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Author Topic: ASIC.COOP ASIC MINERS COOPERATIVE  (Read 17190 times)
ciuciu
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June 16, 2012, 06:33:28 PM
 #21

The price on title is in USD, if you pay attention. This is because the price of BTC is very volatile this days.
You are right there is no business plan, because this is not a business, it is a COOP.

Regards.

I'm going to have them on GLBSE as soon as I get donations for the 8BTC fee,
I think is best to have the funds on hand, as to assure order frontline.
I will spend only the BTC needed for one unit, the remaining will be returned as divident.

Interested !

I'm guessing you will wait selling the bonds until BFL actually takes pre-orders....


5000 Bonds @ 1 BTC ia already way over the supposed cost price of the SC Miner



I don't understand your business plan. You are taking donations for the 8BTC listing fee, really?

Ok, so your goal is to sell 10,000 shares at 0.03.

But "For the begining 5000 shares at 1BTC each will be sold."

This does not make sense.

"I setup a donation address for the 8BTC GLBSE fee: 15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44
http://blockchain.info/address/15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44

First donors will get priority for buying shares."

.......I've been watching your issues and I don't mean to be rude, but this doesn't look like a solid business plan. You can't even place an order for a SC yet. Delivery might be over 6 months away. Assuming you fully IPO investors won't see a return for over 6 months.

I think that you should wait before you do this.

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June 16, 2012, 06:35:07 PM
 #22


I have been unable to find an official announcement from Butterfly Labs that is both credible and verifiable. Can you please provide a URL hosted on their domain with the appropriate news announcement?

Until then, I would urge caution with regards to this Internet rumor whose veracity is in question with an unverified source as it may be a hoax aimed at causing people to devalue their mining shares/bonds, equipment, etc. in an attempt to get them to sell them at a lower price.

Also, someone should let Butterfly Labs know about the press release since if someone is using their name without their consent then Butterfly Labs may want to proceed with legal action as there are several actionable torts if that is the case.

DUDE, how clearer can you get ?

Is you blind ? Stop posting rubbish. Nobody would pay $89 for an announcement to get me to sell my GPUs you conspiracy nutjob.

Official BFL post by forum account :

https://bitcointalk.org/index.php?topic=87934.msg966882#msg966882
https://bitcointalk.org/index.php?topic=83985.msg966924#msg966924

Stop the FUD. It is real all right !

ciuciu
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June 16, 2012, 06:35:52 PM
 #23

They bought an announcement on Yahoo news.
They posted also in the forums:
https://bitcointalk.org/index.php?topic=87934.0


I have been unable to find an official announcement from Butterfly Labs that is both credible and verifiable. Can you please provide a URL hosted on their domain with the appropriate news announcement?

Until then, I would urge caution with regards to this Internet rumor whose veracity is in question with an unverified source as it may be a hoax aimed at causing people to devalue their mining shares/bonds, equipment, etc. in an attempt to get them to sell them at a lower price.

Also, someone should let Butterfly Labs know about the press release since if someone is using their name without their consent then Butterfly Labs may want to proceed with legal action as there are several actionable torts if that is the case.

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June 16, 2012, 06:38:04 PM
 #24

They bought a paid announcement on Yahoo news.
They posted also in the forums:
https://bitcointalk.org/index.php?topic=87934.0


I have been unable to find an official announcement from Butterfly Labs that is both credible and verifiable. Can you please provide a URL hosted on their domain with the appropriate news announcement?

Until then, I would urge caution with regards to this Internet rumor whose veracity is in question with an unverified source as it may be a hoax aimed at causing people to devalue their mining shares/bonds, equipment, etc. in an attempt to get them to sell them at a lower price.

Also, someone should let Butterfly Labs know about the press release since if someone is using their name without their consent then Butterfly Labs may want to proceed with legal action as there are several actionable torts if that is the case.

No ! It is all fake. I am telling you !!!

It is a government shape shifter conspiracy to get us to lose our constitutional rights and sell our mining rigs.

 Cheesy How dumb / uninformed can you be Huh People still claiming announcement is fake ? LOL !
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June 16, 2012, 06:47:34 PM
 #25

2.5w
If it's USB 3.0 I think it's a round 4.5 Watts?

And with new spec changes mentioned here, a 100 watts or more:

http://arstechnica.com/gadgets/2011/08/usb-ports-that-power-laptops-monitors-soon-to-be-a-reality/

It was a cunning plan to have the funny man be the money fan of the punning clan.
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June 16, 2012, 06:57:18 PM
 #26

Sub, would want to get in on this once BFL starts shipping those ASIC rigs. Also you might have some competition: https://bitcointalk.org/index.php?topic=86854.msg967648#msg967648  Roll Eyes

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ciuciu
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June 16, 2012, 07:04:43 PM
 #27

If you run the numbers, that is not competition, it is just dust in your eyes.

Sub, would want to get in on this once BFL starts shipping those ASIC rigs. Also you might have some competition: https://bitcointalk.org/index.php?topic=86854.msg967648#msg967648  Roll Eyes

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June 16, 2012, 07:21:13 PM
 #28

Is you blind ? Stop posting rubbish. Nobody would pay $89 for an announcement to get me to sell my GPUs you conspiracy nutjob.

Maybe, but these days people do this just for fun, so why not?  Wink
http://news.yahoo.com/leading-sha256-hardware-manufacturer-acquires-venture-capital-funding-081026668.html
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June 16, 2012, 07:25:49 PM
 #29

If you run the numbers, that is not competition, it is just dust in your eyes.

Sub, would want to get in on this once BFL starts shipping those ASIC rigs. Also you might have some competition: https://bitcointalk.org/index.php?topic=86854.msg967648#msg967648  Roll Eyes

LOL. Your numbers are way off, you are not mining yet, you have no hardware and you will not pay dividends any time soon. Your only intention is to push mining bonds prices down, so you earn as much as you can on shorting them. Looks like the shorting does not go as well as expacted if you don't have mere 8 BTC for IPO Grin
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June 16, 2012, 07:54:31 PM
 #30

I setup a donation address for the 8BTC GLBSE fee: 15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44
http://blockchain.info/address/15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44

First donors will get priority for buying shares.
How do you know who send which donation?
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June 16, 2012, 07:58:18 PM
 #31

Haha, I was just about to start something similar, but you woke up before me Tongue

If there is enough interest I can start a similar fund.

Best of luck!

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
ciuciu
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June 16, 2012, 08:07:09 PM
 #32

Please send a PM first with the amount you are donating.

I setup a donation address for the 8BTC GLBSE fee: 15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44
http://blockchain.info/address/15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44

First donors will get priority for buying shares.
How do you know who send which donation?

ciuciu
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June 16, 2012, 08:08:54 PM
 #33

Thanks!
I'm always open to colaboration or competition. Smiley

Haha, I was just about to start something similar, but you woke up before me Tongue

If there is enough interest I can start a similar fund.

Best of luck!

ciuciu
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June 16, 2012, 08:10:59 PM
 #34

You people tought I will go to war naked, don't you?
If you take time to check my post history, as you all should, you will see that I tried the same thing with the mini rigs, but I stopped because of the ASIC announcement.

If you run the numbers, that is not competition, it is just dust in your eyes.

Sub, would want to get in on this once BFL starts shipping those ASIC rigs. Also you might have some competition: https://bitcointalk.org/index.php?topic=86854.msg967648#msg967648  Roll Eyes

LOL. Your numbers are way off, you are not mining yet, you have no hardware and you will not pay dividends any time soon. Your only intention is to push mining bonds prices down, so you earn as much as you can on shorting them. Looks like the shorting does not go as well as expacted if you don't have mere 8 BTC for IPO Grin

Wow. You hit the nail on the head. I didn't even realize it until you said it but yes, ciuciu is the one shorting mining bonds, isn't he?

*facepalm*

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June 16, 2012, 09:43:52 PM
 #35

You totally misunderstand the notion of COOP. I do not get any profit out of it, except for the shares I buy.

If you are going to start a venture you ought to be willing to put up disproportionate risk and you also ought to take disproportionate reward. Bitcoin is a free market system, not a commune. So that's a red flag to me.

Being unwilling to put up 8BTC for the listing fee is also a red flag to me.

I do think the idea of raising a pool of money to invest in ASICs when they become available is a no-brainer, though (as in, a good idea).

I also think it would be a good idea in general for people raising money to include in their initial post a list of reasons why they should be trusted to manage other people's money. I don't know anything at all about you, and you havent't told me. I could go look through your posting history, but unless I go through it with a fine-toothed comb, I'm not really going to learn anything.

Best of luck.
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June 16, 2012, 10:25:08 PM
 #36

Quote from: mollison
Being unwilling to put up 8BTC for the listing fee is also a red flag to me.

Struck me as strange too. Who does not have 8 BTC available Huh

Strange but I still think OP is legit.
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June 16, 2012, 11:42:39 PM
 #37

Why am I the only one who can see right through this yahoo posting? Cmon guys..
ciuciu
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June 17, 2012, 02:02:46 AM
 #38

I think you are not seeing clearly.
I do have 8 BTC, and if you look for the symbol CANMINE on GLBSE, that it is mine. And yes, I'm fully verified by GLBSE. I can always ask Nefario to change it, or I can add it to the operation cost, but what I really want is to check people interest in my idea.


Why am I the only one who can see right through this yahoo posting? Cmon guys.. to the operation cost. But what I really want, is to check people interest.

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June 17, 2012, 02:04:52 AM
 #39

A mining COOP that will be investing in ASIC is an intriguing idea.

A COOP is still a business, the main difference is it wholly owned by the employees. In this case, there is not really going to be any direct stakeholder activity in the business.

Perhaps COOP is the wrong term. It seems to me, that you want to create an investment pool that distributes all profits to the stakeholders with no principal investor. In reality only you would be doing the actual work and you would retain possession of all the assets.

Looks more like a normal business structure with the CEO taking a token salary (Like CEO's that have a $1 salary), and having heavy investments in the business. The work they do for the business is rewarded by increased dividends and share value, and in most cases they get a bonus in the form of more shares.

In any case, whatever structure you base this on, you need to pay yourself something for all the work you will do. Your investors are not going to be doing any of actual work, and unlike the $1 CEO, this is a start-up.

We might not see the first ASIC hit the general public for a year.As of now we only have a announcement that has not been verified on the BFL website itself.
I also have to agree in sorts with the idea that it is early for and ASIC investment, however,  temper the early investments in the business by investing the BTC until you can order the equipment.

Take the BTC you get from now until you can order and invest it (preferably something low risk, maybe split between low and medium risk) in a bond(s) that pays dividends regularly. Split the dividends between the business and investors. That way the investors are seeing some pay back right away and the business fund will grow before the first ASIC is ordered.

The only tricky part is knowing when to start selling off the bonds to have the liquidity in place to order the ASIC.

I think you will get a much better response, if you offer per-order investors some kind of return beforehand. Just leaving BTC sitting and waiting for a product to become available kind of makes people a bit nervous.

Anyway, that's my 2cents, take it or leave it.

Great Idea!!!! Just refine it a bit and I may invest.  Smiley


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June 17, 2012, 02:14:20 AM
 #40

I agree with dreamwatcher.

Raise the money now and invest it in bonds or shares, particularly those that have BFL hardware so the bonds wont be worthless because they can upgrade, or just choose a fund that can manage the investment like MU or DeadTerra's fund.


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