btt

[creativex]

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 I saw it.

No, still not considering a refund. I placed the order in October, it is what it is.

I'm very disappointed with Tom, and glad I haven't dumped all our company's funds into any of the ASIC vendor's laps so potential losses are relatively small at least. Again I apologize to bASIC-MINING investors, I do not blame any of you for bailing, but I cannot.

[JordanL]

I understand and appreciate your loyalty, but I don't see the point in not requesting a refund at this point. The primaries on the project are suggesting doing a charge back. I'm hanging on to my shares of basic-mining regardless, and I'll probably buy more if they dip, but I hope you'll re-consider attempting at least a partial refund.

[creativex]

I've spoken to Tom at length on the phone and swapped emails with Dave, and while I was left with a positive impression of both gentlemen, it's really not about loyalty, at least not primarily. I founded this mining company on that order, so to remove it is not a decision I'm comfortable making unilaterally or in part. The order was 56% paid with BTC(1st) and 44% paid with CC(2nd). At this point a charge back of a portion($470) of it is possible, but the larger BTC portion of the payment($599) would be entirely up to Tom to refund and we really have no recourse if he does not repay it. If the current trajectory of BTCFPGA holds and Tom does not leave the country or go into hiding he's likely going to end up in prison for fraud, an outcome which would not benefit any of us monetarily.

I'll open a motion, abstain, and abide by whatever you guys decide.

[creativex]

Dave, Today at 02:50:23 PM

Not surprisingly I have a lot of new refund mail - please understand that it takes a lot of time to work through them - no response doesn't mean I'm ignoring you.  I'm also not going to work a whole lot today, as I have some life things to attend to.

For anyone that has submitted a refund request prior to 1/11 - please log into btcfpga.com or bitcoinasic.com, depending on which site you ordered from.  Check your order status.  If it says "Refunded" it means I submitted your credit card refund request.  If it says "Refund Requested" it means I submitted your BTC refund request to Tom.  If you sent me mail prior to 1/11, and the status doesn't reflect what you expect, resend the mail.  My most reliable email seems to be dave@bitcoinasic.com, but I have also found some requests in my spam folder, due to the origin of the emailer.  I'll try to check that frequently.

Tom has continued the dialog today, so there still may be progress on a deal in this coming week.  I'll update if I have more news today.

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

[creativex]

Dave, Today at 04:36:16 PM

Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue.  Tom has paid me up on my recent invoice as well.  He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.

I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week.  More to come...

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

My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.

[mokahless]

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.

Which GPUs? Where will they be purchased? How will they be added to the existing setup?

In addition, as an investor, I would like to request that additional details be updated and included in the well-presented google doc, such as more exact hardware setup and current mining status (ie, mining LTC or BTC currently?). What are the operating expenses? (electricity etc. inc AC, if applicable). Pictures of the working setups would be a welcome bonus.

Thanks.

[gimme_bottles]

Dave, Today at 04:36:16 PM

Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue.  Tom has paid me up on my recent invoice as well.  He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.

I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week.  More to come...

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

My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.

+1

[strello]

Dave, Today at 04:36:16 PM

Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue.  Tom has paid me up on my recent invoice as well.  He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.

I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week.  More to come...

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

My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.

I agree. Waiting a week or so at the moment to see what happens with btcfpga.com can't hurt.

[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.

Which GPUs? Where will they be purchased? How will they be added to the existing setup?

In addition, as an investor, I would like to request that additional details be updated and included in the well-presented google doc, such as more exact hardware setup and current mining status (ie, mining LTC or BTC currently?). What are the operating expenses? (electricity etc. inc AC, if applicable). Pictures of the working setups would be a welcome bonus.

Thanks.

Thanks for posting, let me see if I can address all of your questions individually.

Which GPUs? Where will they be purchased? How will they be added to the existing setup?

Unknown at this time. I held the high bid for 2x5870 for a couple days at $165, but someone else was willing to pay more.

https://bitcointalk.org/index.php?topic=131782.0

These would have been added to the company's Gigabyte rig pictured a page or two back and the 6770 would have been displaced and moved to the MSI Diamond rig. I'd also consider a single 7950 as it would be easier to integrate and is more efficient.

In addition, as an investor, I would like to request that additional details be updated and included in the well-presented google doc, such as more exact hardware setup and current mining status (ie, mining LTC or BTC currently?). What are the operating expenses? (electricity etc. inc AC, if applicable). Pictures of the working setups would be a welcome bonus.

By default the GPUs are mining BTCs at bitparking w/ bitminter as a backup, but on the occasion that LTC difficulty re-targets significantly lower I've moved at least the main rig to ltc.kattare.com and used ozcoin as a backup. I've posted links to this in the thread here, but you're right, a notification area on the public spreadsheet would be more visible.

As operating expenses are deducted from dividends on my own shares, I've not focused on them. I've monitored power consumption tendencies of each GPU individually and adjusted their voltages, engine & memory clocks, and cooling accordingly. I do not have a meter connected full time, so I cannot tell you exactly how much power is consumed for entire rigs at any given time.
 

[gimme_bottles]

Dave, Today at 04:36:16 PM

Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue.  Tom has paid me up on my recent invoice as well.  He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.

I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week.  More to come...

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

My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.

just read the motion on btc-tc. earlier in this thread you stated that enough funds were raised to order another bASIC01. am i correct with my assumption that you haven't ordered any other bASICs until today and that these funds are kept for later investments (in bASICs)?

[creativex]

Correct, the intent is to bulk order ASIC devices to receive favorable pricing.

[gimme_bottles]

Correct, the intent is to bulk order ASIC devices to receive favorable pricing.

great, so lets hope for bitcoin to RISE RISE RISE!

[creativex]

Seems it's doing precisely that.



At right around $14.8/BTC we'd have enough to order (4) bASIC01 units, should they ever become available.

[creativex]

Daily dividend of 0.26408575 BTC paid with 1147 shares outstanding.

All GPUs will be shifted back to BTC mining following the LTC retarget in a few hours.

[gimme_bottles]

i don't get why so many people are voting for a refund. of course there are problems with bASIC, but what do we have if we refund? nothing, in addition we would be at the end of every queue at other competitors.
IMO it would be better to keep the order and, with the BTCs in the wallet, place orders at the other competitors, so we are not dependent on one company.

and btw, if bASIC delivers by march, it would still be a nice date.

[strello]

+1

[creativex]

I agree with you guys, but in the end it may not matter all that much. The latest information on bitcoinasic.net was that batches 1 & 2 would ship together and with all the cancellations there's probably little to gain by standing in line anyway. I still think bASIC01 is the best ASIC product on paper and would prefer a bulk purchase, but if it's not meant to be then we'll just watch our BTC stash grow while we figure out who's going to ship what and when.

With the most recent sale of shares and the increase in BTC relative to USDs the treasury currently has enough to fund four bASIC01s if/when they become available, so with the current order we could have up to five units. We'll just have to see how this plays out. Dave mentioned a Friday update to buyout discussions, so hopefully we'll know more soon.

[creativex]

I've purchased a Sapphire 7770 to add to the company GPU farm. While it's not the most muscular card it is inexpensive($108) and efficient so it should remain profitable for some time. I do not yet have a date that it will be online and hashing for us, but I would expect to have it integrated by this time next week.

[creativex]

Daily dividend of 0.27101125 BTC paid.

Motion to request a refund from BTCFPGA for order #1345:

710 yay 155 nay. Refund requested.

This was posted today by Tom:

Dear Friends, Lovers, and Enemies,

First off. Sorry for the scare. and believe me it was a SCARE - we had to refund over 200k and we were happy to do it because we claimed from day one that we will honor any refurequest until we go into production and we meant it. And  As crazy as fuck as it is to say so , we will sill honor it. We took multiple 20k+ refunds left and right without batting and eye lash because we believe in this project and we know we will be releasing our bASIC Bitcoin mining units sooner than everyone else, especially our good friends BFL.

Love us or hate us, I have some good friends who are original Bitcoin "old money" and they gave us the additional funding we need to finish the chip fab / packaging and take this thing into production. (THANK GOD!)

we WILL be shipping bASIC bitcoin mining devices in March 2013 and I am willing to put my own money against anyone who says otherwise.

The Design is done baby. The chips will be state-side as soon as Chinese New Year is over and for those who could not stomach the wait I don't blame you but I'm sorry to say you lost you place in line my friends.

March may seem a long time away as we all have ASIC blue balls right now, but its really not that far away, and I salute and congratulate all of you who have had the testicular fortitude to stick it out with us because you my friends will receive the ultimate reward. Sure Avalon may get some units out before the Chinese new year but that is sure to be a very limited number. On the other hand our assembly house has an unlimited assembly capacity and as soon as the Chinese new year ends we will have 16,000 freshly fabbed and packaged ASIC chips and we will be assembling those PCB's at FULL CAPACITY !We will be shipping ALL CURRENT ORDERS IN THE MONTH OF MARCH AND WE STILL HAVE ROOM FOR MORE ORDERS SO Get IN WHILE YOU STILL CAN! I stake my personal name and word on that. So hold on tight my friends because its going to be a wild ride in the month of March.

Now Let's Get ready to mine some serious coins
your friend always "cablepair"
Tom

https://www.btcfpga.com/forum/index.php?topic=1045.0

Hopefully the bASIC project is back on track and we can look forward to some concrete results upon which we can base our purchasing decisions between now and March. Competition is a good thing.

[MPOE-PR]

we WILL be shipping bASIC bitcoin mining devices in March 2013 and I am willing to put my own money against anyone who says otherwise.

He can start here, there's about 15 BTC saying otherwise.

On a more serious note, is he on drugs now?