might break even on this purchase IF it comes early in October. Based on the current rate of increase in network hashing rate there is nothing out there for sale that will be profitable. Bitfury seems to be the best choice but people have not grasped the fact that they are playing a losing game and all of these companies producing ASICs are still able to sell them. There are unscrupulous people offloading their 5G BFL Jalapenos for over $1000 because there are uneducated consumers buying in on the hype. I wish we would all step back and see the reality of the situation. We are in a good position with BTC in the bank right now. Letting the market settle out is an excellent plan. NOOOooo you people would rather pressure Creativex to spend it all now on VAPOUR! He might as well disburse the pot of BTC to the shares and let bASIC-mining die as to do that. Creative has a good plan - let him execute it!! Sorry, I had to vent. Take care |
|
|
|
Hi, creativex!
I asked you a week ago about share prices, and you answered me, that the situation with decreasing of share prices was market psychology.
Don`t you think, that it`s a tragedy for basic-mining?
Two weeks ago the price was 0.30, now the price is 0.13. I don`t think, it`s a market psychology. It is just distrust. I want to say, that investors don`t trust.
As for me, I am a fan of you and your business strategy, I bought hundreds of shares, when the price was 0.30, i bought hundreds of shares when the price was 0.25, then 0.15.
And, maybe, it is really necessary to buy new equipment to increase dividens. You have to brake this market psychology.
Now the price is 0.132600, and I would like to buy 100-200 shares, but I will not do that. And I know investors, they sell shares, because they think, that basic-mining cannot mine more.
It`s just my opinion.
You, my friend are in a wonderful position for the astounding rebound bASIC-mining will make when Creativex's plan comes together. He has the knowledge and patience that most of you lack. The Bitcoin mining landscape is changing quickly and if he spends the coins now, we will not see a return. He has made an intelligent and informed decision. Please stop badgering him with your in-securities! (pardon the pun) Take care |
|
|
|
I've had my eye on a 7970 for a while and it's about time to upgrade the gfx card in my computer as it's not playing the new games as well as I would like. I know there are a lot of people here trying to sell GPU's since they are not really worth it to mine on anymore.
I'm looking for a card that has a transferable warranty and at least a couple of years left on it so that way in case they have been pushed hard, I'm not out oodles of money.
Can any one recommend any cards and about how much they would run me? Since new ones are about $270 retail, can I expect 30% off? 50% off?
Thanks!
I would think $270 is already about 30% off retail for a 7970. If you can get a new one for that, go for it. |
|
|
|
|
Show Posts
