ASIC.COOP ASIC MINERS COOPERATIVE

[ciuciu]

This is a very thoughtful answer and I thank you for it. I really like the name COOP

I know that this proposition have risks and it is not for everyone. I would like somebody to offer it, but nobody does. I have my own farm, and another unit is no problem for me to take care of it.
I hate the idea of centralizing hashing power to a few huge miners.
I'm not ready to risk people money, on soon worthless investments, like the actual mining bonds. We can always, if the investors agree, place the funds in 1% guaranteed deposits offered by Patrik or Hashking.
I will do all the work for free for the first unit and I will invest 300BTC myself.

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.  

[guruvan]

Peeople are not really investing heavily in pre-order mining operations - they're investing in runningmining operations.

There's really no way I'd consider investing in BFL's shipping promises again.

[DutchBrat]

This is a very thoughtful answer and I thank you for it. I really like the name COOP

I'm not ready to risk people money, on soon worthless investments, like the actual mining bonds. We can always, if the investors agree, place the funds in 1% guaranteed deposits offered by Patrik or Hashking.
I will do all the work for free for the first unit and I will invest 300BTC myself.

If you were to go that route, then it might be an idea to not distribute any dividends on those deposited funds, but instead using them to buy extra Jalapenos or, if it takes a long time between IPO and the possibility to pre-order, perhaps even the 40 GH/s miner.... depends on what the majority of investors want, obviously

[cuz0882]

http://news.yahoo.com/butterfly-labs-announces-next-generation-asic-lineup-054626776.html

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 !

I guess they just forgot to add it with the update..
Always better to just let some anon on the forums post official announcements. .
http://www.butterflylabs.com/production-update/

And of course not just anyone can post articles on yahoo...
http://news.yahoo.com/leading-sha256-hardware-manufacturer-acquires-venture-capital-funding-081026668.html

[ciuciu]

I asked Patrick and at least 500BTC can stay with him for awile, bringing in 1% weekly.

Thank you.

[dreamwatcher]

I asked Patrick and at least 500BTC can stay with him for awile, bringing in 1% weekly.

Thank you.

That works out well.

500 coins @ 1% compounded weekly would earn approx 115 coins in six months (52% APR =  common ratio ~ 1.52 converted to six months (1.52^0.5)~1.23)  6 month interest =  (1.23 * 500 = 615))

I believe one can assume at least six months before an order can be placed.

115 coins using $6.50 (USD) per BTC (conservative calculation - BTC will almost certainly be at a higher exchange rate) =  $747.50. More than half way to a SC single just in interest, before the first unit is ordered.

So, assuming more than 500 BTC and the exchange rate will rise above $6.50 (USD), it is conceivable to gain 40 GH (SC Single) before mining even begins. 

[ciuciu]

This or we can pay dividents, or whatever the majority decides.

I asked Patrick and at least 500BTC can stay with him for awile, bringing in 1% weekly.

Thank you.

That works out well.

500 coins @ 1% compounded weekly would earn approx 115 coins in six months (52% APR =  common ratio ~ 1.52 converted to six months (1.52^0.5)~1.23)  6 month interest =  (1.23 * 500 = 615))

I believe one can assume at least six months before an order can be placed.

115 coins using $6.50 (USD) per BTC (conservative calculation - BTC will almost certainly be at a higher exchange rate) =  $747.50. More than half way to a SC single just in interest, before the first unit is ordered.

So, assuming more than 500 BTC and the exchange rate will rise above $6.50 (USD), it is conceivable to gain 40 GH (SC Single) before mining even begins. 

[pekv2]

I will probably buy into this. Once it comes out.

3 bucks for 100 shares = 100 Mhash/s. Maybe even more. Good stuff.

[ciuciu]

Please donate if you can and like the idea. Even 0.1BTC will help.

[DutchBrat]

Waiting for a weekly pay-out, probably tonight....

Then I will donate 1 BTC

[ciuciu]

It will be much appreciated. First donors will have priority for buying shares.

Waiting for a weekly pay-out, probably tonight....

Then I will donate 1 BTC

[pekv2]

I will pop off a high donation after my loans are paid. After my loans are paid I have a few more donations to toss to other ppl as well. If I do one donation, I will have to pop off donations to others, I cannot do that atm. It'll put me in the hole. hope you understand.

Ima pay my donations now. I'll grab some more moneypaks when possible + with my mining, I will be ahead as I am ahead now.

Sent .1 BTC.

[Dalkore]

http://news.yahoo.com/butterfly-labs-announces-next-generation-asic-lineup-054626776.html

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.

This is correct.  We need official confirmation first. 

D

[ciuciu]

Thanks a lot. If you don't mind I will put your user name in the first thread as a donor.

I will pop off a high donation after my loans are paid. After my loans are paid I have a few more donations to toss to other ppl as well. If I do one donation, I will have to pop off donations to others, I cannot do that atm. It'll put me in the hole. hope you understand.

Ima pay my donations now. I'll grab some more moneypaks when possible + with my mining, I will be ahead as I am ahead now.

Sent .1 BTC.

[pekv2]

Thanks a lot. If you don't mind I will put your user name in the first thread as a donor.

I will pop off a high donation after my loans are paid. After my loans are paid I have a few more donations to toss to other ppl as well. If I do one donation, I will have to pop off donations to others, I cannot do that atm. It'll put me in the hole. hope you understand.

Ima pay my donations now. I'll grab some more moneypaks when possible + with my mining, I will be ahead as I am ahead now.

Sent .1 BTC.

Yea, go for it. np. thnx

[locust]

Sent 0.25 BTC

Transaction ID: 5007f7729edede1e3878927980f2072e150d0d1b43199ab06b4fd09527b6be3e

[ciuciu]

Thank you! I added your user to the donors list.

Sent 0.25 BTC

Transaction ID: 5007f7729edede1e3878927980f2072e150d0d1b43199ab06b4fd09527b6be3e

[DutchBrat]

Did the first donator ask for his 0.50 BTC back ? Or was that just you yourself who had put in something to get this started ?

If so, why did you take it out ?

[ciuciu]

No, I just sent 0.5BTC to myself, as my contribution. Use the total received on that page as your guide. Why are you asking? Do you want to donate ?

Did the first donator ask for his 0.50 BTC back ? Or was that just you yourself who had put in something to get this started ?

If so, why did you take it out ?

[DutchBrat]

No, I just sent 0.5BTC to myself, as my contribution. Use the total received on that page as your guide. Why are you asking? Do you want to donate ?

Did the first donator ask for his 0.50 BTC back ? Or was that just you yourself who had put in something to get this started ?

If so, why did you take it out ?

Hahaha Yes, told you before ! 

Waiting for a weekly pay-out, then you can expect 1 BTC going to that adress and yes, you can put my username on the donator list after you have received it