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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: February 07, 2013, 04:20:54 PM
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UpdateDeploying has been consuming the time of all us devoted into this project in last week and this one. During the busy days we made us some spare time taking a few pictures: Peeping over one of our subracks:  Four of them waiting to populate on racks:  friedcat, you are fucking awesome. |
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: February 07, 2013, 03:01:14 AM
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Ok, fair enough, and I appreciate you defending yourself and setting the record straight. Nefario did way worse than you, this is for certain. Are you paying back the rest?
Yes, over time. The half of income that originally was going to be spent on growing and maintaining the company is now being spent on buying back shares, the other half of income being paid out as dividends as per contract. I just don't like you calling BFL a scam. They aren't a scam if they deliver in the end, they are a scam if they do not. All of the ASIC companies (with exception of ASICMiner) took preorders, and all of them called their preorder customers customers. It doesn't matter if that doesn't fit your definition of a customer - everyone who preordered ASICs are customers.
Actually, it depends on what US law thinks. My interpretation of law is what BFL is doing is illegal. If my interpretation is wrong and they can legally call these pre-orders by customers instead of investments by investors, then they are still violating the law by taking pre-order money before shipment. If its not a scam, then what is it? These conditions do not go away just because they ship and the government can still go after them, including halting shipments of product and destroying them or refusing them entry into the US. It might be unlawful, illegal, etc, but calling it a scam implies malicious intent. I have seen no malicious intent (towards its customers) from BFL thus far... Definitions of scamming usually include words like "defrauding" or "swindling", and are preceded with words like "deliberately" or "intentionally". BFL has not intentionally defrauded or swindled anyone. They've had delays they were not expecting. Except they claim they have a lawyer and a lawyer has advised them through this process. No lawyer would ever advise them to break the law. I think that meets the requirement of considering this as intentional. |
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323
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: February 06, 2013, 09:49:30 AM
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Ok, fair enough, and I appreciate you defending yourself and setting the record straight. Nefario did way worse than you, this is for certain. Are you paying back the rest?
Yes, over time. The half of income that originally was going to be spent on growing and maintaining the company is now being spent on buying back shares, the other half of income being paid out as dividends as per contract. I just don't like you calling BFL a scam. They aren't a scam if they deliver in the end, they are a scam if they do not. All of the ASIC companies (with exception of ASICMiner) took preorders, and all of them called their preorder customers customers. It doesn't matter if that doesn't fit your definition of a customer - everyone who preordered ASICs are customers.
Actually, it depends on what US law thinks. My interpretation of law is what BFL is doing is illegal. If my interpretation is wrong and they can legally call these pre-orders by customers instead of investments by investors, then they are still violating the law by taking pre-order money before shipment. If its not a scam, then what is it? These conditions do not go away just because they ship and the government can still go after them, including halting shipments of product and destroying them or refusing them entry into the US. |
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: February 06, 2013, 07:44:11 AM
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Were there any ASICMINER stocks not purchases (owned by friedcat/the company) before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?
The IPO was finished long before GLBSE went down. Not all 200`000 IPO shares were sold before sufficient funds were raised, and the IPO closed. Initially, hundred percent of the profits will be diverted to dividends until 0.1 btc per share is paid out. From there on, each public share's dividend is worth 1/400`000 of the profits, regardless of how many shares were sold originally. It's all buried somewhere in this thread. The only thing I fail to comprehend is if its 1/400000 of the profit per share, isn't 12% of the profits not gonna be distributed? I'm not sure how you get to 12%. That would require 24% of the ASICMINER shares to be unsold and withdrawn from sale. I imagine ASICMINER"s parent company owns the unsold amount in addition to the other 50% of the profits. |
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: February 06, 2013, 02:25:53 AM
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Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.
ROFL, you wish. You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero. Nada. With calling BFL a scam outright, he has lost all credibility as soon as they ship. Not to mention loosing 99% of investors money while managing DMC on GLBSE. Lol, didn't hear about that one. Because it never happened. I already paid back half of what investors already invested. What Puppet (aka nefario's puppet) is not saying is nefario tried to steal DMC's assets by putting up a fake shareholder vote to remove me as CEO of the company, which nefario was then outvoted 9 to 1, keeping me as the CEO. I suspect nefario also knew many farms were selling mining bonds that were not backed by any hardware, all the while claiming he investigated all companies to make sure they were legit. Many people trusted him, and many people were burned by his actions. To claim I only had 5 minutes of fame is pretty lame. I continually contribute to the Bitcoin community as often as I can, and I've been here since the beginning. I claim BFL is a scam because they continually call investors 'customers' and investments 'pre-orders', it does not make a difference if they ship or not. By their claims, they were the first to start working on AISCs (a year before anyone else), yet they have not shipped a product. I am not the only person on this forums who believes there is a low chance of them EVER shipping. Oh, and by the way, DMC is an investor of ASICMINER. |
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Economy / Securities / Re: [BitFunder] Diablo Mining Company [shifting gears]
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on: February 05, 2013, 12:03:14 AM
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Better news for DMC is that BTCMC have paid (or claimed to pay) the old dividend they owed - so at least it seems likely that isn't a total scam. I still expect yochdog to claim his expenses ate up nearly all the mined coins for the last few months though.
He paid out 15 BTC, or about one month's worth. Its too late to pay it as a dividend for Jan (Feb 1st), so Feb (March 1st) should see a 7.5 BTC dividend. |
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Bitcoin / Hardware / Re: [Avalon ASIC] Batch #2 pre-Sale Thread
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on: February 04, 2013, 06:30:59 AM
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Yes very over the top... I'm pissed... breath and exhale ahhhh. Better... I apologize for that OT but reasonably justified outburst of excrement I just wrote   But I will leave it up to convey the message in essence... I fully support YUFI doing what thou wilt. And as my learned friend has stated I think it's extremely funny he has Crowleys "Do what thou wilt shall be the whole if the law." in his avatar.
Not so great a concept anymore when it's other people doing what they want, eh?
This is totally OT, but if you know Crowley, you know that's not what the phrase means. It means you decide how you respond to temptation is up to you, not that you can do whatever you want. It was a response to the hypocritcal morality of 19th century England, not online sales practices. my beef is he didn't follow the second part of the staement " Love is the Law. Love under will " Crowley wrote also "do that and no other shall say ney" ... I say ney. And NO true Thelemites never think they can do what the hell they want... if you trully read and disect and understand the statement it is sublimely complete and contains therein the essence of morality and respect for all no matter race, creed, religion or belief. Love is useless without Will and would you will without love??? spitting chips was my (misguided but none the less mine) will at that point in time ...not so now. Now it is finding a better ASIC company... Holy shit, a religious flamewar about Thelema on a financial forum. Now I can ascend to the great beyond and take my place among the Gods with no regrets. |
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: February 03, 2013, 11:06:26 AM
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Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him. And the Bitcoin Foundation also got one, and a lot of these names also appear on the Foundation's board. I believe Avalon is legit, and sans the FAILURE TO HANDLE THE SECOND BATCH PURCHASING ROUND CORRECTLY (WAAAARGH), I'm really happy for them. |
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331
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Economy / Securities / Re: [BitFunder] Diablo Mining Company [shifting gears]
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on: February 02, 2013, 05:20:58 PM
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We lost out again.
I had about 240 BTC of my own money to grab 3 Avalon units. Avalon botched the launch, and apparently they're now sold out even though no one could order any units and there have been no confirmed orders. On top of that, Walletbit stole 2.2 BTC as a "fee" to deposit money, even though this seems to be listed nowhere.
I'm seriously considering scammer threads for both of them.
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332
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: February 01, 2013, 06:43:29 PM
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Personally, I -- and you -- should be far more interested in the transparency of the mining rules. This is a lot of hashpower concentrated into one operator's hands.
What bitcoind version will be used to generate blocks?
What patches will be applied, if any?
Further up in the thread friedcat said hes going to be mining on multiple pools to sidestep the issue. IMO, he should just deploy p2pool and just mine on that, 100%. |
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: January 31, 2013, 08:06:17 PM
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Well, there's 64 chips on that board. If 30GH/s per 95 chips is right, 800 hashing units would be 16.2TH/s
It gets even better. The chips may in fact be able to be clocked much higher than they planned for. So we could be looking at doubling the current hashrate overnight if we're lucky (pre-Avalon, anyways). |
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335
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Economy / Securities / Re: [BitFunder] Diablo Mining Company [shifting gears]
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on: January 31, 2013, 06:20:18 AM
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No, the BTCMC guy passed a motion to suspend dividends to save up money to buy ASIC gear. Since he owns a majority of the shares in BTCMC, he can pass the motion unilaterally.
Even if you hold 99% of shares you can't just pass a motion without a vote. There's two reasons for this: 1. Holding a proper motion/vote gives smaller investors a chance to point out things which may change the majority shareholder's vote. 2. Without a vote there's not any proof that someone actually DOES hold a majority of shares. If he was holding back all cash that should have been dividended then that's actually MORE reason to keep accounts updated - as cash in hand is rising quickly. Without accounts no investors can value the shares for their books. Hopefully I'm wrong about him - but when someone refuses to provide up to date accounts it's hard to assume anything other than that they're scamming. Your situation was slightly different - as you weren't actually doing anything or generating any income so there was nothing to update accounts with. No, don't get me wrong, I'd actually like to know how much BTC has been saved up thus far. Should be enough for a couple Avalon rigs. Edit: I asked yochdog to do a statement Feb 1st. I'm estimating BTCMC should have in the neighborhood of 2000 BTC, which at $20 BTC prices and $1500 second run Avalon prices, that should be at least 26 Avalons, or at 66gh each, at least 1700 gh. |
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336
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Economy / Securities / Re: [BitFunder] Diablo Mining Company [shifting gears]
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on: January 31, 2013, 04:33:51 AM
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Your asset list is currently:
106 BTC-MINING
1000 BTCMC
1000 ASICMINER
Of these BTC-MINING is next to worthless (loaned their funds to AmazingRando who ran off with them) and BTCMC looks like becoming a scam (owner hasn't produced financial reports since September, decided tostop paying dividends and is basically doing nothing).
But obviously ASICMINER is worth a decent bit. If I bought some DMC shares would you be willing to accept them back in return for ASICMINER shares (you can keep the other junk)?
There's 11579 DMC shares outstanding - so a trade of 116 DMC for 10 ASICMINER or 12 DMC for 1 ASICMINER would be correct. That would leave DMC with more assets per share (slightly more ASICMINER/share and a lot more of the other 2 junk ones).
I value ASICMINER at somewhere in the .5 - 1 BTC range right now (there's trades actually occurred in that range that I know of).
If I value ASICMINER shares at 0.5 that would make DMC shares worth 0.043
If I value ASICMINER shares at 1.0 that would make DMC shares worth 0.086
Obviously we couldn't actually do the swap until we're able to trade ASICMINER - but would like to know if the trade is fine with you. I'm not sure what your plan is otherwise - if you intend to sell the ASICMINER and dividend out the proceeds then I'd be fine with just hanging onto DMC.
Unless you managed to buy ALL 11579 DMC shares to trade for all the ASICMINER, I wouldn't consider the trade. Yeah, it seems BTC-MINING and BTCMC didn't turn out the way I hoped. ASICMINER dividends will be split 50/50 as per the contract, half will be paid as dividends to DMC, the other half will be used to buy back DMC. By the way, Amazingrando has come out of hiding and is talking to the guy who owns BTC-MINING, so I'm hoping something good comes out of this. IF amazingrando has resurfaced then that changes things a bit - will have to reassess DMC value when we see what happens there. I don't have much hope for BTCMC at all - it's pretty obvious the guy has just been spending what was mined and has now been stalling for months: There's no reason why GLBSE going down should stop him producing his accounts like before. Is there any date by which you plan to buy back - or is plan just to wait until people get bored and sell back for tiny amounts, leaving cash left over for you? Anyway, thanks for the answer - I have eough info to go on now. No, the BTCMC guy passed a motion to suspend dividends to save up money to buy ASIC gear. Since he owns a majority of the shares in BTCMC, he can pass the motion unilaterally. I have not seen an indication that he has squandered the money. He now has an opportunity to buy ASICs now that Avalon has proven themselves and is gearing up for a second batch. I do agree that it'd be nice if he kept continuing producing reports, but even I slacked off on those when GLBSE went bust. Whats the point in doing them if you have no dividends generated and you couldn't distribute them even if you wanted to and theres no new information to disseminate? I plan on buying them back as cash comes in, but do the timing in a way that prevents some investors from gaming it to make it unfair to other investors. I'd like to buy them all back today, but that won't happen. The sooner I buy these back, the sooner I can start on DMC 2.0, and thats probably more than a year away. |
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337
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Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
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on: January 31, 2013, 04:22:56 AM
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Im glad for Avalon, I really am. It must be a hard thing not to take the BTC and run to the Gayman Islands like BFL, Bitcoinica, and the rest did. For providing false info onto the forum while being "staff member" you should be banned. You should NEVER be a moderator here or anywhere else. Regardless of whether Diablo was being sarcastic or not, I don't think anyone is going to believe him when he says that BFL ran off to the Gayman Islands. You're seriously saying Diablo should be banned for joking about BFL running with their money? They brought all of this community's criticism upon themselves. It's not slander at this point, even if they do deliver. Its best to just ignore the trolls. |
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339
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Economy / Securities / Re: [BitFunder] Diablo Mining Company [shifting gears]
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on: January 31, 2013, 02:44:14 AM
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Your asset list is currently:
106 BTC-MINING
1000 BTCMC
1000 ASICMINER
Of these BTC-MINING is next to worthless (loaned their funds to AmazingRando who ran off with them) and BTCMC looks like becoming a scam (owner hasn't produced financial reports since September, decided tostop paying dividends and is basically doing nothing).
But obviously ASICMINER is worth a decent bit. If I bought some DMC shares would you be willing to accept them back in return for ASICMINER shares (you can keep the other junk)?
There's 11579 DMC shares outstanding - so a trade of 116 DMC for 10 ASICMINER or 12 DMC for 1 ASICMINER would be correct. That would leave DMC with more assets per share (slightly more ASICMINER/share and a lot more of the other 2 junk ones).
I value ASICMINER at somewhere in the .5 - 1 BTC range right now (there's trades actually occurred in that range that I know of).
If I value ASICMINER shares at 0.5 that would make DMC shares worth 0.043
If I value ASICMINER shares at 1.0 that would make DMC shares worth 0.086
Obviously we couldn't actually do the swap until we're able to trade ASICMINER - but would like to know if the trade is fine with you. I'm not sure what your plan is otherwise - if you intend to sell the ASICMINER and dividend out the proceeds then I'd be fine with just hanging onto DMC.
Unless you managed to buy ALL 11579 DMC shares to trade for all the ASICMINER, I wouldn't consider the trade. Yeah, it seems BTC-MINING and BTCMC didn't turn out the way I hoped. ASICMINER dividends will be split 50/50 as per the contract, half will be paid as dividends to DMC, the other half will be used to buy back DMC. By the way, Amazingrando has come out of hiding and is talking to the guy who owns BTC-MINING, so I'm hoping something good comes out of this. |
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