ASICMINER: board seat (equivalent of 5000 shares) for sale

[zefir]

Folks and Bitcoiners,

inspired by the demand for ASICMINER shares observed in Namworld's auction, I want to provide some more liquidity and offer 5000 shares for sale.

What
Since you're reading this, I assume you know what you are bidding for, otherwise please go and check the related thread.

In short:

• ASICMINER will soon start their mining operation and control 1/3 of total network hashing power until other ASICs catch up
• short term: you will get 0.1BTC per share dividends from mining income, no matter what
• long term: company will ensure profitable operation and moving forward to next gen ASICs. Each share is entitled for 1/400'000 of company lifetime profits.
• goodies: if and when HW is going to be sold to public, shareholders / board members get a higher priority in the wait queue

My preference is to sell all 5'000 shares to a single person entering ASICMINER's board. But since I am not sure whether the past fiascoes left enough folks with deep pockets around, I will accept partial buys in blocks of 100 shares.

How
Place your bid in the form of

Code:

shares @ price
  with
    * shares being a multiple of 100 and max of 5'000
    * price being a multiple of 0.01BTC and min of 0.3

If the auction succeeds, you'll be given 48h to transfer the coins to an escrow account. The shares will be transferred to you as soon as the ASICMINER trading platform starts (which is before first dividends are paid). Since my shares are locked-in with friedcat directly, if all shares are bought by one investor, we might get an instant contractual transfer before the exchange opens.

Do this either

• publicly in this thread, or
• via PM if you want to remain anonymous

I will update the list of active bids at least once a day.

When
Auction starts immediately effective and ends with one of these events happening first:
1) 2013-02-16T20:00Z (Saturday, 2013-02-16 20:00 UTC) && no counterbidding during past 12h
2) ASICMINER pays first dividend

There is an undisclosed reserve price tied to this auction under which I will not sell. ((c) Namworld)

Who
You most probably don't know me, but since all transfers in this auction will be escrowed, you do not really need to.

Holding some ASICMINER shares is maybe the only thing I did right so far in the Bitcoin world   My most visible footprint here is to operate ZETA-MINING (see my sig), a FPGA (CM1) based mining venture. For some time it has been the largest mining node in Switzerland - until the first ASIC device finds its way (which sadly will not be to my location ). Although I work silently in the background, some of the most respected community members (Graet, friedcat, Meni, etc.) can vouch for me.

Why
2012 was really a disastrous year for my Bitcoin operations and investments, loosing 8k+ in BTC and 30k+ in fiat.

Simple truth is: I want to limit my losses with this sale, and while I am pretty sure that holding ASICMINER long-term will be more profitable, I need a relieving cut and fresh start.



Happy bidding,
zefir

[1713270373]

1713270373

[ineededausername]

5000 @ 0.2

[ineededausername]

edit: sorry, didn't see min of 0.3.

[zefir]

edit: sorry, didn't see min of 0.3.

Hi INAU,

long time no see, how's it going?

Please delete your previous post to invalidate the bid.


Thanks,
zefir

[ineededausername]

edit: sorry, didn't see min of 0.3.

Hi INAU,

long time no see, how's it going?

Please delete your previous post to invalidate the bid.


Thanks,
zefir

You can't delete a post in the Auction forum because scammers would delete their bids, sorry.  The bid did not follow thread rules, so it is already invalid.

[zefir]

You can't delete a post in the Auction forum because scammers would delete their bids, sorry.  The bid did not follow thread rules, so it is already invalid.

Oh, really? Was not aware of that rule...

Thought people are quoting the bid states in other threads to prevent scams


Cheers,
zefir

[DiabloD3]

300 @ 0.30

[Vezunchik]

300 @ 0.30

[SaintFlow]

100 @ 0.3BTC

[SaintFlow]

Can you specify the escrow, please?
Also, since you even are a member of the board, please let friedcat confirm
that you indeed hold this much shares.

Thank you

[zefir]

Can you specify the escrow, please?
Also, since you even are a member of the board, please let friedcat confirm
that you indeed hold this much shares.

Thank you

Escrow
After a successful auction, I will propose at least two established community members who will provide escrow service free of charge for buyer. If buyer is not trusting all of them, he is free to select a different escrow, but will have to cover related fees.

Proof of Ownership
Sure I can ask friedcat to approve my ownership, but from my latest communication I know he is really busy right now and might not make it before the auction terminates. OTOH I do not really see why I would be wasting time setting up an auction if I did not have the shares    But if you feel better, I can provide my PGP signed share lock-in contract to someone for verification under NDA. Just let me know who you trust.

Current bidding state:

-----Bidder----- --Amount-- --BTC/Share--
DiabloD3            300        0.30
Vezunchik           300        0.30
SaintFlow           100        0.30
---------------- ---------- -----------

[cedivad]

1/400k of the 1% of the remaining 10M BTC to be mined = 0.25BTC / share; 0.25+0.1BTC = 0.35BTC.

How can one really believe that will have more than 0.35BTC per share back?

[zefir]

1/400k of the 1% of the remaining 10M BTC to be mined = 0.25BTC / share; 0.25+0.1BTC = 0.35BTC.

How can one really believe that will have more than 0.35BTC per share back?

Where does your 1% come from?

My scenario goes like this:
* operation starts next week with 30% of total network hashing power
* 18k BTC will at estimated difficulty will be mined within 2-3 weeks, enough to return the invested 0.1BTC per share at IPO
* Avalon (and maybe BFL) ASICs enter the game and the portion of network power will decline
* ASICMINER continuously adds hashing power to keep a share of 5-10% of network

The big question-mark now is, how competitive holding a minimum network share will be and what will remain as gross profit. If it is 1%, you're completely right. If it is 2%, you're not.

Speculation at its best

[cedivad]

* Avalon (and maybe BFL) ASICs enter the game and the portion of network power will decline

In 6 months the highest cost of running an ASIC farm will be the power. Only a few entitled entities will have access to lower nm optimizations and will be able to compete.

[ThickAsThieves]

200 @ 0.3BTC

[kjj]

100 @ 0.3 each

[zefir]

* Avalon (and maybe BFL) ASICs enter the game and the portion of network power will decline

In 6 months the highest cost of running an ASIC farm will be the power. Only a few entitled entities will have access to lower nm optimizations and will be able to compete.

Agree that in the very end all comes down to J/H efficiency as the sole measure for survival. But I doubt this will be somewhere near in 6 months.

Today, even GPU mining is still profitable (somewhere) - with a power efficiency ~1000 times worse than ASICs. It will just take time to saturate the mining market to a degree where power matters.

Of course I am biased , but I expect ASICMINER to be able to keep a significant share of the network (say 10%+) for at least 6 months - by that time BFL and Avalon saturated the mining market to a degree where ROI went from 2 weeks to a year and enter a price fight. This is where the focus moves from US$/GH to J/GH, but still: since ASICMINER can deploy hashing power at any time at production costs in contrast to other miners who need to pay retail prices, there is a long road to go until we hit equilibrium.

[zefir]

Current bidding state:

-----Bidder----- --Amount-- --BTC/Share--
PM.1                100        0.31
DiabloD3            300        0.30
Vezunchik           300        0.30
SaintFlow           100        0.30
kjj                 100        0.30
---------------- ---------- -----------

[zefir]

Sorry, forgot ThickAsThieves.

Current bidding state:

-----Bidder----- --Amount-- --BTC/Share--
PM.1                100        0.31
DiabloD3            300        0.30
Vezunchik           300        0.30
SaintFlow           100        0.30
ThickAsThieves      200        0.30
kjj                 100        0.30
---------------- ---------- -----------

[Vezunchik]

Last 300 @ 0.3 and a new 125 @ 0.3.
So my last bid 420 @ 0.3