ASICMINER: Entering the Future of ASIC Mining by Inventing It

[bkminer]

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.

a little clarification, from what I read RockMiner managed the details not the actual equipment, the AMHash site continues to show dividends racking up (with nothing to pay them with).

It almost looks to me like the equipment may have been taken to cover the electric bills.

BE300 looked really good, but I guess that's the essence of a scam.  The GoldenNonce chip looked good too...

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[Blazed]

I have been trying to make people wake up in this thread for close to a year now. I even sent a few PM's to people asking them why they keep investing in this company. I tried to explain how it looks from someone not impressed with them after Gen 1, and they all had blind faith. It is almost like a religion or a cult...no idea.

What exactly was there to wake people up about for the past year? Terrible communication? If you what you were saying is true, why the hell did you purchase a BE200 based Tube which didn't work properly? After that, why did you buy a Prisma? Because you knew deep down that AM was "a ponzi"? That makes sense, honest Captain Hindsight!

A haha one of the bigger AM fan boys...

Lack of communication, multiple failed generations, the signs were all over the place for the last year. I did not see a ponzi incoming, but knew this company was obviously done after gen 1. It does not take much to see they had no chance versus Bitmain / SP-Tech etc.. Yes I bought a tube and a prisma (both defective) because I assumed that they could at least ship working hardware - I was wrong.

Mabsark - just ignore me and scoop up them cheap shares...it could make you rich when FC releases BE400 

[laustcozz]

Ok, So the BE300 is dead (If the chips aren't ordered we are already months behind competition now), there is no point in carrying on.  What is the liquidation plan?

[Silverspoon]

So this is how it all ends...

[Mabsark]

A haha one of the bigger AM fan boys...

Lack of communication, multiple failed generations, the signs were all over the place for the last year. I did not see a ponzi incoming, but knew this company was obviously done after gen 1. It does not take much to see they had no chance versus Bitmain / SP-Tech etc.. Yes I bought a tube and a prisma (both defective) because I assumed that they could at least ship working hardware - I was wrong.

I'm not an AM fanboy, I was an AM shareholder. A fanboy wouldn't criticise AM the way I have, a fanboy would simply cheer everything about the company. Just because I point out the nonsense and lies people post, doesn't make me a fanboy. A fanboy wouldn't have asked for the sales and support team to be replaced with competent employees. A fanboy wouldn't have asked about the possibility of shareholders buying out FC and co.

You didn't know the company was obviously done after gen 1 at all, stop lying. If you truly thought that you wouldn't have posted the following:

Bitmain and SP care more as they wouldn't have been in that situation. Those 2 companies would have fixed the issues in days not months. Also we will see if AM can release decent gear next time around...I have my doubts. If they can actually make a decent miner I would be willing to buy one used and known good.

- https://bitcointalk.org/index.php?topic=938256.msg10351938#msg10351938

I am not out to get AM or anything, but I am always buying gear and hashing it (have for years). I have seen first hand that they lack any real quality control and their gear is much lower quality than that of Bitmain and SP-Tech. I would love to see them make a good miner to help drive prices of all gear down some more, but they need to fix a few issues. AM needs to make a decent controller and check the stuff before it ships. So many people had DOA boards...a few is understandable, but from what others were posting it was lots.

- https://bitcointalk.org/index.php?topic=938256.msg10352403#msg10352403

If you thought AM was "obviously done after gen 1", then why would you be considering the performance and quality of gen 4 miners last month?

Ok, So the BE300 is dead (If the chips aren't ordered we are already months behind competition now), there is no point in carrying on.  What is the liquidation plan?

At this point, there isn't one.

[EternalWingsofGod]

Ok, So the BE300 is dead (If the chips aren't ordered we are already months behind competition now), there is no point in carrying on.  What is the liquidation plan?

Well assuming there is one ongoing it would be to wait for Friedcat and the board to decide what to do next
Or news...

[RoadStress]

I'm not an investor, not a AMHasher, not a defender by any means, but I remain optimistic mostly because I really want to play with some BE300. That they never ordered a full batch is pretty disappointing since it was expected they'd have chips in hand approximately right now instead of the other thing, the thing where they don't exist at all.

Now this is interesting.

How come AM didn't ordered they production wafers in December after they had the sample chips results? Wasn't February the month of full production? If yes then they should've had chips in hand now, but somehow the chips were never ordered.

Edit: Removed a useless edit.

[TheRealSteve]

But this isn't a clear reply. Didn't FC had sample results back in December?

MPW, not final package, etc. - https://bitcointalk.org/index.php?topic=888260

[Mabsark]

Edit: Found this

Any board members here want to comment on when and whether there will be an update? I thought there was going to be one at the end of February or early March... we're almost at mid-March now.

friedcat noted that the next major update will likely come after the chips have been tested and the final specs determined. At the same time the overall ordering process will become clearer, as supply will have to be met by demand. Based on latest information the first chips are on track and to be received end of March.

But this isn't a clear reply. Didn't FC had sample results back in December?

Notice that the date of Jutarul's post was 2014-03-12 - that was from 1 year ago yesterday. That quote is clearly talking about BE200, not BE300.

[RoadStress]

Notice that the date of Jutarul's post was 2014-03-12 - that was from 1 year ago yesterday. That quote is clearly talking about BE200, not BE300.

Thanks. My eye playing tricks on me. Removed from my post since it's useless.

But this isn't a clear reply. Didn't FC had sample results back in December?

MPW, not final package, etc. - https://bitcointalk.org/index.php?topic=888260

I said he had samples(which mean not final package) in December. Wasn't he supposed to order wafers of final package after those results? If not then when?

[flyingplows]

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.

[MidwestMiner]

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.

[dogie]

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?

[dogie]

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.

[dogie]

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...

[MidwestMiner]

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.

[iwantasicminer]

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

[MidwestMiner]

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.

[Finksy]

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

[ScryptAsic]

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.