Streets 2.0
Full Member
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Activity: 490
Merit: 101
FRX: Ferocious Alpha
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July 20, 2013, 05:50:08 PM |
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another 350,000 shares put up at 25 by kslaughter on btct.co. This is beyond amateur hour now.
lol He has stated many times that he needed to further release shares to raise money and even told us at what price point they would be released. This gave everyone a heads up and a chance to get their finances in order for a last shot at cheap shares. I fail to see how this constitutes 'amateur hour'. As soon as the wall is down the price will be right up over the previous high and you can all stop complaining. If only they would have some kind of structure as to what is being sold and at what time/price. He is right. This is a very amateur manoeuvring. If there was shares to be sold at 25 why not put them up in the original batches? These kind of moves ward off investors long term. People on btct are taking the opportunity to purchase at 25, about 170btc in since the wall was put up, a 56k buy at once
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Kuroth
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July 20, 2013, 05:50:42 PM |
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I am a new investor and I am about to run for the hills.. I have never seen anything like this before.. I have no clue what Ken is doing but it dont seem like he has most of his Avg investors in mind with what he is doing.. another 350,000 shares put up at 25 by kslaughter on btct.co. This is beyond amateur hour now.
lol He has stated many times that he needed to further release shares to raise money and even told us at what price point they would be released. This gave everyone a heads up and a chance to get their finances in order for a last shot at cheap shares. I fail to see how this constitutes 'amateur hour'. As soon as the wall is down the price will be right up over the previous high and you can all stop complaining. If only they would have some kind of structure as to what is being sold and at what time/price. He is right. This is a very amateur manoeuvring. If there was shares to be sold at 25 why not put them up in the original batches? These kind of moves ward off investors long term.
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damiano
Legendary
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Activity: 1246
Merit: 1000
103 days, 21 hours and 10 minutes.
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July 20, 2013, 05:53:39 PM |
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You girls complain to much. He is doing a good job.
Just shut up and buy.
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hazryder
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July 20, 2013, 05:55:21 PM |
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At this rate the wall will be gone by tomorrow and we can return to normal. The people who are pissed because they bought at 28 will get over it when the price easily climbs far above that in the coming weeks and months. Yes it was a silly move by Ken, but it's nothing in the long run.
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ffssixtynine
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July 20, 2013, 06:02:11 PM |
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If you guys can read back a few pages you'll see that this has been discussed at length. Ken has been told in no uncertain terms, publicly and privately, that this was unacceptable.
In addition, as shareholders some of us have requested urgent formation of a board to prevent all such occurrences happening again, and to handle communication and financials in a proper manner.
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Rawted
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July 20, 2013, 06:03:41 PM |
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At this rate the wall will be gone by tomorrow and we can return to normal. The people who are pissed because they bought at 28 will get over it when the price easily climbs far above that in the coming weeks and months. Yes it was a silly move by Ken, but it's nothing in the long run.
The third 'silly move' by Ken in less than a week. That constitutes a pattern. All while reading feedback from his investors (and dodging the subsequent questions) and those that have more experience than he has shown telling him it is a bad idea. It is either complete ignorance, naivety, or swindling. I have a large amount invested (i realize 'large' is subjective) and i'm honestly hoping he is just completely inept at all of this.
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dhenson
Legendary
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Activity: 994
Merit: 1000
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July 20, 2013, 06:04:48 PM |
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It's my understanding that: a) He will only sell remaining unsold shares when funds are needed. b) Shares will be released at market price after a sufficient warning is given.
As long as the above two stipulations are followed, I can't think of any reason why the market wouldn't be active.
Ken, I know your busy, but at some point it would be good to clarify your plans on the above and release the amount of shares that are remaining to be sold. (edit... meaning relay to us the quantity that are left)
I personally can't wait until the never ending IPO is over and the market can be left to do what it will do.
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Kuroth
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July 20, 2013, 06:06:47 PM |
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I smell Stinky Fish....
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Rawted
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July 20, 2013, 06:13:47 PM |
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It's my understanding that: a) He will only sell remaining unsold shares when funds are needed. b) Shares will be released at market price after a sufficient warning is given.
As long as the above two stipulations are followed, I can't think of any reason why the market wouldn't be active.
Ken, I know your busy, but at some point it would be good to clarify your plans on the above and release the amount of shares that are remaining to be sold.
I personally can't wait until the never ending IPO is over and the market can be left to do what it will do.
I enjoy discussing your points, don't want you to think i'm becoming hostile towards you by replying all the time. a)Why are funds still needed? We reach the NRE days ago, he even announced it via btct.co and here. b)that's the problem, he is not releasing shares at market price, he is undercutting the market. market price is dictated by supply and demand. as demand increases, supply goes down, and price increases. However what we're dealing with is a stagnant demand, caused by a seemingly bottomless supply of shares, being issued below the current price point. This is economics 101 stuff. How can you defend his actions? 'Never ending IPO' is quite true at this rate. Listen, i understand sometimes in life we have to suspend disbelief and rely on sheer hope and faith that things 'will' go right. However, that will not happen here without some serious immediate action by kslaughter, who seems content to just check in semi-weekly, ignore questions, and present a generally lackadaisical attitude about it all.
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dexX7
Legendary
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Activity: 1106
Merit: 1024
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July 20, 2013, 06:20:41 PM |
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Vbs, Streets 2.0 and the others: great job!
The next barrier to overcome will probably be the convertion of Bitcoin -> USD. One of the reasons (besides expenses) for the issuing of the last 500k shares was a falling BTC/USD price and KS last calculation was done with 93.30, but he also mentioned he has a puffer now.
Such huge amounts create a wide spread, potentially move the market and there is the probability, that KS gets goxed. Furthermore and this is very important as well: there are daily and monthly withdrawal limits and large amounts need additional verification, i.e. notarized documents.
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lolstate
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July 20, 2013, 06:29:39 PM |
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Vbs, Streets 2.0 and the others: great job!
The next barrier to overcome will probably be the convertion of Bitcoin -> USD. One of the reasons (besides expenses) for the issuing of the last 500k shares was a falling BTC/USD price and KS last calculation was done with 93.30, but he also mentioned he has a puffer now.
Such huge amounts create a wide spread, potentially move the market and there is the probability, that KS gets goxed. Furthermore and this is very important as well: there are daily and monthly withdrawal limits and large amounts need additional verification, i.e. notarized documents.
So what is the solution? These are early days in Bitcoin. We don't have currency brokers or any of the exotic derivatives that could help in this situation. What's a seller to do? Drip feed bids asks into the market?
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Technologov
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July 20, 2013, 06:42:20 PM |
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Icebreaker looks like a good candidate for director.
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kslaughter (OP)
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July 20, 2013, 06:43:55 PM |
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It's my understanding that: a) He will only sell remaining unsold shares when funds are needed. b) Shares will be released at market price after a sufficient warning is given.
As long as the above two stipulations are followed, I can't think of any reason why the market wouldn't be active.
Ken, I know your busy, but at some point it would be good to clarify your plans on the above and release the amount of shares that are remaining to be sold. (edit... meaning relay to us the quantity that are left)
I personally can't wait until the never ending IPO is over and the market can be left to do what it will do.
The shares now released are all that are necessary for the remaining funding that I have posted before. The NRE, which I believe is the most important and most critical, to the success of the project has been funded. The time to get this funded was also critical as eASIC has a ton of business for their 28nm design. So to reach the NRE funding we used funds allocated to other uses and now need to make up that funding by offering the above shares, or by pre-order sales and payment for those sales. This is a great time for the company and all of its shareholders.
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kslaughter (OP)
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July 20, 2013, 06:44:31 PM |
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Icebreaker looks like a good candidate for director.
Yes, I would think so.
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kslaughter (OP)
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July 20, 2013, 06:45:16 PM |
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Who is selling 300 000 + shares on BTCT.co? See my post above.
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MonkeyMarcel
Member
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Activity: 97
Merit: 10
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July 20, 2013, 06:47:10 PM |
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Who is selling 300 000 + shares on BTCT.co? See my post above. Thanx, I see now. you replied before I could delete my comment. :-)
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Jimmy2011
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July 20, 2013, 06:51:56 PM |
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Will ActM only design and produce 28nm chips, or will ActM also conduct 45nm chips as described in the details of AMC-PT at btct? But from the OP here, only 28nm chips are considered.
I suggest perform a combination of 45nm chips and 28nm chips design and production.
Thanks.
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hf
Member
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Activity: 98
Merit: 10
there will be no fucking vegetables
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July 20, 2013, 06:55:05 PM |
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Technologov
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July 20, 2013, 06:59:35 PM |
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Ken: please consider making auction for batch #2 mines at VMC.
The company should solve supply and demand issues and no reason to give this job to ebay peddlers, who buy Avalon at $1300 and resell at $30,000. The company can make extra profit. But having mines ready to ship is critical for auction to become a success.
Jimmy : to my understanding 45 nm was a backup plan in case of lack of funding for 28 nm. 45 nm costs $400,000 vs. $1,000,000 for 28 nm. But I dunno how many chips in this $1 million bucks order. So this 45 nm plan will be cancelled now.
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matuszed
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July 20, 2013, 07:02:09 PM |
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Vbs, Streets 2.0 and the others: great job!
The next barrier to overcome will probably be the convertion of Bitcoin -> USD. One of the reasons (besides expenses) for the issuing of the last 500k shares was a falling BTC/USD price and KS last calculation was done with 93.30, but he also mentioned he has a puffer now.
Such huge amounts create a wide spread, potentially move the market and there is the probability, that KS gets goxed. Furthermore and this is very important as well: there are daily and monthly withdrawal limits and large amounts need additional verification, i.e. notarized documents.
I do a lot of cross exchange Arb with btc and have a lot of code with the major exchanges to break up iceberg orders . Ken I'd be more than willing to help you spread out the orderflow into USD to remove market impact. For the record I'm an algorithmic trader in equities, BTC is just a hobby, I also am a large shareholder and want to see this all work out.
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"Markets can remain irrational longer than you can remain solvent." -Keynes
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