btt

[creativex]

No, professional it was not. He's since made comments that the CNY dates were a misunderstanding AND that bASIC will not ship until mid to end of March. Disappointing news to say the least. I apologize to bASIC-MINING investors. I'm attempting to add additional GPU based mining capacity on a temporary basis until BTCFPGA ships the company's ASIC.

[creativex]

Also, as BTC difficulty has increased while LTC difficulty has not I've switched to LTC mining with the company's main rig. I've put some time into tuning for optimal performance, but feel there is more room for improvement and hope to pick up some more hashes as time allows. Mining as timonex @ kattare, results can be seen here:

http://ltc.kattare.com/api.php?api_key=0769299bc0dc69d7eebc44cc23300cdaf443c1497d1a99afd15699182716019b

This should lead to a modest increase in dividend payments at current conversion rate.

[creativex]

Motion to make a small(20BTC or less) GPU hardware purchase. This would include the company's reinvestment fund(.83BTC) + up to 19BTC from the treasury.

With the delay of the company's ASIC mining hardware, it will become increasingly difficult to maintain an attractive APY to attract additional investors without expanding mining hardware. Capacity exists to add one or two additional GPUs without incurring expenses beyond the GPUs themselves. With careful selection it should be possible to increase hashrate and therefore dividends by 30-40% in the short term with a small investment at this time.  

As the company's contract specifies funds be used for the bulk purchase of ASIC hardware, I seek shareholder approval for this proposed purchase.

[Carnth]

Motion to make a small(20BTC or less) GPU hardware purchase. This would include the company's reinvestment fund(.83BTC) + up to 19BTC from the treasury.

With the delay of the company's ASIC mining hardware, it will become increasingly difficult to maintain an attractive APY to attract additional investors without expanding mining hardware

Would the extra GPUs be able to recoup the capital expense in such a short time frame? After the bASICs finally get here, what happens to these GPUs?

[creativex]

Motion to make a small(20BTC or less) GPU hardware purchase. This would include the company's reinvestment fund(.83BTC) + up to 19BTC from the treasury.

With the delay of the company's ASIC mining hardware, it will become increasingly difficult to maintain an attractive APY to attract additional investors without expanding mining hardware

Would the extra GPUs be able to recoup the capital expense in such a short time frame?

Unlikely, at least purely from mining. Spent wisely I believe we can add an additional 650Mh/s for this sum which would add an additional .1BTC/day in revenue at current difficulty, but at current rate it wouldn't pay for itself until June. This is ignoring additional electrical costs which I would absorb. I still believe it's a good move however as chosen carefully the GPUs could retain much of their value in a future liquidation. This is why I favor additional GPUs over the purchase of more efficient FPGA hardware.

After the bASICs finally get here, what happens to these GPUs?

Like the company's other GPUs their resale value will have to be evaluated and they will be liquidated or re-purposed as warranted. If they're viable LTC miners and that makes sense from a profitability/expense standpoint then they'll be scrypt mining until it's no longer profitable, otherwise they'll be liquidated and the proceeds distributed to shareholders.

[Carnth]

Spent wisely I believe we can add an additional 650Mh/s for this sum which would add an additional

[snip]

Like the company's other GPUs their resale value will have to be evaluated and they will be liquidated or re-purposed as warranted.

Sounds good.

[wachtwoord]

Okay then I trust your judgement on that. If the answer would have been that the intention was to attract additional investors by artificially increasing yield at negative ROI I would have protested

[creativex]

TY for that.

No I'd rather not be talking about GPU purchases at all at this point, but there are a lot of miners selling equipment cheaply that could help us maintain a high yield while we wait for the ASIC fog to be lifted. I believe this can be done with very little effect on future profitability.

[creativex]

With 778 yays and 0 nays and 778/973 votes counted I believe it's safe to say the motion has passed. I will look to make a small strategic GPU purchase, but only one that makes sense.

Daily dividend of 0.25727364 BTC paid.

All GPUs are presently doing their thing at bitparking.

[JordanL]

Do you still have bASIC pre-orders? Are you considering asking for a refund?

[creativex]

Yes. It wouldn't be appropriate to cancel the company's order. I will not consider a refund of order #1345.

[JordanL]

Ok great, thanks for the info. Hopefully they're able to work it out and deliver the products in a competitive time frame.

[creativex]

I believe they'll get things under control, but they're clearly making a whole lot of missteps. At this point I see no value in retracting the order and placing it with another vendor.

[strello]

I guess you will have seen this tragic post by now:

https://www.btcfpga.com/forum/index.php?topic=1041.0

Are you still not considering a refund?

[gabbynot]

I guess you will have seen this tragic post by now:

https://www.btcfpga.com/forum/index.php?topic=1041.0

Are you still not considering a refund?

Yeah, seriously.  I'm surprised the shares haven't taken a bigger hit by now.

[gimme_bottles]

I guess you will have seen this tragic post by now:

https://www.btcfpga.com/forum/index.php?topic=1041.0

Are you still not considering a refund?

i still thing that the bASICs will be shipped, and think that march is still a good time.
if you cancel your order and order somewhere else, you will be at the end of the queue, which will make a shipping date of march pretty unrealistic, since all ASIC competitors will have to deal with chinese new year.


thats why i am holding on to my BASIC-MINING stocks, and if they drop i won't miss the chance to pick up a few cheap ones

[m_yaw]

Reading this thread on the btcfpga forums it looks like the deal to sell the basics is off for now.
-> shipment is unlikely

BFL claims they're not producing in China so they will not be affected by CNY.

[gimme_bottles]

Reading this thread on the btcfpga forums it looks like the deal to sell the basics is off for now.
-> shipment is unlikely

BFL claims they're not producing in China so they will not be affected by CNY.

maybe i am dumb and overread something, but could you please quote a statement that suggests that "the deal to sell the basics" is off?

[m_yaw]

Buzzdave:

[...]
 I especially want to thank LukasBradley, our teammate who flew to New York on his own dime and with no sleep, in order to offer help to Tom on both a personal and business level.  Unfortunately, he has given up and gone home.  At this time, there is no deal.
[...]

LukasBradley:

1-  I was unable to discern any value whatsoever in my due dilligence meeting with Tom in regards to BTCFPGA or the bASIC units (particularly the ASIC chip itself).
2-  If you have an outstanding credit card preorder with BTCFPGA, I personally recommend you begin a chargeback of that amount with your bank issuer.  Dave has attempted to process ALL outstanding requests for refunds.  However, Dave and I feel confident Tom did not leave enough money in the merchant account to complete them all.
[...]

From: https://www.btcfpga.com/forum/index.php?topic=1041.0

[gabbynot]

Anyone willing to lend me their shares for a month PM me.