ASICMINER: Entering the Future of ASIC Mining by Inventing It

[RoadStress]

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.

So AM is broke just as expected since there was no financial report last year. Thanks for confirming this.

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[Mabsark]

In other words, AM is dead.

[RoadStress]

In other words, AM is dead.

Told you so!

Edit: That was my moment. Thank you everyone! Time to retreat to my cave.

[MidwestMiner]

So any chance that AM would be 'saved' by the BE300 chip is now gone?

That is what the last few pages seem to mean.  And if that is true, AM is good as dead.

I have to say that it seems odd to say that BE300 is dead. Its not 20/16 nm. Wafers shouldn't be that expensive at all and running at low volt 0.15-0.18 w/GH is still extremely competitive. A few $100k isn't "big money" in mining.

it is "big money" for someone who doesnt have any funds

Oh of course.

[Kipsy89]

Well thanks for the update, man. I think if there's no investor available the company should be liquidated properly! Sad to hear this go under, though. Jutarul, please do your best to not let the shareholders be left with nothing!

To the cat, wherever he may be!

(can't leave all the good pictures to lamby)

[michaelGedi]

Time for a new IPO! lambchops can you cheerlead this one??

the funding situation is dire

may refer to friedcat having the keys to all the dough, so from my reading of all this so far there is a chance if this David guy buggers off then you've got the un-dire funding situation needed. But yeah... if, maybe etc

[jdany]

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

Jutarul,

Thanks for the info.

Not in a million years, would my wife allow me to do any real money investing in AM, until their problems are fixed.  And, frankly, management and leadership look to be the crux of their problems.

Any insight into the likelihood that ASICMINER  starts running and acting like a real company?
No other way anyone serious would entertain a new investment into such a horribly run trainwreck.

[Blazed]

Took them a year to finally admit that this is dead    Who would be crazy enough to invest back into this disaster..they were a one hit wonder. Sorry for every ones losses...just hodl those coins stop investing in these unregulated entities.

[superduh]

Jutarul etc

how is dave involved in all this? why has he bailed? does he have anything to do in FC's disappearance?
who holds all the financials in this company? FC? any money left? any orders at all for mass production that were ordered before FC disappeared.
has dave abandoned AM and "closed it down", anyone else have a leadership role besides FC and Dave? anyone who can take the reigns and be a leader for the time being
there are too many things that don't make sense for those that don't understand the internal structure or working of AM.
is the assumption that even if FC is found the company is toast? and seriously, how can a company with so many employees just collapse and not be able to continue with their leader missing. Any statement from the kidnappers yet?

Chinese AM holders, please help everyone out

[superduh]

Took them a year to finally admit that this is dead    Who would be crazy enough to invest back into this disaster..they were a one hit wonder. Sorry for every ones losses...just hodl those coins stop investing in these unregulated entities.

original investors made 5-6x what they invested- so for them that's 500% return. just everyone after them kind of lost out

[Blazed]

Took them a year to finally admit that this is dead    Who would be crazy enough to invest back into this disaster..they were a one hit wonder. Sorry for every ones losses...just hodl those coins stop investing in these unregulated entities.

original investors made 5-6x what they invested- so for them that's 500% return. just everyone after them kind of lost out

I know, but so many people been shilling for them long after gen 1. I am sure a lot bought in @ silly prices and now lost big time.

[Kipsy89]

Jutarul etc

how is dave involved in all this? why has he bailed? does he have anything to do in FC's disappearance?
who holds all the financials in this company? FC? any money left? any orders at all for mass production that were ordered before FC disappeared.
has dave abandoned AM and "closed it down", anyone else have a leadership role besides FC and Dave? anyone who can take the reigns and be a leader for the time being
there are too many things that don't make sense for those that don't understand the internal structure or working of AM.
is the assumption that even if FC is found the company is toast? and seriously, how can a company with so many employees just collapse and not be able to continue with their leader missing. Any statement from the kidnappers yet?

Chinese AM holders, please help everyone out

Dave is still at AM, man... He co-founded AM together with friedcat. They weren't getting along too well, apparently. And now FC is gone, only Dave is left and a lot of people don't think that he's a good choice as AM's leader.

[Silverspoon]

...Any statement from the kidnappers yet?
...

Not yet, but my crew, The Bloodhound Gang, is already putting names to faces...

The information form china's bitcoin community, it seems that friedcat's family are looking for him.
it's about friedcat's safety.

The pieces are starting to fall into place, one Mongolian pirate kidnapper (the one on house right of cross-dressing d00d) d0xxed by my crew:





Almost too easy...

[freedomno1]

Let me break the silence

Thanks Jutarul, I'm glad someone broke it and provided some information from the perspective of a board member.
It makes sense without any first hand information there is no way to tell what is going on.
The situation with Rockminer AMHASH a missing farm and finally a missing CEO would catch anyone off guard

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.

If anything, I think more people would be shocked that there is even a discussion of a possible long term plan given the lack of information, on the operator asset and owners but if there was that would be great news at this point in time, lawsuits are a pain if negotiation does work.

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.

True without Friedcat responding to PM's share selling is effectively on a trade halt until this is resolved only havelock shares can be considered mobile good call for those who don't notice these sort of things and want to buy direct.

Thanks for taking the time to answer and compose a message that gives a real status update on what is going on
Free

Addin

UPDATE: the following info is literally wrote from David.Fan  （Co founder of ASICMINER）


 STATEMENT FROM DAVID.FAN

Dear customers and clients,

The last few weeks have not been easy for the company. Friedcat went missing and this caused an interruption with the business. We are slowly recovering from the loss in company leadership.

First, the company is still operating, albeit at a reduced employee count. The physical location of our new office is currently confidential to guarantee an undisturbed office environment. Our sales contact is still the same. For all other requests please contact us through our general help line (email: help@bitquan.com).

With friedcat missing, the current management of the company is carried out by David Fan temporarily. We will keep you informed of any significant changes, as we are still developing a long term solution to the current situation. We understand that many people are concerned about friedcat and his safety. We ask to not spread any misleading rumors and not pursue speculation.

Due to unforeseen events , the computational that power AMHash managed by RockMiner has become unavailable. We are sorry for the resulting damage experienced by any third parties. We are doing everything in our power to mitigate the damage.


Yours truly,
ASICMINER Management

Also good to hear their is a human behind AM's face now
Seeing how phasebird posted this

[stripykitteh]

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.

Not that it makes much difference now, but why allow conflicted board members? They should have either resigned from the board or stopped working for the competition.

Lack of governance has killed AM; the writing was on the wall about that a long time ago. Friedcat was left with too much to do.

[flame1012]

They got no insurance (Which is pretty cheap), they deny responsibility(because they probably stole electricity and got caught), they want us to compromise(Give up our rights to some extend) and give them 2 years to fix things

What a hell of a deal.

PS: Seems like there are no real companies in China.

[michaelGedi]

AM won me - and lost me - riches beyond my wildest dreams. It's been beautiful 

[MidwestMiner]

At 0.013 its half tempting to pick up 5k chares through Havelock just to be able to demand direct info from the board and Dave.

[MidwestMiner]

They got no insurance (Which is pretty cheap), they deny responsibility(because they probably stole electricity and got caught), they want us to compromise(Give up our rights to some extend) and give them 2 years to fix things

What a hell of a deal.

PS: Seems like there are no real companies in China.

What happened to the equipment? Was it just blatantly stolen? I mean we are talking several 18-wheelers worth of hardware, not exactly something you can pocket and sneak out with.

[flame1012]

We believe that it's taken(impounded) by the police and FC arrested.