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

[Minor Miner]

. And regarding the buy-back: I would probably settle for halve of the IPO price or even less. At least my nerves would thank me that.

You are joking right?   Can you walk me through how you think 230TH/s of hashing power is worth HALF the IPO price?
It is worth about 1,500 to 2,000 bitcoin total.   

[pedrog]

I have done many KYC/AML requirements, never had to give so many information, that form is ridiculous, it looks like a survey...

And apparently I cannot obtain verification on CrytoMex, I don't have a passport...

We need more clarification on this issue, and a workable solution.

[Flashman]

We need more clarification on this issue

In my mind it clarifies rather simply as "We want to justify stealing your BTC, either by your refusal to jump through every last hoop as many times as we say, or by using some of the information we have demanded against you."

[Dexter770221]

We need more clarification on this issue

In my mind it clarifies rather simply as "We want to justify stealing your BTC, either by your refusal to jump through every last hoop as many times as we say, or by using some of the information we have demanded against you."

I feel the same way...

[SimonBelmond]

. And regarding the buy-back: I would probably settle for halve of the IPO price or even less. At least my nerves would thank me that.

You are joking right?   Can you walk me through how you think 230TH/s of hashing power is worth HALF the IPO price?
It is worth about 1,500 to 2,000 bitcoin total.   

I have not calculated anything. Maybe it's just worth 1% of IPO price or even less. What Do I know. I don't follow the mining market any more that closley. What is your estimate based on e.g. gigahash.io share prices?

[a2offrb]

I also dont want to give so much personal information to some unknown HK company, and as i know, its only needed to have possibility to sell shares? I dont want to sell. Just pay me dividends to my bitcoin address. I think that i will newer sell my IceDrill Shares, or if i will, cryptomex maybe closed by this time. Any options?

[HeRetiK]

Looking at the form one could think that this process is made complicated on purpose, to have enough share owners jump the ship for DigiMex/Ice.Drill's own benefit. Such bullshit.

Just pay out the dividends so that everyone can recoup their losses our buyback the shares at ghash.io prices and let this desaster get over with. It's not like anyone is still interested in trading / buying this shares.

[stevenroose]

Everyone that registered on the IceDrill.io website already proved ownership of their private key, so we should get dividends payed out to that address without further ado.
Other's can be given the option to register to CryptoMex to list their shares and specify an alternative dividend payout address, but this should never be required.

If IceDrill breaks with its IPO terms, they are obliged to buyout shares of those who do not agree with the new terms. Buyout price can be negotiated. If you can't or don't want to buyout shares, follow your own IPO terms and don't bullshit around.

We joined this venture to have a stake in a mining operation, not to be messed around with.

Btw, am I correct and is CryptoMex an IceDrill initiative? That is thus being funded with our shareholder money? We didn't ask for that either, the IPO stated that IceDrill would only be active in the mining space.

[Flashman]

Everyone that registered on the IceDrill.io website already proved ownership of their private key, so we should get dividends payed out to that address without further ado.

+21,000,000

There is no excuse in the entire world that justifies not doing this. This is bitcoin, it's WHAT IT'S FOR, you expected to do this at IPO, fucking do it or be proved scammers.

[Dexter770221]

ASICminer is doing this for a very long time. Private shares that recives dividends thru wallets and tradable shares listed on exchanges. But you DeadTerra should know this best. Isn't that was your idea? There is deadline to register to cryptomex. So it be, one year to test value of IceDrill. But after 5 month of mining dividends should payed long time ago to addresses that you have and was provided to you by shareholders.
So, clarify. Shares in "cold wallet" as you call it will be reciving dividends? If yes, most of shareholders will be satisfied. If no, I think you may expect some legal actions against your company becuse this is purely theft.

[theMiracle]

There seems to be a misunderstanding.

I don't think this form has anything to do with Wallets or ownership of shares at all. I believe it's what the SFC (Hong Kong's Securities Commision) is requesting IceDrill have each "PU" Holder complete in order to be compliant and allow "Trading" on this platform.
...

TL;DR:  Shit we did b4 broke lawz.  We legit nao, follow law!  srykthxbi

[Minor Miner]

I have not calculated anything. Maybe it's just worth 1% of IPO price or even less. What Do I know. I don't follow the mining market any more that closley. What is your estimate based on e.g. gigahash.io share prices?

There are a number of ways to calculate its value.
FACTS:
There is 150 TH/s left of equipment that is hashing.
The data center lease is a liability (because it is paid in a currency that miners do not produce).
There are 13,117,745 shares outstanding.

SELL THE ASSETS:
In the market you could probably sell the machines for $2 per GH/s at best.   That means $300,000 or 690 BTC.   But, you also have the coins mined so add those in too, I think there were 600.   BUT, you likely would have to pay off the datacenter for the lease so that would cost some money.   But, BEST case you all would get 1290 / 13,117,745 = 0.000098 BTC per share.

What would someone pay based on the income stream?
150TH/s in a 57,150 TH/s market has potential to produce 9.5 btc per day (at the current difficulty).
Or, 285 per month.   About $125,000 at current prices ($435).   Now I believe you owe the data center $22,000 (50.5 BTC) each month.
So, there is really only about $100,000 to go around IF difficulty did not increase.  If you could find someone stupid you could probably get 1,400 BTC for this whole company.  They would have to be a huge gambler though (or just naive about the market).

But difficulty does increase.   So, let's look a month out.  By June 1, we will have three more difficulty changes, Even if these are small and stay at 10%, we will have 8 billion X 1.1 x 1.1 x 1.1 = 10,648,000,000 as the new difficulty June 1.    That is 76,000 PH/s.   So, in the FIRST week of June ICEDRILL (if they find a lucky pool) will produce 150 / 76,000 X 3600 = 7.1 BTC per day for a week.   Then 6.5 for 11 days, and then 5.9 for the next 11 days....    So, in June ICEDRILL would likely only get 195 bitcoin.   BUT, they will still owe the data center the same 50.5 btc (assuming btc prices do not move) so they will only have for dividends 144.5 BTC or about $63,000.

Do you see the problem here?   You are making less coins each month, but you have a fixed liability to the data center.    If BTC prices do not rise soon, you will be mining just enough to pay your data center fee in around 6 months.   If BTC falls to $200, you will not make it through the summer.

[_mr_e]

Y'all complain when an exchange gets shutdown yet you don't want to comply with regulations to stop that from happening.  I understand that there is a lot of info they are asking for, but the reason for that is so obvious...it's the laws you should be angry with and not Will.
 
PS. Love the professional logo and website!  Well done!

What we are angry with is them changing the "laws" this far into the game.

[Yogafan00000]

I'm not interested in submitting my personal details to yet-another-crypto exchange when there's a good chance of it or IceDrill failing anyway.
Once I submit my personal details, I cannot ever get them back.  Who knows what will happen to these details long after ICEDrill and cryptomex are gone?

I gave all my details to BitFunder on the promise that they would stay in business.  Guess what?  It's all sitting on a harddrive somewhere in some IT admin's basement, ready to be plundered by the next unscrupulous identity thief that comes along.

Will I get my identity stolen in 5 years? I don't know, I hope not, but it's completely beyond my control now...

You promised profits and growth and dividends last fall when you IPO'd and I got nothing for my coins in 6 months. Now you want my identity in exchange for another promise...

Why should I trust you?

Especially with the termination clause "At the issuers discretion..."

Sorry ICEDrill, PU! It stinks! Doesn't pass the sniff test.  Just pay my dividends that you OWE me (that you OWE us all!) until this turd of a security reaches it's obvious conclusion.  You have my verified Bitcoin address.  It's the very least you can do.

Man up, and pay the dividends.

[Anonylz]

I am not able to supple cryptomex with all information they ask for, what is the proposed solution? I agree on a buyback of my shares, so i guess I now just wait for a year until they answer my question. If Icedrill is lucky i get hit by a car within a year, that would solve 1 of their problems.

[pedrog]

A couple of things, is CryptoMex supposed to be open for other securities or just for Ice.Drill. if so, is it expected that people register with that kind of requirements when the alternatives don't require any verification at all?

if it's only for Ice.Drill why not use Havelock, much cheaper than developing a new exchange and already available...

[_mr_e]

A couple of things, is CryptoMex supposed to be open for other securities or just for Ice.Drill. if so, is it expected that people register with that kind of requirements when the alternatives don't require any verification at all?

if it's only for Ice.Drill why not use Havelock, much cheaper than developing a new exchange and already available...

Because Havelock at least tries to protect investors from being fucked in the ass.

[dropt]

Icedrill is a Digimex venture which is a British Virgin Isle company and is associated with Petamex, which is also a BVI company. Why are we being subjected to Hongkong regulations?

Further, why was the adminstrators identifying information removed from the original posts?  Thankfully TAT quoted it for reference.

For reference

The builder and operator of the IceDrill mining farm, and the administrator of the IceDrill. ASIC asset is DigiMex. DigiMex is in turn owned by PetaMex Limited (BVI Company registration number 1784386). PetaMex has four owners (details below).

Ludvig Öberg (aka DeaDTerra) is the point of contact for the IceDrill.ASIC asset and any inquiries should be sent to him.
IceDrill.ASIC Manager:
Ludvig Öberg:
LinkedIN: se.linkedin.com/in/ludvigoberg/
Forums: https://bitcointalk.org/index.php?action=profile;u=40976
Email: terragubben@gmail.com
Skype: terragubben
Title: Asset manager (Not a shareholder/Owner, nor the issuer of the asset)
Mobile Number: +46735691370 (Please only call during the hours 10-20 CET)

HashFast:
John Skrodenis:
Role: Vice President of Marketing
LinkedIn: www.linkedin.com/in/johnskrodenis

PetaMex (holding company), DigiMex (mining operator):
David Shin:
Role: Shareholder/Owner
LinkedIn: http://www.linkedin.com/pub/dave-shin/2/62b/355

Willem van Rooyen:
Role: Shareholder/Owner
Task: Mining logistics, location setup, technical team/consultant director.
LinkedIn: http://www.linkedin.com/pub/willem-van-rooyen/1/9b9/7b0
BitcoinTalk: https://bitcointalk.org/index.php?action=profile;u=8890

Lourens Vorster:
Title: Shareholder/Owner, Director
LinkedIN: http://www.linkedin.com/pub/lourens-vorster/1/a2b/8

Felix Ng:
Title: Shareholder/Owner
LinkedIN: hk.linkedin.com/pub/felix-ng/48/466/bb/

[will]

Hi All

We're currently reviewing the CryptoMex.io account signup form as well as the KYC process with legal. Will post an update on the results when I have it.

Will

[will]

Further, why was the adminstrators identifying information removed from the original posts?  Thankfully TAT quoted it for reference.

DT suggested the change after a kidnapping attempt on my daughter in mid-April.