ASICMINER: Entering the Future of ASIC Mining by Inventing It

[niko]

This information must be buried somewhere around pages 13-15, but I cannot find it: what is the number of outstanding shares (sold in IPO, including the "extras")?  EDIT: see answer below.

Also, a clarification is needed: after investors have received their 0.1 btc per share, further profits will be distributed as (assuming X was the number of shares sold to the investors) -
(1) 1/400`000 per share, regardless of X, or
(2) 1/(200`000+X) per share, or
(3) 1/(2X) per share

 

EDIT: relevant quotes -
 

@Jutarul

Within my understanding, the way friedcat raise capital for the bitfountain is a little different than traditional. The total number of shares of the bitfountain is 400k, and no matter how many ASIC shares we purchase through the IPO, the number of bitfountain shares outstanding will not be impacted. Things happen in this way:

1. Bitfountain has 400k shares issued, which all belongs to the 3 partners.
2. An SPV set up named ASICMINER. the total number of shares outstanding is not decided.
3. Whenever ASICMINER issue 1 share, the 3 partners will sell 1 share of bitfountain to the ASICMINER at the price of 0.
4. ASICMINER will be responsible for the R&D cost of the bitfountain. if the money ASICMINER raised through its IPO is more than bitfountain need, there will be a special big dividend.
5. ASICMINER's share in bitfountain has a preference in the dividend distribution of bitfountain.

In conclusion, 1 ASICMINER share represents 1 bitfountain share, with some privilege.

Thanks for the interpretation. I suspect these things get cleared up when friedcat prepares his first report and/or releases the business plan to board members. My current understanding diverges a bit from yours, mainly because I see 200k shares issued on GLBSE for ASICMINER. Thus, in your language, the shares already got sold from BITFOUNTAIN to ASICMINER beginning of August at a price of 0. All 200k shares are in the possession of ASICMINER. Those shares which haven't been sold through the IPO to the shareholders should still be in the account for ASICMINER.

The IPO is officially closed. However, if you seriously consider becoming a board member by going through the bulk purchase option, please contact friedcat. There is still a pile of shares which didn't get sold. However, using those may require the approval of the existing board members, since it effectively dilutes the existing shares. (currently a share is worth more than 1/200,000, because not all shares were sold).

ADDENDUM: the current traded quantity can be observed through: https://glbse.com/api/quantity_trading/ASICMINER
(which is 154262 at the time of writing)

[1713927066]

1713927066

[LazyOtto]

Update
...

Thank you, friedcat.

Information from you is always very much appreciated.

[niko]

I have received a confirmation email with the correct addy and the number of shares. Thank you, friedcat, for cleaning up the GLBSE mess.

[JordanL]

Have any details been released about ASICMINER shares being re-listed on one of the exchanges?

If anyone is selling shares, please contact me.

[lophie]

Thank you for the email. Now I can emotionally move on from GLBSE issue.

[2GOOD]

Do I have to do something special to receive such an e-mail... I've send a claim email long time ago and AFAIK GLBSE sent shareholders info too....

[niko]

Do I have to do something special to receive such an e-mail... I've send a claim email long time ago and AFAIK GLBSE sent shareholders info too....

I suggest waiting a few more days, obviously they are still processing claims and sending out confirmations every day. Busy with engineering, too.

[DutchBrat]

GOOD NEWS!!!

BFL won't start shipping before Feb 10th https://forums.butterflylabs.com/announcements/692-bfl-asic-status.html

So we have a couple more weeks to mine at lower difficulty 

[rxw]

GOOD NEWS!!!

BFL won't start shipping before Feb 10th https://forums.butterflylabs.com/announcements/692-bfl-asic-status.html

So we have a couple more weeks to mine at lower difficulty 

However, Avalon ASIC has announced that they're shipping their first batch by the end of the week (about 20 TeraHash worth, if I remember correctly). They haven't posted pictures or videos of any prototypes, but I haven't seen any reason to doubt they're a trustworthy company either. It'll be a close race to see who's first, that's for sure!

[2weiX]

got my 170-odd shares secured.
what now?

am i rich?
sell for 1 each?

[rxw]

got my 170-odd shares secured.
what now?

am i rich?
sell for 1 each?

Nobody is buying for 1 each

[2weiX]

got my 170-odd shares secured.
what now?

am i rich?
sell for 1 each?

Nobody is buying for 1 each

DAMN.

[kibblesnbits]

got my 170-odd shares secured.
what now?

am i rich?
sell for 1 each?

Nobody is buying for 1 each

DAMN.

Give it a couple weeks 

[niko]

At this moment:

[punin]

Update would be nice.

[DutchBrat]

Update would be nice.

Usually on Thursday

[anddy78]

Where is my mail?  
Edit: Got it! Thanks. 

[Tachikoma]

Seems the trend of the thursday morning (GMT+1) updates have been broken, and at such a crucial time. I wouldn't mind an update

[friedcat]

Update

What happened last week:

1. Workshop with sufficient power supply and cables for mining farm settled.
2. Solution of mechanical parts such as heatsinks done and products bulk-ordered.
3. The mass production (second batch) of the chips starts in the fab.
4. The rest 6 wafers finished and in the QC stage.
5. Waiting for all the main boards assembled with chips and components done.

We would like to say that the shareholders of ASICMINER are always in a better place now, than device users. because while  the everlasting free upgrade from providers for users is not possible, all our future products will benefit our shareholders. Thanks to all shareholders for taking the risks with/for us as investors in the beginning of our project. Higher risks are almost always rewarded with higher returns when the risks are eliminated. Now the biggest risks have gone so please expect the enjoying of both short-term and long-term profits of us in the next years. And also thanks for your patience.

The deploying with the whole 12 wafers may take more than two weeks. But everything is progressing well and no exceptions happened. We will make more frequent updates when any new milestones are hit.

[DiabloD3]

Update

What happened last week:

1. Workshop with sufficient power supply and cables for mining farm settled.
2. Solution of mechanical parts such as sub-racks and heatsinks done and products bulk-ordered.
3. The mass production (second batch) of the chips starts in the fab.
4. The rest 6 wafers finished and in the QC stage.
5. Waiting for all the main boards assembled with chips and components done.

If our competitor meets their deadline and ships the products on time, congratulations to them. However, the shareholders of ASICMINER are always in a better place now, than device users. because while  the everlasting free upgrade from providers for users is not possible, all our future products will benefit our shareholders. Thanks to all shareholders for taking the risks with/for us as investors in the beginning of our project. Higher risks are almost always rewarded with higher returns when the risks are eliminated. Now the biggest risks have gone so please expect the enjoying of both short-term and long-term profits of us in the next years. And also thanks for your patience.

The deploying with the whole 12 wafers may take more than two weeks. But everything is progressing well and no exceptions happened. We will make more frequent updates when any new milestones are hit.

So the completed boards should be back early Feb?