ASICMINER fixed price auction 2.5BTC/share, 2000 shares

[Jutarul]

Bitfountain has emerged as the most competent player in the bitcoin mining industry.  With the recent appreciation of the ASICMINER equity from undervalued to fair valued, it is time for me to let go of some of the equity. I am currently holding 10000 shares, which can be verified at https://blockchain.info/tx/3c07216fce4bd45d0c7d49eabe21a4c137691e481527d0f936b65e49bc7bb7cf by looking up my address: 1KbAD8KU1u6uw6nHSJEYpdZfgQbNbTAkH2

I am thus offering this FIXED PRICE auction for a total of 2000 shares at a price of 2.5 BTC/share.

I am selling in chunks of 100 shares (thus 20 allocations of 100 shares) and you could decide to buy incrementally. I will post daily summaries. This auction will continue until the shares have sold out. The shares are sold on a first come first serve basis. I accept offers per pm, in case a buyer wants to stay anonymous. I will post the corresponding entry in the thread, so everybody is aware of the activity. The time of the PM counts as the bid time.

I have already performed a successful auction in March (https://bitcointalk.org/index.php?topic=148198.msg1572973#msg1572973) and this is the second one. If you're unsure on how this auction style works, study the previous one. However, please be advised that I am selling only in increments of 100 shares (250 BTC) this time.

Please do your due diligence with respect to the viability of the investment. The shares are direct shares. This means that you have to setup a bitcoin address which you have the private key for, and communicate the BTC address to me to finalize the transition. This bitcoin address will serve as the primary target for dividend payments and authentication.

After bidding, please sent the corresponding amount of BTC (shares*2.5) within 48 hours to the address I have registered with ASICMINER: 1KbAD8KU1u6uw6nHSJEYpdZfgQbNbTAkH2
Please make sure to have cryptographic proof of sending the payment, e.g. buy owning the private key of the originating bitcoin address. Alternatively ask me for an individual payment address.

If the BTC are not received within 48 hours, the bid becomes invalid and the shares are available again.

I plan to do the clearing twice a week (sunday/wednesday). If dividends overlap with the reporting/bidding, the date of the bid decides on the final recipient of the dividend, i.e. they will be forwarded correspondingly.

Happy bidding

[dhenson]

I'm wanting to purchase 25 shares.  Anyone else interested in a group buy using Escrow?

[Jutarul]

I'm wanting to purchase 25 shares.  Anyone else interested in a group buy using Escrow?

Please don't try to circumvent the 100 shares rule by creating group buys. If you're interested in sub-100 purchases, a pass-thru is the better choice. People created them for exactly that purpose.

The reason for the minimum requirement is to avoid fragmentation and reduce the management overhead of direct shares.

[ThickAsThieves]

I'm wanting to purchase 25 shares.  Anyone else interested in a group buy using Escrow?

Please don't try to circumvent the 100 shares rule by creating group buys. If you're interested in sub-100 purchases, a pass-thru is the better choice. People created them for exactly that purpose.

The reason for the minimum requirement is to avoid fragmentation and reduce the management overhead of direct shares.

It may have been smarter for you to have posted smaller batch auctions. This offer, along with DeadTerra selling off a few thousand this week, is chilling prices, and will result in both of you making less money for it.

I think the market can take it as long as sentiment holds up for a week or two, but I doubt you'll sell your 2000 at 2.5 now...

[vesper39]

Yup. This is essentially a huge buy wall that is even harder to take down since individuals won't be able to chip away at it in small purchases. I think with the current market and the recently high prices, someone would only buy large purchases now if the price is lower than the current market rate of btct. That way the people that do buy, know they are buying into a slight immediate profit for taking the risk of such a large purchase.

Best of luck to you anyhow.

[Jutarul]

I'm wanting to purchase 25 shares.  Anyone else interested in a group buy using Escrow?

Please don't try to circumvent the 100 shares rule by creating group buys. If you're interested in sub-100 purchases, a pass-thru is the better choice. People created them for exactly that purpose.

The reason for the minimum requirement is to avoid fragmentation and reduce the management overhead of direct shares.

It may have been smarter for you to have posted smaller batch auctions. This offer, along with DeadTerra selling off a few thousand this week, is chilling prices, and will result in both of you making less money for it.

I think the market can take it as long as sentiment holds up for a week or two, but I doubt you'll sell your 2000 at 2.5 now...

Please correct me if I am wrong. This is a slightly different offer from DeadTerra's. He's offering pass-thru shares and thus they stay under his management. It's merely a liquidation of his own position in order to increase the pass-thru position.

I have no time preference, and if it takes weeks to fill this sale, that's fine with me. With respect to chilling - you're partly correct. The offer will be an anchor point for the upper price as long as it takes to eat through the offer.

And regarding the point with making more money. Yes - there is always a way to make more money. If I'd want to make the most of it, I'd create a pass-thru myself - but I am not in the security business. That seems to be your job.

[freedomno1]

Well the pass-thrus noted that wall and adjusted and that wall is huge

[ThickAsThieves]

Please correct me if I am wrong. This is a slightly different offer from DeadTerra's. He's offering pass-thru shares and thus they stay under his management. It's merely a liquidation of his own position in order to increase the pass-thru position.

DT's PT shares can be converted to normal shares by exporting, he is selling his at 2.4-2.6 (I suspect that wall on BTCTC is his too).

Either way, it'll definitely keep the price under 2.5 for a long while to have your 2000 shares hanging out. Some people will be unhappy about this, but it's a free market after all.

For all we know someone will be happy to have 1 source to buy that many from. I'd be one of those people if the deal had been done in private and left the market loose.

[Jutarul]

Please correct me if I am wrong. This is a slightly different offer from DeadTerra's. He's offering pass-thru shares and thus they stay under his management. It's merely a liquidation of his own position in order to increase the pass-thru position.

DT's PT shares can be converted to normal shares by exporting, he is selling his at 2.4-2.6 (I suspect that wall on BTCTC is his too).

Sure. But that requires a minimum of 250 shares IIRC. It may help individual buyers with making a buying decision of they can slowly accumulate the shares.

Either way, it'll definitely keep the price under 2.5 for a long while to have your 2000 shares hanging out. Some people will be unhappy about this, but it's a free market after all.

For all we know someone will be happy to have 1 source to buy that many from. I'd be one of those people if the deal had been done in private and left the market loose.

I am sorry if my offering interfered with your business. A cool-down of the market is usually not a bad thing. It prevents horrible corrections, like we've seen with bitcoin recently.

[ThickAsThieves]

Please correct me if I am wrong. This is a slightly different offer from DeadTerra's. He's offering pass-thru shares and thus they stay under his management. It's merely a liquidation of his own position in order to increase the pass-thru position.

DT's PT shares can be converted to normal shares by exporting, he is selling his at 2.4-2.6 (I suspect that wall on BTCTC is his too).

Sure. But that requires a minimum of 250 shares IIRC. It may help individual buyers with making a buying decision of they can slowly accumulate the shares.

Either way, it'll definitely keep the price under 2.5 for a long while to have your 2000 shares hanging out. Some people will be unhappy about this, but it's a free market after all.

For all we know someone will be happy to have 1 source to buy that many from. I'd be one of those people if the deal had been done in private and left the market loose.

I am sorry if my offering interfered with your business. A cool-down of the market is usually not a bad thing. It prevents horrible corrections, like we've seen with bitcoin recently.

Oh, it's okay with me, I am only pointing out that we both probably could have benefited from a different approach. It's quite possible I'm wrong though.

It's also possible that chilling the market right now is a good thing.

However, the buyers you're targeting (100+ shares) will probably be looking for best price, and these walls make the best price elsewhere, for now at least.

[freedomno1]

Just proves that the markets do read this thread XD

[dmcdad]

I might be wrong, but it wouldn't surprise me for these 2000 shares to be eaten up pretty quickly. Just 20 folks looking to get in at 100 shares. I don't think the wall will last long. My 2 satoshis.

[dhenson]

Is my understanding correct in that the owning PT shares forces you to trust the 'Owner' of the base share as well as Friedcat?  I have no problem trusting Friedcat to pay dividends/not dilute value by dumping shares etc. but your in effect more than doubling your risk surface by buying a PT share.

Or are there protections in place that I'm not seeing?

[Jutarul]

Is my understanding correct in that the owning PT shares forces you to trust the 'Owner' of the base share as well as Friedcat?  I have no problem trusting Friedcat to pay dividends/not dilute value by dumping shares etc. but your in effect more than doubling your risk surface by buying a PT share.

Or are there protections in place that I'm not seeing?

I am not quite sure why you're bringing this issue up in this thread. There are pros and cons for listing your shares on a pass-thru. Pros are that you have increased liquidity and you can play the trading game. This of course comes with the increased risk factor of listing your equity on an online account... and you have to trust the operator... Good pass-thru operators allow you to move equity into direct shares.

[jmutch]

Is my understanding correct in that the owning PT shares forces you to trust the 'Owner' of the base share as well as Friedcat?  I have no problem trusting Friedcat to pay dividends/not dilute value by dumping shares etc. but your in effect more than doubling your risk surface by buying a PT share.

Or are there protections in place that I'm not seeing?

Yeah got to trust both i guess....these btct.co dropouts are making me nevous as hell.

Why not put the 2000 shares on there?  

[dhenson]

I am not quite sure why you're bringing this issue up in this thread.

You referred me to purchase PT shares and I was merely clarifying my misunderstanding regarding said shares.

Please don't try to circumvent the 100 shares rule by creating group buys. If you're interested in sub-100 purchases, a pass-thru is the better choice. People created them for exactly that purpose.

The reason for the minimum requirement is to avoid fragmentation and reduce the management overhead of direct shares.

[TheJuice]

well these are selling like hot cakes. . .

[josh4580]

Sorry Jutarul,

My minimum purchase is 4000 shares 

[MikkisJ]

Sorry Jutarul,

My minimum purchase is 4000 shares 

You can easily get 4000 shares total with three private deals at 2.45-2.5 right now.

[houseofchill]

Sorry Jutarul,

My minimum purchase is 4000 shares 

You can easily get 4000 shares total with three private deals at 2.45-2.5 right now.

I believe that was sarcasm.  I feel as if a story is unfolding out of the novel "Reminiscenses of a Stock Operator".  The first bitcoin stock "bubble".  A "bubble" within a "bubble".  We're making history.