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Dacm4n
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August 24, 2012, 05:17:54 PM |
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I also voted yes.
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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silverfuture
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Activity: 947
Merit: 1008
central banking = outdated protocol
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August 24, 2012, 05:23:51 PM |
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voted yes
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uuidman
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August 24, 2012, 05:36:37 PM |
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I voted yes also, but now glbse is down again. Hard to vote with service windows like that.
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Jutarul
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Activity: 994
Merit: 1000
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August 24, 2012, 05:36:49 PM |
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I also voted yes.
GLBSE seems to be down for a while till a bug is resolved. But the consensus seems to be sell now the minimum BTC to cover the production costs. |
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Isokivi
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August 24, 2012, 06:20:46 PM |
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I voted no, shorting assets on an operation that in essence has it's position in regard to bitcoin long seems like the worst move I've ever heard.
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Bitcoin trinkets now on my online store: btc trinkets.com <- Bitcoin Tiepins, cufflinks, lapel pins, keychains, card holders and challenge coins. |
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Jutarul
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August 24, 2012, 06:28:23 PM |
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I voted no, shorting assets on an operation that in essence has it's position in regard to bitcoin long seems like the worst move I've ever heard.
Read the OP from HorseRider. ASICMiner is not a BTC investment fund. It's a hardware company. And as such it has to act accordingly, which includes minimize the risk of bankruptcy or failure to attract the necessary funds for strategic operations. |
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silverfuture
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Activity: 947
Merit: 1008
central banking = outdated protocol
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August 24, 2012, 06:33:57 PM |
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It wouldn't be shorting the asset. It would be transferring value to a more stable priced asset in anticipation of volatility. You can be long on bitcoin and mining but still understand volatility is a short term factor in the success or failure of this security.
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Bitcoin Oz
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August 25, 2012, 04:05:40 AM |
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You could take out a fiat based investment loan and use the 8000btc as collateral placed on deposit with Patrick Harnett. This way you get the fiat and keep the bitcoins.
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friedcat (OP)
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Merit: 1005
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August 25, 2012, 04:37:06 AM |
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Update
The motion has been passed.
Voted Yea:46649
Voted Nay:17439
8,000 BTC will be exchanged for fiat within a relatively short time. We will not dump too fast if the bid wall is not thick enough.
When we start to pay for our expenses, the financials will be given to the public, while details of each spending will be given to board members.
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arklan
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Activity: 1778
Merit: 1008
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August 25, 2012, 09:49:04 AM |
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not to self: log in to bitcointalk more often. i totally missed this. (me and my five shares totally matter.  ) |
i don't post much, but this space for rent.
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Isokivi
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August 25, 2012, 12:49:55 PM |
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I voted no, shorting assets on an operation that in essence has it's position in regard to bitcoin long seems like the worst move I've ever heard.
Read the OP from HorseRider. ASICMiner is not a BTC investment fund. It's a hardware company. And as such it has to act accordingly, which includes minimize the risk of bankruptcy or failure to attract the necessary funds for strategic operations. Mining bitcoins is an investment in to bitcoin in long term. |
Bitcoin trinkets now on my online store: btc trinkets.com <- Bitcoin Tiepins, cufflinks, lapel pins, keychains, card holders and challenge coins. |
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novusordo
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August 25, 2012, 04:03:54 PM
Last edit: August 25, 2012, 05:18:49 PM by novusordo |
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Update
The motion has been passed.
Voted Yea:46649
Voted Nay:17439
8,000 BTC will be exchanged for fiat within a relatively short time. We will not dump too fast if the bid wall is not thick enough.
When we start to pay for our expenses, the financials will be given to the public, while details of each spending will be given to board members.
I'm appreciative of the transparency of the operation thus far, friedcat. Respectable Bitcoin companies offering public shares should look at ASICMINER and follow suit. Keep it up! Also, are you planning on trading the 8000 BTC on an exchange, or finding a private party who wants to buy? According to ClarkMoody, selling 8000 on MtGox right now at $10.5 would net $82183.90, with slippage of $1816.25. Selling privately for $10.5 would get $84000, but price could drop before finding somebody... hmm... |
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DutchBrat
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August 25, 2012, 05:38:54 PM |
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I voted no, shorting assets on an operation that in essence has it's position in regard to bitcoin long seems like the worst move I've ever heard.
Read the OP from HorseRider. ASICMiner is not a BTC investment fund. It's a hardware company. And as such it has to act accordingly, which includes minimize the risk of bankruptcy or failure to attract the necessary funds for strategic operations. Mining bitcoins is an investment in to bitcoin in long term. Like it or not, this operation needs fiat money to start production of the ASIC In order to get that fiat coins need to be sold That leaves this company with the question: Do we sell coins at this exchange rate so we can definitely start in 2 weeks or do we wait 2 weeks and possibly have a different rate, which might make it easier (higher exchange rate) or not possible (lower exchange rate) to start the operation From a business standpoint it is a no-brainer: sell as many coins as we need at this exchange rate to get the ASIC from the foundry If there is NO ASIC there's no mining operation and no hardware selling company... period |
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Jutarul
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Merit: 1000
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August 25, 2012, 06:26:44 PM |
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I voted no, shorting assets on an operation that in essence has it's position in regard to bitcoin long seems like the worst move I've ever heard.
Read the OP from HorseRider. ASICMiner is not a BTC investment fund. It's a hardware company. And as such it has to act accordingly, which includes minimize the risk of bankruptcy or failure to attract the necessary funds for strategic operations. Mining bitcoins is an investment in to bitcoin in long term. No. midterm the most (because of the need to break even with hardware, or sell it at the right time). Miners who hold on to their BTC are investors, but they don't have to be. I figured anybody who's investing in an ASIC operation would be aware of this, but I'll spell it out for you: The incentive structure of mining dictates that it will sooner or later become a sustenance business with low profit margins. The reason why some people still make considerable profit (and others don't) is because the technology spread is so large. The miners with the best hardware and the largest competitive advantage make the most profit. And as long as we haven't hit the technological barrier (found the most efficient solution) miners constantly have to adapt their operation to stay competitive. As such ASICminer is in a perfect position. It fuels the need for miners to stay competitive, and gets a piece of the action. If done right the company can get a foothold in the sustained development and supply of mining hardware and equipment. This is an attractive place to be in because the need to stay competitive for miners won't go anywhere soon. |
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keystroke
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August 26, 2012, 12:58:26 AM |
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Glad it passed. Have the coins been sold yet to raise the capital?
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"The difference between a castle and a prison is only a question of who holds the keys."
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friedcat (OP)
Donator
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Activity: 848
Merit: 1005
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August 27, 2012, 04:02:56 AM |
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Update
All pending orders are either executed or cancelled. There is still one trade unpaid yet.
The IPO is finally closed. Extra shares have been sent. Please check, and contact me if there's any mistakes. Thanks.
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keystroke
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August 27, 2012, 04:19:06 AM |
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Congrats to everyone on a successful IPO!
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"The difference between a castle and a prison is only a question of who holds the keys."
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DutchBrat
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August 27, 2012, 09:19:35 PM
Last edit: August 27, 2012, 09:57:16 PM by DutchBrat |
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Update
All pending orders are either executed or cancelled. There is still one trade unpaid yet.
The IPO is finally closed. Extra shares have been sent. Please check, and contact me if there's any mistakes. Thanks.
Congrats ! So what is the next step ? Design ready to go to the foundry ? Or how does this work ? edit: how many shares have been sold in total? What will happen with the remainder (if total sold <200K) or will Bitfountain hold a matching number of shares, so ASICMINER / Bitfountain is still 50% / 50% holding ? |
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Jutarul
Donator
Legendary
Offline
Activity: 994
Merit: 1000
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August 27, 2012, 11:04:03 PM
Last edit: August 27, 2012, 11:38:39 PM by Jutarul |
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Update
All pending orders are either executed or cancelled. There is still one trade unpaid yet.
The IPO is finally closed. Extra shares have been sent. Please check, and contact me if there's any mistakes. Thanks.
Congrats ! So what is the next step ? Design ready to go to the foundry ? Or how does this work ? edit: how many shares have been sold in total? What will happen with the remainder (if total sold <200K) or will Bitfountain hold a matching number of shares, so ASICMINER / Bitfountain is still 50% / 50% holding ? The difference gets distributed to existing shareholders. https://bitcointalk.org/index.php?topic=99497.msg1107204#msg1107204 |
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DutchBrat
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August 27, 2012, 11:35:59 PM |
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Update
All pending orders are either executed or cancelled. There is still one trade unpaid yet.
The IPO is finally closed. Extra shares have been sent. Please check, and contact me if there's any mistakes. Thanks.
Congrats ! So what is the next step ? Design ready to go to the foundry ? Or how does this work ? edit: how many shares have been sold in total? What will happen with the remainder (if total sold <200K) or will Bitfountain hold a matching number of shares, so ASICMINER / Bitfountain is still 50% / 50% holding ? They difference gets redistributed to existing shareholders. https://bitcointalk.org/index.php?topic=99497.msg1107204#msg1107204Ooooh, I did not read that in the post you link to Update
After the reserved orders are either executed or expired, the IPO will finish. Then we will transform the BTCs to fiats. If the fiats exchanged reach the amount of our (budget + redundancy), we will return the rest of the BTCs as dividends. Finally we will send the extra shares to investors.
In his last post today Friedcat said: Update
All pending orders are either executed or cancelled. There is still one trade unpaid yet.
The IPO is finally closed. Extra shares have been sent. Please check, and contact me if there's any mistakes. Thanks.
I assumed those shares were the 'extra' free shares block buyers were promised (I did not receive any extra shares today  ) So I am still a bit confused... |
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