Buying ASICMiner shares through an auction here at bitcointalk

[bryan567]

So I'm interested in buying some shares of asicminer from an auction here at bitcointalk and I have a couple of questions. From what I understand so far, after winning the auction and making the transaction, the seller contacts friedcat with your email and wallet id so that you can start collecting dividends. What happens after/in addition to that? Am I contacted by the company with information about how to manage my shares? Am I issued a certificate? How do shareholder voting rights work?

Sorry if this information is posted somewhere. Friedcat's post in the securities forum is HUGE and hard to navigate. Is there an easier place to find information about what it means to be an asicminer shareholder?

Thanks!

[shibaji]

This is pretty much all. You do not have certificate or anything - friedcat will have your account (essentially the btc address), and number of shared. As a next step, you can either hold on to the original shares, or contact burnside (btct.co) / DeadTerra (bitfunder) to swap shares for PT share (online pass-thru) - which has better liquidity.

[bryan567]

Ok, that seems kind of strange to me. So Friedcat just has some sort of ledger with my wallet id and number of shares? How is it connected to my name? How can I prove I own the shares? What assurance do I have that the ledger is safe?

[shibaji]

Ok, that seems kind of strange to me. So Friedcat just has some sort of ledger with my wallet id and number of shares? How is it connected to my name? How can I prove I own the shares? What assurance do I have that the ledger is safe?

Trust and your bitcoin address (to prove that you are you, or you are the btc address holder). That is how everything in btc World anyway.

Word of advise: invest only that much in btc World, which you can afford to lose.

^^ that does not imply anyone is untrustworthy, but nothing prevents en-mass ban on bitcoin, which will trigger a major value loss in bitcoin (and any other cryptocoin). Bitcoin was an experiment, which so far is a huge success. Will that continue ? No one knows.

[bryan567]

I'm not questioning the integrity of bitcoin itself, I'm just looking for information about what it means to be a asicminer shareholder. For example if I wanted to sell those shares in the future, how can I prove to the buyer that I own the shares? Is there some sort of list with wallet IDs that receive dividends from them? When it comes to actually transferring the shares, would I just shoot Friedcat a message on these forums? How would he know that I am entitled to control of the shares?

My general well being isn't tied to the funds I'm using, I'll be fine if it all goes to shit. That doesn't mean I want to jump in blindly without knowing about how asicminer shares work.

Thanks for your patience in answering my questions.

[shibaji]

I'm not questioning the integrity of bitcoin itself, I'm just looking for information about what it means to be a asicminer shareholder. For example if I wanted to sell those shares in the future, how can I prove to the buyer that I own the shares? Is there some sort of list with wallet IDs that receive dividends from them? When it comes to actually transferring the shares, would I just shoot Friedcat a message on these forums? How would he know that I am entitled to control of the shares?

My general well being isn't tied to the funds I'm using, I'll be fine if it all goes to shit. That doesn't mean I want to jump in blindly without knowing about how asicminer shares work.

Thanks for your patience in answering my questions.

It is the same process you will be going through when you buy the actual shares, namely, sell them, get payment (may be using escrow), PM friedcat, once friedcat confirms, it is done.

That is why, I mentioned it may be prudent to transfer them to PT shares.

Also, I understand you did not question integrity of bitcoin - I wrote that in addition to the answer of your original question about bookkeeping of the shares, which is:

"trust and your bitcoin address"

Good luck.