[ANN] Spondoolies-Tech - carrier grade, data center ready mining rigs

[dogie]

That was too good not to comment in full.

they've successfully raised almost 10 million over two years,

And were left with a negative balance sheet prior to this investment.... Ie they blew it all

merged with a larger hardware company

Not yet, still only ~10% share ownership of Spondoolies.

have a solid multi year business plan

Not really, "we'll buy some miners of Spondoolies... when they exist... and mine with them". Hardly revolutionary.

[have] a huge mining facility

*Lease a mediocre mining facility with preowned infrastructure.

and are virtually debt free.

That's a bit subjective.

That means like everyone else here they want to turn a profit. 

Meanwhile they've lost 8 figures cumulatively.

They're following their business plan and based on their publication will uplist to the NASDAQ this year

Like fuck they will, they're no more likely to uplist to NASDAQ than I am.

and release the SP50 after they fill their own data center.

With what money? They had to scrabble together $300k from a LEASING company on terrible terms just to order ~6-10 SP50s from Spondoolies.

Their loyalty is to their investors and stock holders.

Of which they've lost all their money.

If you want to make some money on this deal - I know we all do - Invest in their stock.

Sounds like a great buy. Negative balance sheet, negligible revenue, continued forecast losses... buy now at only $20m market cap!!!

They are the only publicly traded company in this space

The only thing that means is they've paid SEC specialist lawyers a fuck tonne over the last few years.

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[GWilkiejr]

We're all entitled to our own opinion, and clearly you don't like BTCS, spondoolies, or.... well anyone and that's ok.   You do whatever it is that you do.... I'll stay long on BTCS and see who comes out better over the next 12 months.  :-)

[RichBC]

We're all entitled to our own opinion, and clearly you don't like BTCS, spondoolies, or.... well anyone and that's ok.   You do whatever it is that you do.... I'll stay long on BTCS and see who comes out better over the next 12 months.  :-)

Is that figuratively long or shareholder long?


Rich

[GWilkiejr]

shareholder long.

[sidehack]

Their loyalty is to their investors and stock holders.  Why would anyone of you think that they should be loyal to someone who is a miner or someone who is "in the BTC community" instead of a stockholder or investor?

That's pretty much exactly why I will never participate in a publicly-traded company. Serve the customer, not the guy whose only purpose is to sit back and extract profits from your labor. Better to work for someone paying you than for someone you pay. Everyone always talks about going public like it's a good thing, but it's a really good way to get your priorities jacked up. How many economic crises and depressions were the result of stock manipulations of one kind or other?

Spondoolies, I might not like how dead-set they are on designing the most godawful complex systems possible, but as a business they have my respect. I hope they don't end up getting hosed.

[self.coin]

It's a ten cent company. Hasn't achieved a single thing since its inception. The reality like a lot of theseMicky Mouse OTC operations is to give the founders lofty titles and a salary and nothing more. Take a ponce with a string of degrees after his name, marketing speak an 'e-commerce site using bitcoins' and take it public and hope for the best. The least novel business in the bitcoin sphere. Then when that fails. Marketing speak 'mining' as Transaction Verification Service.  All snake oil speak to make it sound unique to sap investors out there. The problem is all in this sphere are more savvy than that, and that is why it remains a ten cent company and forever will.

Here you go:

http://www.financemagnates.com/cryptocurrency/news/btcs-says-future-uncertain-in-sec-filing/

Monday, 11/16/15 /

BTCS Inc (OTCMKTS:BTCS), formerly Bitcoin Shop, reported a net loss of $3.8 million last quarter and $8.4 million year-to-date.

Late last year the company shifted practically its entire revenue-generating operation to bitcoin mining, seemingly shelving its e-commerce aspirations (the segment brought in $0 in 2015).

Genius.

By the time these guys got to market the market was dead with this 'bitcoin shop' like wise by the time they get there finances in order, Spondoolies will have to reconfigure their chips even further.

Baffled why in the world Spondoolies even got involved with these characters. Zero benefit now or in the future. If this little OTC operation were ever going to succeed in doing anything it would have happened long ago. Wrong people running it and wrong ideas from start to finish.  See unless Spondoolies has an ace up their sleeve like some new secret miner faster lighter smaller than SP50, that will shake the market and the world. That is once everyone is laden with the millions of 10 cent shares, an announcement is made next year and those shares suddenly become two hundred dollars a pair. But this cannot be the case by the virtue of the fact that 1. Spondoolies would have money men lining up to give them money for free and 2. this little OTC company would skip the piddly SP50 and blare such an announcement from the hilltops every where. They simply don't have anything and no one wants to give them anything. Dead as a doornail.

A miserable 750,000 USD to get SP50 off the ground? Could have gone public themselves, even quicker and easier gone some sort of crowd funding route. And since they no longer cater to the home miner, set up their own mining factory with all the returns and used machines that they may still have. Even team up with a Toomin and mine away.  What's that at the height. 1500 BTC to mine before selling parts of the company to this OTC failing operation?

Big deal: "the first public BTC company around" means nothing when you're selling shit, means even worse when you cannot state mining for what it is as fluff it up as a 'Transaction Verification Service'

This is not a business any way you want to describe it.  There's not enough room in mining for public share holders.  Specially when you or your parents spent a small fortune affixing those university degrees to your name, you must draw a salary equal to them all. 

[Wallbot]

First off GW is right here.
People Hate what they Don't understand. What People don't understand they Fear.

" People Understand what they Hate it "
You all know at 110 th/s a machine at 28nm tech will cause more of a Network hash rate spike the miner you buy now and have will be useless in 6 to 7 months because the next get 16nm tech will be 200 to 300th per miner maybe even 500th per miner.

" People Fear what they Hate "
You Fear this because it leave you out in the Cold. News Flash everyone " Home mining is DEAD. "

 

[Xian01]

BTCS Closes $1.45 Million Financing
Arlington, VA – (Marketwired – December 22, 2015) – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company which secures the blockchain through its transaction verification services business, completed a $1,450,000 financing on December 16, 2015 led by Cavalry Fund I LP.

This is so cringeworthy, I had to unsubscribe from their mailing list.

[dogie]

First off GW is right here.
People Hate what they Don't understand. What People don't understand they Fear.

" People Understand what they Hate it "
You all know at 110 th/s a machine at 28nm tech will cause more of a Network hash rate spike the miner you buy now and have will be useless in 6 to 7 months because the next get 16nm tech will be 200 to 300th per miner maybe even 500th per miner.

" People Fear what they Hate "
You Fear this because it leave you out in the Cold. News Flash everyone " Home mining is DEAD. "

Shareholders be shareholding. I think that's where BFL went wrong, they could have IPOed to chain up some fanboys.

[self.coin]

Nothing.

לא כלום

Nada.

Zero.

Zilch.

https://www.google.com/search?num=20&q=%22Cavalry+Fund+I+LP%22&oq=%22Cavalry+Fund+I+LP%22

What a waste.

Where's Guy? Where's Gabby?

What are you doing?

Why aren't you mining and creating miners and selling hardware designed as you said it would do?

This will inevitably end up as a foot note in BTC history and brilliant company with a better product thrown away for all to see.

Why aren't you selling right now the next best thing, the dollar is down and the BTC is up.  Bitmain can what exactly are you guys doing that we cannot see?

[tmfp]

Nothing.

Not entirely.

http://cavalryfund.com/

Looks like a one man band, the one man being Thomas Walsh, who specializes in "investment opportunities with asymmetric risk/reward profiles", a.k.a. a lender of last resort.

[self.coin]

That ^

I just do not get it. A seemingly  incredibly brilliant group of start ups in the ASIC sphere being duped by these charlatans?

'Send in the Calvary' to save the day. There is another Micky Mouse (yes intentionally misspelt) operation under Cavalry Fund that buys debt. Another name another person. But seemingly the same?

How to fuck it all up by 'Guy Corem'.

What are you doing for fuck sake?

Best product, best delivery to date and winding up with this con-artist and his BTC auction brother to date.

How can you go so wrong.

I herewith propose that we, (we anyone interested in mining), buy them out.

They're fucking around wasting time and doing nothing.

What was it 3% @ 750,000 USD or 28 Million all that can be seen.

If you want to do it right, crowd source Spondoolies Tech on the blockchain where everyone can run it and make it as it was ment to be.

Clocks ticking.

While fucking around for a handful of dollars seeming being all quiet to try to make the machine seem lean

DON'T YOU GET IT YOU FAT OAF THERE ARE THOUSANDS UPON THOUSANDS OF LOYAL CUSTOMERS THAT CAN FIX IT IN ONE QUICK SPREE

Jesus Christ
Hashem
Allah
How thick can you be.

[1ronm4n]

How much will this beast cost?
https://www.cryptocompare.com/media/20714/sp50.jpg

0.16w/Gh/s - lol
110 th normal and overlocked? 115 th?
With electricity rate 0.03$ / kWh you will get roi in ~2 months = lol

[RoadStress]

With electricity rate 0.03$ / kWh you will get roi in ~2 months = lol

Are you from China?

[wh00per]

Even there, the electricity is more expensive than 3 cents per kwh. Definitely a typo.

.. and the 400x efficiency is estimated only. With all the former estimates under the belt, if it's 200x I'd be happy for them.

Merry Christmas!

[ACAB]

Is this SP50 still in production or have they already started to mine? Is the last 2 huge diff increase about these machines?
Sorry if asked before, thread is so long but I haven't read anything about that.

[opmac]

Badly need hel getting my SP10 Dawson rig going again.
I have done a recovery on it and everything no luck.

Hostname
miner-FL1414000700
MAC address
88:33:14:FA:AB:4D
Hardware Version
SP10 Dawson
FW Version
2.5.43
CGMiner Version
NA
CGMiner Status
Not running
MinerGate Status
Running


I get a CGMiner status not running

Here is the ASIC stats page


Uptime:1 | FPGA ver:62
-----BOARD-0-----
PSU[UNKNOWN]: 0->(0w/0w)[0 0 0] (->0w[0 0 0]) (lim=288) 0c 0GH cooling:0/0x0
-----BOARD-1-----
PSU[NEW-MURATA]: 0->(0w/0w)[0 0 0] (->0w[0 0 0]) (lim=288) 0c 0GH cooling:0/0x0
-----BOARD-2-----
PSU[UNKNOWN]: 0->(0w/0w)[0 0 0] (->0w[0 0 0]) (lim=288) 0c 0GH cooling:0/0x0
-----BOARD-3-----
PSU[UNKNOWN]: 0->(0w/0w)[0 0 0] (->0w[0 0 0]) (lim=288) 0c 0GH cooling:0/0x0
LOOP[0] OFF TO:0 ((null))
0: disabled ((null))
1: disabled ((null))
LOOP[1] OFF TO:0 ((null))
2: disabled ((null))
3: disabled ((null))
LOOP[2] OFF TO:0 ((null))
4: disabled ((null))
5: disabled ((null))
LOOP[3] OFF TO:0 ((null))
6: disabled ((null))
7: disabled ((null))

[H:HW:0Gh (500),W:0,L:0,A:0,MMtmp:0 TMP:(24)=>=>=>(0,0)]
Pushed 0 jobs , in HW queue 4 jobs (sw:0, hw:0)!
min:0 wins:0[this/last min:0/0] bist-fail:0, hw-err:0
leading-zeroes:0 idle promils[s/m]:0/0, rate:0gh/s asic-count:0 (wins:0+0)
Fan:0, conseq:0
AC2DC BAD: 0 0
R/NR: 0/0
RTF asics: 0
FET: 0:250 1:250
 0 restarted      0 reset          0 reset2         0 fake_wins
 0 stuck_bist     0 low_power      0 stuck_pll      0 runtime_dsble
 0 purge_queue    0 read_timeouts  0 dc2dc_i2c       0 read_tmout2    0 read_crptn
 0 purge_queue3   0 bad_idle
 0 err_murata
No Adapter



Thanks for any insight!!!

[klondike_bar]

^whats the log page(s) say? should give a deatailed log as it boots, and ideally will tell what failure was encountered.

[Wallbot]

http[Suspicious link removed]cutives-donate-personal-shares-to-benefit-the-chamber-of-digital-commerce-otcqb-btcs-2085213.htm

Always Nice to see.

[dogie]

Always Nice to see.

Actual link: http://www.marketwired.com/press-release/btcs-executives-donate-personal-shares-to-benefit-the-chamber-of-digital-commerce-otcqb-btcs-2085213.htm

ARLINGTON, VA--(Marketwired - Jan 4, 2016) - BTCS Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, announced its CEO and COO have donated shares of BTCS common stock from their personal holdings, currently valued at 50,000, to the educational affiliate of the Chamber of Digital Commerce (http://www.digitalchamber.org/).

Charles Allen, chief executive officer of BTCS, stated, "The support the Chamber provides to our industry is invaluable, and we're pleased to be in a position to give back to support their mission. As our success continues, we hope to help the work of other qualified non-profit organizations that back the burgeoning blockchain technology and digital currency industries." Allen further stated "We are thrilled with the Chamber's efforts in North Carolina and the recent guidance provided by the North Carolina Commissioner of Banks which clearly exempts our transaction verification service business from requiring a money transmitter license."

The Chamber of Digital Commerce is a Washington, DC-based trade association representing the digital asset industry. Its mission is to promote the acceptance and use of digital assets and related technologies. Through education, advocacy, and working closely with policymakers, regulatory agencies and industry, the Chamber of Digital Commerce's goal is to develop a pro-growth legal environment that fosters innovation, jobs and investment.

Perianne Boring, founder and president of the Chamber stated, "Regulatory risk continues to be one of the greatest hurdles to widespread adoption of blockchain-based technologies. With the support of BTCS and our members, the Chamber helps facilitate the enactment of responsible, prudent legislation and regulation, which helps support the vitality of the industry. The Chamber is grateful for the generous gift from Mr. Allen and Mr. Handerhan, and for their partnership in helping to advance the public-private sector dialogue."

"With the recent successful closing of our financing, BTCS is now well-positioned for continued growth," stated Michal Handerhan, chief operating officer of BTCS. "Charles and I believe this share donation is a way for the Chamber to share in our success as we move forward."

Losing investor money hand over fist, unable to pay their debts but still giving away money - makes sense. There's no accomneying SEC filling so its hard to know what portion was actually their personal holdings and what portion came from the "lets give ourselves ridiculous stock options and hope no one notices".