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

[nameface]

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?    

+1

I can't figure out what all the fuss is about. Look at these big buywalls above IPO price. Everybody is winning.

[superduh]

yep, trust everhooes- heh
if IceDrill is run the same way this will be the best investment Evvvver

anyways im outta this thread too sketchy

[zumzero]

I'm going to now bow out of this house of cards.  Good luck.

If someone does actually meet my challenge then pm me.

EDIT:  this is a time limited offer with no expiry date

[will]

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 not really one for speculation on unconfirmed hardware specifications, I am really only concerning myself with ensuring the required capability for execution is in place. The cold water supply (as well as the option for energy re-use) is simply an option we have to keep in play. Usage of it (and payment for it) will depend on the research we will do once we have the hardware in hand. Optimal, long-term profitability is the main goal and we'll share all the data with the community at large. Thermal experts, like yourself, will have front-row seats on our efforts throughout.

[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?

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.

A chiller with a compressor for at least ~140RT is probably an extra ~200kWh (compressor, pump, ...) so it's a considerable expense.

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

Electricity cost is never irrelevant, since it's what keeps the machines alive. The moment operational cost > profit is when they are shut down. It all boils down to efficiency in the end.

[Stuartuk]

?? 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.

One point about this that I believe could be a future game changer:

The European Parliament debates on and brings in laws across the European Union (US-based readers may or may not know much about this). All EU countries must and do, almost without exception, abide by EU law. Now the EU are largely VERY progressive especially on 'ECO' matters - they had for example started to phase out the use of high energy-use incandescent light bulbs by 2009, whereas in the US a similar ban has still to come into effect and in California for example it wont do until 2018!

http://en.wikipedia.org/wiki/Phase-out_of_incandescent_light_bulbs

What this means is that the industrial use of electricity by BTC mining companies may be heavily taxed in the future in Europe while in the US it remains unregulated for far longer. The EU parliament has a history of introducing eco laws that are unpopular with business but are popular with the public. I think it would be very easy for btc mining operations to be priced out of the EU given enough bad publicity about 'wasting' massive amounts of electricity. Germany has decided to abandon all of it's nuclear power stations       http://en.wikipedia.org/wiki/Energy_transition_in_Germany     by 2022, they are planning to go completely renewable. Power is an incredibly hot topic as a result in Germany and Germans are generally very eco minded. So it's easy to see them putting pressure on the legislative body/European Commission to introduce a carbon tax on BTC mining across the EU.

[Vbs]

?? 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.

One point about this that I believe could be a future game changer:

The European Parliament debates on and brings in laws across the European Union (US-based readers may or may not know much about this). All EU countries must and do, almost without exception, abide by EU law. Now the EU are largely VERY progressive especially on 'ECO' matters - they had for example started the phase out the use of high energy-use incandescent light bulbs by 2009, whereas in the US a similar ban has still to come into effect and in California for example it wont do until 2018!

http://en.wikipedia.org/wiki/Phase-out_of_incandescent_light_bulbs

What this means is that the industrial use of electricity by BTC mining companies may be heavily taxed in the future in Europe while in the US it remains unregulated for far longer. The EU parliament has a history of introducing eco laws that are unpopular with business but are popular with the public. I think it would be very easy for btc mining operations to be priced out of the EU given enough bad publicity about 'wasting' massive amounts of electricity. Germany has decided to abandon all of it's nuclear power stations       http://en.wikipedia.org/wiki/Energy_transition_in_Germany     by 2022, they are planning to go completely renewable. Power is an incredibly hot topic as a result in Germany and Germans are generally very eco minded. So it's easy to see them putting pressure on the legislative body/European Commission to introduce a carbon tax on BTC mining across the EU.

Don't send them this: http://www.bloomberg.com/news/2013-04-12/virtual-bitcoin-mining-is-a-real-world-environmental-disaster.html

[yuansuyi]

Batch one has been sold out.
Batch two has been put up for sale.

//DeaDTerra

I expected this.  It was pretty clear to me it would be sold out since DeaDTerra was very calm about not putting the shares on https://btct.co/‎ since it would take too much time.  This meant he knew the shares would be bought out.  Otherwise, he would have put it on btct.co to get more investors on board.

Given the situation, I think this share would never get approved on BTCT.CO.

[N_S]

Given the situation, I think this share would never get approved on BTCT.CO.

If true, this would make me feel much better about having shares on BTCT over Bitfunder.

[CanOpener]

Hi,

BitCoin newbie here. I couldn't help myself to chime in because of all the fuss related to regulators and what not around securities dealing which is my cup of tea.

1) Does everyone know how an IPO works in real life? Prices and offer sizes get changed all the time due to investor demand. It is just part of the IPO process. (Please study ANY IPO process out there)

2) Regulation around IPO - would someone please point me to regulation around IPO regulated to BitCoins? Last I checked, there wasn't any. Yes, there are defintiely laws around Ponzi schemes and general stuffs around collective investment schemes but is there any evidence? Are you guys busting out pre-emptive strikes against Ponzi schemes now?

As a side note, if you want to quote SEC, please note that it means you agree to SEC's regulation on your own dealing with BitCoins as well. Oh, once you agree to those, I am sure the IRS won't be too far behind the SEC.

3) In the banking world, the term for bulk transactions are called 'block traded'. Blocks are definitely given discounts/variances to market prices.  Would SEC challenge that? No. It is still being used by banks and fund managers everyday. Unless SEC stops block trades, which law can regulate this?

4) This was my favorite of all the posts - insider. Can those people help me define what you mean by insiders?

http://en.wikipedia.org/wiki/Insider_trading

I would like some edification on how you define as an insider and how he can benefit from buying shares of DigiMex. 

Then my question to you would be, if an insider is buying, shouldn't you? Not that I agree with this but there are many journalism out there that recommends investments by following insiders' trading trends.

[Stuartuk]

4) This was my favorite of all the posts - insider. Can those people help me define what you mean by insiders?

http://en.wikipedia.org/wiki/Insider_trading

I would like some edification on how you define as an insider and how he can benefit from buying shares of DigiMex. 

You quoted the wiki page but don't seem to have read it?

Pre news release trading - it is really not a difficult concept.

[evoorhees]

4) This was my favorite of all the posts - insider. Can those people help me define what you mean by insiders?

http://en.wikipedia.org/wiki/Insider_trading

I would like some edification on how you define as an insider and how he can benefit from buying shares of DigiMex. 

You quoted the wiki page but don't seem to have read it?

Pre news release trading - it is really not a difficult concept.

Are you suggesting that the 1st investor in a new company may only invest once the entire world has been invited?

[Stuartuk]

Are you suggesting that the 1st investor in a new company may only invest once the entire world has been invited?

ummmm...no.

[CanOpener]

and your point would be?

oh and just a note, i definitely know what is an 'insider'. I need to deal with that definition everyday. That is a part of my real job everyday.

4) This was my favorite of all the posts - insider. Can those people help me define what you mean by insiders?

http://en.wikipedia.org/wiki/Insider_trading

I would like some edification on how you define as an insider and how he can benefit from buying shares of DigiMex.  

You quoted the wiki page but don't seem to have read it?

Pre news release trading - it is really not a difficult concept.

[crumbs]

4) This was my favorite of all the posts - insider. Can those people help me define what you mean by insiders?

http://en.wikipedia.org/wiki/Insider_trading

I would like some edification on how you define as an insider and how he can benefit from buying shares of DigiMex.  

You quoted the wiki page but don't seem to have read it?

Pre news release trading - it is really not a difficult concept.

Are you suggesting that the 1st investor in a new company may only invest once the entire world has been invited?

Perhaps he's suggesting that if the number of shares and their price are allowed to be changed at will during an IPO, what, exactly, is being sold?  And how much of it?

[CanOpener]

Sorry, I don't mean to diss you but I don't think you understand the real definition of insider trading.

Precision of language is very important from a legal aspect. So, I would love to hear what you consider as 'insider trading'

In the United States and Germany, for mandatory reporting purposes, corporate insiders are defined as a company's officers, directors and any beneficial owners of more than 10% of a class of the company's equity securities. Trades made by these types of insiders in the company's own stock, based on material non-public information, are considered to be fraudulent since the insiders are violating the fiduciary duty that they owe to the shareholders.

Would you please give us some examples of 'material and non-public information' that can be used adversely against DigiMex shareholders?

4) This was my favorite of all the posts - insider. Can those people help me define what you mean by insiders?

http://en.wikipedia.org/wiki/Insider_trading

I would like some edification on how you define as an insider and how he can benefit from buying shares of DigiMex. 

You quoted the wiki page but don't seem to have read it?

Pre news release trading - it is really not a difficult concept.

[CMMPro]

You can't seriously be asking this....you honestly have no idea that these guys have access to info that affects the stock price that the rest of us do not?
Or is that entire post facetious?

[CanOpener]

can you justify what kind of info would "affects the stock price that the rest of us do not"?

Without a precise example, how can we know what you are talking about?

You can't seriously be asking this....you honestly have no idea that these guys have access to info that affects the stock price that the rest of us do not?
Or is that entire post facetious?

[Stuartuk]

can you justify what kind of info would "affects the stock price that the rest of us do not"?

If you are serious you need help.

[CanOpener]

wow, that is the best you can come up with? i was expecting more. I guess you are just loud-mouthing without knowing what you are talking about then..

When you need to stoop down to attacking personally, it means you have already given up the fight cuz you know you are wrong. i am so disappointed. oh wait, may be I shouldn't because why should I be?

can you justify what kind of info would "affects the stock price that the rest of us do not"?

If you are serious you need help.