ASICMINER: Entering the Future of ASIC Mining by Inventing It

[MidwestMiner]

I'm giving AM one more week for FC to surface before I write this one off.
If there isn't closure by then, this will just become a cluster-fuck - and I don't have the time or patience for the drama.

In July, I put half my money into AM shares and half into mining equipment.
My mining doubled up and my AM shares zeroed out.
I'm even.

Going into this next season, I'm more than willing to switch horses.

I still sit on about 150 AM1 shares. Of course it sucks to see them be worth roughly 2,5 pittances but I was also lucky enough to catch the ride from 0.3->4.5 BTC where i sold the majority of my holding. Not selling now. Its either busto or rebuild.

[flame1012]

AsicMiner should first rebuild their trust by compensating their victims to go any further.
And convince people that it is recovering from the current situation.
Who's going to invest in them whit this level of trust.
The new generation of their chips won't go anywhere.
Even customers won't buy mining gear from a sinking ship.

[silverfuture]

...yet another exit scam black mark for pseudonymous bitcoin ventures
...Identity and reputation are important in business and I guess this is yet another life lesson any investors.  

So many life lessons...  You must be at least a PhD by now, doctor.

On my way... at least I don't have to rely on 50 cents per post for my living. I may not be a great trader, and possibly somewhat naive, but I still have more beanie babies BTC than you. See you in 5 years bud.

[jehst]

 
Step 1: Disappear and stop paying dividends intentionally cause your share price to plummet.
Step 2: Buy up lots of shares through sockpuppets for pennies.
Step 3: Come back and offer some excuse for your disappearance. Pay all dividends.
Step 4: Announce new products and business plan. Share price skyrockets.
Step 5a: If your new products are mostly hype, sell shares acquired through sockpuppets at 10x+ profit
Step 5b: If your new products are real, keep the shares and profit from your increased ownership acquired for nearly nothing.

This plan is much better than just stealing the money. Much lower chance of getting in trouble with the police, but still a great profit potential. Remember, he's from a country where people are executed for serious financial crimes. He could run away, sure. It's a gamble. I've never owned AM shares but I'm buying some now just in case he is making the smarter move.

[primeminer]

Step 1: Disappear and stop paying dividends intentionally cause your share price to plummet.
Step 2: Buy up lots of shares through sockpuppets for pennies.
Step 3: Come back and offer some excuse for your disappearance. Pay all dividends.
Step 4: Announce new products and business plan. Share price skyrockets.
Step 5a: If your new products are mostly hype, sell shares acquired through sockpuppets at 10x+ profit
Step 5b: If your new products are real, keep the shares and profit from your increased ownership acquired for nearly nothing.

This plan is much better than just stealing the money. Much lower chance of getting in trouble with the police, but still a great profit potential. Remember, he's from a country where people are executed for serious financial crimes. He could run away, sure. It's a gamble. I've never owned AM shares but I'm buying some now just in case he is making the smarter move.

that is pure wishful thinking...

[jehst]

Step 1: Disappear and stop paying dividends intentionally cause your share price to plummet.
Step 2: Buy up lots of shares through sockpuppets for pennies.
Step 3: Come back and offer some excuse for your disappearance. Pay all dividends.
Step 4: Announce new products and business plan. Share price skyrockets.
Step 5a: If your new products are mostly hype, sell shares acquired through sockpuppets at 10x+ profit
Step 5b: If your new products are real, keep the shares and profit from your increased ownership acquired for nearly nothing.

This plan is much better than just stealing the money. Much lower chance of getting in trouble with the police, but still a great profit potential. Remember, he's from a country where people are executed for serious financial crimes. He could run away, sure. It's a gamble. I've never owned AM shares but I'm buying some now just in case he is making the smarter move.

that is pure wishful thinking...

No, I understand the chances are low. I simply want to make a small gamble that he comes back (because there are some sensible reasons to do so). The chance of the bet working out is probably not very high. The reward if it does work out will likely be very high.

[RoadStress]

If they have a functional and competitive chip why not go with pre-orders like every other mining devices selling company, if they get enough money/orders they could make the chips.

Has this been discussed already?

Actually I find it strange that everyone is ignoring the fact that FC didn't place a wafer order before his disappearance. He was supposed to have chips in hand in February so the order was supposed to be placed in December or early January. This never happened, yet nobody is complaining about this. If we ignore all the recent facts the problem is still there. They never intended to have miners with BE300 chip. Not on this financial situation.

I'm actually pretty convinced that they could raise funds this way. AM has never failed to deliver a device once chips were confirmed as functional. Pretty sure they could sell $10 million in hardware preorders for equipment for delivery in June if they had management team and could prove functionality of the chip. Production runs for 28nm grow on trees.

You also believed that they will sell or deploy all the 60Ph/s worth of BE200 chips right?

[keystroke]

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.

It would still be fairly expensive even at 0.013 5000 shares is 65 BTC
@ 300 USD = $19,500

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.

It was a nice dream while it lasted, with a honeymoon period and then a slow then steady decline

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.

Keep in mind the market would not have absorbed 5000 shares at the peak price. Anyone know the liquidity/slippage back when it was 5BTC or so a share?

5 BTC was not the peak, over 10k shares traded hands between 5-7 BTC (I believe right around 7 was the peak) and that was only on BTCT not including private deals.

Ok, thanks for the info!

[xhomerx10]

If they have a functional and competitive chip why not go with pre-orders like every other mining devices selling company, if they get enough money/orders they could make the chips.

Has this been discussed already?

Actually I find it strange that everyone is ignoring the fact that FC didn't place a wafer order before his disappearance. He was supposed to have chips in hand in February so the order was supposed to be placed in December or early January. This never happened, yet nobody is complaining about this. If we ignore all the recent facts the problem is still there. They never intended to have miners with BE300 chip. Not on this financial situation.

  Would the decision to produce the BE300 have been lucrative.  Would it have been competitive?  Would AM have been able to produce profitable miners?  If not, there was no point in sinking the sizeable sums of money into the venture.  We already know the fate of the BE200...

I'm actually pretty convinced that they could raise funds this way. AM has never failed to deliver a device once chips were confirmed as functional. Pretty sure they could sell $10 million in hardware preorders for equipment for delivery in June if they had management team and could prove functionality of the chip. Production runs for 28nm grow on trees.

You also believed that they will sell or deploy all the 60Ph/s worth of BE200 chips right?

  AM clearly wanted to sell or deploy 60 PH and they tried.  Chip sales did not go well so they produced the AMtube.  The AMTube wasn't efficient enough so they produced the Prisma which consumed twice the number of BE200 chips and ultimately itself through immolation which led to wholesale replacement of the units with the Prisma 2.0 and or refunds. It didn't go as planned so they stopped while there was still sufficient funding to pursue the next generation; presumably the BE300.. (see above, lather, rinse, repeat)

 You seem to believe that AM made baseless claims.  They had goals that were quite simply not realized even though the effort was put forth.

[Ragnarokdel]

If they have a functional and competitive chip why not go with pre-orders like every other mining devices selling company, if they get enough money/orders they could make the chips.

Has this been discussed already?

nobody would buy from them... Their company is a complete mess.

[primeminer]

It is a gamble but from my own point of view I would consider investing my AMhash shares and some more in BE300 if all of the conditions were met:

1 there is clear and pubic plan from sample to chip/device with mile stones on the time line.
2 there is a clear structure of management
3 There is a person on the board who communicates with non-chinese investors
4 there are simple business continuity risk polices in place

providing that  test of the sample where close to be as good as announced some time ago. With chips doing 0.2 J/ghs, or even 0.35 there is a larger window than it was with BE200.

but it is a dream, the same as might appear in the head of a person who still can see but already been beheaded. Asic Miner seems to have no assets, little bit of cash and bunch of greedy managers. They have fired line stuff, have no money, no idea, no leadership and to top it up feel very little bit of responsibility. They have personal packed wallets but can not trust themselves and invest in OWN company, but at the same time hope that someone else will do.

Regarding 1000 usd target btc/usd it is just FUBAR. We reached moment when btc price is dictated mostly by one factor - electricity cost, other are just a fluctuation from demand. Just look at Bitmain's reaction to AM failure. Most of us know that there will be no large deployments in near future. BF is far away from wafer order, AM we know, Bitman has got to sell off existing stock (which already is on). Difficulty will not rise that rapidly in next few months there will be swings down to xrate of btc.

So there is no reason why BE300 wafer should not be placed Dec/Jan before alleged Mine theft. I would want to hear real explanation to this question.
If there is no good answer I may assume that all of the events as AMHash failure, BE300 and no idea now are not a coincidence but an exit strategy  
  

[mc_lovin]

So to sum it up: asicminer doesn't give shit unless they go to jail or are seriously hunted? Also what do you mean by volunteering? FC is not indebted to us, ASICMINER is indebted to us. Your company is over no matter what happens - after such fiasco there is no coming back whatever you do, but if you have at least some dignity refund your customers you stole from and leave this business, you caused enough damage already, you should be ashamed of yourselves scammers, you are a disgrace to human beings

+1

[MidwestMiner]

It is a gamble but from my own point of view I would consider investing my AMhash shares and some more in BE300 if all of the conditions were met:

1 there is clear and pubic plan from sample to chip/device with mile stones on the time line.
2 there is a clear structure of management
3 There is a person on the board who communicates with non-chinese investors
4 there are simple business continuity risk polices in place

providing that  test of the sample where close to be as good as announced some time ago. With chips doing 0.2 J/ghs, or even 0.35 there is a larger window than it was with BE200.

but it is a dream, the same as might appear in the head of a person who still can see but already been beheaded. Asic Miner seems to have no assets, little bit of cash and bunch of greedy managers. They have fired line stuff, have no money, no idea, no leadership and to top it up feel very little bit of responsibility. They have personal packed wallets but can not trust themselves and invest in OWN company, but at the same time hope that someone else will do.

Regarding 1000 usd target btc/usd it is just FUBAR. We reached moment when btc price is dictated mostly by one factor - electricity cost, other are just a fluctuation from demand. Just look at Bitmain's reaction to AM failure. Most of us know that there will be no large deployments in near future. BF is far away from wafer order, AM we know, Bitman has got to sell off existing stock (which already is on). Difficulty will not rise that rapidly in next few months there will be swings down to xrate of btc.

So there is no reason why BE300 wafer should not be placed Dec/Jan before alleged Mine theft. I would want to hear real explanation to this question.
If there is no good answer I may assume that all of the events as AMHash failure, BE300 and no idea now are not a coincidence but an exit strategy  
  

Agree with all points. If FC/owners didn't plan on "disappearing" thee would have been no reason not to place the wafer order. Even if using all available funds for wafers (even mining funds and AMhash payouts) AM would have been in a far better state than today considering wafer orders for 28nm aren't that expensive anymore.

[muyuu]

It is a gamble but from my own point of view I would consider investing my AMhash shares and some more in BE300 if all of the conditions were met:

1 there is clear and pubic plan from sample to chip/device with mile stones on the time line.
2 there is a clear structure of management
3 There is a person on the board who communicates with non-chinese investors
4 there are simple business continuity risk polices in place

providing that  test of the sample where close to be as good as announced some time ago. With chips doing 0.2 J/ghs, or even 0.35 there is a larger window than it was with BE200.

but it is a dream, the same as might appear in the head of a person who still can see but already been beheaded. Asic Miner seems to have no assets, little bit of cash and bunch of greedy managers. They have fired line stuff, have no money, no idea, no leadership and to top it up feel very little bit of responsibility. They have personal packed wallets but can not trust themselves and invest in OWN company, but at the same time hope that someone else will do.

Regarding 1000 usd target btc/usd it is just FUBAR. We reached moment when btc price is dictated mostly by one factor - electricity cost, other are just a fluctuation from demand. Just look at Bitmain's reaction to AM failure. Most of us know that there will be no large deployments in near future. BF is far away from wafer order, AM we know, Bitman has got to sell off existing stock (which already is on). Difficulty will not rise that rapidly in next few months there will be swings down to xrate of btc.

So there is no reason why BE300 wafer should not be placed Dec/Jan before alleged Mine theft. I would want to hear real explanation to this question.
If there is no good answer I may assume that all of the events as AMHash failure, BE300 and no idea now are not a coincidence but an exit strategy  

I believe one of the reasons that still now there is virtually no transparency is the bolded part. They want more sucker money without disclosing much at all seemingly because they don't want to invest themselves, or they want a sweet priority deal leaving the rest of the investors with scraps.

Are there enough gullible suckers in the community to put a bitcent more without transparency? Maybe.

[CanaryInTheMine]

Chips weren't ordered because there was no money to pay for the order.  Attempts at securing necessary funds failed. So the order was never placed due to the lack of funds.

[ninjarobot]

Actually I find it strange that everyone is ignoring the fact that FC didn't place a wafer order before his disappearance. He was supposed to have chips in hand in February so the order was supposed to be placed in December or early January. This never happened, yet nobody is complaining about this. If we ignore all the recent facts the problem is still there. They never intended to have miners with BE300 chip. Not on this financial situation.

Right. The order should have been placed in the 2nd week of December 2014 after the BE300s had been successfully tested in single and multi-chip board configurations. https://bitcointalk.org/index.php?topic=888260.0

Chips weren't ordered because there was no money to pay for the order.  Attempts at securing necessary funds failed. So the order was never placed due to the lack of funds.

If this is true, the game was up last year already. All this shady disappearance / empty office / stolen farm business is just kabuki theater.

[muyuu]

Chips weren't ordered because there was no money to pay for the order.  Attempts at securing necessary funds failed. So the order was never placed due to the lack of funds.

There are many interpretations to there being "no money". No money in AM's remaining funds, no money in the board member's wallets, no money because "only FC has control over the accounts with funds" etc etc.

I personally have no clue what those "attempts at securing funds" consisted of. Maybe this is public information?

If there were no funds before FC disappeared then it has been a full blown scam by everyone with access to this information in the board, since last year.

[Silverspoon]

...
If this is true, the game was up last year already. All this shady disappearance / empty office / stolen farm business is just kabuki theater.

Dishonesty?  In MY Bitcoin securities?!

[Chris_Sabian]

Chips weren't ordered because there was no money to pay for the order.  Attempts at securing necessary funds failed. So the order was never placed due to the lack of funds.

There are many interpretations to there being "no money". No money in AM's remaining funds, no money in the board member's wallets, no money because "only FC has control over the accounts with funds" etc etc.

I personally have no clue what those "attempts at securing funds" consisted of. Maybe this is public information?

If there were no funds before FC disappeared then it has been a full blown scam by everyone with access to this information in the board, since last year.

If the was 'no money', then what happened to the ~60 Ph/s worth of BE200 chips that were ordered in June of 2014?  Even if the chips were poorly designed, I'm sure that someone would buy them if heavily discounted.

Also, what was all of this talk about having cheap electricity in northern China?  If the rates were as cheap as suggest, why not just self mine?

[silverfuture]

how to spot a lie

https://www.youtube.com/watch?v=P_6vDLq64gE