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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3897284 times)
flyingplows
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March 13, 2015, 09:09:40 PM
 #26021

If the hashing power was provided by AM.
And the management by RockMiner.

How do you know RockMiner was not the cause of the loss of equipment that they were managing for AM.
Because in that case, I dont see AM would be responsible.



AMHash in the announcement told that ''we haven't received the payment from ASICMINER'' so it means that asicminer are providing hashrate and managing the equopment and AMHash does the marketing, sales, pays dividends, provides user support and so on.. So it is totally asicminer's fault. I just hope so that if FC scammed them too, they at least prepare some kind of compensation if they are planning to stay in the business.

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MidwestMiner
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March 13, 2015, 10:59:13 PM
 #26022

If the hashing power was provided by AM.
And the management by RockMiner.

How do you know RockMiner was not the cause of the loss of equipment that they were managing for AM.
Because in that case, I dont see AM would be responsible.



AMHash in the announcement told that ''we haven't received the payment from ASICMINER'' so it means that asicminer are providing hashrate and managing the equopment and AMHash does the marketing, sales, pays dividends, provides user support and so on.. So it is totally asicminer's fault. I just hope so that if FC scammed them too, they at least prepare some kind of compensation if they are planning to stay in the business.

We have no idea what the contract structure looks like. AM has communicated previously that they did not have a direct contract with AMhash but rather FC/Rockminer ran this operation, which would lead me to believe AM does not directly owe AMhash owners anything.
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March 14, 2015, 12:15:59 AM
 #26023

They got no insurance (Which is pretty cheap),...

I doubt you will find an insurance company that will make an insurance for bitcoin miner. If you start to explain them that they are extremely valuable devices that will be valuable for 3 months only though then they will send you out of office fast. Its simply a real nice risk. So i think it was unavoidable that no insurance was there. Or was there an insurance for the big mining farm that burned down some weeks ago?

Of course you can get insurance, I'm surprised you don't if you're mining on any sort of scale.


It doesn't matter that hashrate was provided by AM, the business agreement was still not signed by AM as a company only friedcat. Any funds available should in my opinion go towards wafers for a chance to resurrect AM or the company should be dissolved and funds distributed among shareholders.

*signed by friedcat in his official capacity as employee and CEO of AM?

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March 14, 2015, 12:19:27 AM
 #26024

Best case scenario: they get investors with fresh money, giving them a priority deal - diluting current shareholder's stake worse than 1:1 on new capital.

But that's not an option:

Introduction
ASICMINER is a virtual identity totally held by investors of the Bitfountain company. The Bitfountain company's business includes mining with self-built ASIC devices, as well as the sales of them. Currently ASICMINER shareholders holds 163,962 shares, while Bitfountain shareholders holds 236,038 shares. ASICMINER shares have the privilege of getting all net profits till 0.1BTC/share from the day when dividends began to be paid. They also have the exemption of dilution, which means that each ASICMINER share always equals to 1/400,000 of the total profits and voting power of the summed value from both ASICMINER and Bitfountain.


What that doesn't mention or protect against is some shares being changed class to a higher priority, so that an investor could queue up ahead of other shareholders in the event of liquidation.

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March 14, 2015, 12:20:31 AM
 #26025

AMHash theoretically involves 5 Parties (Operator, Manufacturer, HashLord, Contract Platform, Contract Holder)

Who is the "HashLord" in this situation?


This crisis won't be solved overnight. If a solution is reached it's likely gonna be a 2 year plan or some form of agreeable settlement.

Surely the immediate solution should be to find out who stole the stock and get it back? It can't be easy to walk off with several PH and no one have a clue...

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March 14, 2015, 01:36:42 AM
 #26026

AMHash theoretically involves 5 Parties (Operator, Manufacturer, HashLord, Contract Platform, Contract Holder)

Who is the "HashLord" in this situation?


This crisis won't be solved overnight. If a solution is reached it's likely gonna be a 2 year plan or some form of agreeable settlement.

Surely the immediate solution should be to find out who stole the stock and get it back? It can't be easy to walk off with several PH and no one have a clue...

That was my initial reaction. Several PH of AM hardware is literally THOUSANDS of hashing units. I find it insanely unlikely that anyone could move that much equipment (we are talking multiple 18-wheelers) without several people being aware.

There has to be many people that knows way more than they are letting on.
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March 14, 2015, 01:59:07 AM
 #26027

most likely the physical hardware was never stolen at all,  the farm was pointed somewhere else,  the question is why..
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March 14, 2015, 02:55:01 AM
 #26028

most likely the physical hardware was never stolen at all,  the farm was pointed somewhere else,  the question is why..

Makes no sense. This would require far more than a single rogue operative inside AM. ASICMINER has actual employees and a large mining infrastructure, not a single laptop controlling 5000+ miners.

Only thing we can be sure of is that whatever is going on is going to make one hell of a story.
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March 14, 2015, 03:06:25 AM
 #26029

Why else was everyone fired, and the few people that are left are not trusted by the board or public?

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March 14, 2015, 03:34:18 AM
 #26030

most likely the physical hardware was never stolen at all,  the farm was pointed somewhere else,  the question is why..

Makes no sense. This would require far more than a single rogue operative inside AM. ASICMINER has actual employees and a large mining infrastructure, not a single laptop controlling 5000+ miners.

Only thing we can be sure of is that whatever is going on is going to make one hell of a story.

All it probably took was someone redirecting the proxy server. When you have a large scale farm you obviously use a proxy to move them from pool to pool. I think until Mr FriedCat makes a reply we will never know.
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March 14, 2015, 03:53:57 AM
Last edit: March 14, 2015, 04:10:32 AM by Mabsark
 #26031

Makes no sense. This would require far more than a single rogue operative inside AM. ASICMINER has actual employees and a large mining infrastructure, not a single laptop controlling 5000+ miners.

From what Jutarul said, the premises where the miners were located seems to have belonged to HashLord, not AM. If that was the case, then HashLord could have simply disallowed AM employees from entering the premises and redirected the miners.
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March 14, 2015, 06:37:35 AM
Last edit: March 14, 2015, 08:40:07 AM by leofar
 #26032

I know a fortune teller. He uses the Tarot cards and has a very good predictions come true statistic. He said that FriedCat is in the dark, maybe the basement place and is very scared for his life.
He also predicted whether FriedCat revive his business and continue pay dividends or no. If you want know this part of the prediction PM me and send 0.1 BTC to 1E2nSUVdck2R7ogJG1U5ZtgrsNU5sihSyB
For doubting I can attach my AM1 trades screenshot

Плюнy в yxo, yкyшy зa нoc...
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March 14, 2015, 06:46:45 AM
 #26033


Sorry for the gif, but man are you optimistic or deluded?



In which Universe does FC remain honest given the current situation? At the very least he was committing utility fraud for AM's electricity bills.
[/quote]

No need to be sorry on my account, better to be happy IMO.
Your assumptions are yours, not mine.
Until the cat is found it is all speculation.

I remain optimistic about this scenario.
Just as i remain optimistic about ltcgear coming back online.
And optimistic about things in general.

I could be wrong, of course, i openly admit that, but delusional, no, not IMO.
You are welcome to have your opinion.
If you wish to be negative, that is entirely up to you.
I choose to be positive.

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March 14, 2015, 07:31:17 AM
 #26034

I know a fortune teller. He uses the Tarot cards and has a very good predictions come true statistic. He said that FriedCat is in the dark, maybe the basement place and is very scared for his life.
He also predicted whether FriedCat revive his business and continue pay dividends or no. If you want know this part of the prediction PM me and send 0.1 BTC to 1E2nSUVdck2R7ogJG1U5ZtgrsNU5sihSyB

Finger thyself

> ALL cloudmining companies are SCAM <
yokione
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March 14, 2015, 07:54:58 AM
 #26035

I find it ridiculous to hear that a company run by a board that is full of millionaires(FC alone has more than 30k btcs in his private wallet) has no fund to bring their newly developed chip to the market.  If saving the company conforms to the interest of the board member, why don't they just lend the money to the company? I think, if the company can be saved by sb's money, it's better from the board member/company owner themselves than from new investors, isn't it? Or the board members have come to an agreement that there's no point to save the company?

Let me break the silence, since many have wondered about the events on the board and among major shareholders. I apologize to all who sent me messages and didn't get a reply. But the situation at ASICMINER is simply hard to diagnose without first hand information. I guess I speak for every major shareholder when I say that no one saw the current situation coming. Sure - the company has been struggling lately, in part because the window of opportunity closed quickly and ASICMINER didn't move as fast as some of the competition. However, seeing how ASICMINER got hit by a double whammy of first loosing its farm and then its CEO is quite disturbing, to say the least.

The situation surrounding Rockminer is complex. I am saddened to see such an aggressive stand of Rockminer towards ASICMINER. I can only suspect that they are getting a lot of pressure themselves. However, there are more professional ways to deal with the issue than to clutter the internet with confidential material - that alone speaks volumes. The only excuse I can see for this is that ASICMINER so far has dealt with the situation poorly - and this is inexcusable.

The contractual obligations are currently being analyzed. So far it is clear that there seems to be no real clause which defines who is liable for events like theft or fire. Obviously, there has been no insurance plan either. The general rule for situations like these is that any clear liability assignment is commercially not viable and the affected parties have to sort it out somehow. The problem is that the product AMHash theoretically involves 5 Parties (Operator, Manufacturer, HashLord, Contract Platform, Contract Holder), of which neither has the ability to absorb the damage alone.  So far the overall understanding is that ASICMINER should carry some responsibility - however, the ability of the company to deal with the current fallout is hampered. Pressuring the company to do anything which it can't deliver is not productive.

I hear that some parties are considering legal steps. Let me tell you that from experience this won't end well for anybody and only results in wasting money on the parasitic elements of our economy. What we need in the current situation is a leadership figure who seeks compromise. This crisis won't be solved overnight. If a solution is reached it's likely gonna be a 2 year plan or some form of agreeable settlement. I hope I didn't shock anybody with this assessment.

Regarding the shareholding. It has been of a lower priority. For everyone who is holding shares and has traded recently, please preserve the full trail up to the last checkpoint, which means the cryptographic signatures which are used to authorize reassignment of shares. If traded unsafely, there is no guarantee that the ownership can be confirmed. Beware of double spending vectors in OTC transactions and use escrow if possible.

I saw some claim for the board not doing its work. Unfortunately there is no job description for board members, nor do they have an official duty with the company (unless a board member decides to get actively involved with the business). The conclusion which was already drawn a long time ago is that proper assessment requires boots on the ground. But those who actually were, never developed the habit of fiduciary reporting. AM Management always enjoyed a lax handling. I am not certain whether a stronger hand would have helped though. The business is tough. One little detail though - FC was always conflicted which information to release to the board and which not - especially since some of the board members have a conflict of interest because they are working for the competition. As such we covered mostly the baseline of sticking to financial statements as required by law.

According to the latest status the BE300 is confirmed and working. However, to bring the chip to market requires FIXED COST + COST PER CHIP + BUILD OUT COST. The funding situation for this is dire and it would require a new investor or a big buyer who has to be certain that he gets what he is promised. There are two scenarios where this could be quickly achieved:
a) A bitcoin price explosion would release dormant capital instantly shifting the reward/risk ratio.
b) A new type of investor who enjoys preferred treatment over AM Shareholders for the financing of the BE300 tech. Likely implemented as a joint venture.

I will collect further questions via PM and answer them publicly. I am certain I missed a few important points in this post.

Regards

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March 14, 2015, 07:56:18 AM
 #26036

Quote

That was my initial reaction. Several PH of AM hardware is literally THOUSANDS of hashing units. I find it insanely unlikely that anyone could move that much equipment (we are talking multiple 18-wheelers) without several people being aware.

There has to be many people that knows way more than they are letting on.

http://www.bloomberg.com/bw/articles/2013-01-02/the-great-canadian-maple-syrup-heist
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March 14, 2015, 08:10:53 AM
 #26037

I dont think anyone from AM ever said it was stolen, I believe the words used where that the farm became "unavailable to them". (of course die hard libertarians wouldnt make much difference between theft and impounding)
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March 14, 2015, 08:59:54 AM
 #26038

What was actually happening? I had 14 shares I think. The stuff stolen? What?
flyingplows
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March 14, 2015, 09:31:20 AM
 #26039

What was actually happening? I had 14 shares I think. The stuff stolen? What?

You got scammed - that's what happened dude  Roll Eyes Grin

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March 14, 2015, 11:23:46 AM
 #26040

At the very least he was committing utility fraud for AM's electricity bills.

There is no evidence whatsoever to suggest that's true but there is evidence to suggest that it's false.

The problem is that the product AMHash theoretically involves 5 Parties (Operator, Manufacturer, HashLord, Contract Platform, Contract Holder), of which neither has the ability to absorb the damage alone.

Operator = RockMiner
Manufacturer = ASICMiner
? = HashLord
Havelock = Contract Platform
Customers = Contract Holders

So, what is HashLord? The only logical explanation is that HashLord are the owners of the DC hosting the AM miners. So, if anyone was committing utility fraud it was probably HashLord. But that's just a rumour with no evidence as of yet to back it up.
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