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

[Hoofprint]

If anyone's in a hurry to sell any Icedrill shares I'd be happy to talk, btw.

This smells like news.
(Or maybe i would just like some news)
Posted from Bitcointa.lk - #k34NJBdU2gY6d1b7

Whats this mystical news you speak off,

It seems Will and Terra have decided to do a Hashfast you know take millions of dollars to make an item (farm) then ignore clients questions in the hopes we will go away.

Im sure the next part of the plan will be to hire Tacotime to be an icedrill forum rep,
Followed by offering investors that no longer wish to wait, a share buy back scheme 0.0001 btc per share.

i joke but seriously im losing faith and trust in Will and Terra it shouldn't be this hard to get a few questions answered

[dropt]

i joke but seriously im losing faith and trust in Will and Terra it shouldn't be this hard to get a few questions answered

It's because we're likely being defrauded.

[pedrog]

i joke but seriously im losing faith and trust in Will and Terra it shouldn't be this hard to get a few questions answered

It's because we're likely being defrauded.

Not likely! We've already been defrauded by Hashfast...

[cedivad]

Not likely! We've already been defrauded by Hashfast...

What if i told you that... [censored]
Posted from Bitcointa.lk - #WiNzu891c8e2o4ty

[will]

Im sure the next part of the plan will be to hire Tacotime to be an icedrill forum rep,

i joke but seriously im losing faith and trust in Will and Terra it shouldn't be this hard to get a few questions answered

Hi. A forum rep is actually a good idea. I'm keen to explore it mainly because of current time-constraints. We're a small team, communications always seem to suffer on the priority list and it's important to us all that progress reports keep moving along.

The position is open to anyone here, but I ask only for these things:
1. The person be nominated by this forum at large. It's ok to nominate your self.
2. I don't mind if a known/perceived troll is selected, only that the person be eloquent and truthful in their communications.
3. The person commits to call me at least twice a week with specific questions. I will keep a list of public items to report.
4. The person owns at least 1 share of IceDrill.

Thoughts?

[dunchy]

If IceDrill is currently suppressing divs to invest 100% of profits and try to recover from HF rape then I'll throw a wild suggestion for you:

https://bitcointalk.org/index.php?topic=67547.0

Take a look at last pages of this thread. In a nutshell : there's 28TH of Cointerra gear on sale because the OP is not able to make them run smoothly. I guess those machine are not better, but at the same time not any worse then any other CT piece. The OP's know-how is questionable.

So, call me crazy, but this just might be a nice opportunity to acquire cheap hashes ??

[Hoofprint]

Im sure the next part of the plan will be to hire Tacotime to be an icedrill forum rep,

i joke but seriously im losing faith and trust in Will and Terra it shouldn't be this hard to get a few questions answered

Hi. A forum rep is actually a good idea. I'm keen to explore it mainly because of current time-constraints. We're a small team, communications always seem to suffer on the priority list and it's important to us all that progress reports keep moving along.

The position is open to anyone here, but I ask only for these things:
1. The person be nominated by this forum at large. It's ok to nominate your self.
2. I don't mind if a known/perceived troll is selected, only that the person be eloquent and truthful in their communications.
3. The person commits to call me at least twice a week with specific questions. I will keep a list of public items to report.
4. The person owns at least 1 share of IceDrill.

Thoughts?

or heres an idea,

buy a small tablet with wifi, then when your doing your morning crap answer a few questions in between wipes.

All the questions that have been currently asked could be answered in 5 mins.

Like the most commonly asked question is whats the eta on dividends being paid out.
Its such a simple question it only requires a 1 word answer.
The month payments will start.

[cedivad]

or heres an idea[...]

+1
I don't see how lying by proxy, HF-style, would help.
Posted from Bitcointa.lk - #TZU94LyCnlG7nPzf

[will]

All the questions that have been currently asked could be answered in 5 mins.

Like the most commonly asked question is whats the eta on dividends being paid out.

The current estimate is to go-live with IceDrill trading and dividend payments on cryptomex around the 19th of April, following a code-review and security audit.

[Minor Miner]

All the questions that have been currently asked could be answered in 5 mins.
Like the most commonly asked question is whats the eta on dividends being paid out.

The current estimate is to go-live with IceDrill trading and dividend payments on cryptomex around the 19th of April, following a code-review and security audit.

sell me a share and I would ask questions for shareholders.   have a MBA from HBS and worked on wall street for 7 years in equities (so I understand the basics of accounting).

[Minor Miner]

All the questions that have been currently asked could be answered in 5 mins.
Like the most commonly asked question is whats the eta on dividends being paid out.

The current estimate is to go-live with IceDrill trading and dividend payments on cryptomex around the 19th of April, following a code-review and security audit.

sell me a share and I would ask questions for shareholders.   have a MBA from HBS and worked on wall street for 7 years in equities (so I understand the basics of accounting).

You misunderstand.  He wants someone to answer questions from shareholders.
Like Hashfast.  It saves you the unpleasant task of talking to the people you are ripping off.  It's a great help for the squeamish thief.

I would be more than willing to collect a list of questions and then call will 2x per week (likely moves to 1x per month after it stabilizes) and ask him though questions.   If Will declined to answer the questions or the phone call, I would just tell everyone that.
Hashfast took a long time PMing people to find willing parties to harass posters because Josh already had a job.   They PMed many forum members before getting someone to "pretend" to work for Hashfast and basically troll people. 
I would like to think this is a different scenario.

[will]

I would be more than willing to collect a list of questions and then call will 2x per week (likely moves to 1x per month after it stabilizes) and ask him though questions.   If Will declined to answer the questions or the phone call, I would just tell everyone that.
Hashfast took a long time PMing people to find willing parties to harass posters because Josh already had a job.   They PMed many forum members before getting someone to "pretend" to work for Hashfast and basically troll people.  
I would like to think this is a different scenario.

Exactly this. We don't want to create another crappy situation by hiring someone (new/uninformed/perceived shill) to do public communications. My request for this is simply to help manage the shortage of time-bandwidth we're currently experiencing, even if it's just short-term until things calm down a bit.

Edit: I'm happy for Minor Miner to fulfill this role as he's willing (and able). I'll transfer one of my own shares to him via the icedrill.io backend.

[tyrion70]

Will, or Eric can you answer below questions?

285k in DC costs?  For 8 active Sierras?  Each one is 4U, so 32U.  How much of this is lining your pockets.  What a joke.

Perhaps I should clarify as to what is included in the DC costs line item.

IceDrill has an agreement with the DC that requires a minimum monthly commitment even if there are no units being hosted - this means that the minimum commitment was being paid since October. Now that there are active units, the monthly DC costs will increase slightly. So a portion of the $285K is made up of all the monthly minimum payments that were made even though no equipment was hosted.

In addition to monthly payments to the DC, there were a significant amount of one-time setup costs ($100K+) to have everything setup and prepared for the units.

The combination of set-up costs + monthly DC payments add up to this amount and match up with invoices.

Hi Eric,

Thanks for your answers on the report. Regarding the hosting costs. If I understand correctly, 185k$ has been paid to the DC as a minimum commitment for 5 months (October-February) and 100k$ has been payed for one-time setup costs.

That makes 37.000$ minimum hosting payment per month which will only increase as you say. Can you elaborate on this? I can understand you have to pay a certain minimum amount (for example the profit the DC should make) but it makes no sense to pay for everything (including power and cooling costs which is 90% of all DC costs) if no hardware is running.

What will be the hosting costs per rack/sierra in the future once everything is hashing? the 37k$ / month makes me wonder if you got the best deal.

With regard to the one-time setup costs, what exactly were those? A 100 grand is a lot of money when it comes to one-time setup costs. You could have a DC setup ~500 racks for that amount of money depending on what you mean by setup costs. If racks and parts for racks (APC, UPS, trays etc) have been bought for that amount they need to be listed as assets and depreciated over time. Especially DC stuff still keeps pretty much of its value over time (5 year depreciation isn't uncommon).

Thanks in advance,

Thx

[gnostication]

Exactly this. We don't want to create another crappy situation by hiring someone (new/uninformed/perceived shill) to do public communications. My request for this is simply to help manage the shortage of time-bandwidth we're currently experiencing, even if it's just short-term until things calm down a bit.

Edit: I'm happy for Minor Miner to fulfill this role as he's willing (and able). I'll transfer one of my own shares to him via the icedrill.io backend.

I have a couple thousand shares, and I'd vote for Minor Miner.  My observation is that he's a generally reasonable and intelligent man.


However, I'm also concerned that the representation may just be another form of interference.  While the team is small and probably has limited bandwidth to respond to all questions - and therefore decisions yet made have no real response - I still have seen this situation degrade into an interference pattern.

*shrugs*  for some reason I trust IceDrill, even if it hasn't performed as well as anticipated (and it pays a lot for power).

[Minor Miner]

I actually think someone with a vested interest should do it.   I volunteered because I think Will is pretty sincere but I think there are a lot of things that just do not make sense here (and hopefully could be cleared up by an open q&a).   My largest question (not that I have any business asking for an answer to it) is "what is in this for DT and Will"?   That answer was clear to me at the "ipo" but after the economics changed to such a great extent by the late delivery, I do not see how they will ever make enough for all the effort and pain this is going to be. This outlook would have been a different story if HF had not been so deceptive and actually had delivered in November.   Now, it just becomes a recovery project for everyone to get as many coins back as they can.   
For me, it is just intriguing.   It is interesting to forecast scenarios because the fixed expenses become a problem if the network gets too large without a corresponding increase in btc price.   Since i plan to mine long term and deal with a lot of these issues, I also like to think about them a lot.   The model that dave in the NW is taking seems more sustainable to me (especially for the amount of access you need to these things to get them stable).
As for the need for an intermediary, it does not seem like that many people are really that concerned about things.
Will, you could probably fix most everything by answering about 10 questions that people ask.   
I do not think ICEDRILL is a cluster@#$! like VMC/ActM, I am just not sure of its value.    If I had to guess, I would think the operation is worth around 3,000 btc present value with 6,000 being the high end.  So, when everyone knows they have lost money it becomes an interesting exercise to figure out how to get the most value out of the hand you were dealt (instead of wishing you got dealt the hand you wanted).
   

[_mr_e]

Why the hell haven't we heard anything about negotiations with HF? Why the fuck aren't they giving us extra hash power to make up for all this bullshit? How is this not the centre of the conversation!? All the other questions are fine and dandy but in my mind this is the only one that really matters and can pull us out of this shithole we've found ourself in. So seriously, can somebody please explain what the fucking hell is going on here!?

[Flashman]

Hashfast are looking a little desperate, despite all the $$$ they took at premium prices, and for all we know cashed out the coin at the top of the market in November, word is they are sinking and are doing dodgy deals (i.e. selling miners out from under pre-orderers for cash) check out the 400Gh announcement thread, last 10 pages or so.

So while I wish will and DT had been super aggressive with them, I'm not sure it would have given us much more satisfaction beyond maybe bloodying their nose.

Though I'm starting to think that we as  the bitcoin community should start handing out virtual "bloody noses" and worse, this kind of shit is getting OLD.

[dunchy]

Hashfast are looking a little desperate, despite all the $$$ they took at premium prices, and for all we know cashed out the coin at the top of the market in November, word is they are sinking and are doing dodgy deals (i.e. selling miners out from under pre-orderers for cash) check out the 400Gh announcement thread, last 10 pages or so.

So while I wish will and DT had been super aggressive with them, I'm not sure it would have given us much more satisfaction beyond maybe bloodying their nose.

Though I'm starting to think that we as  the bitcoin community should start handing out virtual "bloody noses" and worse, this kind of shit is getting OLD.

I see reinvesting 100% of revenue as the only way out of this shit hole. Problem is (besides It's against IPO conditions) that it's becoming impossible not to be screwed over multiple times when buying any asic . ...

[theMiracle]

...
I see reinvesting 100% of revenue as the only way out of this shit hole...

1.  Buy milking cow.
2.  Realize selling cow's milk won't cover the cost of the cow.  Ever.
3.  Invest all the money from milk sales into buying another [fraction of a] cow.
4. ? ? ?
5. PROFIT!

[Flashman]

Yah, but we way overpaid for the first cow, getting cows now for a lot less than that should be doable.

IF we were to go that way, I'd say AsicMiner 40nm hardware looks most promising for $/Gh and rapid deployment at the moment...


Edit: this MIGHT be the guy we could talk to about that... https://bitcointalk.org/index.php?topic=438359.msg5837486#msg5837486 he might need $$$ to get a big enough chip order in, and can do the boards... but yah, could be another 3 way clusterfuck.