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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3914560 times)
jimmothy
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May 30, 2014, 06:22:46 PM
 #19961

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so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Looks like that's the plan. How else would FC pay for those massive batches?
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gaba
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May 30, 2014, 06:23:05 PM
 #19962

Yet another Bitcoin shit.

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shawshankinmate37927
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May 30, 2014, 06:23:47 PM
 #19963

Who here wants me to post the "so long" post I prepared, or should I just STFU and leave without even saying goodbye?

Edit: Never mind, I won't post it, there's perhaps still a lot of fun to be had in this thread, divs next month, and prosperity for the remaining bagholders. So with that, I'll say my goodbyes and move on to other things. Take care.

Did you already dump your shares?

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
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May 30, 2014, 06:28:13 PM
 #19964

Who here wants me to post the "so long" post I prepared, or should I just STFU and leave without even saying goodbye?

Edit: Never mind, I won't post it, there's perhaps still a lot of fun to be had in this thread, divs next month, and prosperity for the remaining bagholders. So with that, I'll say my goodbyes and move on to other things. Take care.

Did you already dump your shares?

Yes. I've taken out what's left (lucky you, buying my shares at an all time record low of 0.24), and thus my failure is complete. It wasn't enough to learn some lessons with Neo & Bee, Ukyo (12 BTC lost to him and I've been told from a reliable source that Ukyo had indeed gone fractional reserve), CaVirtex (110 BTC invested and all I have to show for it is a PDF with a small fraction of 1% of the company and no idea what the shareholder agreement really is), Havelock Mining Fund last year, AsicMiner (I know I can wait even more and it could go up, but this was my cut off point -- you can reap the rewards, it is OK with me, no risk -- no reward), 47 BTC sent to Butterfly Labs for a day 1 Monarch pre-order that still hasn't shipped and might POSSIBLY make me back 2 BTC if I am lucky, etc.

EDIT: In all, I have contributed (lost) 450 BTC on Havelock and about 65 BTC with ButterflyLabs, with nothing to show for it except if Danny suddenly comes back and my Neobee shares get revived, Ukyo becomes rich AND decides to give all his money away to WeExchange victims, my Monarch arrives someday and works, or CaVirtex gets bought out for tens of millions at least. Am I sore though? No. I can laugh it off, because easy come, easy go, the relatively little BTC I kept has grown 10X in value so I am just back to square one.
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May 30, 2014, 06:30:57 PM
 #19965

It's time to say goodbye , and take care everyone .
Also thanks to friedcat.
bitcoin.newsfeed
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May 30, 2014, 06:34:53 PM
 #19966

Yes. I've taken out what's left (lucky you, buying my shares at an all time record low of 0.24), and thus my failure is complete. It wasn't enough to learn some lessons with Neo & Bee, Ukyo (12 BTC lost to him and I've been told from a reliable source that Ukyo had indeed gone fractional reserve), CaVirtex (110 BTC invested and all I have to show for it is a PDF with a small fraction of 1% of the company and no idea what the shareholder agreement really is), Havelock Mining Fund last year, AsicMiner (I know I can wait even more and it could go up, but this was my cut off point -- you can reap the rewards, it is OK with me, no risk -- no reward), 47 BTC sent to Butterfly Labs for a day 1 Monarch pre-order that still hasn't shipped and might POSSIBLY make me back 2 BTC if I am lucky, etc.

Holy shit ... this is crazy sad roadmap man Sad maybe I am crazy but still HODL-ing AM, anyway 80% stuck in directs, so what can i do, no way selling at 0.2, when bought at 2.5. Something is wrong here. Misinterpreted, lost in translation or something. Few weeks ago we've been told about aggressive dividends, self mining again. Hmmm would like to see complex update. Time for next round of shareholders questions?

and again who can answer this : what is that 4M CNY in expenses on exchange ... for what? Friedcat was buying BTCs? For what?

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shawshankinmate37927
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May 30, 2014, 06:37:59 PM
 #19967

Yes. I've taken out what's left (lucky you, buying my shares at an all time record low of 0.24), and thus my failure is complete. It wasn't enough to learn some lessons with Neo & Bee, Ukyo (12 BTC lost to him and I've been told from a reliable source that Ukyo had indeed gone fractional reserve), CaVirtex (110 BTC invested and all I have to show for it is a PDF with a small fraction of 1% of the company and no idea what the shareholder agreement really is), Havelock Mining Fund last year, AsicMiner (I know I can wait even more and it could go up, but this was my cut off point -- you can reap the rewards, it is OK with me, no risk -- no reward), 47 BTC sent to Butterfly Labs for a day 1 Monarch pre-order that still hasn't shipped and might POSSIBLY make me back 2 BTC if I am lucky, etc.

Hoarding is definitely a much safer way to go.  I did have some success investing in Just-Dice, but that was a bumpy ride too.  Everything else just looks too risky for me.  Good luck to you.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
sngwinner
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May 30, 2014, 06:50:36 PM
 #19968


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May 30, 2014, 06:56:30 PM
 #19969



Franktank
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May 30, 2014, 07:04:53 PM
 #19970

Per-share equity is low. If we subtract current losses, it's about 0.03BTC/share.
And that is if they manage to sell everything at current prices, and does not include potential cash conversion problems.
Because of cost principle, inventory should be reported on balance sheet at its cost to produce/acquire, not its market or selling cost. So presuming AM can sell their inventory at a profit (IMO very likely), the net will be a multiple higher than the current inventory asset. How much higher is the question.

Well stated, if folks cannot understand grasp this concept, you have simply thrown away your BTC. friedcat did NOT pay 0.49$/G-0.99$/G to produce, rather that is price he is selling at. Those who acted irrationally by making unfounded associations to the numbers provided will soon wish they had not.
kibblesnbits
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May 30, 2014, 07:11:50 PM
 #19971


I'll be optimistic.

ASICMINERTUBE
   
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May 30, 2014, 07:12:41 PM
 #19972

Per-share equity is low. If we subtract current losses, it's about 0.03BTC/share.
And that is if they manage to sell everything at current prices, and does not include potential cash conversion problems.
Because of cost principle, inventory should be reported on balance sheet at its cost to produce/acquire, not its market or selling cost. So presuming AM can sell their inventory at a profit (IMO very likely), the net will be a multiple higher than the current inventory asset. How much higher is the question.

Well stated, if folks cannot understand grasp this concept, you have simply thrown away your BTC. friedcat did NOT pay 0.49$/G-0.99$/G to produce, rather that is price he is selling at. Those who acted irrationally by making unfounded associations to the numbers provided will soon wish they had not.

True, I think there has been a lot of emotional responses to this Statement.  I was expecting an "agressive" dividend, or at least a moderate one this month.  If we don't see something in the next few weeks I will have to sell shares for liquidity - and that is a poor proposition about now.  Such is life!   Kiss
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May 30, 2014, 07:13:52 PM
 #19973

Per-share equity is low. If we subtract current losses, it's about 0.03BTC/share.
And that is if they manage to sell everything at current prices, and does not include potential cash conversion problems.
Because of cost principle, inventory should be reported on balance sheet at its cost to produce/acquire, not its market or selling cost. So presuming AM can sell their inventory at a profit (IMO very likely), the net will be a multiple higher than the current inventory asset. How much higher is the question.

Well stated, if folks cannot understand grasp this concept, you have simply thrown away your BTC. friedcat did NOT pay 0.49$/G-0.99$/G to produce, rather that is price he is selling at. Those who acted irrationally by making unfounded associations to the numbers provided will soon wish they had not.
atx.btc
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May 30, 2014, 07:16:46 PM
 #19974

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so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Looks like that's the plan. How else would FC pay for those massive batches?

You guys sound pissed, but let's think about this. Mining is an arms race, so you can only sell these chips for so long before the demand is gone and with another company. We can see that demand is currently there based on the multiple companies who are using AM Gen3 chips. We need to push these batches out as fast as possible, then reap rewards later.

Presumably some of the costs of the first batch will not be there with the second and third - CAD Design and device samples stick out, but obviously I do not know the inner workings that well so I may be mistaken on this.

It would also seem that a lot of the costs will be upfront with the first batch and that it should be cheaper to make batches 2 and 3.

Just my thoughts - not looking for an argument, just a discussion.
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May 30, 2014, 07:21:39 PM
 #19975

I think people are confusing the costs of the chips to produce and their value in the inventory vs what they actually get sold for.  They will be sold for profit, so the value will be much higher than what is listed here.  He's not creating and selling chips to break even.  It just looks that way on a financial report right now, likely because the profits from sold chips weren't many compared to what was produced and sit in inventory.  As those start selling in greater numbers, the profits will come in.  It's just that right now, the money isn't there because of the initial production cost.


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RoadStress
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May 30, 2014, 07:26:30 PM
 #19976

Seems people are not happy that this months divs went towards next months production costs.

You don't say...

bitcoin.newsfeed
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May 30, 2014, 07:33:57 PM
 #19977

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so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Looks like that's the plan. How else would FC pay for those massive batches?

Seems people are not happy that this months divs went towards next months production costs.
You don't say...

I don't think they went...

Something is wrong, look(only 1 month ago) :

This is to inform that friedcat met with the board today and provided some updates.

General Update
==============
The dividend schedule will be aggressive, as AM will not require large sums of retained capital. The rationale is that AM doesn't need to invest large sums into infrastructure and that the majority of chip production costs will be covered by the business partners on a contract schedule. The new round of dividends are scheduled to begin as soon as the first large purchases have concluded and should precede or coincide with the publication of the updated financial statements.

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May 30, 2014, 07:38:05 PM
 #19978

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so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Looks like that's the plan. How else would FC pay for those massive batches?

You guys sound pissed, but let's think about this. Mining is an arms race, so you can only sell these chips for so long before the demand is gone and with another company. We can see that demand is currently there based on the multiple companies who are using AM Gen3 chips. We need to push these batches out as fast as possible, then reap rewards later.

Presumably some of the costs of the first batch will not be there with the second and third - CAD Design and device samples stick out, but obviously I do not know the inner workings that well so I may be mistaken on this.

It would also seem that a lot of the costs will be upfront with the first batch and that it should be cheaper to make batches 2 and 3.

Just my thoughts - not looking for an argument, just a discussion.

IIRC, it was implied that production costs were in hand from previous sales, hence the aggressive dividends.  Lost in translation, or simply a change of plans?  Either way it has not been directly addressed.  This is nothing new or panic worthy, but an explanation would still be welcome.  May the aggression begin in the coming weeks as sales increase and mining ramps up!
jimmothy
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May 30, 2014, 07:38:45 PM
 #19979

Seems people are not happy that this months divs went towards next months production costs.

You don't say...

What those people don't realize is that even if we did get divs this month, next months divs would be much less.

In other news AM has now sold enough hashrate to power about 10% of the bitcoin network and has ~20PH left to sell (before buying more wafers).
jimmothy
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May 30, 2014, 07:49:51 PM
 #19980

IIRC, it was implied that production costs were in hand from previous sales, hence the aggressive dividends.  Lost in translation, or simply a change of plans?  Either way it has not been directly addressed.  This is nothing new or panic worthy, but an explanation would still be welcome.  May the aggression begin in the coming weeks as sales increase and mining ramps up!

AM only had about 5500btc + $1,000,000 in cash. That wouldn't even be enough to cover wafer costs. (maybe for the first batch but definitely not the next)


Quote
so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Yes, that is how I am guessing it will happen. If we guess batch 2 is 20PH being sold at $0.5/gh that would earn ~$10,000,000 which would be enough to purchase 50PH worth of wafers which could then be sold for $25,000,000.

Basically turning $4 million in to $25 million.

*Numbers are extremely approximate but I think it shows why reinvestment is a good idea.
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