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

[Mythoranium]

As a satisfied previous investor in Gamma Bitcoin Fund, I didn't need much convincing to invest in IceDrill, seeing as it's fronted by DeaDTerra, so I am now an investor in IceDrill as well.

Still, I had a few questions, most of which have been answered already. The one that I haven't seen answered or asked, is:


Seeing as there are no management fees and it has been said that all of the funds raised by IPO would be used for the benefit of the mine (as opposed to part of it going into the pockets of the founders), and that no consultation fees would be paid out to them, this makes me wonder — what is the incentive for them to do all the work? I understand that most of them are also shareholders, possibly having bought their shares as "private investors" for a discounted price (I am not implying there is anything wrong with that), but what is the incentive for DeaDTerra specifically, since he has stated that he is not a shareholder? It would seem odd if he was to spend his time (and a lot of it, judging by the size of this project) to manage all the assets just for the good of investors or BTC network, without receiving any direct benefit. Am I missing something here?

[arorts]

The shares are moving fast!  About 17million have been sold. At this speed, the third and final batch will be for sale at 0.0016 within the next 24hours.  If you buy 1million now, and sell it again in 24 yours, you'll make 100BTC.  That's serious coin, and its basically guaranteed (just as long as weExchange and BitFunder don't get raided or hit by a meteorite in the next 24 hours).  

I doubt this market would be able to absorb 1 million shares in a decent period of time without losses given the bid-ask spread. Highly illiquid. Will see.

[DeaDTerra]

Buy back has been cancelled.
The third batch has been issued and the ask has been placed at 0.0016 BTC per share. 7 Million shares will be put up, please note the change in hard limit.
//DeaDTerra

[Stuartuk]

Buy back has been cancelled.
The third batch has been issued and the ask has been placed at 0.0016 BTC per share. 7 Million shares will be put up, please note the change in hard limit.
//DeaDTerra

Well OK 7Mill is not 12Mill that's clear.

So what's happening with the other 5Mill shares?

[DeaDTerra]

Buy back has been cancelled.
The third batch has been issued and the ask has been placed at 0.0016 BTC per share. 7 Million shares will be put up, please note the change in hard limit.
//DeaDTerra

Well OK 7Mill is not 12Mill that's clear.

So what's happening with the other 5Mill shares?

As stated previously we are scaling down on the operation.
Hence we will adjust the percent of profit so that each share is still worth 10 Mhash.
Please read the section about the changes to the IPO due to the hf deal changing for details.
https://bitcointalk.org/index.php?topic=269216.msg2917934#msg2917934
//DeaDTerra

[Stuartuk]

Buy back has been cancelled.
The third batch has been issued and the ask has been placed at 0.0016 BTC per share. 7 Million shares will be put up, please note the change in hard limit.
//DeaDTerra

Well OK 7Mill is not 12Mill that's clear.

So what's happening with the other 5Mill shares?

As stated previously we are scaling down on the operation.
Hence we will adjust the percent of profit so that each share is still worth 10 Mhash.
Please read the section about the changes to the IPO due to the hf deal changing for details.
//DeaDTerra

Sorry I don't know where that is, I've been looking at the first 2 posts of the thread and there it says 12Mill shares on third batch.
So this is the final issue of shares? Once these 7Mill are sold ALL shares will be in investors hands correct?

[will]

Sorry I don't know where that is, I've been looking at the first 2 posts of the thread and there it says 12Mill shares on third batch.
So this is the final issue of shares? Once these 7Mill are sold ALL shares will be in investors hands correct?

The link is here:
https://bitcointalk.org/index.php?topic=269216.msg2917934#msg2917934

Basically, what it comes down to is that the "all or nothingness" of the 3rd tranch has been removed (it was a "hard limit" of 12 million, now it's a "soft limit" of 7) . We'll sell whatever we can, up to a maximum of the 7 million shares, and this will go directly toward the mine's final capacity.

Will ask DT to add this link to the main posts for clarification, and the benefit of people who don't want to trawl through 20 pages of "stuff".

<moan>7 Years on Reddit has spoilt me rather badly. I should put up a bitcoin bounty for someone to parse these forums reddit-style. Srsly... </moan>

[VolanicEruptor]

As a satisfied previous investor in Gamma Bitcoin Fund, I didn't need much convincing to invest in IceDrill, seeing as it's fronted by DeaDTerra, so I am now an investor in IceDrill as well.

Still, I had a few questions, most of which have been answered already. The one that I haven't seen answered or asked, is:


Seeing as there are no management fees and it has been said that all of the funds raised by IPO would be used for the benefit of the mine (as opposed to part of it going into the pockets of the founders), and that no consultation fees would be paid out to them, this makes me wonder — what is the incentive for them to do all the work? I understand that most of them are also shareholders, possibly having bought their shares as "private investors" for a discounted price (I am not implying there is anything wrong with that), but what is the incentive for DeaDTerra specifically, since he has stated that he is not a shareholder? It would seem odd if he was to spend his time (and a lot of it, judging by the size of this project) to manage all the assets just for the good of investors or BTC network, without receiving any direct benefit. Am I missing something here?

DeaDTerra, can you please answer this gentlemans question?  Thank you..

[DeaDTerra]

I am about to go offline.
Any additional questions will be answered tomorrow
//DeaDTerra

[Stuartuk]

We'll sell whatever we can, up to a maximum of the 7 million shares, and this will go directly toward the mine's final capacity.

3, The amount of shares sold will be floating, with a maximum of 36.636 Million shares and a minimum of the current 17 million.

With the best of intentions I can't resolve these two statements.

So there are currently sold and on sale a total of 17Mill?
But this latest wall of 7Mill if sold will/could/may be replaced by another wall of upto 19.636Mill shares?

If that is correct what are you precise conditions for the creation and sale of more shares above the current 17Mill? And in what size batches will these new shares be offed and more importantly at what price/minimum price?

I really struggle to see a way of coming up with a buying strategy that protects my initial investment based on these very loose proposals that could see the number of shares increase by over 100% at any unforeseen time in the future.

[zumzero]

So the CEO of this company has not declared his interests yet? Extremely unusual.

Somethings smells and it's not me because I'm wearing Lynx Africa.

[Minor Miner]

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable.   I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?   

[hypersire]

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable.   I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?   

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

[canth]

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions.

[mechs]

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions.

We don't have to wear pants to invest?!  That a huge selling point

[kingcrimson]

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable.   I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?  

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

This whole thread is full of people personally screwed by both DT and EV... we've been saying over and over not to trust these people... and all they have done so far is prove us right over and over with this shady 'make it up as you go' ordeal. I mean they can't even answer the most simple questions... they have no clue what they are doing.

[cryptojoe]

I still don't get what happened to the other 5million.  Will that be sold for .0016 as well, or will the market decide the share price once this 7mill is unloaded?  

[hypersire]

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions.

No, I am saying that I am tired of the onslaught of idiotic questions, as I'm sure many other readers of this thread are.

I can't count how many posts on here are basically saying: "What?! You want us to fund your purchase of ASICs and then we will only receive 75% of the returns? I can just order an ASIC myself!"

To which my response would be: "Yes, you certainly can order an ASIC yourself. Now go order one and get the fuck out of this thread which is for people who are investing in someone else's mining operation."

Maybe tomorrow when my real estate agent comes over I'll say: "What?! You want 3% of the selling price?! Why I can just sell my house by myself!" Hopefully that will entice him to lower his percentage while he continues to do all the work for me.

[Minor Miner]

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions.

No, I am saying that I am tired of the onslaught of idiotic questions, as I'm sure many other readers of this thread are.

I can't count how many posts on here are basically saying: "What?! You want us to fund your purchase of ASICs and then we will only receive 75% of the returns? I can just order an ASIC myself!"

To which my response would be: "Yes, you certainly can order an ASIC yourself. Now go order one and get the fuck out of this thread which is for people who are investing in someone else's mining operation."

Maybe tomorrow when my real estate agent comes over I'll say: "What?! You want 3% of the selling price?! Why I can just sell my house by myself!" Hopefully that will entice him to lower his percentage while he continues to do all the work for me.

There are two different things here.  One is the capital.   you are putting up 100% and receiving 75% of the assets bought.    The other is the expenses and I would assume profit from operating.    10% of the coins are going to operating costs, or do I have that wrong?     I am just asking a question, no need to be so angry.
And, actually I am pretty confused when he changed the terms of the payout, whether he got rid of the private public etc.   

[iCEBREAKER]

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable.   I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?  

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

This whole thread is full of people personally screwed by both DT and EV... we've been saying over and over not to trust these people... and all they have done so far is prove us right over and over with this shady 'make it up as you go' ordeal. I mean they can't even answer the most simple questions... they have no clue what they are doing.

ROFLPIMP.

ice.drill 24hr vol: 1,400,752 (BTC2101.07988610)

Seldom has so much failed FUD fallen so fantastically flat!