[LTC-GLOBAL] CIPHERMINE Industrial Cryptocoin Mining & High Perf. Computing

[Exocyst]

is this a good location to discuss motions for ciphermine?

id like to discuss the most recent motion to add shares and dilute current shares.

wow, thanks for posting here, hadn't seen the motion.

kate, I understand you have enough votes to pretty much do whatever you want, but why don't you look at what happened to the share price after you posted this motion to see what investors really think of it.


Really amateurish.  Whats the criteria for employees who you pay from your shares vs employees who can be issued new free shares?  How many different businesses are you trying to be involved in?

Personally, I like that you are trying to diversify into other businesses—In fact, that is why I decided to grab some shares, and I'm very excited about your plans. Clearly, you have great enthusiasm for running the project, and I am glad you have been able to recruit new talent to the team via share renumeration.

[carnitastaco]

is this a good location to discuss motions for ciphermine?

id like to discuss the most recent motion to add shares and dilute current shares.

wow, thanks for posting here, hadn't seen the motion.

kate, I understand you have enough votes to pretty much do whatever you want, but why don't you look at what happened to the share price after you posted this motion to see what investors really think of it.


Really amateurish.  Whats the criteria for employees who you pay from your shares vs employees who can be issued new free shares?  How many different businesses are you trying to be involved in?

Personally, I like that you are trying to diversify into other businesses—In fact, that is why I decided to grab some shares, and I'm very excited about your plans. Clearly, you have great enthusiasm for running the project, and I am glad you have been able to recruit new talent to the team via share renumeration.

Well, the stock price clearly recovered, so never mind that   Exo- I'm not specifically against being involved in multiple business lines, but it seems like these guys are fairly new to a lot of the things they are dabbling in and I'm not sure there's any reason to think they should have a profitable edge at things like day trading the price of bitcoin based on a 10/21 bot thats available to everybody.  But if they do and make money at it, all the better!  Anyway this thread is pretty dead so I guess I might as well finally register on the litecoin forum.

[woodrake]

I do have more than one business focus at present; Memset Ltd is my primary concern, but I hope that CipherMine and Memset can become increasingly allied over time. As for the recent motion, I concede I could have planned it better and I have revoked my right to force through diluting motions for now.

As for paying the team with shares, we don't have massive revenues right now and they are all keen to be a part of it so it seems like a win-win. It is a cheap way to remunerate people.

Anyway, more shares now released, please see the latest news on the security's page and updated business plan in the filestore:

https://www.litecoinglobal.com/security/CIPHERMINE

http://docs.ciphermine.com

Kate.

[asdfghj]

Could someone link to the primary location for discussion of this security?  Weather it be on this forum or another.  Thanks.

[ArcticWolf]

I believe the main discussion is on the ltc global forums

[cryto4rig]

BitFury funding round

I am about to offer an additional 7,000 shares onto the market at LTC 4.00 / share as discussed in the last motion. Please see the updated business plan v2.01 at docs.ciphermine.com.

The funds raised from this round will be used to purchase between 5 and 6 EUR 7,500 400 GH/s BitFury SHA256 mining rigs which have recently become available for pre-order. We intend to go for the October delivery date (half the price). The BitFury ASICs are four times as productive in terms of capital costs and power compared with Avalon ASICs. Further, Giles believes that at 55nm it is unlikely anyone will come up with something better for a while.

The remainder of the funds will go towards another ~5 quintuple-GPU scrypt mining rigs (~25 Sapphire 7950 Vapour-X's with supporting hardware).

The price of LTC 4.0 / share is based on two factors:

1) With BitFuries incorporated into the plan, even with the reduced BTC price of EUR 60 and our new model which assumes difficulty will pass 100 million within a year, our forecast profits are now around EUR 880,000, 50% of which will be released as dividends. The 4.0 LTC / share price represents a P/E ratio of roughly 2, which is still lower than ASICminer's.

2) There has been considerable demand for shares recently and prople have been paying well in excess of 4 LTC/share. This was based on our old model with much lower forecasted yield. Thus we further believe this is a fair price.

Finally, following the dissatisfaction expressed by some shareholders over the manner in which this motion to issue more share capital was approved (I dominated the votes, basically) I have removed my right to vote "yes" on any motion which will result in dilution of existing shareholders until the end of the year. Further, we believe we must now enter a period of consolidation and focus on getting all the mining hardware up and running before considering further funding rounds.

[Exocyst]

I believe the main discussion is on the ltc global forums

Not much discussion over there either, though. The appetite for the third offering seems lower, but no price retreat yet as investors still seem to be holding tight to their shares.

[Online24o0n]

Over 2000 shares were bought up in just the last 5 hours or so.

[woodrake]

I believe the main discussion is on the ltc global forums

That's correct. Please see the main discussion thread here.

I felt it appropriate to cross-post since our principal activity will actually be SHA256 mining in the near-term, but we are a LTC Global security.

Kate.

[iCEBREAKER]

Price up 20% on massive volume, including a 2200 share buy. 

IPO round 3 is complete!

Bitfuries are thus fully funded and in good shape for a bulk discount.

60 quad-core Xeons are set to mine PrimeCoins.

This is absolutely fabulous like Patsy and Adina!    

[Online24o0n]

Im glad I bought my ciphermine shares at 3.6  lol... up up an away

[shadallion]

Someone came in and bought about $10,000+ worth of CipherMine, yikes. 

[Online24o0n]

I doubled my money on ciphermine shares, its been doing really good. Went all the wat to almost LTC 10 per share, but these noobs are starting to outsell eachother bringing it down to 6.8, some people just dont understand how to invest and leave their money to grow... let it grow up, and cash out much bigger...  damn noobs.

[dRMergatroid]

interesting to see the market can absorb a large buy much easier than a large sell...

not encouraging if one is a short term speculator.

on the other hand, if you're holding out for dividends in 3-5 months as a ROI...
 lower price now is better. buy more.

[woodrake]

Price up 20% on massive volume, including a 2200 share buy. 

IPO round 3 is complete!

Bitfuries are thus fully funded and in good shape for a bulk discount.

60 quad-core Xeons are set to mine PrimeCoins.

This is absolutely fabulous like Patsy and Adina!    

Hehe.

Sadly no joy on the discount for Bitfuries but have got 7 x 400GHs ones on order now.

XPM VMs were doing great for the first couple of days but blocks have really dried up now. We think it is the bfgminer fork - seems no "CPU only" coin is truly safe from GPUs! However, at present the XPM grid is still more lucrative than scrypt coin mining. Also, if people were using EC2 instances for XPM mining we expect that to stop very soon. Will monitor the situation closely of course!

In total we've got about 80 XPM in the last few days (since Sunday), and sold them mostly at around 0.009 BTC each so ~0.7 BTC; normally we'd be lucky to get 0.4 BTC-worth of scrypt goodies out of them in a whole week so still worth it.

Kate.

[Exocyst]

Kate,

I appreciate your being willing to reduce your own equity to purchase some Avalons for CIPHERMINE, I can even understand your motivation as it will help to shore up dividends in the short to medium term, but in the long term I worry that these coins could have been used better—I suppose it's your donation, though, and you are free to allocate it as you see fit. Does CIPHERMINE plan to start focusing the GPUs on LTC until LTC trading goes live on MtGox? I think there is an opportunity to gain purchasing power with an impending bump in LTC/fiat trading—it's not like anyone in the US could withdraw LTC earnings from MtGox

[str4wm4n]

I think you mean 'Industrial' not 'Industruial' 

[woodrake]

Small update: found 37.2 XPM overnight! Looking still very profitable to mine with CPU.

PS. Thanks str4wm4n. Stupid lesdyxia :p

[woodrake]

I appreciate your being willing to reduce your own equity to purchase some Avalons for CIPHERMINE, I can even understand your motivation as it will help to shore up dividends in the short to medium term, but in the long term I worry that these coins could have been used better—I suppose it's your donation, though, and you are free to allocate it as you see fit. Does CIPHERMINE plan to start focusing the GPUs on LTC until LTC trading goes live on MtGox? I think there is an opportunity to gain purchasing power with an impending bump in LTC/fiat trading—it's not like anyone in the US could withdraw LTC earnings from MtGox

We are not in the business of cryptocoin speculation. We mine whichever coin is the most profitable at any point.

However, we do intelligently hold or sell LTC and BTC (our core coins) based on EMA10/21 (ie. we hold when its rising).

I might use some of it to buy additional GPU rigs; I've not decided exactly and it depends how well the negotiations go, so thanks for your input. At present Avalons appear to be much more lucrative than GPUs according to my model but I will be keeping a close eye on LTC. We cannot guarantee that LTC on Gox will make it explode - if it were guaranteed the market would have moved more already.

As an aside, I could probably use the funds better by pocketing it and not selling my Audi R8 to pay for my Wedding. However, as I've often said CipherMine is something I'm passionate about and it tickles my inner geek a lot so I get plenty of pleasure from it!

Kate.

[inspiredinvestor]

Very impressive Kate, your business plan  blew me away, 
you have certainly set a standard.

bravo! 

definitely watching this space