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pmorici
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October 09, 2013, 01:41:10 AM
Last edit: October 10, 2013, 12:41:30 AM by pmorici |
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Does anyone foresee any options, besides selling, for US investors in IceDrill through the BitFunder platform? What happens if a US investor holds their IceDrill shares in BitFunder beyond the Nov. 1 deadline?
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trout
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October 09, 2013, 05:01:55 AM |
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I think many of us would like to have an opportunity to transfer
the shares away from bitfunder (without selling them).
DT, could you please investigate what are the options?
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will
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October 09, 2013, 09:22:51 AM |
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DT, could you please investigate what are the options?
Hi all We're working on some options to propose to investors. The first of these proposals will be along shortly. |
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will
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October 09, 2013, 08:40:46 PM |
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Hi All
Although we received no forewarning, the recent news about BitFunder/WeExChange did not come as a big surprise to us. The current regulatory landscape in the US requires these steps to be taken and we applaud Ukyo for implementing them before they become so problematic that it would force a site-wide closure for all.
It seems like most of the BitFunder markets took a pretty hard hit in terms of share price yesterday, no doubt from a big sell-off across the board. This was probably to be expected as regulatory uncertainty is a big factor in the bitcoin space at the moment.
As it stands US persons/entities have to essentially clear their asset positions before 1 November 2013, just over 3 weeks from now.
To this end we would like to propose the following offer:
Shares for hardware
As stated, each IceDrill.ASIC share represents 10Mh/s at the start of the mine becoming operational. What we would like to propose is a shares for hardware swap. So, instead of selling their shares into the open market (to clear their positions) investors instead take possession of the hardware itself. For this trade, these shares would be handed back to us and then simply destroyed.
The Good:
You can clear your IceDrill.ASIC BitFunder position without selling all your shares for cheaper than they are worth.
The Bad:
Scaling down the mine in this way would affect our future reinvestment capacity downward from the start. We currently have no way to gauge how much this would shrink the mine by, but the amount of shares transferred and destroyed in this way will be completely transparent and announced after the deadline.
"Taking possession" of the hardware itself can take two forms:
1. We instruct Hashfast to ship your units to you instead of to us (effectively a re-sale). In this case the shareholder/customer pays for any fees, customs and shipping costs that might occur.
2. DigiMex hosts the machines on your behalf (a re-sale with a hosting agreement).
The hardware for share swap is calculated as follows:
1200 000 Mh (one Sierra unit) / 10 Mh (per share) = 120 000 shares per Sierra unit.
Please note this proposal will necessarily have an execution deadline of midnight 15 October (UTC) in order to ensure ample notice for delivery re-routing, as required.
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chriswilmer
Legendary
 Offline
Activity: 1008
Merit: 1000
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October 09, 2013, 08:47:12 PM |
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Hi All
Although we received no forewarning, the recent news about BitFunder/WeExChange did not come as a big surprise to us. The current regulatory landscape in the US requires these steps to be taken and we applaud Ukyo for implementing them before they become so problematic that it would force a site-wide closure for all.
It seems like most of the BitFunder markets took a pretty hard hit in terms of share price yesterday, no doubt from a big sell-off across the board. This was probably to be expected as regulatory uncertainty is a big factor in the bitcoin space at the moment.
As it stands US persons/entities have to essentially clear their asset positions before 1 November 2013, just over 3 weeks from now.
To this end we would like to propose the following offer:
Shares for hardware
As stated, each IceDrill.ASIC share represents 10Mh/s at the start of the mine becoming operational. What we would like to propose is a shares for hardware swap. So, instead of selling their shares into the open market (to clear their positions) investors instead take possession of the hardware itself. For this trade, these shares would be handed back to us and then simply destroyed.
The Good:
You can clear your IceDrill.ASIC BitFunder position without selling all your shares for cheaper than they are worth.
The Bad:
Scaling down the mine in this way would affect our future reinvestment capacity downward from the start. We currently have no way to gauge how much this would shrink the mine by, but the amount of shares transferred and destroyed in this way will be completely transparent and announced after the deadline.
"Taking possession" of the hardware itself can take two forms:
1. We instruct Hashfast to ship your units to you instead of to us (effectively a re-sale). In this case the shareholder/customer pays for any fees, customs and shipping costs that might occur.
2. DigiMex hosts the machines on your behalf (a re-sale with a hosting agreement).
The hardware for share swap is calculated as follows:
1200 000 Mh (one Sierra unit) / 10 Mh (per share) = 120 000 shares per Sierra unit.
Please note this proposal will necessarily have an execution deadline of midnight 15 October (UTC) in order to ensure ample notice for delivery re-routing, as required.
Hosted hardware sounds good... but what if you don't have 120 000 shares? What if you have, say, 5000 shares? |
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VolanicEruptor
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October 09, 2013, 08:54:11 PM |
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What if you had millions of shares? Seems like this is a lot of hardware.
I think "not enough shares" is a more valid concern. lol.. |
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forensick
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October 09, 2013, 08:56:54 PM |
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Hi All
Although we received no forewarning, the recent news about BitFunder/WeExChange did not come as a big surprise to us. The current regulatory landscape in the US requires these steps to be taken and we applaud Ukyo for implementing them before they become so problematic that it would force a site-wide closure for all.
It seems like most of the BitFunder markets took a pretty hard hit in terms of share price yesterday, no doubt from a big sell-off across the board. This was probably to be expected as regulatory uncertainty is a big factor in the bitcoin space at the moment.
As it stands US persons/entities have to essentially clear their asset positions before 1 November 2013, just over 3 weeks from now.
To this end we would like to propose the following offer:
Shares for hardware
As stated, each IceDrill.ASIC share represents 10Mh/s at the start of the mine becoming operational. What we would like to propose is a shares for hardware swap. So, instead of selling their shares into the open market (to clear their positions) investors instead take possession of the hardware itself. For this trade, these shares would be handed back to us and then simply destroyed.
The Good:
You can clear your IceDrill.ASIC BitFunder position without selling all your shares for cheaper than they are worth.
The Bad:
Scaling down the mine in this way would affect our future reinvestment capacity downward from the start. We currently have no way to gauge how much this would shrink the mine by, but the amount of shares transferred and destroyed in this way will be completely transparent and announced after the deadline.
"Taking possession" of the hardware itself can take two forms:
1. We instruct Hashfast to ship your units to you instead of to us (effectively a re-sale). In this case the shareholder/customer pays for any fees, customs and shipping costs that might occur.
2. DigiMex hosts the machines on your behalf (a re-sale with a hosting agreement).
The hardware for share swap is calculated as follows:
1200 000 Mh (one Sierra unit) / 10 Mh (per share) = 120 000 shares per Sierra unit.
Please note this proposal will necessarily have an execution deadline of midnight 15 October (UTC) in order to ensure ample notice for delivery re-routing, as required.
at the moment it is a good deal, depends on a time for real delivery |
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Bargraphics
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October 09, 2013, 08:59:25 PM |
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Hi All
Although we received no forewarning, the recent news about BitFunder/WeExChange did not come as a big surprise to us. The current regulatory landscape in the US requires these steps to be taken and we applaud Ukyo for implementing them before they become so problematic that it would force a site-wide closure for all.
It seems like most of the BitFunder markets took a pretty hard hit in terms of share price yesterday, no doubt from a big sell-off across the board. This was probably to be expected as regulatory uncertainty is a big factor in the bitcoin space at the moment.
As it stands US persons/entities have to essentially clear their asset positions before 1 November 2013, just over 3 weeks from now.
To this end we would like to propose the following offer:
Shares for hardware
As stated, each IceDrill.ASIC share represents 10Mh/s at the start of the mine becoming operational. What we would like to propose is a shares for hardware swap. So, instead of selling their shares into the open market (to clear their positions) investors instead take possession of the hardware itself. For this trade, these shares would be handed back to us and then simply destroyed.
The Good:
You can clear your IceDrill.ASIC BitFunder position without selling all your shares for cheaper than they are worth.
The Bad:
Scaling down the mine in this way would affect our future reinvestment capacity downward from the start. We currently have no way to gauge how much this would shrink the mine by, but the amount of shares transferred and destroyed in this way will be completely transparent and announced after the deadline.
"Taking possession" of the hardware itself can take two forms:
1. We instruct Hashfast to ship your units to you instead of to us (effectively a re-sale). In this case the shareholder/customer pays for any fees, customs and shipping costs that might occur.
2. DigiMex hosts the machines on your behalf (a re-sale with a hosting agreement).
The hardware for share swap is calculated as follows:
1200 000 Mh (one Sierra unit) / 10 Mh (per share) = 120 000 shares per Sierra unit.
Please note this proposal will necessarily have an execution deadline of midnight 15 October (UTC) in order to ensure ample notice for delivery re-routing, as required.
Sorry if I missed it, but what if we still wanted to keep our shares as US Citizens? How would we be collecting dividends and potentially sell our shares later? |
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VolanicEruptor
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October 09, 2013, 09:07:09 PM |
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I think you're missing a couple decimal places.. .014? also, that is 1.2GH, not 1.2TH |
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pedrog
Legendary
Offline
Activity: 2786
Merit: 1031
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October 09, 2013, 09:08:46 PM |
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Sorry if I missed it,
but what if we still wanted to keep our shares as US Citizens? How would we be collecting dividends and potentially sell our shares later?
You need someone verified to do that for you. |
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hd060053
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October 09, 2013, 09:12:04 PM |
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Hi All
Although we received no forewarning, the recent news about BitFunder/WeExChange did not come as a big surprise to us. The current regulatory landscape in the US requires these steps to be taken and we applaud Ukyo for implementing them before they become so problematic that it would force a site-wide closure for all.
It seems like most of the BitFunder markets took a pretty hard hit in terms of share price yesterday, no doubt from a big sell-off across the board. This was probably to be expected as regulatory uncertainty is a big factor in the bitcoin space at the moment.
As it stands US persons/entities have to essentially clear their asset positions before 1 November 2013, just over 3 weeks from now.
To this end we would like to propose the following offer:
Shares for hardware
As stated, each IceDrill.ASIC share represents 10Mh/s at the start of the mine becoming operational. What we would like to propose is a shares for hardware swap. So, instead of selling their shares into the open market (to clear their positions) investors instead take possession of the hardware itself. For this trade, these shares would be handed back to us and then simply destroyed.
The Good:
You can clear your IceDrill.ASIC BitFunder position without selling all your shares for cheaper than they are worth.
The Bad:
Scaling down the mine in this way would affect our future reinvestment capacity downward from the start. We currently have no way to gauge how much this would shrink the mine by, but the amount of shares transferred and destroyed in this way will be completely transparent and announced after the deadline.
"Taking possession" of the hardware itself can take two forms:
1. We instruct Hashfast to ship your units to you instead of to us (effectively a re-sale). In this case the shareholder/customer pays for any fees, customs and shipping costs that might occur.
2. DigiMex hosts the machines on your behalf (a re-sale with a hosting agreement).
The hardware for share swap is calculated as follows:
1200 000 Mh (one Sierra unit) / 10 Mh (per share) = 120 000 shares per Sierra unit.
Please note this proposal will necessarily have an execution deadline of midnight 15 October (UTC) in order to ensure ample notice for delivery re-routing, as required.
i am not from US and i dont want to clear my position?! You scale down the mine and crash the stock. dont do this. |
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bittymitty
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October 09, 2013, 09:15:14 PM |
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I think you're missing a couple decimal places.. .014? also, that is 1.2GH, not 1.2TH 1200,000 Mh unit will cost 120,000*.0014 = 168 BTC or aprox $22,000 USD corrected typo but calculation is still correct. I'm pretty sure it is 1.2 TH for the babyjet... |
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Bargraphics
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October 09, 2013, 09:24:36 PM |
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Sorry if I missed it,
but what if we still wanted to keep our shares as US Citizens? How would we be collecting dividends and potentially sell our shares later?
You need someone verified to do that for you. From what I understand Users will be able to withdraw holdings and Bitcoins from their BitFunder accounts before and after November 1, 2013. This means I don't have to get rid of my shares but it wasn't clear if Dividends can still be paid for them (If not then I agree with you, someone verified would have to hold them) If Dividends can still be paid, I can still withdraw bitcoins from bitfunder and would rather just leave the shares in there. |
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molecular
Donator
Legendary
Offline
Activity: 2772
Merit: 1019
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October 09, 2013, 09:58:26 PM |
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maybe havelockinvestments could help?
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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JohnyBigs
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October 10, 2013, 02:15:22 AM |
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Hi All
Although we received no forewarning, the recent news about BitFunder/WeExChange did not come as a big surprise to us. The current regulatory landscape in the US requires these steps to be taken and we applaud Ukyo for implementing them before they become so problematic that it would force a site-wide closure for all.
It seems like most of the BitFunder markets took a pretty hard hit in terms of share price yesterday, no doubt from a big sell-off across the board. This was probably to be expected as regulatory uncertainty is a big factor in the bitcoin space at the moment.
As it stands US persons/entities have to essentially clear their asset positions before 1 November 2013, just over 3 weeks from now.
To this end we would like to propose the following offer:
Shares for hardware
As stated, each IceDrill.ASIC share represents 10Mh/s at the start of the mine becoming operational. What we would like to propose is a shares for hardware swap. So, instead of selling their shares into the open market (to clear their positions) investors instead take possession of the hardware itself. For this trade, these shares would be handed back to us and then simply destroyed.
The Good:
You can clear your IceDrill.ASIC BitFunder position without selling all your shares for cheaper than they are worth.
The Bad:
Scaling down the mine in this way would affect our future reinvestment capacity downward from the start. We currently have no way to gauge how much this would shrink the mine by, but the amount of shares transferred and destroyed in this way will be completely transparent and announced after the deadline.
"Taking possession" of the hardware itself can take two forms:
1. We instruct Hashfast to ship your units to you instead of to us (effectively a re-sale). In this case the shareholder/customer pays for any fees, customs and shipping costs that might occur.
2. DigiMex hosts the machines on your behalf (a re-sale with a hosting agreement).
The hardware for share swap is calculated as follows:
1200 000 Mh (one Sierra unit) / 10 Mh (per share) = 120 000 shares per Sierra unit.
Please note this proposal will necessarily have an execution deadline of midnight 15 October (UTC) in order to ensure ample notice for delivery re-routing, as required.
Completely dumb. Figure out a way to transfer shares from bitfunder to havelock or somewhere else, not this dumb shit, nobody wants to buy overpriced hardware. I hope this was a joke on your part. |
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bittymitty
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October 10, 2013, 02:18:57 AM |
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IceDrill continues to post dumb shit... Labcoin 2.0?
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ishkur
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October 10, 2013, 02:19:12 AM |
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Have fun guys NEVER BET ON ICE  |
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JohnyBigs
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October 10, 2013, 02:23:17 AM |
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IceDrill continues to post dumb shit... Labcoin 2.0?
At least Labcoin posted normal things, they just never followed through with it. These guys post completely retarded things. Yeah we will just sell you over priced hardware, lower the mining capacity, lower reinvestment potential, and basically murder our company. OOH BTW you have a whole 6 days to take advantage of this. Where did you morons think for a second this was a great plan? |
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chriswilmer
Legendary
Offline
Activity: 1008
Merit: 1000
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October 10, 2013, 02:26:29 AM |
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So... I asked about what happens if you don't have enough shares for one unit of hardware and didn't get an answer... I think my question would apply to a lot of people...
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