|
coinminers (OP)
|
 |
June 03, 2013, 07:22:11 PM |
|
https://bitfunder.com/asset/BIT.ASICWe are a team of dedicated Bitcoin mining professionals and long time supporters of the crypto-currency movement with a strong passion for the Bitcoin community and big ideas for the Bitcoin market place. We are looking to expand existing mining operations. We have been mining for nearly 2 years and have a significantly large "Private / Dedicated" server room infrastructure, with controlled personnel only access, equipped with dedicated power generators capable of handling massive power loads, UPS power backups for maximum equipment uptime and protection from power surges, a 4 Ton cooling unit to support a large scale mining operation. BIT.ASIC Equipment Purchased:BIT.ASIC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income. We have purchased the following Bitcoin ASIC Mining Equipment: Order no. 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed) Order no. 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed) Order no. 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed) BIT.ASIC's Offering:BIT.ASIC's offering is comprised of 100,000 shares in total. 1 share of BIT.ASIC on BitFunder represents 1/100,000th of 100% of the monthly profits after all expenses. BIT.ASIC shares offer no voting rights. Shares of BIT.ASIC on BitFunder do not represent real world shares of the company. The shares are solely a distribution mechanism for rights to profits. The funds from the IPO will be used to create a recovery fund for the initial investment for hardware already purchased and secondly for purchasing additional ASIC Miners, market and mining research, licensing fees, and other necessary needs for developing a large scale ASIC Mining operation. The funds will be invested in G.AsicMiner-PT on Bitfunder.com or other Bitcoin mining shares that pay dividends until the funds are needed for the above usages. The funds may also be used to purchase Bitcoin mining machines from Butterfly Labs or any other manufacturer of Bitcoin mining machines or any other source of Bitcoin mining machines which will increase the dividends for investors. Should the asset be sold or closed, the full amount of the purchase price, liquidated income, and any mining revenue not distributed will be evenly distributed to the 100,000 shares. As long as BIT.ASIC requires less than 3 employees, no salaries will be paid as expenses, and are only paid as dividend payments. Mining Expenses:Expenses will only be charged for the following direct mining equipment expenses: Utilities, equipment maintenance and repair, mining equipment space rental, internet access, mining equipment systems administration and maintenance, mining pool fees, and any other necessary direct miscellaneous mining equipment operational expenses. Total mining expense will not exceed 10% of the annual gross revenue. Dividends:Dividends will be paid once a week. Buyback Rights:The issuer reserves the right to buy back shares at a price equal to 105% of the highest price the asset was traded for over the prior 7 days. About the Issuer:We are a team of IT professionals & business owners with expertise in the fields of server hardware / infrastructure and web engineering. Alongside our ongoing mining activities, we recently launched http://bit.co.in which offers the crypto-currency community a free address shortener. This is a launch pad for many ideas we have for the developing community. We are actively involved in the forums. Feel free to contact us at: Forums: coinminers Email: info@bit.co.in
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
Mabsark
Legendary
 Offline
Activity: 826
Merit: 1004
|
|
June 03, 2013, 08:44:57 PM |
|
65 GH/s
100,000 shares
65,000,000,000 h/s / 100,000 = 650,000 h/s = 0.65 Mh/s
0.0084 BTC per share
(1 / 0.65) * 0.0084 = 0.0129231 BTC per Mh/s
TAT.VIRTUALMINE shares cost 0.00795 BTC per Mh/s. Why should I invest with you, when you're currently more expensive than the competition and don't even have anything to mine with as yet?
Based on the value of your 65 Gh/s being a maximum of $5000 including shipping, you should be offering around 13 Mh/s for 0.0084 BTC or 0.00064615 BTC per Mh/s. So, allowing for you to make a profit, I'd say 1 mBTC per Mh/s is a reasonable price.
|
|
|
|
|
|
Ukyo
|
|
June 03, 2013, 09:02:22 PM |
|
I can confirm that I was allowed me to login to their BFL account and verify all of their order information, numbers, etc.
-Ukyo
|
|
|
|
|
|
coinminers (OP)
|
|
June 03, 2013, 11:58:05 PM
Last edit: June 04, 2013, 12:36:58 AM by coinminers |
|
65 GH/s
100,000 shares
65,000,000,000 h/s / 100,000 = 650,000 h/s = 0.65 Mh/s
0.0084 BTC per share
(1 / 0.65) * 0.0084 = 0.0129231 BTC per Mh/s
TAT.VIRTUALMINE shares cost 0.00795 BTC per Mh/s. Why should I invest with you, when you're currently more expensive than the competition and don't even have anything to mine with as yet?
Based on the value of your 65 Gh/s being a maximum of $5000 including shipping, you should be offering around 13 Mh/s for 0.0084 BTC or 0.00064615 BTC per Mh/s. So, allowing for you to make a profit, I'd say 1 mBTC per Mh/s is a reasonable price.
Compare our Mhs price with other mining stocks (RTM,PAMB,AMC,TAT.ASICMINER) and you'll see that we come in on the low end of the multiples with this offering. One TAT.VIRTUALMINE share gives you access to the proceeds of 1 Mh/s. That's more like a perpetual mining bond with no upwards potential in mining power per share. If that's more like the type of asset/risk class that you're looking for then you should definitely go for it. Speaking of ASICMINER, if you actually compare our price per Mhs with TAT.ASICMINER, or G.ASICMINER-PT, which both do give you access to a profit share rather than a fixed hashing amount, you'll see that for those two you'd have to pay ~0.04108167 per Mhs.(assuming 24TH/s, excluding hardware sales). 1 BIT.ASIC share gives you access to a share in our profits, so there is growth potential. Proceeds from the initial offering will be invested in additional revenue generating assets and hardware that you will directly benefit from. The same potentially goes for future proceeds from unissued shares. |
|
|
|
Mabsark
Legendary
Offline
Activity: 826
Merit: 1004
|
|
June 04, 2013, 12:50:29 AM |
|
65 GH/s
100,000 shares
65,000,000,000 h/s / 100,000 = 650,000 h/s = 0.65 Mh/s
0.0084 BTC per share
(1 / 0.65) * 0.0084 = 0.0129231 BTC per Mh/s
TAT.VIRTUALMINE shares cost 0.00795 BTC per Mh/s. Why should I invest with you, when you're currently more expensive than the competition and don't even have anything to mine with as yet?
Based on the value of your 65 Gh/s being a maximum of $5000 including shipping, you should be offering around 13 Mh/s for 0.0084 BTC or 0.00064615 BTC per Mh/s. So, allowing for you to make a profit, I'd say 1 mBTC per Mh/s is a reasonable price.
Compare our Mhs price with other mining stocks (RTM,PAMB,AMC,TAT.ASICMINER) and you'll see that we come in on the low end of the multiples with this offering. One TAT.VIRTUALMINE share gives you access to the proceeds of 1 Mh/s. That's more like a perpetual mining bond with no upwards potential in mining power per share. If that's more like the type of asset/risk class that you're looking for then you should definitely go for it. Speaking of ASICMINER, if you actually compare our price per Mhs with TAT.ASICMINER, or G.ASICMINER-PT, which both do give you access to a profit share rather than a fixed hashing amount, you'll see that for those two you'd have to pay ~0.04108167 per Mhs.(assuming 24TH/s, excluding hardware sales). 1 BIT.ASIC share gives you access to a share in our profits, so there is growth potential. Proceeds from the initial offering will be invested in additional revenue generating assets and hardware that you will directly benefit from. You don't currently have any devices to mine with though and you'll be lucky to have a 5 Gh/s this month. So what profits will there be? Profits from ASICMINER shares? Why shouldn't I just invest with ASICMINER directly if that's the case? Also, you have no reinvestment plan outlined. What are you going to purchase and when? Do you honestly think people are going to pay silly prices when BFL, Avalon and BitFury have shipped most of their orders? The reason the others are priced so high is because their hardware costs are more expensive. You will be using cheaper, more efficient hardware, yet charging far more. I'll be skipping this one. |
|
|
|
|
|
jmutch
|
|
June 04, 2013, 01:03:08 AM |
|
Those order dates are late. Unfortunately by the time they come your calculations will most likely be worthless.
They haven't even gotten up to order 2000-3000 yet. how long do you think it will take them to get to your order?
|
|
|
|
|
Eric Muyser
Full Member
Offline
Activity: 224
Merit: 100
You can't kill math.
|
|
June 04, 2013, 01:21:10 AM |
|
Seems like you guys are trying to cash in on your orders. You've been mining for 2 years, but your orders are very recent. Maybe you're withholding the older orders, but no one would expect you to admit that. By the time you get those machines, your calculations are useless. Even if they were running right now, they're too expensive. You could have offered them cheaper, at the optimistically estimated price you'll see from them in a few months. Maybe then you'd get some hopeful gamblers. But with this greed...
The only reason you are "cheaper" than some of the other mining stocks is because they started low and demand pushed them higher. You can't just start at the top, and they also have much lower order numbers. You guys must know this. This is just free money to cover your expense on those orders that won't trickle down to your investors.
|
@EricMuyser | EricMuyser.com | OTC - "Defeat is a state of mind; no one is ever defeated until defeat has been accepted as a reality" - Bruce Lee
|
|
|
usagi
VIP
Hero Member
Offline
Activity: 812
Merit: 1000
13
|
|
June 04, 2013, 02:55:39 AM |
|
Seems like you guys are trying to cash in on your orders. You've been mining for 2 years, but your orders are very recent. Maybe you're withholding the older orders, but no one would expect you to admit that. By the time you get those machines, your calculations are useless. Even if they were running right now, they're too expensive. You could have offered them cheaper, at the optimistically estimated price you'll see from them in a few months. Maybe then you'd get some hopeful gamblers. But with this greed...
The only reason you are "cheaper" than some of the other mining stocks is because they started low and demand pushed them higher. You can't just start at the top, and they also have much lower order numbers. You guys must know this. This is just free money to cover your expense on those orders that won't trickle down to your investors.
I am very disturbed that they are trying to raise $100k to pay for $5k worth of gear. Yes, where's the other equipment? And where's the contact info? It sounds like someone who has been around here for a while wants to anonymously cash in on their dead-in-the-water BFL orders and break into the top tier. I don't know if we should let that happen. It's too easy for a scammer to do the same thing. |
|
|
|
|
|
davecoin
|
|
June 04, 2013, 06:50:14 AM |
|
What other asic hardware do you plan on purchasing with IPO earnings?
Will you increase the amount of bonds when you purchase new hardware and will they be offered at the same price?
Thanks,
Dave
|
|
|
|
|
|
coinminers (OP)
|
|
June 04, 2013, 07:17:43 AM |
|
I am very disturbed that they are trying to raise $100k to pay for $5k worth of gear. I'm sorry, I may have mistyped or mis-spoken somewhere. Where now did I say that we'll keep 100k to ourselves to cash in on 5k of mining equipment. I'm asking because that would obviously be an embarrassing and silly thing to propose on this forum an it wouldn't be worth a millisecond of anybody's time on here. What do you mean by "where's the contact info"? Our contact info is right in the posting, plus you have our contact info on this forum. Let me know if you need anything beyond that. |
|
|
|
|
Deprived
|
|
June 04, 2013, 09:55:23 AM |
|
The funds from the IPO will be used to create a recovery fund for the initial investment for hardware already purchased and secondly for purchasing additional ASIC Miners, market and mining research, licensing fees, and other necessary needs for developing a large scale ASIC Mining operation.
I read that as meaning you'll be taking some of the IPO funds in return for your BFL ASICs. If I'm wrong then what is this "recovery fund" for? Regardless of whether my reading of that is correct or not, what proportion of IPO funds is going to the "recovery fund"? Is it actually a proportion - or is it the first X BTC? i.e. if you only sold 100 BTC worth of shares how much of that would be used for expansion and how much would go to the "recovery fund"? |
|
|
|
|
|
btcash
|
|
June 04, 2013, 12:32:25 PM |
|
Unbelivable that you already found fouls who bought 2,503 shares.
This asset is not worth 850BTC. E.g. other mainly BFL based assets:
- PAJKA.BOND offers already 28.57 Mh/s per Bitcoin and 142.8 after BFL delivers ( #100021710)
- COGNITIVE offers already 7.6 Mh/s per Bitcoin and 154.51 after BFL delivers (early order #1xxx)
|
|
|
|
|
|
coinminers (OP)
|
|
June 04, 2013, 06:08:40 PM
Last edit: June 04, 2013, 11:00:53 PM by coinminers |
|
What other asic hardware do you plan on purchasing with IPO earnings?
Will you increase the amount of bonds when you purchase new hardware and will they be offered at the same price?
Thanks,
Dave
We're looking to sell up to 49,000 shares and thus raise about 412 BTC. We will fully re-invest all of this money into additional mining hardware, ideally up to 1.5 TH. If we raise less than that, then still all the money we raise will go into as much new mining hardware as we can possibly get our hands on. Inbetween purchases the money will be parked in G.ASICMINER-PT or TAT.ASICMINER shares, just so it doesn't sit idle and so investors can already receive at least a small dividend. We will absolutely NOT issue any additional bonds when we purchase the new hardware from these aforementioned funds. Please note that we will be retaining majority ownership in this asset. It's not easy for us to let go of these shares and if people don't want to buy them at the price we're proposing we have absolutely no problem keeping them to ourselves. This asset will operate and generate profits with or without investor buy in, but we believe we can achieve much more for everyone involved, including ourselves, by raising the funds as planned. Does that answer your question? |
|
|
|
|
coinminers (OP)
|
|
June 04, 2013, 06:11:17 PM |
|
The funds from the IPO will be used to create a recovery fund for the initial investment for hardware already purchased and secondly for purchasing additional ASIC Miners, market and mining research, licensing fees, and other necessary needs for developing a large scale ASIC Mining operation.
I read that as meaning you'll be taking some of the IPO funds in return for your BFL ASICs. If I'm wrong then what is this "recovery fund" for? Regardless of whether my reading of that is correct or not, what proportion of IPO funds is going to the "recovery fund"? Is it actually a proportion - or is it the first X BTC? i.e. if you only sold 100 BTC worth of shares how much of that would be used for expansion and how much would go to the "recovery fund"? You raise a good point. We put this in as a precautionary note. We have decided not to exercise this option, in other words, every BTC raised will eventually be re-invested into additional mining hardware. We will not take out anything to cover the expenses that we have incurred up to this point. |
|
|
|
|
coinminers (OP)
|
|
June 17, 2013, 03:18:26 AM |
|
We are happy to announce that we have raised enough Bitcoin to begin increasing our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have nearly doubled our hashing power in just 13 days from the IPO launch. We will continue to re-invest funds raised in that fashion. BIT.ASIC Equipment Purchased to date: We have purchased the following Bitcoin ASIC Mining Equipment: Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed) Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed) Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed) NEW Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed) BIT.ASIC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income. About the Issuer: We are a team of IT professionals & business owners with expertise in the fields of server hardware / infrastructure and web engineering. Alongside our ongoing mining activities, we recently launched Bit.co.in which offers the crypto-currency community a free address shortener. This is a launch pad for many ideas we have for the developing community. We are actively involved in the forums. Bitcoin Talk user profile: coinminers Butterfly Labs user profile: bit.co.in Feel free to email us at: info@bit.co.in |
|
|
|
|
Deprived
|
|
June 17, 2013, 03:29:58 AM |
|
Just to be clear on this.
100k shares
You deduct for expenses.
50k of the shares you keep for yourself.
So if you sell only 10k shares they get 10% of profits between them but would have put in around 50% of capital (the existing orders were equivalent to about 10k share of value).
At best investors get half of 'profit' - which there'd be absolutely zero of when you only have pre-orders and are keeping half of income yourself. Yeah - they'd get some money back but never as much as they put in.
10% management fee is fine. 50% is pretty much theft - and it rises to 90% if you only sell 10k shares (as the percentage of profit is based on NUMBER of shares whilst the percentage of capital coming from shares rises from a lower base - only ever reaching 50% given to investors if you sell 50k shares).
|
|
|
|
|
|
coinminers (OP)
|
|
July 01, 2013, 10:23:35 PM |
|
News Update: BIT.ASIC - Professional Miners has purchased an additional 60GH/s to increase hashing power to (185GH/s)
We are happy to announce that we have raised enough Bitcoin to further increase our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have nearly tripled our total hashing power in just 28 days from the IPO launch. We will continue to re-invest funds raised in that fashion.
BIT.ASIC Equipment Purchased to date:
We have purchased the following Bitcoin ASIC Mining Equipment:
Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)
Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)
Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)
Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)
New Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)
|
|
|
|
|
coinminers (OP)
|
|
July 02, 2013, 12:44:50 AM |
|
I was almost buying the 'professionals' story.
But you keep buying hardware from BFL. Why would you do that when KnC is likely to deliver before your first BFL order arrives, and is selling cheaper?
We have been looking at KnC and also TerraHash. Had TerraHash not closed their order book a few days ago this most recent order may actually have been with them. KnC we've been on the fence, they're a bit more expensive and we're not very clear on their reputation and ability to deliver yet. BFL has way more of a history and is already delivering. Where are you taking the claim from that KnC is likely to deliver sooner? |
|
|
|
|
coinminers (OP)
|
|
July 02, 2013, 02:33:06 AM |
|
In 3 months of shipping BFL hasn't even worked through the first DAY of orders. Orders that are now 1 year old. You guys are going to go grey waiting on those orders.
According to http://bfl.ptz.ro the most recently delivered & confirmed 5Gh/s order is from Sep 18 2012. The first order day on there is June 12 2012. It may be helpful for you to back up your information with sources so I can compare those to the ones I'm going by and stand corrected in case yours are way superior to mine. |
|
|
|
EskimoBob
Legendary
Offline
Activity: 910
Merit: 1000
Quality Printing Services by Federal Reserve Bank
|
|
July 02, 2013, 07:14:33 AM
Last edit: July 02, 2013, 07:31:13 AM by EskimoBob |
|
Why cant you add your fkn cost to your orders?
Is this correct?
5 GH/s Bitcoin Miner 1 $274.00
25? GH/s Bitcoin Miner 2 $2,498.00
50 GH/s Bitcoin Miner 1 $2,499.00
Shipping & Handling (Express Shipping - Only) $611.00
Grand Total $5,882.00
|
While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
|
|
|
|
