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

[FenixPR]

https://lh6.googleusercontent.com/-YkWjvHtiAq0/UfmRhyOA_wI/AAAAAAAAGQw/s7a7VT0AnZo/w200-h240-no/hashing+from+the+ashes.png

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. 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.

[FenixPR]

Fenix FAQ


Q. What was the Bakewell scam?

The Bitcoin mining IPO Bakewell was launched in 2012. Investors bought in because Bakewell himself appeared highly transparent by making his photo and contact details public, and being very communicative. In the end Ian Bakewell absconded with two Bakewell Mining Avalon ASIC pre-orders, 4000 CAD worth of mining equipment, and mining profits. Property that rightfully belonged to Bakewell shareholders.

Q. How was Fenix born?

By the time Ian Bakewell was revealed to be a scammer, most investors thought it was too late to do anything about it. A very few, including strello, nameface, TradeFortress, and wisard thought differently. They stayed in constant communication over bitcointalk, and fought hard for months to recover the units.

Q. How were the Avalon ASICs recovered?

Effective communication channels were opened with Avalon and the board received assurances the units would be considered the property of Bakewell shareholders if we could provide legal proof of our claim. A legal fund was created and a lawyer was hired to review the case and provide a legal means of acquiring the devices.

Q. How was the name Fenix chosen?

We had many good suggestions for names such as Scambusters Mining and Minewell. However, the suggestion to name the company Phoenix was the one that stuck. The Middle English spelling of Fenix was selected because of its uniqueness.  

Q. How were important decisions made?

Board members of Fenix stayed in constant communication with shareholders and made several successful major decisions based on voting.

Q. How and where can I redeem my Bakewell shares?

Please PM FenixPR for instructions.

Please send your Bakewell shares using the Bitfunder transfer (https://bitfunder.com/transfer) to username fenix, and you will receive 4 Fenix shares in return.

The transfers are being done manually, so please be patient.

Q. Where can I buy shares?

https://bitfunder.com/asset/Fenix

Q. Who is managing the BitFunder asset?

Both the Fenix asset and hardware are managed by TradeFortress (https://bitcointalk.org/index.php?action=profile;u=67058) who is based in sunny Sydney, Australia.

Q. What is the vision for Fenix moving forward?

Fenix board members including nameface and wisard feel strongly that Fenix is a name that will last in Bitcoin mining. We collectively have many good relationships in the Bitcoin business community. The vision for Fenix is to become an elite Bitcoin mining company.


BTC Special Thanks to Everyone Who Helped make Fenix possible! BTC

[FenixPR]

Fenix Financials

Fenix Balance Sheet:

https://docs.google.com/spreadsheet/ccc?key=0AnQyVAskGw8xdEtNWXhlZXE5ZkV3bW1DOU1rTmNjVGc

Dividends Fund address:

https://blockchain.info/address/1AJtCkse7QLV3Mb1VwhhFEEV9fSsZobVss

Reinvestment/ Growth Fund address:

https://blockchain.info/address/1AN1vQiRfy4Hiavvvs57ZQajkpf1qf4sYA

[FenixPR]

Fenix updates

We are currently mining on BTC Guild, team Fenix.

https://www.btcguild.com/index.php?page=rankings&section=teams

First dividends will be paid on Monday 5th August.  

If you haven't transferred your Bakewell shares yet, it would be good if you can do it before Monday. Any problems with transfers, please PM FenixPR.



Trading on https://bitfunder.com/asset/Fenix commenced at:

2013-08-05 22:00:00 UTC



The first Fenix dividends will be paid at approximately:

2013-08-06 02:00:00 UTC

[timewaster]

Nice work by the people who made this happen, what a great outcome. I have a few Bakewell shares, could you pm me instructions to convert to Fenix please.

[iCEBREAKER]

Success: Transfer completed!

Congrats to our team of crack team of elite Bitcoin Police!

 

[🏰 TradeFortress 🏰]

Success: Transfer completed!

Congrats to our team of crack team of elite Bitcoin Police!

 

You go by a different username on BitFunder right? I've processed all existing transfers and haven't seen any new ones.

[nameface]

Success: Transfer completed!

+1

Congrats to our team of crack team of elite Bitcoin Police!

 

I'm very proud of what we accomplished. Strello deserves a medal (but I'm sure he'll settle for Bitcoins )

[Peter Lambert]

Do you need a smartphone to turn on the two-factor authorization? It says you need two-factor authorization to transfer shares, but I can't figure out how to turn it on?

[Carnth]

Do you need a smartphone to turn on the two-factor authorization? It says you need two-factor authorization to transfer shares, but I can't figure out how to turn it on?

It looks like BitFunder is requiring Google 2FA to transfer your shares.

Yes, you will need an Andriod phone or tablet OR iPhone/iPad OR Blackberry.

More info about installing on each OS can be found here:
https://support.google.com/accounts/answer/1066447


To setup for Bitfunder...

• Click on your username in the top-right corner to go to your profile.
• Then Click on the "Security" Tab.
• You will see a QR code.
• In Google Authenticator, select the menu option "Setup Account"
• Scan the QR code.
• If you did it right, you will have a 6 digit numerical code that changes every 30 seconds. This is the 2FA.
• Type in the code into the box and click enable. If time is almost up or if the code changes, just type the newest code. You have 30 seconds.
• Done.

You can setup Google Authenticator on multiple devices. Just be sure to scan in your unique QR code on each device. Then you will always be able to sign in with whatever device happens to be closest.

[fourd00rgtz]

2 factor can be accomplished with a landline, you get a recording with the code to enter.

[iCEBREAKER]

Success: Transfer completed!

Congrats to our team of crack team of elite Bitcoin Police!

 

You go by a different username on BitFunder right? I've processed all existing transfers and haven't seen any new ones.

Yes, PM sent thx.

May we start mocking Ian Bakefail now, or must we wait until shares begin trading?   

[strello]

To all asking about Google 2 factor and smartphone, there is a way to do it without.

You can use http://gauth.apps.gbraad.nl/.

Clearly this is less secure than using a separate device as it runs on your computer, but it works.

[fourd00rgtz]

Something down? 9gh/s this morning.

[MikeMark]

Something down? 9gh/s this morning.

I think it was moved.
You can check the Fenix team on BTCGuild.   

[nameface]

It should be noted that our 2nd choice for a name was Scambusters Mining

[Evolvex]

Do you need a smartphone to turn on the two-factor authorization? It says you need two-factor authorization to transfer shares, but I can't figure out how to turn it on?

You could install Jelly Bean in a VM (thats what I do atm) and get google auth that way.

[Evolvex]

This is excellent stuff guys, serously the media should have wind of this, just goes to show what the internet and a few good people can do .

Strello, post your bitcoin address if you would, wont be much, but its as close to a medal as I can do

[zapeta]

Congrats on actually recovering the Avalons.  Now I wish I hadn't sold my shares at the end for a 99% loss.  Best of luck.

[strello]

This is excellent stuff guys, serously the media should have wind of this, just goes to show what the internet and a few good people can do .

Strello, post your bitcoin address if you would, wont be much, but its as close to a medal as I can do

@Evolvex. Yes, we are very proud of what we achieved through cooperation and discussion. This was very much a team effort, so if you would like to donate a few satoshis to the cause, please send them to 14McCpCbik4ZaugQeSXy91Fj8fQqrhoBVN and they will be distributed equally between the four of us. Thank you, we really value your appreciation.