ASIC.COOP ASIC MINERS COOPERATIVE

[Bitcoin Oz]

I support this initiative. It makes more sense than trying to design an ASIC.

One idea I had was maybe we could come to an agreement with bfl for co-op members to do a  group buy of Jalapenos and as a benefit to the co-op get a discount on the price ?

I feel the Jalapenos will be out first then the larger ones.

Perhaps collect the money for them now and place it in an interest bearing account till the time comes to get them at the discounted price and the savings can be transferred to shares in the larger rigs ?

[1713927300]

1713927300

[1713927300]

1713927300

[ciuciu]

Give us your thoughts, please!

[dreamwatcher]

I will work on getting a basic website up this weekend. It will not be much, probably just announcing this project and a copy of the draft IPO description.
If we want to keep this project moving forward, we need to get more reaction to the IPO description draft.
The earlier we can get the IPO offered and develop a relationship with BFL, the better position we can possibility be in when the time comes to place the first ASIC order.


I also have a question about the .03 per 1MH/S statement, I assume this means if all the shares are sold. More than likely, there will be some unsold shares and people are going to trade shares, especially in the start.
What happens to the dividends attributed to the unsold shares?
I can see to two things happening, the unsold dividends get divided among the active shares or the dividends go back into the pool for further investment.


I also want to throw the idea out, similar to bitcoin.me, that maybe the pool could start purchasing current singles after it has met the minimum deposit on the principal per-order investment vehicle. Current singles have a 100% return value on the ASIC equipment, so it really is a no loss situation, unless the pool is REALLY unlucky mining with the singles, if it is not using them with a PPS pool, and it makes less than 1% weekly+compound. The decision to put the proceeds into the investment vehicle, further single investment, or dividing it among shareholders would be decided by vote.

[ciuciu]

I will work on getting a basic website up this weekend. It will not be much, probably just announcing this project and a copy of the draft IPO description.
If we want to keep this project moving forward, we need to get more reaction to the IPO description draft.
The earlier we can get the IPO offered and develop a relationship with BFL, the better position we can possibility be in when the time comes to place the first ASIC order.

I will start the listing on GLBSE on the weekend. I have had some people reading the IPO description and I believe we can go ahead.

I also have a question about the .03 per 1MH/S statement, I assume this means if all the shares are sold. More than likely, there will be some unsold shares and people are going to trade shares, especially in the start.
What happens to the dividends attributed to the unsold shares?
I can see to two things happening, the unsold dividends get divided among the active shares or the dividends go back into the pool for further investment.

Yes, it is .03 per 1MH/S if everything gets sold and it can be less or more depending on the exchange rate. I would say dividends get divided among the active shares, if we want to expand we raise more capital, share holders being given priority to purchase.

I also want to throw the idea out, similar to bitcoin.me, that maybe the pool could start purchasing current singles after it has met the minimum deposit on the principal per-order investment vehicle. Current singles have a 100% return value on the ASIC equipment, so it really is a no loss situation, unless the pool is REALLY unlucky mining with the singles, if it is not using them with a PPS pool, and it makes less than 1% weekly+compound. The decision to put the proceeds into the investment vehicle, further single investment, or dividing it among shareholders would be decided by vote.

Some calculations need to be made, I'm not sure if the reward will be more than 1% per week.

[dreamwatcher]

I also want to throw the idea out, similar to bitcoin.me, that maybe the pool could start purchasing current singles after it has met the minimum deposit on the principal per-order investment vehicle. Current singles have a 100% return value on the ASIC equipment, so it really is a no loss situation, unless the pool is REALLY unlucky mining with the singles, if it is not using them with a PPS pool, and it makes less than 1% weekly+compound. The decision to put the proceeds into the investment vehicle, further single investment, or dividing it among shareholders would be decided by vote.

Some calculations need to be made, I'm not sure if the reward will be more than 1% per week.

After some primary calculation, the units would take about 26 weeks to even ROI. We also have to calculate the initial ship time (6 weeks?).

So upon further review, I think the COOP is better off placing the funds in the principle pre-order investment.

[dreamwatcher]

VERY BASIC website is up. Don't laugh too hard, I never said I was a web developer.  

Mostly just the IPO description and a link to this thread.

Service email address is also provided.

http://www.asicminercoop.com/

[Gladamas]

News from BFL: http://www.butterflylabs.com/bitforce-sc-release-notes/

[DutchBrat]

If BFL is reallygoing to start taking orders soon, we might notget a chance to sell all stock leaving the company short of 30.000 $

Then what will happen ? Will everyone get their btc back ? Will the company buy the cheaper ASICs instead ?

[ciuciu]

If BFL is reallygoing to start taking orders soon, we might notget a chance to sell all stock leaving the company short of 30.000 $

Then what will happen ? Will everyone get their btc back ? Will the company buy the cheaper ASICs instead ?

I would say we start with the cheaper ASICS, but we will vote on it.

I filled for IPO this evening. It should be here soon: https://glbse.com/ipos

So you better have your BTC ready for Monday evening.

[DutchBrat]

It seems like there's going to be an order-form tonight, so we might be late to the party

Still no word on how they exactly are going to handle the ordering process or the delivery of the products

Even if we are amongst the first to order (and I doubt we can  raise that much money that quickly) they might go for a lottery-style and we might not get it during a later production/delivery run

What they are proposing is the worst compromise I can think of

[dreamwatcher]

It seems like there's going to be an order-form tonight, so we might be late to the party

Still no word on how they exactly are going to handle the ordering process or the delivery of the products

Even if we are amongst the first to order (and I doubt we can  raise that much money that quickly) they might go for a lottery-style and we might not get it during a later production/delivery run

What they are proposing is the worst compromise I can think of

To a degree, maybe. I see most of the talk is about the singles, essentially a retail level product.

It is highly doubtful sales at the business level are going to be handled by a third party merchant like it appears the singles are.

The COOP is going to be purchasing the $30k business asset, the rules are a bit different for that level of product. I find it HIGHLY unlikely that this level of asset will be handled in a "lottery" like fashion.

This level of purchase is normally handled on a business to business level, with formal contracts.

I would not worry too much about it, even if a few of the bigger pools get their hands on a unit before us, it will not effect the COOP that much. The COOP will still be one of the first with the business level asset and thus in a position to produce a good profit.

[DutchBrat]

Well, if we get the rig 4 weeks after someone else gets his/hers it will make a big difference in ROI, especially if the market is already flooded with Jalapenos and more importantly SC singles.... it will add to the difficulty big time when these little puppies are out in the wild.

Ciuciu.... how has the interest in this venture been so far ? Do we stand any chance to raise the kind of cash we need ?

Or are we going for singles instead ?

[DutchBrat]

Order forms have been posted....

[ciuciu]

Well, if we get the rig 4 weeks after someone else gets his/hers it will make a big difference in ROI, especially if the market is already flooded with Jalapenos and more importantly SC singles.... it will add to the difficulty big time when these little puppies are out in the wild.

Ciuciu.... how has the interest in this venture been so far ? Do we stand any chance to raise the kind of cash we need ?

Or are we going for singles instead ?

Really not to much interest, except what you can see in the thread. We will see after the listing gets on GLBSE.

[dreamwatcher]

Well, if we get the rig 4 weeks after someone else gets his/hers it will make a big difference in ROI, especially if the market is already flooded with Jalapenos and more importantly SC singles.... it will add to the difficulty big time when these little puppies are out in the wild.

Ciuciu.... how has the interest in this venture been so far ? Do we stand any chance to raise the kind of cash we need ?

Or are we going for singles instead ?

If you truly believe that an asset of this value will have its ROI so diminished by something as small as a 4 week window,

3.5 GH , 40 GH  (0.3% and 4% for Jalapenos and Singles in relation to the TH rig)

$32,475 for 25 single units to match 1 rig means an extra added cost of $2576.00 to match the power of a rig (not including shipping etc.)

7.8% increased base cost to go with singles.

Something to consider if the majority of shareholders believe ROI will be severely diminished that it would be worth a 7.8% increase in cost.


I would also like to add, that I am totally UNIMPRESSED by the pre-order "form" for the SC RIG. This type of asset should most definitely be handled on a true business level contact, not on a NON-SSL site,asking for the same information as if one was ordering a $149 Jalapeno.

I certainly hope they are not expecting an entity to fork over $30k , ahead of time, with no formal contract. I would understand a deposit on a signed contract, and even an escrow account, but for a business to blindly hand over $30k like they were ordering a cup of coffee??

[DutchBrat]

Actually not a cup of coffee but a lot of coffee cup warmers  

More seriously, why did you expect anything different ? Its exactly the same way they handled the current mini–rig

If they decide to ship out a whole lot of SC Singles 2 months before the first Rig it will seriously diminish the roi

Furthermore, they are alreafing admitting they cant satisfy all the current demand on the first production run, hence the serioudly retarded semi lottery style

So what if we are rig nr 5 on the list and they decide to send it to us in the 5th month of production ?

Then it is wasted money

BFL should really tell us how many of which products will be produced on the first run

That way you know more what chance you have of actually getting the product shipped out to you

As it stands now, with NO clarity whatsoever, it's too much of a gamble to throw down $30K for a product without a definite shipping date

[ciuciu]

We are now listed on GLBSE. https://glbse.com/ipos

The trading will begin Thursday.

[Qoheleth]

So I'm interested in throwing my hat in the ring here, but I've got a question first.

Who are you?

This is a huge investment. This is a new car, or a condo in Denver. If the coop is going to have you handling the physical possession of the rig, the members need to know who they're giving that trust. If necessary, they need to know whose door the police should break down to get their money back.

[ciuciu]

So I'm interested in throwing my hat in the ring here, but I've got a question first.

Who are you?

This is a huge investment. This is a new car, or a condo in Denver. If the coop is going to have you handling the physical possession of the rig, the members need to know who they're giving that trust. If necessary, they need to know whose door the police should break down to get their money back.

Hi Qoheleth,

If you check the ASIC.COOP listing on GLBSE, you will see that I'm fully verified. In case something happens my details will be made public.

Thanks for your interest.

[ciuciu]

We are now trading live on GLBSE! https://glbse.com/asset/view/ASIC.COOP