[BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)

[Bargraphics]

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.

It seems time is running out,

Can we have an update of our current options or if there were any modifications/changes to existing options?

[DeaDTerra]

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.

It seems time is running out,

Can we have an update of our current options or if there were any modifications/changes to existing options?

We are finalizing the conversion to Hardware option and we are also working on finalizing a second option.
A update will be out soon.
//DeaDTerra

[Bargraphics]

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.

It seems time is running out,

Can we have an update of our current options or if there were any modifications/changes to existing options?

We are finalizing the conversion to Hardware option and we are also working on finalizing a second option.
A update will be out soon.
//DeaDTerra

Thank you

[will]

EDIT: Apologies for the late posting on this, wanted to get a couple of feedback loops on it first.

Share destruction: hosting option summary

The Batch 1 Sierra units will undergo final assembly in Canada. We will pick up the machines directly from the manufacturer and begin deployment within 24 hours of the pickup. Machines will be deployed on a prorated order. For example if 20% of the hardware is converted in this way, every 5th machine we receive will be deployed to the investor hardware pool on a first-come first-served basis.

The hosting solution includes the following:

• Shipping & delivery
• Setup
• Maintenance
• Electricity cost
• Cooling
• No customs risk
• 24/7 Support
• All supporting equipment (racks, shelves, cabling, PDUs, controller servers, etc.)
• Replacement and reinstallation of any faulty hardware within 24* business hours.
• Hosting term: 1 year.

All inclusive cost: 252 USD per Sierra unit per month, based on 1000W continuous power consumption.

Options offered to the investor:

• The all-inclusive cost will be covered directly from mining output of your hardware. No further investment will be required. This cost coverage will be locked in with the first couple of days of mining.

• Full-service management of software and we give you access to our monitoring software so you know what your machines are doing at all times.
• Full access to all our research on overclocking, underclocking, cooling enhancements, infrastructure improvements and any other improvements.
• Option to implement above hardware/infrastructure research results on an ad-hoc basis. Note that any implemented customization that will void the warrantee of the machines will be at the behest (and therefore risk) of the hardware owner. The customization work will be done by DigiMex, but any extra costs incurred (e.g. higher power consumption by overclocking) will necessarily have to be covered by the investor’s mining output.
• Reinvestment: We would like to stay true to the original contract and negotiate a reinvestment clause at the start of the contract to have us both benefit from the cost-efficiency of bulk purchases. We understand that we cannot force it as you’ll retain ownership of the hardware, so this agreement will be negotiated on a case-by-case basis.

*waiting on confirmation from Hashfast regarding the exact RMA agreement.

Please note we did state that 15 October would be a deadline for a decision. This really only applies for the non-hosted option of taking delivery yourself. If you host it with us, the re-routing of the hardware is obviously unnecessary.

[Bargraphics]

For those of us who are still contemplating on keeping their shares, will IceDrill be doing direct shares since as a US Citizen I cannot keep my shares on Bitfunder after Dec 2nd.

[will]

For those of us who are still contemplating on keeping their shares, will IceDrill be doing direct shares since as a US Citizen I cannot keep my shares on Bitfunder after Dec 2nd.

Yes, our handling of direct shares is a necessity and should be considered a given. On Dec 2nd we'll be given a list of bitcoin addresses and their relevant share holdings. Exactly how we'll handle this share transfer will be made crystal clear well before that date (it's a current priority item).

[Bargraphics]

For those of us who are still contemplating on keeping their shares, will IceDrill be doing direct shares since as a US Citizen I cannot keep my shares on Bitfunder after Dec 2nd.

Yes, our handling of direct shares is a necessity and should be considered a given. On Dec 2nd we'll be given a list of bitcoin addresses and their relevant share holdings. Exactly how we'll handle this share transfer will be made crystal clear well before that date (it's a current priority item).

Ok great, accompanied with the following I am feeling much better about this situation. Thank you guys for attempting to make this terrible situation bearable .

Please note we did state that 15 October would be a deadline for a decision. This really only applies for the non-hosted option of taking delivery yourself. If you host it with us, the re-routing of the hardware is obviously unnecessary.

[pmorici]

For those of us who are still contemplating on keeping their shares, will IceDrill be doing direct shares since as a US Citizen I cannot keep my shares on Bitfunder after Dec 2nd.

Yes, our handling of direct shares is a necessity and should be considered a given. On Dec 2nd we'll be given a list of bitcoin addresses and their relevant share holdings. Exactly how we'll handle this share transfer will be made crystal clear well before that date (it's a current priority item).

This is good to hear.  Do you see it being possible at some point in the future for direct shares to be sold over the counter?  If so how exactly would the share holder prove their identity to you?  I ask because typically I think people do so by signing a message with the private key of a corresponding public BitCoin address but if we have specified a CoinBase address as our dividend address I don't think we would have that ability and I'm wondering if those of us in that situation shouldn't change out our dividend address before Nov. 1 to one we completely control so we can prove via digital signature we are the owner of the shares associated with the given address.

Thoughts?

[SimonBelmond]

Thoughts?

Try to reduce 3rd pary risk as much as possible. If Coinbase went down, all your shares go with it. So use an address you genuineley control. I used Armory on an offline computer. As armorys message signing is not yet compatible with the signature process anyone else uses (soon to come) I am also using another wallet on this offline PC just to sign messages with this private key. Once I signed the message I can take it to the online PC by USB stick. So BitFunder can go down, so can Coinbase or any other online wallet. I can still proove I am the legitimate owner of these shares.  And as most likeley dividends will be payed out to this address I feel more comfortable to not ave the private key on any online computer. Hope this helps a bit.

[JohnyBigs]

For those of us who are still contemplating on keeping their shares, will IceDrill be doing direct shares since as a US Citizen I cannot keep my shares on Bitfunder after Dec 2nd.

Yes, our handling of direct shares is a necessity and should be considered a given. On Dec 2nd we'll be given a list of bitcoin addresses and their relevant share holdings. Exactly how we'll handle this share transfer will be made crystal clear well before that date (it's a current priority item).

Love how you guys waited until the 15th deadline to post any information. Then you still didn't post any information about if it would be possible to get a baby jet batch 1 for 40K shares or possible solutions for those with less than 120K or 40K shares. Some high quality management going on here, but to be fair, it could be worse, at least it's not labcoin. You also continue to respond to low post count and short term users (your alt accounts?) yet ignore long term members. How many times will I have to repost the same questions to get an answer this time?

That's why i already sold out of this, as should all US investors, these guys have shown to not give a shit about shareholders and try to screw them out of every penny of ownership. Get out now while you still can.

[will]

Love how you guys waited until the 15th deadline to post any information. Then you still didn't post any information about if it would be possible to get a baby jet batch 1 for 40K shares or possible solutions for those with less than 120K or 40K shares. Some high quality management going on here, but to be fair, it could be worse, at least it's not labcoin. You also continue to respond to low post count and short term users (your alt accounts?) yet ignore long term members. How many times will I have to repost the same questions to get an answer this time?

Sorry about this senseless. I agree, posting this info on the deadline when all options have not yet been detailed is bad form. We'll extend this deadline to 18 October (Friday).

Batch 1 Babyjets have been sold out for quite a while. We did not order any of them so they're not an option we can give you. I'm very aware that no hardware for shares options have been outlined for those with less than 120k shares, yet. I like dunchy's idea (https://bitcointalk.org/index.php?topic=269216.msg3335335#msg3335335) of consolidating these shares into batches of 120k and then using the hosting option with all costs and mining payouts split proportionally. We can facilitate this if there's enough interest?

[Eisenhower34]

So instead of making one big pie, you make little 120k pies. I dont see the benefit. Some (<5) could host their miners themself, but most people would leave them with you. It would also mean, if one miner breaks down some people wouldnt get their interest anymore instead of all people getting a slightly smaller cut.

That's why i already sold out of this, as should all US investors, these guys have shown to not give a shit about shareholders and try to screw them out of every penny of ownership. Get out now while you still can.

and how did they show that? they sold shares below ipo price to private investors yes, but on the other hand they added the 0.0016 BTC clause to the contract and later didnt lower it to 0.0015 after reading the discussion here. So far, they have proofen to listen to their shareholders opinion so stop with this hate flame.

[Jutarul]

Love how you guys waited until the 15th deadline to post any information. Then you still didn't post any information about if it would be possible to get a baby jet batch 1 for 40K shares or possible solutions for those with less than 120K or 40K shares. Some high quality management going on here, but to be fair, it could be worse, at least it's not labcoin. You also continue to respond to low post count and short term users (your alt accounts?) yet ignore long term members. How many times will I have to repost the same questions to get an answer this time?

Sorry about this senseless. I agree, posting this info on the deadline when all options have not yet been detailed is bad form. We'll extend this deadline to 18 October (Friday).

Batch 1 Babyjets have been sold out for quite a while. We did not order any of them so they're not an option we can give you. I'm very aware that no hardware for shares options have been outlined for those with less than 120k shares, yet. I like dunchy's idea (https://bitcointalk.org/index.php?topic=269216.msg3335335#msg3335335) of consolidating these shares into batches of 120k and then using the hosting option with all costs and mining payouts split proportionally. We can facilitate this if there's enough interest?

Why not go all the way and offer a complete virtual hosting solution where each share represents one computing unit*? Call it cloud hashing.

(*) needs to be defined in a way to include shareholder privileges

[Dexter770221]

I'm working on verified status on weexchange, and I thought than I can run a manual proxy for IceDrill shareholders. This is proposal rather for "sunday investors" or long term investors since delays may be up to 10 hours (I need to sleep too ). Fees 1%, possible trading inside proxy, google docs spredsheet avaivable to shareholders, email communication, my wife as backup in case of something wrong with me. Any interest? PM me.

[canth]

Sorry about this senseless. I agree, posting this info on the deadline when all options have not yet been detailed is bad form. We'll extend this deadline to 18 October (Friday).

Batch 1 Babyjets have been sold out for quite a while. We did not order any of them so they're not an option we can give you. I'm very aware that no hardware for shares options have been outlined for those with less than 120k shares, yet. I like dunchy's idea (https://bitcointalk.org/index.php?topic=269216.msg3335335#msg3335335) of consolidating these shares into batches of 120k and then using the hosting option with all costs and mining payouts split proportionally. We can facilitate this if there's enough interest?

Why not go all the way and offer a complete virtual hosting solution where each share represents one computing unit*? Call it cloud hashing.

(*) needs to be defined in a way to include shareholder privileges

+1. Since investors (either large or small) aren't likely to own shares evenly divided into 120K lots, this makes the most sense.

[hd060053]

can you give us the status, when the mine will be operational?

[Transisto]

Hashfast update : http://bitcoinexaminer.org/hashfast-technologies-and-ciara-get-together-to-produce-bitcoin-mining-rigs/

~20min away from the Bitcoin Embassy.

[_mr_e]

What the hell is happening to the share price!?

[hulk]

What the hell is happening to the share price!?

I believe this is the reason, http://bitcoindifficulty.com/

[pedrog]

What the hell is happening to the share price!?

I believe this is the reason, http://bitcoindifficulty.com/

How much was the jump?