ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Satan666]

...
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. ...

My army of bankers, politicians, and lawyers can hardly be considered "parasitic elements".  They could have prevented this unfortunate mess.

[Fordee]

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.

Meh... True... unless you hold the purse-strings, and decide to say "Fuck it.. I'm only paying myself.." or new shareholders brought onboard.

Why dilute when you can just erase?    

(Opens excel spreadsheet, highlights shareholder bitcoin addy entries... presses delete..  Presses Save.")

(Open - New File..> Now offering 1/3 of our new company to new investors....   Bitfountain's shares stay intact/transferred..)

Done.

[Satan666]

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.

Meh... True... unless you hold the purse-strings, and decide to say "Fuck it.. I'm only paying myself.." or new shareholders brought onboard.

Why dilute when you can just erase?    

(Opens excel spreadsheet, highlights shareholder bitcoin addy entries... presses delete..  Presses Save.")

(Open - New File..> Now offering 1/3 of our new company to new investors....   Bitfountain's shares stay intact/transferred..)

Done.

Bitfountain already owns approximately 60% of the company.  They don't have to dilute or erase current shareholders to sell 1/3 of the company:

No Future Dilution Each share of ASICMINER always
represents 1/400,000 of the whole company. If we have to attract more investors
in the future, we will only sell our own Bitfountain shares.

[richwang]

where is the cat?

[cloh76]

So if someone was to bail the company out and fund new equipment, could they elect a new board, establish new leadership, and remove who they see fit to remove?

[flame1012]

So if someone was to bail the company out and fund new equipment, could they elect a new board, establish new leadership, and remove who they see fit to remove?

Just hold your breath and wait the other board members to be kidnapped
Seems like the company got so far in spite of the board itself.

[EternalWingsofGod]

Obligatory depression post:

5000 shares at the peak of AM = 30,000 BTC+ @ that times BTC price = $150 BTC) = 4.5 million
Today: $18k and change.

Indeed that is a scary decrease from a paper millionaire to a pauper well half a year wages
Is one giant drop

[flame1012]

The Chinese government will get the true story out of them.
Their lies are naive.
I see no other option than taking legal action.

[Kipsy89]

Sell the company to BITMAIN and get this over with, man... Bitfountain should just sell their shares or the IP or whatever and buy the shareholders out... Aww man this is sad...

[Puppet]

Sell the company to BITMAIN and get this over with, man... Bitfountain should just sell their shares or the IP or whatever and buy the shareholders out... Aww man this is sad...

Why would bitmain want to buy it? Their 28nm chip is in the same ballbark as BE300, and its safe to assume their next gen is already being worked on and might arrive before they could get BE300 up and running.

BTW, bitmain website is down.

[flame1012]

If they have something worthy they can start producing in smaller amounts and regrow from there.
But don't steal the electricity this time.

[cloh76]

Sell the company to BITMAIN and get this over with, man... Bitfountain should just sell their shares or the IP or whatever and buy the shareholders out... Aww man this is sad...

Why would bitmain want to buy it? Their 28nm chip is in the same ballbark as BE300, and its safe to assume their next gen is already being worked on and might arrive before they could get BE300 up and running.

BTW, bitmain website is down.

Bitmain's website seems to be working fine for me

[elasticband]

BTW, bitmain website is down.

The are being blackmailed to pay a ransom or face DDOS attacks

[muyuu]

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.

LOL you can believe that. AMHash itself is proof that they will stretch those definitions. Maybe they will "create" a joint venture with the IP so that other parties can invest and benefit from the IP same as it happened with the hashing. The reality is that if there's no capital to keep the ball rolling they will do whatever either openly or via technicisms or just secretly.

[data]

While it was somewhat foreseeable, I held the unreasonable hope that things would turn around, because financials were always unclear.
With the amount of money AM made (they paid out 240k BTC!!!), how can they be broke? It seems as if they paid out too much, or money was misappropriated in the last year. Also, the chips had good test results, so I don't see how they weren't ordered _3 months ago_. Before all this unfolded. Should have been first order of business.
As bitter as I might be about the lost BTC, I made a few 10k in fiat, and 10x in BTC, so it's hard to be too pissed off about it.

[muyuu]

While it was somewhat foreseeable, I held the unreasonable hope that things would turn around, because financials were always unclear.
With the amount of money AM made (they paid out 240k BTC!!!), how can they be broke? It seems as if they paid out too much, or money was misappropriated in the last year. Also, the chips had good test results, so I don't see how they weren't ordered _3 months ago_. Before all this unfolded. Should have been first order of business.
As bitter as I might be about the lost BTC, I made a few 10k in fiat, and 10x in BTC, so it's hard to be too pissed off about it.

Because "exit scam" presumably on FC's part:

http://motherboard.vice.com/read/darknet-slang-watch-exit-scam

[ujka]

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<snip>

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

I think you yourself are either being fooled by whoever is/was running ASICMINER the last months or you are lying to us. This is bitcoin and we can (to some extent) see what amounts of money are controlled by this company.

I'd like to invite everyone to take a look at the blockchain. We have proof that the address 1ERszMSERwHNR9Xty73KZXpsg1jjBXWcHh is controlled by friedcat. (https://www.bikeji.com/t/1228, partial translation: https://bitcointalk.org/index.php?topic=833704.msg10717889#msg10717889).
1ERszMSERwHNR9Xty73KZXpsg1jjBXWcHh is an input of the following transaction: https://blockchain.info/de/tx/e63990fc8ff8d19479a93698ed7dfb1169221657431be51b485a58fb8941a6b1 The sender of this transaction is the owner to every private key to every input-address of this transaction. In other words:
Friedcat is not only controlling 1ERszMSERwHNR9Xty73KZXpsg1jjBXWcHh but also 19iVyH1qUxgywY8LJSbpV4VavjZmyuEyxV and every other input address of the above transaction.

Now 19iVyH1qUxgywY8LJSbpV4VavjZmyuEyxV is handling a whole lot of transactions. It is directly and indirectly exchanging with a few multi-signature addresses, which are most likely also controlled by friedcat and whose combined value exceeded 150,000 BTC at times. Definitely more than enough to produce large quantities of BE300 and definitely more than enough to pay AMHASH.

I don't have the time right now to go into more details regarding blockchain-transactions and I don't think it's even necessary. What really is necessary right now is for someone responsible to clarify what friedcat was/is doing at 19iVyH1qUxgywY8LJSbpV4VavjZmyuEyxV and why he should be allowed to just vanish with all these funds?

You got the 1ERsz... address wrong - AM mined directly to this address, but with all the transactions going on there, it looks like some exchange deposit address.

[Silverspoon]

So...  Havelock has control of the underlying asset & is board member?  


https://bitcointalk.org/index.php?topic=253673.msg5247381#msg5247381 <==Thread locked

[Kipsy89]

I'm really curious to see what happens when/if the boss himself comes back at some point. He may have to hie indefinitely, which would be sad

[hdbuck]

TaT is out. and has been for a long time.