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

[jgrayjr]

HashFast inks deal today: http://www.thebitcoinchannel.com/archives/20694 

[iCEBREAKER]

HashFast inks deal today: http://www.thebitcoinchannel.com/archives/20694 

Well fuck me sideways!!   

Uniquify, HashFast Ink Agreement to Produce ASICs to Increase Hashing Speed for Bitcoin Miners

geeks.broadwayworld.com / Aug, 13, 2013; 10:38 AM

SAN JOSE, CA – Uniquify (www.uniquify.com) today signed a multi-year agreement with HashFast Technologies to design and provide silicon fabrication services for a new generation of application specific integrated circuits (ASICs) expected to dramatically increase hashing speed for Bitcoin miners.

Under terms of the agreement, HashFast Technologies, a pioneer in custom designs of ASIC chips for cryptographic hashing, will use Uniquify’s technology for the production of ASIC chips for cryptographic hashing.

The strategic partnership between HashFast and Uniquify, a leading high-performance semiconductor intellectual property (IP) and system-on-chip (SoC) design, integration and manufacturing services supplier, is poised to move HashFast to the forefront of the cryptographic hashing industry.

[evoorhees]

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.   I've developed a narrative that DT and EV are bad guys and I'm going to perpetuate that narrative using hyperbole and superficial, unsubstantiated accusations.

FTFY

I don't want to derail the thread here... but you do realize that SatoshiDice shareholders made 4x what I did on the sale, no? You realize that means I sacrificed millions of dollars in order to benefit shareholders far above what the contract required, no? And you realize the end result: the vast majority of investors got all their principle back plus roughly 20% in dividends, do you not? I'm not saying people should be thrilled with the outcome, but options are limited when an exchange rate goes up 8x after an IPO happens.

If you feel I have personally wronged you in some way, please contact me on skype and we can discuss. My ID is evoorhees

And regarding IceDrill, did the terms change from when the IPO originally posted? Yes. Did they change in a way that substantially harmed investors? No. In fact, the deal for investors improved markedly, and on top of that DT put up a bid offer to buy back any shares of those who were uncomfortable with the changes.

[evoorhees]

There are two different things here.  One is the capital.   you are putting up 100% and receiving 75% of the assets bought.   

Not quite. Shareholders are putting up 100% and receiving 75% directly as dividends and the other 25% as reinvestment in more mining capacity (from which they then receive additional dividends). It's a strategic decision to keep the mine improving.

Further, DT promised to pay 0.0016 btc per share in dividends before the private owners get anything.

[CanOpener]

was it a coincidence that the news came right after the first tranche of IceDrill was completed?

what happens when the third tranche sells out as well? would shares just freely trade with some correlation to spot price of BitCoins?

HashFast inks deal today: http://www.thebitcoinchannel.com/archives/20694 

Well fuck me sideways!!   

Uniquify, HashFast Ink Agreement to Produce ASICs to Increase Hashing Speed for Bitcoin Miners

geeks.broadwayworld.com / Aug, 13, 2013; 10:38 AM

SAN JOSE, CA – Uniquify (www.uniquify.com) today signed a multi-year agreement with HashFast Technologies to design and provide silicon fabrication services for a new generation of application specific integrated circuits (ASICs) expected to dramatically increase hashing speed for Bitcoin miners.

Under terms of the agreement, HashFast Technologies, a pioneer in custom designs of ASIC chips for cryptographic hashing, will use Uniquify’s technology for the production of ASIC chips for cryptographic hashing.

The strategic partnership between HashFast and Uniquify, a leading high-performance semiconductor intellectual property (IP) and system-on-chip (SoC) design, integration and manufacturing services supplier, is poised to move HashFast to the forefront of the cryptographic hashing industry.

[Minor Miner]

I don't want to derail the thread here... but you do realize that SatoshiDice shareholders made 4x what I did on the sale, no? You realize that means I sacrificed millions of dollars in order to benefit shareholders far above what the contract required, no? And you realize the end result: the vast majority of investors got all their principle back plus roughly 20% in dividends, do you not? I'm not saying people should be thrilled with the outcome, but options are limited when an exchange rate goes up 8x after an IPO happens.

I more or less want to understand EXACTLY how the offering changed when DT posted the change.    It is not clear to me.  Just a simple example would be sufficient.   Pointing out the amount of interest you have in this compared to the amount of time you spent on SD talking to shareholders, is because it was the first time I became curious of whether there was something I was missing.   
And no this is not the place for you to justify how many millions you "lost" by getting rid of something (maybe) that put you at HUGE personal (freedom) risk from a government that already had shown us the glee it took in "perp walking" all the on line poker executives.    Personally, if I was you, I would have gotten my ass out of manhattan, never to return, or gotent my name off the site as soon as too much publicity started coming around bitcoin in general.   That you did the latter seems to me as smart on your part but not as altruistic in any way.   Feel free to start a thread where people can ask you questions and answer them, and I am sure most of the FUD will be cleared up.

[chriswilmer]

I don't want to derail the thread here... but you do realize that SatoshiDice shareholders made 4x what I did on the sale, no? You realize that means I sacrificed millions of dollars in order to benefit shareholders far above what the contract required, no? And you realize the end result: the vast majority of investors got all their principle back plus roughly 20% in dividends, do you not? I'm not saying people should be thrilled with the outcome, but options are limited when an exchange rate goes up 8x after an IPO happens.

I more or less want to understand EXACTLY how the offering changed when DT posted the change.    It is not clear to me.  Just a simple example would be sufficient.   Pointing out the amount of interest you have in this compared to the amount of time you spent on SD talking to shareholders, is because it was the first time I became curious of whether there was something I was missing.   
And no this is not the place for you to justify how many millions you "lost" by getting rid of something (maybe) that put you at HUGE personal (freedom) risk from a government that already had shown us the glee it took in "perp walking" all the on line poker executives.    Personally, if I was you, I would have gotten my ass out of manhattan, never to return, or gotent my name off the site as soon as too much publicity started coming around bitcoin in general.   That you did the latter seems to me as smart on your part but not as altruistic in any way.   Feel free to start a thread where people can ask you questions and answer them, and I am sure most of the FUD will be cleared up.

I am familiar with the many ways in which Erik Voorhees has helped Bitcoin grow and become the exciting technology/community it is today. What have you done to help Bitcoin?

[evoorhees]

I don't want to derail the thread here... but you do realize that SatoshiDice shareholders made 4x what I did on the sale, no? You realize that means I sacrificed millions of dollars in order to benefit shareholders far above what the contract required, no? And you realize the end result: the vast majority of investors got all their principle back plus roughly 20% in dividends, do you not? I'm not saying people should be thrilled with the outcome, but options are limited when an exchange rate goes up 8x after an IPO happens.

I more or less want to understand EXACTLY how the offering changed when DT posted the change.    It is not clear to me.  Just a simple example would be sufficient.   Pointing out the amount of interest you have in this compared to the amount of time you spent on SD talking to shareholders, is because it was the first time I became curious of whether there was something I was missing.   
And no this is not the place for you to justify how many millions you "lost" by getting rid of something (maybe) that put you at HUGE personal (freedom) risk from a government that already had shown us the glee it took in "perp walking" all the on line poker executives.    Personally, if I was you, I would have gotten my ass out of manhattan, never to return, or gotent my name off the site as soon as too much publicity started coming around bitcoin in general.   That you did the latter seems to me as smart on your part but not as altruistic in any way.   Feel free to start a thread where people can ask you questions and answer them, and I am sure most of the FUD will be cleared up.

Getting that chapter closed was not altruistic, you're right. But ensuring disparate parties were as taken care of as possible, was. I agree this isn't the place to discuss SD, so I'll leave it there. I think your points are reasonable and I hope DT will respond adequately for you.

[cryptojoe]

Only 250K shares remaining of the 3.5 million from batch two. That took about 48h. They're selling like hotcakes.

[mechs]

HashFast inks deal today: http://www.thebitcoinchannel.com/archives/20694  

The multi-year deal is great news for IceDrill shareholders and it somewhat addresses my question I asked in this thread that was never answered by DeadTerra or will.  I've said previously that mining equipment depreciates in value very quickly and wondered what was IceDrill's long term plan was to upgrade.  Now that the Uniquify and HashFast long-term deal is in place it means that IceDrill should have the latest and greatest chips available for the long haul.  Congratulations to Uniquify and HashFast and I hope IceDrill can make negotiations along the same vein.

Let's separate a PR news release from actual news.  This does not mean anything at all.

[will]

This whole thread is full of people personally screwed by both DT and EV...

Apologies if my incompetence in reading the bitcointalk forums shines through too much. Could you list these people for me?

we've been saying over and over not to trust these people...

Again, I'm no bitcointalk expert, but I think the reason that your continued requests for people to listen to you (and not DT) has largely gone unnoticed is mainly because of the difference in these two links:
https://bitcointalk.org/index.php?action=trust;u=40976 (Trust summary for DeaDTerra)
https://bitcointalk.org/index.php?action=trust;u=71577 (Trust summary for kingcrimson)
I don't mean to offend you (I simply don't know you), but I think if you can point people to projects you've undertaken or things you have done/participated in your opinions might carry more weight. By this I don't mean that the opinions of people with zero trust matter less (I'm one of them), just trying to explain why I think your continued "warnings?" seem to fall on deaf ears. My opinion (for what it's worth) is that you should evaluate your "self".

and all they have done so far is prove us right over and over with this shady 'make it up as you go' ordeal.

We consider renogatiating on behalf of our investors our prerogative and consider it our duty to work out a better deal wherever we can. It's what we did and will continue to do. If we can get a better deal out of Hashfast then we'll do it. That said, I can see how that would make it appear to an outsider that we're "making it up as we go". In my experience, an unwillingness to negotiate when doing business (any business) is a non-starter. Unwillingness (or inability) to negotiate in the fast-moving bitcoin mining space is a non-starter for the IceDrill.

I mean they can't even answer the most simple questions...

I think we've addressed most, if not all, of the questions posed. We'll continue to do so throughout this IPO and beyond. If I missed anything (again, apologies for my n00bness in this forum), could you please point me to it directly or restate it?

they have no clue what they are doing.

I have no response to this, other than welcoming your opinion on this open forum. In the very least, it provides balance and I thank you for it.

[molecular]

The third batch is of 12,000,000 (12 million) shares and will be sold at the price of 0.0016 BTC per share. These shares have to be sold by the 4th of November (00:00:00 UTC, 4 November 2013)  for the IPO to be deemed a success. At the opening of the mine, this equates to a price of 0.16 BTC per Gh.s.

I didn't follow closely. Has 3rd batch been reduced? I can see 7 million shares on sale for BTC 0.0016 each. Is that the complete 3rd batch?

How many shares have been sold (IPO shares only, not counting re-sold shares) on bitfunder up to this point?

[Mythoranium]

I didn't follow closely. Has 3rd batch been reduced? I can see 7 million shares on sale for BTC 0.0016 each. Is that the complete 3rd batch?

How many shares have been sold (IPO shares only, not counting re-sold shares) on bitfunder up to this point?

Yes, it has been reduced as said here by DT:

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

I'm also interested, as others have asked, if more shares could be released after these (up to the original limit of 12 million)? It seems to me very likely that the shares will be sold out before deadline.

[will]

I didn't follow closely. Has 3rd batch been reduced? I can see 7 million shares on sale for BTC 0.0016 each. Is that the complete 3rd batch?
How many shares have been sold (IPO shares only, not counting re-sold shares) on bitfunder up to this point?

Hi All. We'll address the questions surrounding the share counts in an upcoming post later today. With it we'll provide a clear description of the new structure. Apologies for any confusion caused.

[drawingthesun]

I'm also interested, as others have asked, if more shares could be released after these (up to the original limit of 12 million)? It seems to me very likely that the shares will be sold out before deadline.

Has the deadline already passed? Can we even expect any shares of the 3rd batch to sell?

[drawingthesun]

Hi All. We'll address the questions surrounding the share counts in an upcoming post later today. With it we'll provide a clear description of the new structure.

Why not give us a idea now?

[molecular]

I didn't follow closely. Has 3rd batch been reduced? I can see 7 million shares on sale for BTC 0.0016 each. Is that the complete 3rd batch?
How many shares have been sold (IPO shares only, not counting re-sold shares) on bitfunder up to this point?

Hi All. We'll address the questions surrounding the share counts in an upcoming post later today. With it we'll provide a clear description of the new structure.

Could you please also adjust first and second post and the description on bitfunder to reflect these changes? I'm trying to base decisions on facts and I can't be expected to read the whole thread to pull these relevant facts.

Or is there a document somewhere?

[molecular]

I'm also interested, as others have asked, if more shares could be released after these (up to the original limit of 12 million)? It seems to me very likely that the shares will be sold out before deadline.

Has the deadline already passed? Can we even expect any shares of the 3rd batch to sell?

Deadline for 3rd batch is early November if I recall correctly.

[will]

Could you please also adjust first and second post and the description on bitfunder to reflect these changes? I'm trying to base decisions on facts and I can't be expected to read the whole thread to pull these relevant facts.

Definitely. All descriptions and addendums will be added to the top post and marked as such.

Or is there a document somewhere?

We'll syncronise this with the bitfunder description and news items.

[jubalix]

I wonder about the utilities and related cost and risks in these projects

eg.
hosting,
power supply,
air conditioning,
power costs,
power surge protection,
maintenance of this,
insurance against theft, damage or force majure
shipping
transport
etc etc

the logistics side of it