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

[Flashman]

Hey, who's little fish, see these fingers I'm holding up, I gots more than that, MORE I tell you.

[Komodorpudel]

hey;

so i'am not really up to date about this project and i hope somebody can help me with this:

I remember that there was some kind of "investor protection clause" saying, that the investors will get 0,0015?? per share back, if the project fails?(Not really sure about this...)
Or was the clause saying that investors get paid all dividends until 0,0015 per share got paid??(Or is this wrong,too?)


Anyway, am i right when i say, that this project looks like a disaster??

[stevenroose]

hey;

so i'am not really up to date about this project and i hope somebody can help me with this:

I remember that there was some kind of "investor protection clause" saying, that the investors will get 0,0015?? per share back, if the project fails?(Not really sure about this...)
Or was the clause saying that investors get paid all dividends until 0,0015 per share got paid??(Or is this wrong,too?)


Anyway, am i right when i say, that this project looks like a disaster??

I remembered it like this:

Hopefully everyone remembers the IPO filing stated that no dividends would be payed to private shares until all public shares got an accumulated dividend of at least the IPO share price... (I'm not 100% sure, but there was something like that in it.) Most probably someone will have a backup of the IPO filing from BitFunder to find the exact conditions. Maybe these documents should be published on the icedrill.io website as well.

The only remaining question is how much private investment was made and how honest the management will be concerning this statement.

[dunchy]

Situation is not looking bright.

Cointerra is certain to deliver in next 4 weeks.

ScamFast is certain not to deliver in next 2 weeks, but on the other hand more than certain to face multiple charges in court. So, even if we start hashing in february, it's just a matter of time when will HF die and be remembered as bad memory. Along with it die ID's exclusive deals for getting new equipment ahead of anyone else.

If we start hashing, I dare to say, we might see 10% of our investment back. If we demand for a btc refund, and HF is seen refunding btc to their batch1 customers which ID certainly is, then we might have our money back.

IF not all of it then a bigger part of it. I sincerely hope IceDrill is not making any deals with bigger investors behind our back and that potential btc refund will be distributed EVENLY.

[Jutarul]

Expect updates coming in sparingly.

For now assume IceDrill to be highly illiquid, for two reasons:
- there is hardly any underlying cash flow due to the HashFast situation. Based on what I learned the current management is trying to recover as much cash flow as possible without compromising other activities.
- IceDrill may need to be transformed in certain aspects to make it viable again. The heavy lifting needs to be done by the private shareholders which need to add to the underlying value proposition**, but that is a SLOW process.

**there may be a redesign of the incentive system necessary, as with the old contract, private shareholders are barred from any profits before a total dividend of 0.0016 BTC has been met, which is a non-starter if you want them to add additional revenue streams.

Eventually there will be a comprehensive update, but right now everything is in a flux.
What IceDrill needs to achieve is to recover from the 'deer caught in the headlights' moment.

[dunchy]

I don't mean to spread panic. I'm here for the long term and still am an optimist. Guys really did their part smoothly and on time. But just wanted to say, if HF is a sinking ship, which I believe it is, be smart, make the right move even if it means additional delays in setting up the mine, and let us not sink with them.

[Minor Miner]

I do not understand why you think the situation so dire?   Isn't IceDrill getting 275 TH/s of Sierras at the moment?   They are first in line and others are getting product.

[stevenroose]

Are there numbers on the total amount of shares and so money raised at IPO?

I calculated it to be ~35,500 BTC if all three batches would have been sold out, but I believe the third batch was not completely sold out, right?

I do not understand why you think the situation so dire?   Isn't IceDrill getting 275 TH/s of Sierras at the moment?   They are first in line and others are getting product.

So basically, 275TH/s is peanuts if half of 35,500 BTC would have been paid for it... (Original title states 500TH/s total.)

[cedivad]

Where does the 275TH number comes from?
Private communications?

[stevenroose]

It's the number Minor Miner mentions, I have no idea about the current situation.

Let's hope the management can arrange a refund instead of the machines...

[zebroid]

My grandma with a pencil & some paper would hash blocks faster than icedrill at this stage...  

[kleinessteak]

What is the bitcoin address our machines are hashing to?

[_mr_e]

Seriously, why the fuck won't anyone tell us what is going on!? Enough with the silence already, this is bullshit!

[damiano]

Where is your cheerleader ICEBUCKET?

[Flashman]

My grandma with a pencil & some paper would hash blocks faster than icedrill at this stage...  

How good is she on scrypt? The going rate is about 50 cents per kilohash.

[MaxwellsDemon]

My grandma with a pencil & some paper would hash blocks faster than icedrill at this stage...  

Brilliant idea. Millions of grandmas are wasting away in retirement homes, instead of using their time to provide valuable proof-of-work.


Introducing... GrandmaCoin:

[VolanicEruptor]

Wait until they fall asleep and replace their crossword puzzles with blockchain algorythms! 

"oh dear, what's this!"

"just your daily crossword puzzle grandma! love u!"

[pedrog]

Just got a voicemail from @HashFast saying my product would ship in the next 24 hours.

https://twitter.com/jgarzik/status/426483292905291777

We’re have started shipping and producing in bulk. Some of you have already received and are using Baby Jets or Sierras with great success. We can’t tell you how pleased we are to hear this.

For the past few weeks, we focused all our resources on getting everything we need ready for bulk production and shipping. This has meant, unfortunately, that we haven’t kept you as updated on the progress of assembly, testing and production as we would have liked.

We’ve been glad to hear that our customers in the real world are satisfied with the hashing performance they are seeing — some users have even reported success getting their rigs to perform at rates much higher than our specifications. This is great news.

We know that the roll out was a bit rocky. It’s the most advanced, cutting edge technology. We’ve now got the most powerful hashing machines on the planet, and that type of advancement doesn’t always come as easy. But the good news is, despite all the initial challenges, we’ve delivered on our promise — a 28nm ASIC chip that is unmatched in the industry.

For those of you who have received your machine(s), we will be setting up additional resources for to assist you and keep you updated. Expect to hear more on this in the coming days. In the meantime, we want to hear your hashing stories! Please feel free to contact us via our social media account, or post on message boards.

http://hashfast.com/shipping-update-batch-1_jan23/

[_mr_e]

Just got a voicemail from @HashFast saying my product would ship in the next 24 hours.

https://twitter.com/jgarzik/status/426483292905291777

We’re have started shipping and producing in bulk. Some of you have already received and are using Baby Jets or Sierras with great success. We can’t tell you how pleased we are to hear this.

For the past few weeks, we focused all our resources on getting everything we need ready for bulk production and shipping. This has meant, unfortunately, that we haven’t kept you as updated on the progress of assembly, testing and production as we would have liked.

We’ve been glad to hear that our customers in the real world are satisfied with the hashing performance they are seeing — some users have even reported success getting their rigs to perform at rates much higher than our specifications. This is great news.

We know that the roll out was a bit rocky. It’s the most advanced, cutting edge technology. We’ve now got the most powerful hashing machines on the planet, and that type of advancement doesn’t always come as easy. But the good news is, despite all the initial challenges, we’ve delivered on our promise — a 28nm ASIC chip that is unmatched in the industry.

For those of you who have received your machine(s), we will be setting up additional resources for to assist you and keep you updated. Expect to hear more on this in the coming days. In the meantime, we want to hear your hashing stories! Please feel free to contact us via our social media account, or post on message boards.

http://hashfast.com/shipping-update-batch-1_jan23/

I'm confused, I see the word "customers" in there. Considering we were supposed to be first how is it that they have more then one customer hashing while we still don't have all of ours?

[pedrog]

I'm confused, I see the word "customers" in there. Considering we were supposed to be first how is it that they have more then one customer hashing while we still don't have all of ours?

We got Sierras and someone else got Baby Jets, testing units or something like that.