PicoStocks, bitcoin stock exchange

[MPOE-PR]

So wait, you ordered 1,000 units, paid about a million dollars and now are screwed?

[tytus]

Not yet :-) Maybe we can save bASIC somehow ... we still work on that :-) I hope in 1 week we will know how we stand in this project.

[MPOE-PR]

Not yet :-) Maybe we can save bASIC somehow ... we still work on that :-) I hope in 1 week we will know how we stand in this project.

Why one week and not, for instance, two months?

[tytus]

ASIC development is a fast business :-) We can not wait. We need to restructure the bASIC project within days.
We will setup a new management structure, change the information policy (boost transparency), review the technology status and the financial situation.
Only after proposing and implementing changes we will have an idea about the chances of success (potential future profitability of bASIC / BTCFPGA, LLC) and the timing of the first delivery. According to what I know since yesterday the March deadline is feasible ... but we will never claim that this is the ultimate deadline :-)

[Atruk]

ASIC development is a fast business :-) We can not wait. We need to restructure the bASIC project within days.
We will setup a new management structure, change the information policy (boost transparency), review the technology status and the financial situation.
Only after proposing and implementing changes we will have an idea about the chances of success (potential future profitability of bASIC / BTCFPGA, LLC) and the timing of the first delivery. According to what I know since yesterday the March deadline is feasible ... but we will never claim that this is the ultimate deadline :-)

Bitcoin ASICs maybe, but ASICs in general... What is the node size on the latest discrete sound processor...

To really trounce what avalon has and BFL might, you won't just need die shrinks. Those will be BFL's saving grace if they come to pass. You will need serious hardware engineering prowess...

I love watching more mining companies take silly peoples money, carry on.  This is better than the pennies.

And the more salient point.

Mining investments are depreciating assets. Much like going long on bitcoin, if you want to go long on mining it is best to take delivery and have real equity in your investment.

[tytus]

ASIC development is a fast business :-) We can not wait. We need to restructure the bASIC project within days.
We will setup a new management structure, change the information policy (boost transparency), review the technology status and the financial situation.
Only after proposing and implementing changes we will have an idea about the chances of success (potential future profitability of bASIC / BTCFPGA, LLC) and the timing of the first delivery. According to what I know since yesterday the March deadline is feasible ... but we will never claim that this is the ultimate deadline :-)

Bitcoin ASICs maybe, but ASICs in general... What is the node size on the latest discrete sound processor...

To really trounce what avalon has and BFL might, you won't just need die shrinks. Those will be BFL's saving grace if they come to pass. You will need serious hardware engineering prowess...

1. the node is <65nm [let's assume 55nm for simplicity]
2. you get power saving if you don't operate the chip for highest hashrate but for lowest power dissipation [much less frequency / voltage than possible]
3. truly custom hashing core with huge emphasis on short connections (possible only in rolled designs) ... avalon and bfl have unrolled design
these 3 things ad up.

I will try to convince BitFury to comment on that. He will probably write a long letter with simulation results when he is ready (in 1 week maybe).

[Monster Tent]

ASIC development is a fast business :-) We can not wait. We need to restructure the bASIC project within days.
We will setup a new management structure, change the information policy (boost transparency), review the technology status and the financial situation.
Only after proposing and implementing changes we will have an idea about the chances of success (potential future profitability of bASIC / BTCFPGA, LLC) and the timing of the first delivery. According to what I know since yesterday the March deadline is feasible ... but we will never claim that this is the ultimate deadline :-)

Bitcoin ASICs maybe, but ASICs in general... What is the node size on the latest discrete sound processor...

To really trounce what avalon has and BFL might, you won't just need die shrinks. Those will be BFL's saving grace if they come to pass. You will need serious hardware engineering prowess...

I love watching more mining companies take silly peoples money, carry on.  This is better than the pennies.

And the more salient point.

Mining investments are depreciating assets. Much like going long on bitcoin, if you want to go long on mining it is best to take delivery and have real equity in your investment.

Can anyone actually show 1 "mining company" that has made any profit for "investors" ?

[tytus]

It would be very bad for PicoStocks also if this mine would fail to return profits (after returning investments). We will make sure this will not happen, but of course we can only prove this before the end of this year.

[Monster Tent]

It would be very bad for PicoStocks also if this mine would fail to return profits (after returning investments). We will make sure this will not happen, but of course we can only prove this before the end of this year.

inb4 every two bit scammer starts their own "stock exchange" which allows them to manipulate the stock price ala stock generation.

[MPOE-PR]

It's now been confirmed by Ari Asmar - owner of the real Can Electric - that they have no association with the re-branded bASIC.  A scammer tag needs to be applied right now, IMO.

Good grief.

Herpderp strikes again.

[Atruk]

I love watching more mining companies take silly peoples money, carry on.  This is better than the pennies.

And the more salient point.

Mining investments are depreciating assets. Much like going long on bitcoin, if you want to go long on mining it is best to take delivery and have real equity in your investment.

Can anyone actually show 1 "mining company" that has made any profit for "investors" ?

I doubt that there is one. I never meant mining "companies" or "securities" as the sort of deliverable investment being referred to. The point I attempted to make was that if someone wants to invest in mining, they probably ought to be buying some equipment.

[tytus]

I doubt that there is one. I never meant mining "companies" or "securities" as the sort of deliverable investment being referred to. The point I attempted to make was that if someone wants to invest in mining, they probably ought to be buying some equipment.

We have an order for 50TH/s in chips, but only few people can use this "equipment". The remaining equipment is also not that easy to handle. It is more expensive to create hardware that anybody can use and has an attractive look as well :-) I also believe that there are some people who don't want to worry about power/network stability and prefer to have others manage the mining equipment. But for larger investors we offer hardware instead of mining shares. I still believe the shares are a better investment because of simplified exit.

[Atruk]

It is more expensive to create hardware that anybody can use and has an attractive look as well :-) I also believe that there are some people who don't want to worry about power/network stability and prefer to have others manage the mining equipment. But for larger investors we offer hardware instead of mining shares. I still believe the shares are a better investment because of simplified exit.

There are still people who buy ThinkPads for the aesthetics.

[julz]

Is it legal under Polish law to onsell shares in a Polish stock?
As picostocks is the legal owner of shares such as Proteon Pharmaceuticals - and when you google 'proteon pharmaceuticals stock", the picostocks site is the first hit - this surely won't go unnoticed.

I don't see that the Marshal Islands incorporation gives any protection as if the Polish regulators don't like this activity, they need only go to Proteon Pharmaceuticals - (or where-ever the underlying stocks are traded) and seize/freeze the holdings that PicoStocks has.
So.. do you have any comment on the legality and consequent risks of this?

Also - where can we see the underlying price that normal shareholders of Proteon Pharmaceuticals are trading at?

[tytus]

PicoStocks does not trade stocks of a company but shares in profits. If You buy Proteon shares on the PicoStocks platform, You will not automatically become Proteon Shareholder. => no shares change owner.

Is it legal under Polish law to onsell shares in a Polish stock?

It is more a tax problem than a legal problem. But we don't operate in Poland and we don't sell shares.

As picostocks is the legal owner of shares such as Proteon Pharmaceuticals - and when you google 'proteon pharmaceuticals stock", the picostocks site is the first hit - this surely won't go unnoticed.

We will work on promotion later , when the BTC price settles. Right now listing assets from outside of BTC economy is a problem due to BTC instability.

I don't see that the Marshal Islands incorporation gives any protection as if the Polish regulators don't like this activity, they need only go to Proteon Pharmaceuticals - (or where-ever the underlying stocks are traded) and seize/freeze the holdings that PicoStocks has.

There is no legal basis for that :-) Poland welcomes foreign direct investments :-) This is what PicoStocks is providing.

So.. do you have any comment on the legality and consequent risks of this?
Also - where can we see the underlying price that normal shareholders of Proteon Pharmaceuticals are trading at?

You can not. You can contact Proteon and ask if You can buy shares from them. They have just closed a financing round but are looking for more funds and will continue looking untill they finish the registration procedure of their current main product.

The main problem of PicoStocks is the BTC value. This unfortunately kills any investment. Proteon increased the valuation of its stocks substantially in the period between purchase of shares by PicoStocks and the last closed round of financing. But this increase is still much smaller than the increase of BTC value so the short term PicoStocks investors would not make any BTC profit. This is the main reason why we don't have any new 'external' assets yet :-(

We are thinking how to deal with this in the long run. One option is an alternative crypto currency that does not deflate that much, but this is at least a 6 month project.

[Babylon]

I don't like the model personally.  If I buy stock I want to be able to vote my shares.

[MPOE-PR]

Also - where can we see the underlying price that normal shareholders of Proteon Pharmaceuticals are trading at?

They're listed in Boiler Room. It's a Ben Affleck flick.

[tytus]

I don't like the model personally.  If I buy stock I want to be able to vote my shares.

In this case You should contact the company directly.
I assume that the majority of PisoStocks asset holders will not want to participate in management. This is why we did not implement any internal voting system. Also there are confidentiality issues that can not be solved easily.

[j_gillard]

Hi,

Is there an API to be able to access basic price data from the assets? Or any plans to implement one?

[tytus]

Hi,

Is there an API to be able to access basic price data from the assets? Or any plans to implement one?

No yet :-( the transaction fee is too high for high frequency trading and API access would increase load on the service. We will maybe think about this when we increase liquidity and throughput.