The IPO is pre-set to 3,500 ether per bitcoin.

You could always wait until after IPO and hope the price drops.

Haha you know I have advocated many times that Ken take all the money from this mining gear on http://eligius.st/ and pay out to all the customers requiring refunds first. I have mentioned this many times.

The thing is then, we need to somehow make 0-confimation the norm. I remember reading how even BitPay allow their merchants to wait for several confirmations, the waitress staff don't understand it's a setting and it makes Bitcoin look like rubbish.

Also there is a lot of fear towards 0-confirmation at the moment, some guy on reddit says he can double spend a 0-confirmation at will with no issues.

No worries. Good point.

Fair points, what about the main point '1'? Can this be done?

I am trying to imagine how Bitcoin can actually be as fast as cash transactions. The banks in Australia already have a system that is faster than cash called Paypass and I can't see Bitcoin competing.

I put '2' in there because transactions denominated in at most two decimals is far better than transacting many steps down from the decimal.

I figure if someone made '1' they might as well kill two birds at the same time and make it all round more userfriendly.

Anyway, point '1' was the main concern. I wonder if this is possible and can solve some of Bitcoin's transaction time issues.

Over here in Australia we use 'Paywave' and 'Paypass', you take your debit card, hold it on or near the point of sale and in about 2 seconds you're done and paid for. No pin, no swipe, no identity, no signing, no waiting.

I am trying to imagine how a native Bitcoin could work in regards to competing with the banks here in Australia. Let's put it this way, this Paypass system is faster and easier than even cash transactions and I see no future where Bitcoin could even hope to compete.

Is it possible to have a sidechain with the following four properties:

1 - Faster confirmations (1 minute to 30 seconds perhaps?)
2 - Higher ratio of coins for the common man (1 bitcoin becomes 10,000 CommonCoins?) that can be converted back into bitcoin (obviously you'd need to save up to 10,000 for the 2 way peg.)
3 - The sidechain has checkpoints (Every bitcoin block forces a checkpoint for the sidechain for more security.)
4 - CommonCoin pruning. After perhaps 1000 blocks all transactions that are now longer needed (Because a certain amount of CommonCoin has been pegged back into bitcoin) are deleted fully to make the sidechain very efficient.

Are these possible? And regardless to whether they are possible, would they be worth it? I really think we need 1 and 2 for bitcoin to compete with creditcard point of sale, although 3 and 4 might not actually make the sidechain better as it's just my ramblings.

We need to step up income by at least 20 times to have any chance of getting ROI.

Yeah this concerns me a lot.

Our hopes mainly rested on getting this '2-4PHs' online or sold.

If this doesn't happen soon 4PHs will be 0.001% of the network in just a few months and 4PHs will make 0.1 bitcoin per day.

My calculations show we need to add 10PHs per month by early 2015 just to maintain 1%

Not sure if you're being stupid or trolling but, we have asked all these questions and we always get turned down. At this point in time many of the old shareholders that have been pestering Ken have given up asking. I used to ask all the relevant questions but it only showed an example of what Ken didn't want to answer.

Ken has never given us hardware costs and has always been quiet about our own ASIC development. I doubt we'll ever learn the truth.

I will hold off updating this thread due to the current investigation by Missouri Securities Division. There doesn't seem to be anything to say or do these days and the company could end up anywhere.

Once the investigation has concluded and if we still exist as a company at that point this thread will become live once more. Until then it's being mothballed.

Damn.

The investigation regards the legality of the company as a whole, I doubt your request can be granted until the investigation concludes.

Good luck Ken, lets hope it all works out!

Magzy probably accounts for the 24 hour period of volume when he made that post.

It was several thousand shares, about 3 bitcoin worth.

Apart from that there has been no volume for a week.

Ken, what about our proprietary ASIC? How is that going?

Or another way of looking at it:

Someone deposits 1,000,000 bitcoin. They hit max chance to win and hit play 10 times. (assume he doesn't lose 10 bets at 98.99%)

The sites expected profit is now +100,000 bitcoin but in reality the gambler walks away with 1,000 bitcoin.

The gambler comes back and plays with the 1,000 bitcoin and loses it all.

So the site profit is now 0.09% not 0.3% and is down 100,000 bitcoin. The reality is that the sites profit is exactly the same because he lost the 1,000 bitcoin, but now newcomers see the site being short over 100,000 bitcoin.

I wonder where our ASIC is?

Correct my if I am wrong, but aren't patents irrelevant to inhouse technology? Like if ActiveMining one day set up immersion cooling, unless we sell the product to a customer it really doesn't matter right? If the technology never leaves the companies property it's all moot.

If ASICMINER can't legally inspect peoples private land then the patents are a waste of time. The exception would be if you expect ASICMINER to actually sell these products. I can't see them selling an entire immersion box and even if they do, you can't stop another company from building once inhouse. This is similar to SpaceX. They may or may not infringe on peoples patents if they exported their rockets, but they don't and Musk even goes as far to say because rockets companies are limited in selling their tech, patents are worthless in this industry.

I may be completely off base here and would like to be galdy corrected. Thanks.

Regarding the pre-order money issues, here is my analysis:

Ken held all the preorders on Gox and lost the whole lot. Ken also sold a lot bitcoin for the hashfast deal and also money lost to eASIC and Peoples ASIC.

Magzy, that is why I said you will start getting pre-order money returned once we get the farm up and running. I assume Ken will repay customers using the mining dividends.

I agree with many here that something is amiss with the entire situation. I was expecting the bankruptcy post to come in the last few months but was pleasantly surprised when we instead had about 2-4PH/s on the way.

If we are heading towards certain failure, restriction of the share trading makes perfect sense so that the company doesn't take on more new shareholders that may have funds to sue back once it all falls over.

I still hope this isn't the case.

My dream is that Ken gets 4,000THs online within 3 months and announces that we have either bought the hashfast ASIC IP or we finally have our own ready to go just a month or so away.

I am hoping by September we maintain 5% of the network using our own ASIC.

That is my dream.