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

[nameface]

TO ALL FENIX SHAREHOLDERS!

The time has come to make a decision regarding the distribution of our incoming BTC.

The board's recommendation is as follows:

- 60% Allocated to hardware reinvestment
- 40% Distributed in the form of a weekly dividend


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how about 60% Allocated to hardware reinvestment or buy back shares?

Why?

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[Dropthebass]

So if my understanding is good, instead of 70% distributed as dividend and 30% for hardware investment we switch to 40/60.

There is nothing wrong with that for me as I'm looking for long term profitability as well however, it kinda lacks of plans concerning the reinvestment in new mining hardware. Any idea at the moment ?

[nameface]

So if my understanding is good, instead of 70% distributed as dividend and 30% for hardware investment we switch to 40/60.

There is nothing wrong with that for me as I'm looking for long term profitability as well however, it kinda lacks of plans concerning the reinvestment in new mining hardware. Any idea at the moment ?

It's immaterial how specifically we intend to invest in hardware. If this motion passes we can vote on it later.

The things we could do are:

1. Halt dividends to save for hardware
2. Issue new shares to raise capital for hardware
3. Sell our units to raise capital for hardware
4. Make the asset a 100% PMB
5. Switch to a 40/60 model in order to strike a better dividend/reinvestment balance

We could do #1 #2 #3 AND #5 all at once! But I opted put forth the this motion because it's simplest, and it balances out the concerns of those who have been vocal in this thread and in PMs.

Nobody seems to want FENIX to be a fund, or to invest in 'Bitcoin things other than mining'. We just want to mine with our own equipment.


Note: BTW If I'm doing something screwed up, or if I'm missing some great opportunity somewhere please lambaste me in the thread.

[bob131313]

4. Make the asset a 100% PMB

Note: BTW If I'm doing something screwed up, or if I'm missing some great opportunity somewhere please lambaste me in the thread.

lol, don't think we need another one of these.

[Dropthebass]

Thank you for the quick reply Nameface.

Nobody seems to want FENIX to be a fund, or to invest in 'Bitcoin things other than mining'. We just want to mine with our own equipment.

I couldn't agree more. That's why I'm interested in your company.

It's immaterial how specifically we intend to invest in hardware. If this motion passes we can vote on it later.

I'm fine with this answer as shareholders can vote later. Seems pretty fair to me.

[nameface]

4. Make the asset a 100% PMB

Note: BTW If I'm doing something screwed up, or if I'm missing some great opportunity somewhere please lambaste me in the thread.

lol, don't think we need another one of these.

I haven't been involved with a Bitcoin asset in an administrative capacity before, and I can now see why going the PMB route is the easy way out. It's fair and there are no decisions to make, it's just math. But I don't think it's the smart thing to do here. People used to majorly overvalue those PMBs, but they don't anymore. Now they may be overvaluing pre-orders. Anyways, I think having asics running is a good foundation.

[MPOE-PR]

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.

I must say this shit is pretty impressive. Well done strello, nameface, TradeFortress, wisard & co.

[stereotype]

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.

I must say this shit is pretty impressive. Well done strello, nameface, TradeFortress, wisard & co.

Ditto here. Looks like the method and lawyers you guys deployed, may be needed on the Avalon thread! 

What happened to Ian Bakewell?

[Justin00]

you guys are like the only people out of the 100000000000000 people who have been ripped off to actually do something about it !!
great work =)

Ian is probably still checking for the UPS man to deliver the ASICs every day :p

[Peter Lambert]

What happened to Ian Bakewell?

He is probably still lurking around here somewhere under a different user name.

[FenixPR]

Our most recent motion was passed unanimously!

To clarify the changes:

60% of FENIX revenues now go directly into our Reinvestment Growth Fund
40% Are paid out in the form of a weekly coupon on Thursdays

[klaus_ffm]

People don't understand that we need to double hashing power every month to stay even with the increase of difficulty.
Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO.
I wish I had sold my shares the first day...

[Peter Lambert]

People don't understand that we need to double hashing power every month to stay even with the increase of difficulty.
Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO.
I wish I had sold my shares the first day...

What are you talking about? The high was 0.027, the low is 0.004684, that is a loss of about 82.7%, not 90%, and there were several dividend payments in that timeframe as well, about 4.5%, which brings the loss (if you bought at the peak) to somewhere around 78.2%. But that is just if you bought at the peak (on the first day), most of the shares were carryovers from Bakewell, how much did you actually pay for those shares?

If we have a miner currently mining, it would be silly to sell it and start over. If we sold it what would we buy, the same model we just sold? Plus we would miss out on all the mining while we wait for new hardware.

[nameface]

The only reasonable action was to sell the 2 avalons and start with a new IPO.

It makes no sense to sell our machines because we pay no management fee and we have extremely low power costs. "The only reasonable action" was and continues to be mining Bitcoin.

There has been no trading below 0.0799, and I suspect that price undervalues FENIX (but who knows...)

We'll have to start considering our next move now.  I had a meeting last night about a group buy that went very well.

note: We pay NO management fee. Our listing on BitFunder has always been incorrect and will be changed soon.

[tolan77]

People don't understand that we need to double hashing power every month to stay even with the increase of difficulty.
Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO.
I wish I had sold my shares the first day...

Honestly I agree, however I felt too guilty to sell as to me that devalued all the hardwork the team(strello,nameface,ect) has put in to even make this security possible so honestly I already had seen it as money lost anyway so any money back is good and it's a basic little hedge if I'm wrong about difficulty increases. However if we have much in the reinvestment jar we might look into this new price on blades from asicminer. https://bitcointalk.org/index.php?topic=282867.0 Cheapest miners that we can get ASAP. ~~2500mH/s per BTC which is the best price I've found and could get us back in the game a bit however who knows if we'd even get this investment back with new asic companies shipping.

[nameface]

People don't understand that we need to double hashing power every month to stay even with the increase of difficulty.
Market cap of Fenix dropped below 80 BTC so shareholders lost 90% of their investment the second time. The only reasonable action was to sell the 2 avalons and start with a new IPO.
I wish I had sold my shares the first day...

Honestly I agree, however I felt too guilty to sell as to me that devalued all the hardwork the team(strello,nameface,ect) has put in to even make this security possible so honestly I already had seen it as money lost anyway so any money back is good and it's a basic little hedge if I'm wrong about difficulty increases. However if we have much in the reinvestment jar we might look into this new price on blades from asicminer. https://bitcointalk.org/index.php?topic=282867.0 Cheapest miners that we can get ASAP. ~~2500mH/s per BTC which is the best price I've found and could get us back in the game a bit however who knows if we'd even get this investment back with new asic companies shipping.

I have a good option for our growth fund, but the deal is still being worked out and confidential. I'm working to get a preferential rate for FENIX on a large hardware buy.

[nameface]

Coupons is paid. Starting today it's simply 1 week's worth of dividends every Thursday.

[Evolvex]

Our most recent motion was passed unanimously!

To clarify the changes:

60% of FENIX revenues now go directly into our Reinvestment Growth Fund
40% Are paid out in the form of a weekly coupon on Thursdays

Catching up on old posts.....

I agree with the above btw, so I'm glad it went through. As I noted in a few PM's, an aggressive growth strategy, in my opinion the only way to stay mining.

I think I worked it out to be around, having to double hashing speed every 10 months or so (I think it was more than this, but rounding it down a little), so we need to be sure that we have enough saved in "the last period" to get the newer gen hardware as it comes out, skipping a gen between orders perhaps.

Regardless, job well done everyone

[nameface]

I think I worked it out to be around, having to double hashing speed every 10 months or so (I think it was more than this, but rounding it down a little), so we need to be sure that we have enough saved in "the last period" to get the newer gen hardware as it comes out, skipping a gen between orders perhaps.

I'm hoping to propose we invest in a particular deal I'm involved in that would get us in on a large group buy. These will be managed through a new hosting facility for asics that will offer cutting edge features. Details are coming soon. There are no guarantees the deal will go through, but I'm sure we'll find good options on an ongoing basis regardless.

[Daeiro]

Hi All,

I have some Bakewell shares that I would like to convert to Fenix shares.

Can I just transfer them to fenix on Bitfunder ?

regards,
                           Daeiro