Ok folks, back on keyboard.

We have great snow conditions right now in Switzerland and it was relaxing to hike the snow slopes (especially when there is a ski hut offering cold beer or hot wine every kilometer ).

So, there was no bidding over the last few hours - if no further counter-bids happen, this auction ends within 3 hours at 2013-02-17T22:35Z.


With a higher availability of ASICMINER shares from other sellers I expect no further surprises to this auction.

First of all, I want to state that my minimum expectation of 0.40BTC has been met and the shares will be released for the current bids. 0.40BTC is what I expect to be paid out as dividends within 6 months - given that Avalons are still stuck at customs and BFL's chips did not yet left the bumping facility. I expect ASICMINER to earn 1BTC per share in 2013 and after paying debts and investments distribute 0.5BTC per share to investors.

That's one part of the equation. The other is the BTC/fiat rate increase we observed during the last weeks. There are factors that justify the rate increase (like Kim Schmitz' (aka Dr. Kimble) opening Me.ga to Bitcoin), but I personally see a bubble in front of my open eyes. No matter how strong we believe in Bitcoin, right now we pay our bills with fiat and I will take this sale as an exit opportunity to convert my revenue to fiat and let the exchange rate consolidate to sane levels.

Anyway, I am confident that this will be a satisfactory deal for you and me equally. After selling this 5k (plus the max. additional 1.5k) I will remain a board member. That's my side of the deal to show my appreciation for your bids and my trust in ASICMINER's future.


tl;dr: three hours left for bidding.

My auction is still running in another thread and ASICMINER shares are currently going for 0.44BTC each, so please allow me to take the ball and answer your question.

When friedcat offered participation in his venture 6+ months ago, this was not more than a bet whether he could compete with the established players. Assume at that times you invested money in ASICMINER, BFL, Avalon and bASIC equally to diversify your risk. Today, ASICMINER won the race (ok, Avalon delivered first, but not to us mortals) and that's why you are asked to pay 300% risk surcharge - thats what you pay to someone else taking the risk for you.

Note: will be AFK for some time and get back on time to close the auction.


Current bidding state (2013-02-17T11:00Z) up to post #155:

Auction end time: given by #152: 2013-02-17T22:35Z


-- # -- -----Bidder----- --Amount-- --BTC/Share--
 145     PM.6               100        0.45
 151     ghostshirt         200        0.45
 152     Vezunchik          100        0.45
 143     asnonmous         4600        0.44
-------------------- Outbid -------------------
 143     asnonmous          400        0.44
 133     Mausini            200        0.43
 135     ahdinosaur         100        0.43
 141     LainZ (PM)         100        0.43
 141     PM.3              2800        0.43
 128     PM.3              1000        0.41
  93     wisard             300        0.40
 116     skibum             100        0.40
 123     Vezunchik          300        0.40
 124     kjj                100        0.40
 126     Mausini            200        0.40
 127     bitcad             100        0.40
 119     ghostshirt         100        0.39
  82     kjj                100        0.38
  93     wisard             200        0.38
  94     Vezunchik          200        0.38
 112     mb300sd            500        0.38
-------------------- Cut-off ------------------

It is written in the IPO post. Holding 5k shares makes you becoming a board member of Bitfountain and grants you the right to look over the books.

I admit that so far this was no gain for me, since the information provided to the board did not exceed what was available to the public. This might change in the future and then it might become harder to get enough shares for reasonable prices. I've read several times on IRC rumors that board members might get ASIC devices early, but can't find any official statements for that.

Right now, you should take it as a pure status symbol that might turn into some valuable title some day.

Current bidding state (2012-02-17T08:30Z) up to post #145:

Auction end time: given by #143: 2012-02-17T20:00Z


-- # -- -----Bidder----- --Amount-- --BTC/Share--
 145     PM.6               100        0.45
 143     asnonmous         4900        0.44
-------------------- Outbid -------------------
 143     asnonmous          100        0.44
 133     Mausini            200        0.43
 135     ahdinosaur         100        0.43
 141     LainZ (PM)         100        0.43
 141     PM.3              2800        0.43
 128     PM.3              1000        0.41
  93     wisard             300        0.40
 116     skibum             100        0.40
 119     ghostshirt         200        0.40
 123     Vezunchik          400        0.40
 124     kjj                100        0.40
 126     Mausini            200        0.40
 127     bitcad             100        0.40
 119     ghostshirt         100        0.39
  82     kjj                100        0.38
  93     wisard             200        0.38
  94     Vezunchik          200        0.38
 112     mb300sd            500        0.38
-------------------- Cut-off ------------------

what? where? wrong thread?

1) time of last valid counter-bid + 12h, right now given by #143: 2012-02-17T20:00Z
2) no, there is no all-or-nothing bidding mode. I understand asnonymous wanted to clarify his motivation for the bid and hint to the option I offered in #58.

PM.6: 100 @ 0.45

Cross post from Chaang's thread:


That said and given the fact that he is selling his shares in blocks of 25, please consider bidding there.

Dear goat, dear interested bidders,

I am sorry that my comment was understood in an unintended direction. That's what I posted in my auction thread:

Writing it at the ending time of my auction I did not cross-read it before posting and failed to realize that it can be interpreted in a wrong way. Now it is there and can't be edited any more (auction forum rule). Reality is, I did some business with goat (or Chaang) in the past and he was one of the few that always kept his word.

The reason I put my note was a) the one bidding for my shares was a newbie, and b) that when I tried to contact Chaang not long ago, his account was banned from bitcointalk, so I assumed something went wrong behind the curtains. Now this is not the case anymore, if there were disputes they are obviously gone and I need to say sorry for raising dust  .

No, the last bid before that minimum auction time ended was #127 that prolonged the ending to 2013-02-17T06:39Z, the bid was therefore valid.

Plus right at that time bitcointalk was unreachable for most. If someone wanted to DDOS, he'd need to do it for at least 12h

With the now last valid bid in #135, the ending time moved to 2013-02-17T14:40Z (note that PMd bids will not prolong the ending time).


PS: having still massive problems with bitcointalk, sorry for delayed responses / updates.

LainZ: update to 100 @ 0.43
PM.3: 2800 @ 0.43

Ah, that's Chaang who also posted his offer in IRC. He is going to sell those 2k only as a whole.

Just in case you have not been in the Bitcoin community for at least half a year, it is worth to check his history (which is long and fascinating) before you take that offer. Not going to post allegations here, just saying that whoever does should insist on escrow (that anyhow should become a general rule).

I must admit, bitcointalk being DDOSed exactly when the auction terminates is a very bad timing

The last post I saw during my F5-hitting orgy was post #129 with a valid couter-bid placed at 2012-02-16T21:02Z. This prolongs the auction end time to 2012-02-17T09:02Z.

Current bidding state (2012-02-16T21:30Z) up to post #129:

-- # -- -----Bidder----- --Amount-- --BTC/Share--
 129     asnonmous         5000        0.42
-------------------- Outbid -------------------
 128     PM.3              3800        0.41
  93     wisard             300        0.40
 116     skibum             100        0.40
 119     ghostshirt         200        0.40
 121     PM.6               100        0.40
 123     Vezunchik          400        0.40
 124     kjj                100        0.40
 126     Mausini            200        0.40
 127     bitcad             100        0.40
 119     ghostshirt         100        0.39
  82     kjj                100        0.38
  84     LainZ (PM)         100        0.38
  93     wisard             200        0.38
  94     Vezunchik          200        0.38
 112     mb300sd            500        0.38
-------------------- Cut-off ------------------

PM.3: 3800 @ 0.41

PM.6: update 100 @ 0.38 -> 100 @ 0.40

Current bidding state (2012-02-16T10:30Z) up to post #119:

-- # -- -----Bidder----- --Amount-- --BTC/Share--
  93     wisard             300        0.40
 116     skibum             100        0.40
 119     ghostshirt         200        0.40
 113     asnonmous         4400        0.39
-------------------- Outbid -------------------
 113     asnonmous          600        0.39
 119     ghostshirt         100        0.39
  82     kjj                100        0.38
  84     LainZ (PM)         100        0.38
  93     wisard             200        0.38
  94     Vezunchik          200        0.38
 101     PM.6               100        0.38
 112     mb300sd            500        0.38
  62     bitcad             100        0.37
  78     asnonmous         5000        0.37
  47     wisard             300        0.36
  63     DiabloD3           200        0.36
  77     PM.3              4500        0.36
  44     PM.8              1400        0.35
  59     PM.7              5000        0.35
  47     wisard             300        0.34
  53     ahdinosaur         200        0.34
  44     PM.7              1000        0.33
  50     DiabloD3           100        0.33
  59     PM.9               200        0.33
  30     superbit           100        0.32
  34     PM.4               200        0.32
  43     ThickAsThieves     300        0.32
  31     Vezunchik          400        0.31
  32     TradeFortress      100        0.31
  34     PM.2               800        0.31
   8     Vezunchik          300        0.30
   9     SaintFlow          100        0.30
  16     kjj                100        0.30
  21     Vezunchik          100        0.30
  22     PM.2               700        0.30
  23     wisard             200        0.30
  24     Blazr              100        0.30
  25     superbit           100        0.30
  26     PM.3              3300        0.30
  69     qukkM              200        0.30
------- ---------------- ---------- -----------

Confirmed.

You mean you add a new bid 200 @ 0.38 to the existing 200 @ 0.38 one?

You're confusing me , but it is outbid now anyhow. Please clarify if you want it added.

Hmm? Ack for the first part (treating the shares as blocks of 100), but not for the second part.

See for yourself:
 * go to eBay and start bidding in a multi-item auction (say someone sells 50 USB cables)
 * you bid for 10 items at 0.3$ each
 * that bid becomes binding, i.e. all you can do is increase the price for some items
 * no way you can drop that bid and change to e.g. 7 at 0.4$ each
 * if noone outbids you, you are going to get 10 cables, no matter what

To me that's the only reasonable way to implement binding bids, not?