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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3827570 times)
keystroke
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October 02, 2012, 11:57:05 PM
 #601

Too bad, I cannot accept the risks involved with GLBSE.
I have decided to close my account there and that means unfortunately I have to sell all my shares in this project.
GLBSE and the people running it are too much of a liability at the moment.
If you hold >1000 shares you may want to consider contacting friedcat for "direct shares".

What's the best thread for the info on what is going on with GLBSE? Sorry didn't want to hijack this one but wasn't able to find it. Thanks!

Edit: What would be a secure method of holding "direct shares"?

"The difference between a castle and a prison is only a question of who holds the keys."
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October 03, 2012, 12:08:54 AM
 #602

oO What did nefario do to scare you away deeplink? The only actions he took that im aware of are actions against possible scams. So you think he reacted wrong anywhere? If so where?
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October 03, 2012, 06:07:54 AM
 #603

oO What did nefario do to scare you away deeplink? The only actions he took that im aware of are actions against possible scams. So you think he reacted wrong anywhere? If so where?

The TYGRR delisting topic is pretty good review of what happened.  Someone please correct me if my summary is wrong:

Pirateat40 offers really high returns by laundering money for some illegal stuff in BTC.
A bunch of pirate pass through listings show up on GLBSE and lots of people jump on board.
Pirateat40 "defaults" and runs with or loses all the money.
Everyone gets their feelings hurt in one way or another.
An SEC investigation is started.
Nefario gets legal advice then delists everything that is probably criminal because he is making the exchange legitimate.
He can no longer be an accomplice now that everything fell apart.
Goat calls him out for being a scammer and reaffirms that he still wants to keep Nefario involved,
Nefario goes silent.
The forum panics and starts selling everything because Nefario is a "hot head".
Now Maged is going to give Nefario a scammer tag if he doesn't support the illegal activity as an accomplice i.e. relist the assets.

Sound about right?






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October 03, 2012, 07:43:54 AM
 #604

oO What did nefario do to scare you away deeplink? The only actions he took that im aware of are actions against possible scams. So you think he reacted wrong anywhere? If so where?

The TYGRR delisting topic is pretty good review of what happened.  Someone please correct me if my summary is wrong:

Pirateat40 offers really high returns by laundering money for some illegal stuff in BTC.
A bunch of pirate pass through listings show up on GLBSE and lots of people jump on board.
Pirateat40 "defaults" and runs with or loses all the money.
Everyone gets their feelings hurt in one way or another.
An SEC investigation is started.
Nefario gets legal advice then delists everything that is probably criminal because he is making the exchange legitimate.
He can no longer be an accomplice now that everything fell apart.
Goat calls him out for being a scammer and reaffirms that he still wants to keep Nefario involved,
Nefario goes silent.
The forum panics and starts selling everything because Nefario is a "hot head".
Now Maged is going to give Nefario a scammer tag if he doesn't support the illegal activity as an accomplice i.e. relist the assets.

Sound about right?








Pretty much.

No one knows why the assets are illegal and Nefario isnt allowed to make a statement about it.

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October 03, 2012, 07:51:25 AM
 #605

Is it possible to hold ASICMINER shares outside of GLBSE?


Glbse is both the broker and the exchange.  
Someone could setup a passthrough to cryptostocks for example.
The problem though is that passthroughs enhance the risk of default (adding more links to the chain).

The most direct way (but maybe the most inflexible one) is to let bitfountain hold the shares for you. But they won't do it below a certain minimum (because of the involved management) and you won't be able to liquidate easily (because you can't put asks and bids) ...

You are pretty much at the mercy of glbse. Just pray friedcat doesnt annoy Nefario for some reason  Smiley

Too bad, I cannot accept the risks involved with GLBSE.
I have decided to close my account there and that means unfortunately I have to sell all my shares in this project.
GLBSE and the people running it are too much of a liability at the moment.



Did Nefario do the wrong thing refusing to list a pot farm on glbse ? Should he list anything or tolerate something that may be illegal and could have him thrown in jail for racketeering ? Should he put all the other securities at risk ?

Goat could be subject to an investigation for listing a PPT on glbse so banning him is a good idea.

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October 03, 2012, 08:08:48 AM
 #606

oO What did nefario do to scare you away deeplink? The only actions he took that im aware of are actions against possible scams. So you think he reacted wrong anywhere? If so where?

The TYGRR delisting topic is pretty good review of what happened.  Someone please correct me if my summary is wrong:

Pirateat40 offers really high returns by laundering money for some illegal stuff in BTC.
A bunch of pirate pass through listings show up on GLBSE and lots of people jump on board.
Pirateat40 "defaults" and runs with or loses all the money.
Everyone gets their feelings hurt in one way or another.
An SEC investigation is started.
Nefario gets legal advice then delists everything that is probably criminal because he is making the exchange legitimate.
He can no longer be an accomplice now that everything fell apart.
Goat calls him out for being a scammer and reaffirms that he still wants to keep Nefario involved,
Nefario goes silent.
The forum panics and starts selling everything because Nefario is a "hot head".
Now Maged is going to give Nefario a scammer tag if he doesn't support the illegal activity as an accomplice i.e. relist the assets.

Sound about right?

So some people want that nefario allows hyips? Or are they angry because he allowed them from the start? If the last... many persons trusted pirate because they wanted to. If nefario had removed them from the start the outcry would be big.

If they want that nefario allows hyips... i dont understand. Why would they want that or how benefit from it? Are they scammer itself and offered the hyips or whats the reason behind pushing such?

Maybe they would be able to trade them anyway when the securities are in the black market tab. But till now i dont understand what their concerns are. They doesnt sound clean.

If nefario gets a scammertag from this forum... something has to wrong with the mods. At least from the info i have till now.
And i dont see why one should keep persons at glbse that want proven and crashed hyips at glbse... i mean when they are gone the platform would be safer only.

But maybe there is more info i dont have till now.
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October 03, 2012, 08:09:46 AM
 #607

Now Maged is going to give Nefario a scammer tag if he doesn't support the illegal activity as an accomplice i.e. relist the assets.

Sound about right?

No, there are ways this could have been resolved without re-listing the assets.

Did Nefario do the wrong thing refusing to list a pot farm on glbse ? Should he list anything or tolerate something that may be illegal and could have him thrown in jail for racketeering ? Should he put all the other securities at risk ?

Goat could be subject to an investigation for listing a PPT on glbse so banning him is a good idea.

Let's please move this subject to its relevant thread.

@SebastianJu: I myself only had mining bonds of Goat and I don't even want it to get re-listed. The problem is, if the decision wasn't rushed we could have gotten rid of our our shares one way or another. Nefario didn't offer any explanation about why it was done this way. The stonewalling still goes on. This shook my confidence in GLBSE. Doesn't matter whether they had to do it because of legitimate legal concerns; even worse I suppose. You should read the thread to decide for yourself whether he should get a scammer tag. I agree the situation is absurd.
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October 03, 2012, 08:30:40 AM
 #608

Let me rephrase: how long before the manufacturer delivers the chips ?
It depends on how well we could push the hotrun/super-hotrun process. 45 days are
a good non-optimal estimation. While 3x-5x days are a way large enough range of a
way high confidence.

10 days have gone by Smiley

19 - 49 days left before ASICMINER goes live (if all's well) !!!  Grin
deeplink
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October 03, 2012, 10:44:45 AM
 #609

oO What did nefario do to scare you away deeplink? The only actions he took that im aware of are actions against possible scams. So you think he reacted wrong anywhere? If so where?

I don't want to derail this thread with accusations and discussions on who's wrong and right. Those belong in the appropriate threads. But since you ask I will clarify my reasons. I also think it is relevant to ASICMINER shareholders, because you are obviously using GLBSE as an exchange/broker to hold your assets. I have considered a list of things that have happened in the last weeks.

First I was not impressed with how the audit on DMC was handled (it wasn't).

Also the fact that usagi was involved in GLBSE. Many threads exist about usagi's business practices and they show very clearly to me that he/she is not trustworthy.

Nefario has been involved with the Intersango/Bitcoinica team (Bitcoin conference in London).

Actions with real and fake GLBSE assets, leads me to believe a power struggle is ongoing within GLBSE.

The website is in bad shape and has not improved for months. Bad sign about competence of the programmer(s).

I don't care whether de-listing Goats assets was legit. It is about the way it is being handled from there (it isn't).

The code-system proposed by GLBSE after de-listing Goats assets is seriously flawed. Not a good sign for an exchange who should know about every security aspect there is.

Rumours about possible problems with SEC or FSA.

And last but not least, no response from GLBSE/Nefario on the forum in the last days or so about any of this.

Everyone can make their own opinions about this. It doesn't affect me anymore. It is all about risk and trust. My conclusion is that GLBSE/Nefario is currently a huge liability on my investments. I am taking enough risks already and this is one that I decide to pass on. I stopped using GLBSE until they handle all concerns and prove that I can trust them.

Some of the current threads:

https://bitcointalk.org/index.php?topic=114442.0
https://bitcointalk.org/index.php?topic=112071.0
https://bitcointalk.org/index.php?topic=112551.0
https://bitcointalk.org/index.php?topic=77469.msg1182044#msg1182044


UPDATE: Forum moderator now also thinks GLBSE is illegal:

GLBSE and forum staff trying to forcing me to take a scammers tag because I refuse to do something illegal will backfire.
By listing on GLBSE, you have already broken the law. Thus, we must revert to using something less restrictive for the purpose of this investigation.
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October 04, 2012, 06:47:48 AM
 #610

I hate to make a "me too" post, but...I find myself in the same boat.  I'd love to invest some in ASICMiner, but after doing a bit of research on the current state of GLBSE, I don't feel comfortable taking on the (perceived) risk associated with holding shares on GLBSE.

+1 to the idea of allowing an alternate means of buying into ASICMiner, that's accessible for us small-timers not looking to buy 5000+ shares to become a board member.

"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
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October 04, 2012, 09:31:57 AM
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I hate to make a "me too" post, but...I find myself in the same boat.  I'd love to invest some in ASICMiner, but after doing a bit of research on the current state of GLBSE, I don't feel comfortable taking on the (perceived) risk associated with holding shares on GLBSE.

+1 to the idea of allowing an alternate means of buying into ASICMiner, that's accessible for us small-timers not looking to buy 5000+ shares to become a board member.

If you find someone willing to buy or give up a bulk of shares so you could create that passthrough since no new shares will be issued by asicminer.
At this point i doubt someone will do this.

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October 04, 2012, 09:56:55 AM
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I hate to make a "me too" post, but...I find myself in the same boat.  I'd love to invest some in ASICMiner, but after doing a bit of research on the current state of GLBSE, I don't feel comfortable taking on the (perceived) risk associated with holding shares on GLBSE.

+1 to the idea of allowing an alternate means of buying into ASICMiner, that's accessible for us small-timers not looking to buy 5000+ shares to become a board member.

If you find someone willing to buy or give up a bulk of shares so you could create that passthrough since no new shares will be issued by asicminer.
At this point i doubt someone will do this.

Problem with a passthrough is that the original shares are still listed on GLBSE, so you are basically only adding risk, not decreasing it.

I honestly think 'Goatgate' happened because there's bad blood between them. I don't see Nefario killing GLBSE by delisting more assets at a whim. In any case, with ASICMINER it's either a huge success in the next 45 days or it's a complete bust. What are the chances GLBSE goes under before Christmas ? I don't know, but I am more than willing to take that risk.
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October 04, 2012, 02:44:24 PM
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I honestly think 'Goatgate' happened because there's bad blood between them. I don't see Nefario killing GLBSE by delisting more assets at a whim.

The problem is assets have been delisting themselves at the rate of 1-2 a day for a while now.

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October 04, 2012, 03:16:57 PM
 #614


Ok GLBSE is totally down now..

https://glbse.com/

Quote
GLBSE is offline
We will update our users on Saturday.

 Huh
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October 04, 2012, 03:41:00 PM
 #615

Thanks for quoting, so I don't have to copy-paste my own lines  Tongue Grin

I reaaaallly Hope everything is up again this weekend Smiley

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October 04, 2012, 03:47:38 PM
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I hate to make a "me too" post, but...I find myself in the same boat.  I'd love to invest some in ASICMiner, but after doing a bit of research on the current state of GLBSE, I don't feel comfortable taking on the (perceived) risk associated with holding shares on GLBSE.

+1 to the idea of allowing an alternate means of buying into ASICMiner, that's accessible for us small-timers not looking to buy 5000+ shares to become a board member.

Yay, I'm in the triple digit club now.

Assuming GLBSE comes back online that is:
https://bitcointalk.org/index.php?topic=115430.0

"...as simple as possible, but no simpler" -AE
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October 04, 2012, 03:52:23 PM
 #617

updated message:
Quote
GLBSE is offline

For those worried about their bitcoin, please calm yourselves there has been no hack and your coins are safe and all accounted for.

I apologize for the lack of notice and the downtime, but there isn't much choice. We will update our users on Saturday.

"...as simple as possible, but no simpler" -AE
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keystroke
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October 04, 2012, 03:52:43 PM
 #618

I emailed friedcat 2 days ago and received an agreement for Bitfountain LLC to hold my shares for me.

1.   Entering the agreement: A will transfer ___ ASICMINER shares from the GLBSE account with the identification ___ to GLBSE account muBit:ASICMINER. A covers the GLBSE fee. After the process of transferring the shares is complete, the shares shall be excluded from the active ASICMINER assets that are traded at GLBSE.

This is what I plan on doing to reduce my risk to GLBSE. I sent it back yesterday and of course today GLBSE is not available. I guess this is another warning to get out of GLBSE before it is too late Smiley

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October 04, 2012, 04:03:44 PM
 #619

I'd like to remind everyone that a GLBSE shutdown does not put your shares directly in danger (in contrast to account hacking). It just prevents ASICMINER shares from being (efficiently) traded.

The ASICMINER Project https://bitcointalk.org/index.php?topic=99497.0
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October 04, 2012, 04:39:29 PM
 #620

I'd like to remind everyone that a GLBSE shutdown does not put your shares directly in danger (in contrast to account hacking). It just prevents ASICMINER shares from being (efficiently) traded.
Good point. Assuming GLBSE comes back online soon, perhaps Friedcat should prepare for all-out transfer of shares per contracts akin to keystroke's above.

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Your mining rig is on fire, yet you're very calm.
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