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

[Gyom]

I'm not sarcastic. To change the number of shares and price was the issuer's prerogative in this IPO. And as far as I understand, they did it in such a way that the the private investors and issuers are taking that loss against their potential profits, in order to make the deal work.

[zumzero]

I'm not sarcastic. To change the number of shares and price was the issuer's prerogative in this IPO. And as far as I understand, they did it in such a way that the the private investors and issuers are taking that loss against their potential profits, in order to make the deal work.

I guess we are reading the same thing two different ways.

Either way I'm out of this thread. I've sold my shares. I don't want to have anything to do with this shady IPO regardless if it fully succeeds or not.

Everyone involved should enjoy that they are part of the problem with what is wrong in Bitcoin Securities.

This is so true.  We all have a vested interest in making bitcoin work.  What offends and upsets me is the growing probability that shady IPO's like this will attract govermental intervention which could hang us all out to dry.   This is why I feel a responsibility to call it for what it is.  Sorry if that hurts anyone, but sometimes the truth does.

[DeaDTerra]

Hi!
We have decided to leave the option open for anyone unhappy with the current situation to opt out of the operation.
Please note that we have not changed the contract or diluted any shares nor do we plan to.
Any changes will be made in favor of public shareholder and any costs with the new deal will be absorbed by private share holders.
We are now posting a bid at 0.0014 BTC anyone who wants out may accept it. (right now it is 252 BTC, we will deposit more BTC if needed)
//DeaDTerra

[Gyom]

Zumzero... Agreed about us all sharing an interest in Bitcoin's long term success.

The way I see it, boosting the total hashrate is one of the main ways to ensure this.

Of course, mining is getting more and more complicated, competitive and difficult, as this chart can tell :

http://blockchain.info/charts/miners-operating-profit-margin

Not every single IPO will end up like an ASICMINER fairytale, but as long as the mining power comes online, Bitcoin will be stronger thanks to initiatives such as IceDrill.

[Vbs]

So, 500TH/s using 400GH/s chips, that's 1250 chips rated by the manufacturer at 350W each (I personally don't believe that last part, but ok), for a total of 437.5kW.

Using a 90% efficient power source, that's at least 486kWh both in energy consumption and in heat generated, requiring cooling of at least 1,658,232BTU.

Care to discuss how both of these problems will be handled?

[grimholt]

Hi!
We have decided to leave the option open for anyone unhappy with the current situation to opt out of the operation.
Please note that we have not changed the contract or diluted any shares nor do we plan to.
Any changes will be made in favor of public shareholder and any costs with the new deal will be absorbed by private share holders.
We are now posting a bid at 0.0014 BTC anyone who wants out may accept it. (right now it is 252 BTC, we will deposit more BTC if needed)
//DeaDTerra

Since most people have a 1 % trading fee, shouldn't you up your bid to 0.001414 if it is to be a full refund?

[zumzero]

Zumzero... Agreed about us all sharing an interest in Bitcoin's long term success.

The way I see it, boosting the total hashrate is one of the main ways to ensure this.

Of course, mining is getting more and more complicated, competitive and difficult, as this chart can tell :

http://blockchain.info/charts/miners-operating-profit-margin

Not every single IPO will end up like an ASICMINER fairytale, but as long as the mining power comes online, Bitcoin will be stronger thanks to initiatives such as IceDrill.

I agree entirely. Healthy competition is key.  My trust is in the communities abiltity to sheriff.

[DeaDTerra]

Hi!
We have decided to leave the option open for anyone unhappy with the current situation to opt out of the operation.
Please note that we have not changed the contract or diluted any shares nor do we plan to.
Any changes will be made in favor of public shareholder and any costs with the new deal will be absorbed by private share holders.
We are now posting a bid at 0.0014 BTC anyone who wants out may accept it. (right now it is 252 BTC, we will deposit more BTC if needed)
//DeaDTerra

Since most people have a 1 % trading fee, shouldn't you up your bid to 0.001414 if it is to be a full refund?

Noted, bid changed to 0.001414.
//DeaDTerra

[pascal257]

So, 500TH/s using 400GH/s chips, that's 1250 chips rated by the manufacturer at 350W each (I personally don't believe that last part, but ok), for a total of 437.5kW.

Using a 90% efficient power source, that's at least 486kWh both in energy consumption and in heat generated, requiring cooling of at least 1,658,232BTU.

Care to discuss how both of these problems will be handled?

It would also be interesting to know where in Europe this is beeing deployed, considering energy prices in Europe beeing quite high.

[grimholt]

So, 500TH/s using 400GH/s chips, that's 1250 chips rated by the manufacturer at 350W each (I personally don't believe that last part, but ok), for a total of 437.5kW.

Using a 90% efficient power source, that's at least 486kWh both in energy consumption and in heat generated, requiring cooling of at least 1,658,232BTU.

Care to discuss how both of these problems will be handled?

I'm guessing, as with Labcoin, a lot of the technical details won't be explained until well after a huge amount of funds have been brought in.

[evoorhees]

Lots of people complaining here!

Looks to me like DeaDTerra is acting in a favorable manner to the public shareholders.

1) People complained about the "private shareholders" and thus DT offered to pay public shareholders .0016 before any private shareholder gets a dime. That's actually an amazing offer... it means public shareholders get all principle back upon the work of the founders for free.

2) People complained that the terms were changed, fraud fraud fraud! DT simply scaled down the IPO, giving the same price per ghs to the investors as originally promised. To address the continued anger, he now put in a  bid to buy back any shares that early buyers don't want anymore.

Thus he is giving a money back offer to anyone upset, and for those who remain, they get .0016 btc before any private shareholder gets anything!

And yet you yell at DT like he's scamming you?    

[will]

So, 500TH/s using 400GH/s chips, that's 1250 chips rated by the manufacturer at 350W each (I personally don't believe that last part, but ok), for a total of 437.5kW.

Using a 90% efficient power source, that's at least 486kWh both in energy consumption and in heat generated, requiring cooling of at least 1,658,232BTU.

Care to discuss how both of these problems will be handled?

We currently have a location bedded down which can handle that power-draw (expandable up to 2.5MW) and an on-site chiller which will supply us with 5.5degC water-supply (in)
The heated water generated from the ASICs will go directly (out) toward heating a newly-built, medium-sized (20+ floors) skyscraper. Exactly how much of that heat will be re-used is unknown at this stage, and will probably change over time, but it helps that our deployment will happen at the start of the European winter.

This is for the primary location - we have that pretty much wrapped up, but we are looking into other locations that may be better able to handle the heat output, and work better for cost reduction and longevity of the mine (price/kWh). Please understand that buying energy at volume gets much better deals than retail/household prices.

[Stuartuk]

We have decided to leave the option open for anyone unhappy with the current situation to opt out of the operation.
//DeaDTerra

Well done Ukyo.

[astutiumRob]

The heated water generated from the ASICs will go directly (out) toward heating a newly-built, medium-sized (20+ floors) skyscraper. Exactly how much of that heat will be re-used is unknown at this stage

Exactly zero of the heat will get re-used, it simply isnt at high enough temperature to be of any use whatsoever.

[canth]

It's unfortunate but each and every IPO at this point has a fair share of "scammer" labels passed around, often unfairly. ActM, LABCOIN and BTC Garden all have had this issue. I can only speculate on the motivations - manipulation, pure trolling, not enough adolescent hugs. Who knows?

Personally, I am not participating in this IPO since the terms aren't enticing enough for me but that has nothing to do with a lack of trust in DT. If anything, DT has been responsive to investor requests and has acted honorably. I wish success to all involved - just perhaps not too much success, since I'm skipping this one.

[kingcrimson]

Lots of people complaining here!

Looks to me like DeaDTerra is acting in a favorable manner to the public shareholders.

1) People complained about the "private shareholders" and thus DT offered to pay public shareholders .0016 before any private shareholder gets a dime. That's actually an amazing offer... it means public shareholders get all principle back upon the work of the founders for free.

2) People complained that the terms were changed, fraud fraud fraud! DT simply scaled down the IPO, giving the same price per ghs to the investors as originally promised. To address the continued anger, he now put in a  bid to buy back any shares that early buyers don't want anymore.

Thus he is giving a money back offer to anyone upset, and for those who remain, they get .0016 btc before any private shareholder gets anything!

And yet you yell at DT like he's scamming you?    

Scaling down? You mean lying about magical private investors who come from the clouds and pick up millions upon millions of shares.

[Transisto]

The heated water generated from the ASICs will go directly (out) toward heating a newly-built, medium-sized (20+ floors) skyscraper. Exactly how much of that heat will be re-used is unknown at this stage

Exactly zero of the heat will get re-used, it simply isnt at high enough temperature to be of any use whatsoever.

?? I'm pretty sure water will get heated above winter temperatures.

Anyway, Electricity cost of 450Kw/h vs profit will be irrelevant for a long while.

[CMMPro]

Lots of people complaining here!

Looks to me like DeaDTerra is acting in a favorable manner to the public shareholders.

1) People complained about the "private shareholders" and thus DT offered to pay public shareholders .0016 before any private shareholder gets a dime. That's actually an amazing offer... it means public shareholders get all principle back upon the work of the founders for free.

2) People complained that the terms were changed, fraud fraud fraud! DT simply scaled down the IPO, giving the same price per ghs to the investors as originally promised. To address the continued anger, he now put in a  bid to buy back any shares that early buyers don't want anymore.

Thus he is giving a money back offer to anyone upset, and for those who remain, they get .0016 btc before any private shareholder gets anything!

And yet you yell at DT like he's scamming you?    

Scaling down? You mean lying about magical private investors who come from the clouds and pick up millions upon millions of shares.

Interesting that Voorhees, responsible for the sketchiest share sale so far in bitcoin history came here to defend Icedrill, laugh my fucking ass off.
If that isn't a red flag to everyone involved I don't know what is.

[zumzero]

Lots of people complaining here!

Looks to me like DeaDTerra is acting in a favorable manner to the public shareholders.

1) People complained about the "private shareholders" and thus DT offered to pay public shareholders .0016 before any private shareholder gets a dime. That's actually an amazing offer... it means public shareholders get all principle back upon the work of the founders for free.

2) People complained that the terms were changed, fraud fraud fraud! DT simply scaled down the IPO, giving the same price per ghs to the investors as originally promised. To address the continued anger, he now put in a  bid to buy back any shares that early buyers don't want anymore.

Thus he is giving a money back offer to anyone upset, and for those who remain, they get .0016 btc before any private shareholder gets anything!

And yet you yell at DT like he's scamming you?    

Scaling down? You mean lying about magical private investors who come from the clouds and pick up millions upon millions of shares.

Interesting that Voorhees, responsible for the sketchiest share sale so far in bitcoin history came here to defend Icedrill, laugh my fucking ass off.
If that isn't a red flag to everyone involved I don't know what is.

Not to mention the articulate poet iCEBAKER.

I have no ulterior motive.  I am indifferent to the success of this venture, fact.  I am trying to stimulate the wtf gland in all who throw money at this scheme.

Here is my challenge;   if anyone can trully account for 100% of the shares sold so far then I will pay them 2 btc.

[iCEBREAKER]

So, 500TH/s using 400GH/s chips, that's 1250 chips rated by the manufacturer at 350W each (I personally don't believe that last part, but ok), for a total of 437.5kW.

Using a 90% efficient power source, that's at least 486kWh both in energy consumption and in heat generated, requiring cooling of at least 1,658,232BTU.

Care to discuss how both of these problems will be handled?

Can't disclose any of our game-changing, proprietary hosting solutions at this time.

Let's just say...
ALWAYS BET ON iCE.