[BitFunder] Fenix. Hashing from the ashes of Bakewell.

[nameface]

Go for ipo on Fenix.Research

Summary: Research into quantum processing mining. Get your coins before you mine them.

On a serious note. An ipo with a clear indication that 10% of mining proceeds would be part of a research division of Fenix that could do things with the leaway Darpa has.

We could produce the world's 1st chemical grade bitcoin nanobot miners.

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[bob131313]

A bit of dumping bakewell shares that were converted to fenix? Any speculation?  I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo?
 
Date   Type   Price Per   Amount   Total
2013-08-07 14:13:30       ฿0.01000000    5    ฿0.05000000
2013-08-07 14:09:37       ฿0.01200000    254    ฿3.04800000
2013-08-07 14:09:31       ฿0.01210000    14    ฿0.16940000
2013-08-07 14:04:53       ฿0.01210000    4    ฿0.04840000
2013-08-07 13:58:15       ฿0.01210000    1    ฿0.01210000
2013-08-07 13:57:45       ฿0.01210000    1    ฿0.01210000
2013-08-07 13:57:45       ฿0.01500000    2    ฿0.03000000
2013-08-07 13:57:44       ฿0.01754538    4    ฿0.07018152
2013-08-07 13:57:44       ฿0.01500001    1    ฿0.01500001
2013-08-07 13:57:43       ฿0.01810000    1    ฿0.01810000

[fourd00rgtz]

Had I been watching, I'd gladly buy for those prices, still above my adjusted cost from Bakewell.

[Peter Lambert]

A bit of dumping bakewell shares that were converted to fenix? Any speculation?  I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo?

Since it was just listed yesterday, it is not surprising there is some volatility as the market settles on a price for this. We will get a clearer picture after there are a couple more dividend payments.

[nameface]

There's no telling what people will do when they receive "free money". It's logical to assume a % of them will want/need to cash out.

[MikeMark]

A bit of dumping bakewell shares that were converted to fenix? Any speculation?  I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo?

Since it was just listed yesterday, it is not surprising there is some volatility as the market settles on a price for this. We will get a clearer picture after there are a couple more dividend payments.

Wow, too bad they dumped like that. Looks like the price range jumped right back up to between 0.020 and 0.025.

[Peter Lambert]

A bit of dumping bakewell shares that were converted to fenix? Any speculation?  I am guessing some are just happy to be rid of bakewell, others are cashing out to bit on another ipo?

Since it was just listed yesterday, it is not surprising there is some volatility as the market settles on a price for this. We will get a clearer picture after there are a couple more dividend payments.

Wow, too bad they dumped like that. Looks like the price range jumped right back up to between 0.020 and 0.025.

Bitcoin investors are not known for being logical or patient. That is why the bid-ask spreads can be quite large on many assets.

[FenixPR]

TO ALL FENIX SHAREHOLDERS!

The time has come to vote on how to invest 50% of our Growth Fund. The Board recommends we acquire a position in at least two of the following mining assets: LABCOIN and BTCGARDEN (BTC-TC), and ICEDRILL (BitFunder).

We feel this investment is a balanced choice which keeps the focus squarely on Bitcoin mining. Holding these assets offers us the chance to profit from growth, as well as the opportunity to increase our capital resources with cutting-edge hardware.

As always, we are open to suggestions. The investment of the entirety of our Growth Fund will be discussed shortly after this vote is completed.



Please send a private message to FenixPR matching the template below:


###

I, ____ , own X shares of Fenix, my BitFunder address is:

(example) 1AJtCkse7ZLV3Mb1VwhhFEEV9fSsZobVss


I vote YES , NO, or ABSTAIN on:


Use 50% of Growth Fund for investments in LABCOIN, BTCGARDEN, and/or ICEDRILL shares.


Notes/Preferences:

(we value all additional commentary)

###

Signature:

(example) IHaX/N/jvaQXKxvavFZLs47f52+u0Q43H3M1LYuvJvF/l6ZiMJfbMGAnjm8tocNKXS4pSffJySn1hpuPK14iOno=


Signed using:

(example) Bitcoin-QT


___



If any of you are not familiar with the process of signing a message, pls refer to the instructions below:

1. Go to http://blockchain.info/wallet/ and create a new wallet.
2. Login. And go to "Import / Export"
3. Go to "Import" in the left navigational panel.
4. Import your bitcoin address that is associated with your bitfunder.com account. This needs to be the address that is listed* on https://bitfunder.com/assetlist
5. Now go to "Receive Money" link.
6. Find your address that you just imported, and click on the "Actions" drop down to the right of it.
7. Click on Sign Message
8. Copy-paste the message and click "Sign Message" button. You will be shown a signature.
9. Send in your address, your exact signed message text, and your signature that they provide.


* If you don't own the private keys to the address listed on https://bitfunder.com/assetlist (say its a mtgox address or something) then please change your address first.
1. Create a new wallet at http://blockchain.info/wallet/
2. Login and go to "Receive Money" - you will see a new bitcoin address over there.
3. Now go to http://bitfunder.com and login in
4. Go to "Settings" page
5. On the bottom right hand side, you will see a field for "Public Bitcoin address" - paste your new blockchain bitcoin address over here and click "Change Public Bitcoin Address".
6. Go to the https://bitfunder.com/assetlist and confirm that your public address has been updated for the Bakewell security.
7. Then login to blockchain.info/wallet and proceed from Step 5 in the list above.

[bob131313]

TO ALL FENIX SHAREHOLDERS!

The time has come to vote on how to invest 50% of our Growth Fund. The Board recommends we acquire a position in at least two of the following mining assets: LABCOIN and BTCGARDEN (BTC-TC), and ICEDRILL (BitFunder).

The first batch is a initial sale of 14,500,000 (14.5 million) shares, which will be sold on BitFunder for 0.0014 BTC per share. The first batch will raise money to partially pay for chips and mining equipment from the manufacturer (HashFast, see thread https://bitcointalk.org/index.php?topic=262052.0) This money needs to be raised before the 12th of August (00:00:00 UTC, 12 August 2013) for this IPO to be deemed successful.

The shares have no voting power.


----
Rather you folks go buy another miner and hook it up.

I don't think the rest of the shares on bitfunder will sell. 10mil is alot left to go before the 12th
edit: hit submit too soon...

[iCEBREAKER]

if the ice.drill IPO fails our money gets refunded.

if the IPO succeeds we have cheap shares of the next asicminer.

for diversification purposes I *should* be in favor of a little Lafcoin/Garden exposure, but my infallible instincts say go with hashfast, activemining, and/or cointerra pre-orders.

TL;DR: 28nm or GTFO

[nameface]

The landscape of ASIC mining is changing fast and we want FENIX to be a balanced asset. If we rush to buy a third unit, we are putting all of our eggs in one basket. Buying hardware directly will make a bit more sense when we have more cash and/or shares on hand. We can always sell shares we hold if the prices rises, take profits off the table an order a unit...

We have some other good growth opportunities as well, including a lead on a new private hardware manufacturer, and the chance to do some lending. We want to make sure Fenix is nimble enough to capitalize on at least a handful of opportunities at once, and diversified enough to survive no matter what comes.

When you buy 50 BTC units, you have made a choice and there is no turning back.

[iCEBREAKER]

right nameface, no reason to rush.

btc hardware is in a state of flux (even more than usual) as gen2 asics arrive and the spectre of gen3 looms larger.

cash is king.  Suggest we wait and see, while putting reinvestment funds into ukyo.loan.

more importantly, has anyone been able to reach Ian Scamfail and rub it in?   

[nameface]

I may be able to get a discount on HashFast units, but I don't have the details right now.

[klaus_ffm]

do we get a dividend totay?

[nameface]

Board members are discussing the coupon schedule.

[klaus_ffm]

Board members are discussing the coupon schedule.

Dividend payments
***************
Dividends are paid twice weekly and based on 70% of total mining proceeds from all equipment owned by Fenix minus Expenses described below.

Is there any open question left for discussion?

[bob131313]

Fenix. Hashing from the ashes of the infamous Bakewell scam.

A group of four ex-Bakewell shareholders banded together to recover the two Avalon ASIC mining units belonging to shareholders. The units are currently hashing at ~140 GH/s.

This same group has been unanimously voted in by the shareholders to become the advisory board for Fenix. The board's function is to suggest operating strategies for Fenix. Major decisions will be put to a shareholder vote.

The board of Fenix has the vision to become a major Bitcoin mining outfit, to manage the company in a completely ethical and transparent manner, and to do its best to expand the company for the benefit of shareholders.

All current and future Fenix equipment is the property of Fenix shareholders.

Links to the mining pool and addresses of the dividend and growth funds will be posted in this forum thread.


Description

This asset is being listed for the following purposes:

1. As a means of paying dividends from the proceeds of Bitcoin mining.
2. To allow shareholders a way to trade their shares.
3. To facilitate the purchase of additional mining equipment to expand Fenix.

Shares

This asset will begin with 24,000 issued shares.
Each existing Bakewell share can be exchanged for 4 Fenix shares.
Instructions on how to transfer shares have been sent to all known shareholders.
Any Bakewell shareholder who has not yet claimed ownership of shares is welcome to post in this forum thread, and we will contact you with instructions.

Dividend payments

Dividends are paid twice weekly and based on 70% of total mining proceeds from all equipment owned by Fenix minus expenses described below.
A monthly financial report will be posted in this thread.

Expenses

The following expenses will be deducted before dividends are paid:
1. Electricity costs
2. Incidental repairs and replacement costs
3. Any applicable taxes, customs duties or other fees. (Paid)
4. Hosting and management fees for the miners (currently 5%)
5. Any unforeseen expenses to maintain efficient operation

Expansion & Growth

30% of mining proceeds after the above expenses have been deducted will be retained for expansion, e.g. purchase of new equipment.
The board may attempt to maximise this growth fund by careful investment, subject to shareholder vote.

Hosting

The mining equipment is hosted for Fenix at a trusted non-US facility.

Voting

As Bitfunder has no voting mechanism, issues for voting will be announced in the forum thread, and voting will be by signed message.

Equipment Liquidation

When the board determines that mining equipment is no longer profitable to use, it will be sold. Sales proceeds will then go into the growth fund. If there is no longer any equipment in current use, the growth fund will be distributed as a final dividend, pending a shareholder vote.

For Reference

[bob131313]

I was following the discussion here: https://bitcointalk.org/index.php?topic=267682.msg2876442#msg2876442

<quote>
Fenix
Assets = 2 Avalon Asic Miners - currently hashing at 140 GH/s
total shares = 24000 or 5.8 MH/s per share
outstanding = 22950
recent price = 0.025
market cap = 575 BTC ~ USD $58,000
price per GH = 4.31 BTC

</quote>

Would like to open some discussion here specific to Fenix. Since we are paying such a premium in their opinion, what are the benefits to owning Fenix? I understand we are investing returns to stay competitive so that helps a little, but ELI5.

[🏰 TradeFortress 🏰]

Regarding dividends: I am unable to login to weex. It just redirects back to the home page. The password is correct. I've contacted Ukyo.

I will be paying dividends as soon as I can.

Here's my thoughts on reinvestment opportunities:

Mining PMBs: For the right price, they can be profitable. However, at the current prices of PMBs, the only reason why we'd want to buy them is if we think the network difficulty's growth will substantially decease. As we are already hashing with hardware, we'd already get significant benefits from the network difficulty decreasing, buying PMBs to increase our losses in case of large diff increases isn't a wise idea.

DMS.SELLING: This is the reverse of a PMB - a SELLING share is backing a MINING (PMB) share, with the SELLING holder believing the network difficulty will increase more and that MINING is not profitable. Dividends to DMS.SELLING will be paid once there are more than enough coins to pay for 400 days of MINING's dividends at the current difficulty. DMS.SELLING can be interesting if we want to hedge against difficulty increases.

ASICMINER hardware: When ASICMINER sells hardware, they only sell what they have on hand (with the exception of some resellers doing preorders and getting yelled at by friedcat). Unfortunately, the price for the hardware isn't profitable based on expected difficulty increases

BFL: BFL will take an insane amount of time to ship. Buying BFL is silly.

Avalon: Avalon is not selling anything at the moment I believe. They've mentioned they won't do preorders anymore.

There are more ASIC manufacturers than ASICMINER, BFL, and Avalon. Some of the manufacturers probably will turn out to be another bASIC. The delivery dates quoted by manufacturers are always optimistic.

https://www.hashfast.com/baby-jet/
https://www.kncminer.com/
http://www.bitfurystrikesback.com/shop/

I should note that if we don't have enough coins in the reinvestment fund to purchase a unit, we can issue more shares / another fund or we can simply participate in group buys and purchase shares of hardware.

Other mining companies/projects that we can buy shares of: ASICMINER, ActiveMining, IceDrill, LABCOIN, BTCGARDEN, etc. ASICMINER would have been a good buy @ 3.5, and IceDrill's IPO might not even sell out and it doesn't seem like a smart investment.

[fourd00rgtz]

0.00027435 if my math is correct. Not bad for 4 days.