[BTCT.CO] [IPO-cancelled] BTCGARDEN MINER---Eyes to the horizon

[VolanicEruptor]

ASICMINER is currently experiencing sever internet issues while running in China, including a lot of recent criticism of small transaction blocks which is unhealthy for the network.  How do you plan on dealing with this obstacle, and how would it affect a smaller chinese bitcoin mining company right now who wants to grow fast?

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[Franktank]

10% yearly share dilution is on the table!
otherwise things sound reasonable. anyone from china can do some background due diligence on these people?

If you read the IPO a bit more carefully, share dilution is there to be used as a last resort only. They do not plan issue any more shares. All 3 conditions must be met before they issue any more shares:

1) 2x dividends paid back for the overall IPO share price; I.e., @0.16/share, they must pay back 0.032/share first.

2) No more shares will be issued until Aug 1, 2014

3) In any drastic network changes where BTCGarden may lose their targeted network portion.

Aiwill is aware that investors are wary of dilution. He will make adjustments to clarify the IPO, protecting the interests of early investors. The clause is only mentioned so investors are aware of that possibility.  More to come.

[dhenson]

What is everyone's thoughts on the IPO price.  It seems kind of aggressive (meaning high).  I realize they are claiming a 35% goal, but .016/share @ 10,000,000 shares  is equal to Asicminer @ 1btc/share.  Asicminer had consistently delivered and all risk was baked off by that price.

Thoughts?

[Franktank]

What is everyone's thoughts on the IPO price.  It seems kind of aggressive (meaning high).  I realize they are claiming a 35% goal, but .016/share @ 10,000,000 shares  is equal to Asicminer @ 1btc/share.  Asicminer had consistently delivered and all risk was baked off by that price.

Thoughts?

Aiwill said they plan to deploy in three Chinese cities simultaneously, as well as having sufficient funding to finalize 2nd gen development in 2013.

Big risks, big rewards.

[dxxw]

I'm following the project with keen interest and in serious consideration,but I'm confused about a few key issues in your prospectus.

1.Which stock on earth is to be issued?BTCSEA Co.Ltd's stock or BTCGARDEN's stock?

According to the rules of stock market,if it's BTCSEA Co.Ltd's stock,then each share should be given 1/10000000 of the BTCSEA Co.Ltd's total
profits(including but not limited to BTCGARDEN's profits,e.g.BTCSEA trading platform as I know),right?In this case,I would prefer to change the name of the stock to BTCSEA.

If it's BTCGARDEN's stock,then each share should be given 1/4000000 of the BTCGARDEN Project's total profits.

Which of the above comprehension is correct?Please make an explanation for this.

2.A similar question,if you issue additional shares in the future,which will it be?(BTCSEA Co.Ltd's or BTCGARDEN's)

3.What is the pricing basis?

4.If sharp fluctuations in exchange rates occur,will you reprice the stock?

5.You declare that "Any dilution will not be allowed before Aug.1st,2014.".Is it a bottom line that can not be changed?

6.Have you set a firm date for this IPO?Before or after the test of your first batch of chips?

7.Is this the final version of your prospectus?If not,when will it be published?

8.May I go to your company for a field investigation?

Please take into consideration all these issues.Perhaps you can add a supplement concerning such issues to the prospectus.
Looking forward to your reply.Thank you.

1,2  BTCGARDEN is to be issued.  thank you for ur advice and sry for the possible misunderstanding. BTCSEA CO.,Ltd is the name of our company for this project(BTCGARDEN)and BTCSEA.COM is our exchange platform for RMB(chinese currency), the platform has no relation with this project although we used the same name when we created the platform.

3,4 we need reserve.We need to hold an amount of funds in order to meet probable demands or possible risks.

5, Yeah.Cannot be changed as well as the other necessary conditions.

6 Before of it. IPO will start just after we pass the vote.

7 No more big changes but small ones before the open date for buying.

8 We are not but will be available later, furthermore, we are going to invite some voted supervisors to come to our places.

Thank you.So each share can get 1/10000000 of the BTCGARDEN Project's total profits?

[BitHub]

So these guys at the very least are looking to raise 64,000 total btc, keeping in mind 2milli shares will be sold at 0.016 with a second batch of 2 million shares being sold at even higher price, so at the minimum let's say 64000btc for a 40% going to share holders. So uh let's use 100usd as a bitcoin price. That's 64 million dollars for 40%. so you guys are giving yourselves a valuation today of $160,000,000 USD?

[weex]

So these guys at the very least are looking to raise 64,000 total btc, keeping in mind 2milli shares will be sold at 0.016 with a second batch of 2 million shares being sold at even higher price, so at the minimum let's say 64000btc for a 40% going to share holders. So uh let's use 100usd as a bitcoin price. That's 64 million dollars for 40%. so you guys are giving yourselves a valuation today of $160,000,000 USD?

Ahem. 64 000 * $100 = $6 400 000.

2.5 * $6 400 000 = $16 000 000.

Still, that's quite a valuation at this stage in the game.

[ThickAsThieves]

You guys are nuts.

[giantcrab]

I am confused by one thing:

in BTCT the listed shares is Outstanding 0 / 2400000 Issued

but also it is said the initial offering is 4,000,000 shares of BTCGARDEN,which occupies 40% of BTCSEA CO.,Ltd`s market value.

how to understand this? anything wrong?

[yuchuanzhen]

I am confused by one thing:

in BTCT the listed shares is Outstanding 0 / 2400000 Issued

but also it is said the initial offering is 4,000,000 shares of BTCGARDEN,which occupies 40% of BTCSEA CO.,Ltd`s market value.

how to understand this? anything wrong?

here: http://bbs.btcman.com/forum.php?mod=viewthread&tid=3774&page=16#pid40097

[BitHub]

ahh sorry about that 1 too many 0's

[bobboooiie]

So these guys at the very least are looking to raise 64,000 total btc, keeping in mind 2milli shares will be sold at 0.016 with a second batch of 2 million shares being sold at even higher price, so at the minimum let's say 64000btc for a 40% going to share holders. So uh let's use 100usd as a bitcoin price. That's 64 million dollars for 40%. so you guys are giving yourselves a valuation today of $160,000,000 USD?

Ahem. 64 000 * $100 = $6 400 000.

2.5 * $6 400 000 = $16 000 000.

Still, that's quite a valuation at this stage in the game.

Yep, there is 2 problems with this 1. its way too much for starting company to be raising that much money 2. The is no way people will have this much of BTCs at the moment with 3 same securities IPO-ing

[aiwill]

I'm following the project with keen interest and in serious consideration,but I'm confused about a few key issues in your prospectus.

1.Which stock on earth is to be issued?BTCSEA Co.Ltd's stock or BTCGARDEN's stock?

According to the rules of stock market,if it's BTCSEA Co.Ltd's stock,then each share should be given 1/10000000 of the BTCSEA Co.Ltd's total
profits(including but not limited to BTCGARDEN's profits,e.g.BTCSEA trading platform as I know),right?In this case,I would prefer to change the name of the stock to BTCSEA.

If it's BTCGARDEN's stock,then each share should be given 1/4000000 of the BTCGARDEN Project's total profits.

Which of the above comprehension is correct?Please make an explanation for this.

2.A similar question,if you issue additional shares in the future,which will it be?(BTCSEA Co.Ltd's or BTCGARDEN's)

3.What is the pricing basis?

4.If sharp fluctuations in exchange rates occur,will you reprice the stock?

5.You declare that "Any dilution will not be allowed before Aug.1st,2014.".Is it a bottom line that can not be changed?

6.Have you set a firm date for this IPO?Before or after the test of your first batch of chips?

7.Is this the final version of your prospectus?If not,when will it be published?

8.May I go to your company for a field investigation?

Please take into consideration all these issues.Perhaps you can add a supplement concerning such issues to the prospectus.
Looking forward to your reply.Thank you.

1,2  BTCGARDEN is to be issued.  thank you for ur advice and sry for the possible misunderstanding. BTCSEA CO.,Ltd is the name of our company for this project(BTCGARDEN)and BTCSEA.COM is our exchange platform for RMB(chinese currency), the platform has no relation with this project although we used the same name when we created the platform.

3,4 we need reserve.We need to hold an amount of funds in order to meet probable demands or possible risks.

5, Yeah.Cannot be changed as well as the other necessary conditions.

6 Before of it. IPO will start just after we pass the vote.

7 No more big changes but small ones before the open date for buying.

8 We are not but will be available later, furthermore, we are going to invite some voted supervisors to come to our places.

Thank you.So each share can get 1/10000000 of the BTCGARDEN Project's total profits?

Correct,  profits incl.: mining incomes, sales incomes of hardwares,deployment scheme, even 1st-gen chips after we get our 2-ed gen in hand.

[BitHub]

anything to justify a roughly 16million dollar valuation?

[aquarius]

anything to justify a roughly 16million dollar valuation?

blood, sweat and tears

[joele]

anything to justify a roughly 16million dollar valuation?

blood, sweat and tears

and office

8.May I go to your company for a field investigation?

8 We are not but will be available later, furthermore, we are going to invite some voted supervisors to come to our places.

[yxxyun]

i hope btcgarden can prevent labcoin's situation before IPO

[dhenson]

i hope btcgarden can prevent labcoin's situation before IPO

I could be wrong, but I don't think that will happen at the premium being asked for these shares.

[Franktank]

It got the 3 approved votes!! Quick, time to start placing bids!! 

[yxxyun]

It got the 3 approved votes!! Quick, time to start placing bids!!  

not again