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Author Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)  (Read 377246 times)
_mr_e
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August 10, 2014, 12:37:57 AM
 #2061

can anybody sumarize whats going on here?

icedrill is mining, yet shareholders only receive token amounts.

What's going on is icedrill making heroic efforts to prevent actualizing investors' 90%+ paper losses.

Will has been instrumental in bringing together HashFast creditors.

icedrill's industry leading expertise with industry leading HF technology should logically play a role in the upcoming arrangement to maximize creditor recoveries.

icedrill has been patiently awaiting the opportunity to accrue HF assets, whether by itself or in a partnership.

icedrill needs to have plenty of capital available for this process, hence they have been saving up a nice pile of BTC.

Some noob investers think they have a god given right to pull out whenever the impulse hits them, and are throwing fits because reality won't cooperate with their whims.

DeadTerra is about as far from a scammer as you can get.  Just look at his trust rating, it's one of if not the highest scores on this BBS.

We haven't even finished the legal wrangling, much less gotten to the point where anything actually productive may be accomplished.

I don't know why hoofy and moley are so eager to settle for pennies on the dollar, while a great opportunity is within our reach.

dropt is just a raging foaming idiot, so don't expect him to act rationally.

You may be right, but if they had at least taken some time to explain that themselves and stop dicking us around with changing IPO terms and introducing fucked up AML after the fact I am sure we would all feel a lot differently.
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August 10, 2014, 01:30:08 AM
 #2062

If all those funds they are holding are the investors then why not send them out?  My guess is they plan on spending them on some sort of deal to acquire something of Failfast's...what that is is anyone's guess.  I sure hope they put that to a vote before spending everyone's divs and getting them deeper into this disaster.

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kako_number3
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August 10, 2014, 11:03:42 AM
 #2063

If all those funds they are holding are the investors then why not send them out?  My guess is they plan on spending them on some sort of deal to acquire something of Failfast's...what that is is anyone's guess.  I sure hope they put that to a vote before spending everyone's divs and getting them deeper into this disaster.

Lol, first I see you in nasty fans doing -65% over 2 years, now here. Are you like a professional loser?


iCEBREAKER you are so stupid, it goes off the scale Sad
iCEBREAKER
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August 10, 2014, 11:37:06 PM
 #2064

You may be right, but if they had at least taken some time to explain that themselves and stop dicking us around with changing IPO terms and introducing fucked up AML after the fact I am sure we would all feel a lot differently.

Given the events of the last year, it should be obvious that the original IPO terms are no longer viable.  The AML was the result of ID attempting to provide share liquidity while avoiding the fate of Bitfunder & Co.

I agree it is a conflict of interest for the asset issuer to also be the exchange operator.  Ciphermine did the same thing with Ciphertrade, with equally unsatisfactory results which pleased no one at all.

But compared to CipherKate's disappearance, Will and Terra has been very available and forthcoming.  If you need more hand-holding than has been provided, just ask on this thread and it will be provided.

If Will can get us a deal on some sweet Golden Nonce chips/wafers, there is still a chance to turn this thing around...


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"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
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Blazed
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August 11, 2014, 12:33:19 AM
 #2065

If all those funds they are holding are the investors then why not send them out?  My guess is they plan on spending them on some sort of deal to acquire something of Failfast's...what that is is anyone's guess.  I sure hope they put that to a vote before spending everyone's divs and getting them deeper into this disaster.

Lol, first I see you in nasty fans doing -65% over 2 years, now here. Are you like a professional loser?


iCEBREAKER you are so stupid, it goes off the scale Sad

Hey troll guess what??  I almost bought into this, but decided not too...just been following it, and glad that I decided last year that BTC + Securities = a bad time.  I feel sorry for the people who are getting screwed in this (my buddy has a decent amount invested).  For the record the Nasty Fans was my only purchase...a whopping 1.5BTC.  I know I must be dumb to be down almost 1 entire Bitcoin...such wealth and all.  

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August 11, 2014, 01:27:45 AM
 #2066

If Will can get us a deal on some sweet Golden Nonce chips/wafers, there is still a chance to turn this thing around...


Unfortunately - as with all punts on Bitcoin mining, the return from any such deal is highly dependant on it getting done quickly.

I went in on IceDrill in a pretty big way - but at this point I'm resigned to the fact that HashFast has pretty much screwed us... and we may as well see what Will can claw back off them.

It probably doesn't make much sense to just disburse what little is currently held - and not have any chance of claiming something back from HF... unless whatever IP/etc possibly gained from HashFast is depreciating rapidly, and this thing looks like dragging on too long.

@electricwings   BM-GtyD5exuDJ2kvEbr41XchkC8x9hPxdFd
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August 11, 2014, 10:30:59 AM
 #2067

You may be right, but if they had at least taken some time to explain that themselves and stop dicking us around with changing IPO terms and introducing fucked up AML after the fact I am sure we would all feel a lot differently.

Given the events of the last year, it should be obvious that the original IPO terms are no longer viable.  The AML was the result of ID attempting to provide share liquidity while avoiding the fate of Bitfunder & Co.

I agree it is a conflict of interest for the asset issuer to also be the exchange operator.  Ciphermine did the same thing with Ciphertrade, with equally unsatisfactory results which pleased no one at all.

But compared to CipherKate's disappearance, Will and Terra has been very available and forthcoming.  If you need more hand-holding than has been provided, just ask on this thread and it will be provided.

If Will can get us a deal on some sweet Golden Nonce chips/wafers, there is still a chance to turn this thing around...

Just ping out a daily update, even if its "no progress today", and I for one will rest easy

Marc
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August 11, 2014, 12:36:43 PM
 #2068

You may be right, but if they had at least taken some time to explain that themselves and stop dicking us around with changing IPO terms and introducing fucked up AML after the fact I am sure we would all feel a lot differently.

Given the events of the last year, it should be obvious that the original IPO terms are no longer viable.  The AML was the result of ID attempting to provide share liquidity while avoiding the fate of Bitfunder & Co.

I agree it is a conflict of interest for the asset issuer to also be the exchange operator.  Ciphermine did the same thing with Ciphertrade, with equally unsatisfactory results which pleased no one at all.

But compared to CipherKate's disappearance, Will and Terra has been very available and forthcoming.  If you need more hand-holding than has been provided, just ask on this thread and it will be provided.

If Will can get us a deal on some sweet Golden Nonce chips/wafers, there is still a chance to turn this thing around...

Just ping out a daily update, even if its "no progress today", and I for one will rest easy

Marc
Will is currently traveling.
I will see if I can get a hold of him when he lands so that I can post an update.

//DeaDTerra
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August 11, 2014, 04:07:53 PM
 #2069

ok thanks for the update. sounds like a complicated situation where is it not clear how this will end.

lets hope for the best and expect the worst.
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August 11, 2014, 11:58:49 PM
 #2070

You may be right, but if they had at least taken some time to explain that themselves and stop dicking us around with changing IPO terms and introducing fucked up AML after the fact I am sure we would all feel a lot differently.

Given the events of the last year, it should be obvious that the original IPO terms are no longer viable.  The AML was the result of ID attempting to provide share liquidity while avoiding the fate of Bitfunder & Co.

I agree it is a conflict of interest for the asset issuer to also be the exchange operator.  Ciphermine did the same thing with Ciphertrade, with equally unsatisfactory results which pleased no one at all.

But compared to CipherKate's disappearance, Will and Terra has been very available and forthcoming.  If you need more hand-holding than has been provided, just ask on this thread and it will be provided.

If Will can get us a deal on some sweet Golden Nonce chips/wafers, there is still a chance to turn this thing around...

Just ping out a daily update, even if its "no progress today", and I for one will rest easy

Marc
Will is currently traveling.
I will see if I can get a hold of him when he lands so that I can post an update.

//DeaDTerra

Will/DT - I filled out the paperwork for cryptomex over a month ago. Sent 2 emails to follow up, never heard back. Come on guys, I expect a little better than this. PM, please.

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August 12, 2014, 03:21:55 PM
 #2071

icedrill's industry leading expertise with industry leading HF technology should logically play a role in the upcoming arrangement to maximize creditor recoveries.
 ID does not have industry leading experience.  They run some pissant mine in rented colo space.  You want to talk about industry leaders? Let's compare them to Bitfury, Antminer, or KnC.  Tell me, how does ID's "industry leading" mine stack up against them?  You're about as daft with your claims as BFL is.  Further, HF's technology may have been leading some point in the past, but it's all yesterday's achievement and nothing is going to change that fact.

Quote
icedrill needs to have plenty of capital available for this process, hence they have been saving up a nice pile of BTC.
ID does not posses the funding to do anything of the sort.  They've got, what, BTC7xx of investor funds?  That's less than half a million USD.  Liquidbits is talking millions for the IP, with that money on the table poor little Will, DT, ID and all of us aren't going to get shit.

Quote
Some noob investers think they have a god given right to pull out whenever the impulse hits them, and are throwing fits because reality won't cooperate with their whims.
You keep saying this as if it has some sort of logical merit.  That's like saying if I buy some APPL shares, I'm stuck with them for life.  How fucking dumb are you?

Quote
We haven't even finished the legal wrangling, much less gotten to the point where anything actually productive may be accomplished.
What, like paying out the owed dividends that have been promised how many times now?  Lies, lies, and more lies.  No wonder you like these two so much, birds of a feather flock together and all of that.

Quote
I don't know why hoofy and moley are so eager to settle for pennies on the dollar, while a great opportunity is within our reach.
Which, those "pennies" on the dollar that we could have sold when the exchange rate was in the $900's?  $800's? $700s? $600s?  There's a reason that people took your previous employer to bankruptcy, and it's because of their incomeptence that they landed there.  The same incompetence that you heralded then is the same incompetence you're heralding now.  The only idiot fooled by your statements is yourself.

Quote
dropt is just a raging foaming idiot, so don't expect him to act rationally.
Try harder Ralph.
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August 12, 2014, 09:30:23 PM
 #2072

[raging foaming idiocy]

If you know of an ASIC with greater GH per square mm of wafer/die than HF's, please tell us all about it.  Oh wait, you don't (because there isn't).

I enjoy how you use the conditional "may" even though HF's chip has been the acknowledged leader since its debut.

How it must pain you to grudgingly admit that.   Cheesy

It's funny you feel the need to put down ID's mine.  It obviously soothes your sandy vag to point out it's not the largest in the world, as if that discounts ID's expertise with HF hardware and important relationships with cgminer, etc. core devs.

How stupid of you to compare buying ID shares to Apple.  Could you possibly be more delusional, or lack more understanding of independent investing?

Sounds like somebody invested more than they could afford to lose, and are now so desperate they will settle for a few Satoshi on the BTC.

Poor dropt, maybe you should stick with Apple and mutual funds under professional management.  You sorely lack the patience and risk tolerance required for anything related to BTC.   Kiss


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Monero
"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
Buy and sell XMR near you
P2P Exchange Network
Buy XMR with fiat
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August 12, 2014, 10:16:54 PM
 #2073

If you know of an ASIC with greater GH per square mm of wafer/die than HF's, please tell us all about it.  Oh wait, you don't (because there isn't).

I enjoy how you use the conditional "may" even though HF's chip has been the acknowledged leader since its debut.
That's right, may.  And there just might be a better chip, but, NDA's and all.

Quote
How stupid of you to compare buying ID shares to Apple.  Could you possibly be more delusional, or lack more understanding of independent investing?
How stupid of you to assume that an entity trading shares on a public exchange somehow equates to being 'locked' in for a lifetime.  I own AM shares too, guess what, I can go dump those any time I choose.  The 3 (LOL) that I hold in RENT, guess what? I can dump those too!  Only in your sad delusion filled world is what's going on here some sort of logical interpretation of the framework laid out in the original post.

Quote
Sounds like somebody invested more than they could afford to lose, and are now so desperate they will settle for a few Satoshi on the BTC.
On the contrary, what I do see is the operators withholding some assets worth recovering.  Kind of like how all of the debtors are going after HF to recover funds.  What I also see is that this operation is about to go into the red and I want the shareholders paid out what they're owed before people like you advocate for throwing good money after bad.  

Here's a thought, if holding shares (or BS PU)s in ID is such a winner, I'll sell my shares to you at 50% of the contractual owing of 0.0016BTC per.  That's right Ralph, I'll sell you all of my shares for 0.0008BTC per since you think this is such a wonderful operation.
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August 12, 2014, 10:22:18 PM
 #2074

Anyways, I'm no longer going to entertain Icebreaker in derailing this thread.

Will, where's the financials?  What is your plan for dissolving icedrill when the cost to mine is less than the earnings?  When are you going to pay out the entirety of the owed dividends?
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August 12, 2014, 11:06:44 PM
 #2075

Anyways, I'm no longer going to entertain Icebreaker in derailing this thread.

Will, where's the financials?  What is your plan for dissolving icedrill when the cost to mine is less than the earnings?  When are you going to pay out the entirety of the owed dividends?

Aww shucks dropt, I was just funnin' with ya.  Please stick around and entertain us with your frothy rantings!

It's unreasonable to expect Will to make/announce firm plans while HF is still in the preliminary stages of reorganizing and/or liquidating.

Yes we are all curious what tentative moves are afoot, but giving the creditors some privacy while they maneuver is perfectly normal.

Providing you with financials only provides grist for your complaint mill, and gives you more to moan about.  So that's not a priority.

Nobody needs to hear you second-guess every action, dream up criminal conspiracies, and make mountains out of molehills.  It is amusing, but not especially productive.


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Monero
"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
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flamingleg
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August 14, 2014, 03:21:41 AM
 #2076

Honoring IPO conditions are central to restablishing trust amongst the shareholders. What kind of trader would buy these useless 'PUs" without an established dividend history and with questionable ties to bitfunder-era startups?

Until these obligations are fulfilled, all future startups by ID founders in bitcoin space should (and will) be considered scams. This isn't even a personal assessment of how capable or duplicitous the founders are, it's just a realistic guage of sentiment.
iCEBREAKER
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August 15, 2014, 12:49:59 AM
 #2077

Honoring IPO conditions are central to restablishing trust amongst the shareholders. What kind of trader would buy these useless 'PUs" without an established dividend history and with questionable ties to bitfunder-era startups?

Until these obligations are fulfilled, all future startups by ID founders in bitcoin space should (and will) be considered scams. This isn't even a personal assessment of how capable or duplicitous the founders are, it's just a realistic guage of sentiment.

Due to circumstances beyond their control, ID is not able to honor IPO conditions.

Of course we wish it was possible, but that makes no difference in reality.

Premature performance assessments do nothing but vent frustration.  If that helps you cope, by all means gauge irrelevant sentiment until you're blue in the face.  But making yourself feel better does nothing to help ID and its investors.

All you fair weather friends are worth even less than a single IceDrill Profit Unit!  When the going gets rough, you start whining about being scammed.  If ID were a scam they wouldn't be fighting for us in court, and would have been relaxing on a tropical island a year ago.

When you lose money on a stock, do you go on Yahoo Finance to denounce the company (and your broker) as duplicitous scammers?  If you do, please review the 'No Risk No Reward' clause in your social contract!   Cheesy


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Monero
"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
Buy and sell XMR near you
P2P Exchange Network
Buy XMR with fiat
flamingleg
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August 15, 2014, 04:25:25 AM
 #2078


Due to circumstances beyond their control, ID is not able to honor IPO conditions.

Of course we wish it was possible, but that makes no difference in reality.

Premature performance assessments do nothing but vent frustration.  If that helps you cope, by all means gauge irrelevant sentiment until you're blue in the face.  But making yourself feel better does nothing to help ID and its investors.

All you fair weather friends are worth even less than a single IceDrill Profit Unit!  When the going gets rough, you start whining about being scammed.  If ID were a scam they wouldn't be fighting for us in court, and would have been relaxing on a tropical island a year ago.

When you lose money on a stock, do you go on Yahoo Finance to denounce the company (and your broker) as duplicitous scammers?  If you do, please review the 'No Risk No Reward' clause in your social contract!   Cheesy

Don't get me wrong icebreaker, i've already written this investment off as a loss long ago, so I hardly feel that any assessment I make is 'premature'.

Realistically I am expecting the worse, while hoping for the best. I'm saying that future investors will be looking at this thread, and the way in which ID founders have handled this bad situation, and this will affect how willing they are to invest in any new project. It's all in the public domain, so it's in the best interests of everyone involved here for some regular and transparent communication. To their credit, Will et. al have so far been fairly forthcoming in describing the ongoing issues with hashfast, but they've also tried to push unrealistic KYC, attempted to change the terms of he IPO after the fact, and focused efforts on a trading platform which as far as I can tell, serves no useful purpose.

A mixed bag even by the most lenient of standards I trust you'd agree.
paul3
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August 19, 2014, 08:35:31 AM
 #2079

Hi

Financial statement came through this morning. Will give it a look over today and post when ready.

A round of new sign-up PU assignments is planned for today, along with retroactive reward assignments to those accounts.

After this, we'll announce a new reward assignment. My aim is to get this done before Friday.

Committee work is ongoing; I'd love to share more details on it, and am advocating for a more open process and transparent communication, but it's not up to me what can and can't be made public.

Will

Two weeks™ - no financial statment, no rewards. Any updates on that?
dropt
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August 19, 2014, 02:44:19 PM
 #2080

Hi

Financial statement came through this morning. Will give it a look over today and post when ready.

A round of new sign-up PU assignments is planned for today, along with retroactive reward assignments to those accounts.

After this, we'll announce a new reward assignment. My aim is to get this done before Friday.

Committee work is ongoing; I'd love to share more details on it, and am advocating for a more open process and transparent communication, but it's not up to me what can and can't be made public.

Will

Two weeks™ - no financial statment, no rewards. Any updates on that?

According to our local mensa member...

Providing you with financials only provides grist for your complaint mill, and gives you more to moan about.  So that's not a priority.

 Roll Eyes
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