ASICMINER: Entering the Future of ASIC Mining by Inventing It

[bones]

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.

[flame1012]

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

[yokione]

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

[Ragnarokdel]

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

[Puppet]

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)

[pornluver]

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

[flyingplows]

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

You got scammed - that's what happened dude 

[Mabsark]

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.

[elasticband]

my guess is the "hashlord" is the person who controls the hashrate........

is it just me or is there a massive dose of stupid in these threads?

[elasticband]

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 = ? (FC? sausage factory man? police?)
Contract Platform = havelock
Contract Holders = Customers

FTFY, you had names in the wrong columns.....

[SebastianJu]

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.

You mean you know an insurance company that would or could have insured the operations that friedcat ran? I wonder what they would insure then. Future profits included? But honestly i really doubt any insurance company will take this thin bet. Do you have examples?

Edit: The big farm in thailand that burned down wasnt insured too. Im very sure they would have done if possible. I mean the loss will be huge for them. On the other hand... if there would be an insurance possible then im sure the rates would be so high that it wouldnt be worth it.

[el_rlee]

Hi Everyone,

 sorry for not reading up on that many posts... I gather FC is missing and also the hashrate for certain mines listed on havelock.
Is there any news outlet covering the story so I could read up on the whole thing? Coindesk etc?

Which havelock stocks are affected? AM1 and AM100 as well or only AMHASH1?

[Mabsark]

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 = ? (FC? sausage factory man? police?)
Contract Platform = havelock
Contract Holders = Customers

FTFY, you had names in the wrong columns.....

No you didn't and no I didn't. Based on Jutarul's info, it's pretty obvious that HashLord owns the DC as there isn't any other role it could fill.

[AirWolf]

HERE IS OWN JAMES GRANT, OWNER AND OPERATOR OF HAVELOCK IS PART OF ASICMINER/AMHASH:

https://bitcointalk.org/index.php?topic=989850.0

[flame1012]

Hi Everyone,

 sorry for not reading up on that many posts... I gather FC is missing and also the hashrate for certain mines listed on havelock.
Is there any news outlet covering the story so I could read up on the whole thing? Coindesk etc?

Which havelock stocks are affected? AM1 and AM100 as well or only AMHASH1?

A few news sites have covered the story.
But the only reality we can be sure of is that Amhash share trade and the daily dividend payments are currently frozen.
AM and AM100 shares are still being traded on Havelock but the price has dropped pretty much because of what happened lately.

The related companies are claiming that;
1) They have lost control of ~3 petahash of their farm
2) FriedCat is missing, and that he had control over everything and the funds
4) Therefore they are stuck now.

[AirWolf]

Hi Everyone,

 sorry for not reading up on that many posts... I gather FC is missing and also the hashrate for certain mines listed on havelock.
Is there any news outlet covering the story so I could read up on the whole thing? Coindesk etc?

Which havelock stocks are affected? AM1 and AM100 as well or only AMHASH1?

A few news sites have covered the story.
But the only reality we can be sure of is that Amhash share trade and the daily dividend payments are currently frozen.
AM and AM100 shares are still being traded on Havelock but the price has dropped pretty much because of what happened lately.

The related companies are claiming that;
1) They have lost control of ~3 petahash of their farm
2) FriedCat is missing, and that he had control over everything and the funds
4) Therefore they are stuck now.

Not so stuck, James Grant of Havelock is member of AMHASH/ASICMINER: https://bitcointalk.org/index.php?topic=989850.msg10770429#msg10770429

[Mabsark]

Havelock is simply a shareholder of AM with more than 5000 shares. Having 5000 shares gets you a seat on the board. Having a seat on the board doesn't make you an owner of AM any more than having 1 share does.

This information has always been public knowledge.

[elasticband]

No you didn't and no I didn't. Based on Jutarul's info, it's pretty obvious that HashLord owns the DC as there isn't any other role it could fill.

the hashlord is the person who controls the hashrate or the facility where the hashrate is held surely and i don't think they own a DC, i think they own a food factory......

[Puppet]

Airwolf to the rescue!



UNfortunately, like the series, only 8 year olds would lend it credibility, and he is way behind the curve.

[Cablez]

Do we have a real name to associate with this 'hashlord'?  Is this effort underway yet?