ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Deprived]

http://garzikrants.blogspot.com/2013/01/avalon-asic-miner-review.html?m=1

guys I know alot of false talks aboit asics is allover the place. But can anyone ask Slush if this guy is legit? He claims an Avalon asic with 67ghps+ mining on slush pool! For pics or didnt happen giys, he did post some pics that dont really show anything.

It's legit - he got the first Avalon shipped.  We have no idea how many more (if any) have actually been sent to customers - but that one's real (there's plenty of pictures, logs etc around).

[1714097911]

1714097911

[DiabloD3]

garzik is a long time Bitcoin core dev ... how much more legit can you get in this community?

From the front page of http://bitcoin.org/ :

Developers
Satoshi Nakamoto
Gavin Andresen - gavinandresen@gmail.com (PGP)
Pieter Wuille - pieter.wuille@gmail.com (PGP)
Nils Schneider - nils.schneider@gmail.com (PGP)
Jeff Garzik - jgarzik@exmulti.com (PGP)
Wladimir J. van der Laan - laanwj@gmail.com (PGP)
Gregory Maxwell - gmaxwell@gmail.com (PGP)

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him. And the Bitcoin Foundation also got one, and a lot of these names also appear on the Foundation's board.

I believe Avalon is legit, and sans the FAILURE TO HANDLE THE SECOND BATCH PURCHASING ROUND CORRECTLY (WAAAARGH), I'm really happy for them.

[Puppet]

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.

ROFL, you wish.
You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero.  Nada.

[SgtSpike]

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.

ROFL, you wish.
You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero.  Nada.

With calling BFL a scam outright, he has lost all credibility as soon as they ship.

[Puppet]

He already lost it with his "$1M" DMC scam.

[deeplink]

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.

ROFL, you wish.
You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero.  Nada.

With calling BFL a scam outright, he has lost all credibility as soon as they ship.

Not to mention loosing 99% of investors money while managing DMC on GLBSE.

[SgtSpike]

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.

ROFL, you wish.
You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero.  Nada.

With calling BFL a scam outright, he has lost all credibility as soon as they ship.

Not to mention loosing 99% of investors money while managing DMC on GLBSE.

Lol, didn't hear about that one.

[niko]

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.

ROFL, you wish.
You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero.  Nada.

With calling BFL a scam outright, he has lost all credibility as soon as they ship.

Not to mention loosing 99% of investors money while managing DMC on GLBSE.

Lol, didn't hear about that one.

Can we please keep the thread clean and stay on topic? I don't even know who the dude is, and after seeing that statement I certainly don't need to know, and it's certainly got nothing to do with ASICMINER. Thank you.

[VJain]

Were there any ASICMINER stocks not purchases (owned by friedcat/the company)  before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?

[DiabloD3]

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.

ROFL, you wish.
You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero.  Nada.

With calling BFL a scam outright, he has lost all credibility as soon as they ship.

Not to mention loosing 99% of investors money while managing DMC on GLBSE.

Lol, didn't hear about that one.

Because it never happened. I already paid back half of what investors already invested. What Puppet (aka nefario's puppet) is not saying is nefario tried to steal DMC's assets by putting up a fake shareholder vote to remove me as CEO of the company, which nefario was then outvoted 9 to 1, keeping me as the CEO.

I suspect nefario also knew many farms were selling mining bonds that were not backed by any hardware, all the while claiming he investigated all companies to make sure they were legit. Many people trusted him, and many people were burned by his actions.

To claim I only had 5 minutes of fame is pretty lame. I continually contribute to the Bitcoin community as often as I can, and I've been here since the beginning. I claim BFL is a scam because they continually call investors 'customers' and investments 'pre-orders', it does not make a difference if they ship or not.

By their claims, they were the first to start working on AISCs (a year before anyone else), yet they have not shipped a product. I am not the only person on this forums who believes there is a low chance of them EVER shipping.

Oh, and by the way, DMC is an investor of ASICMINER.

[niko]

Were there any ASICMINER stocks not purchases (owned by friedcat/the company)  before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?

The IPO was finished long before GLBSE went down. Not all 200`000 IPO shares were sold before sufficient funds were raised, and the IPO closed. Initially, hundred percent of the profits will be diverted to dividends until 0.1 btc per share is paid out. From there on, each public share's dividend is worth 1/400`000 of the profits, regardless of how many shares were sold originally. It's all buried somewhere in this thread.

[matauc12]

Were there any ASICMINER stocks not purchases (owned by friedcat/the company)  before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?

The IPO was finished long before GLBSE went down. Not all 200`000 IPO shares were sold before sufficient funds were raised, and the IPO closed. Initially, hundred percent of the profits will be diverted to dividends until 0.1 btc per share is paid out. From there on, each public share's dividend is worth 1/400`000 of the profits, regardless of how many shares were sold originally. It's all buried somewhere in this thread.

The only thing I fail to comprehend is if its 1/400000 of the profit per share, isn't 12% of the profits not gonna be distributed?

[DiabloD3]

Were there any ASICMINER stocks not purchases (owned by friedcat/the company)  before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?

The IPO was finished long before GLBSE went down. Not all 200`000 IPO shares were sold before sufficient funds were raised, and the IPO closed. Initially, hundred percent of the profits will be diverted to dividends until 0.1 btc per share is paid out. From there on, each public share's dividend is worth 1/400`000 of the profits, regardless of how many shares were sold originally. It's all buried somewhere in this thread.

The only thing I fail to comprehend is if its 1/400000 of the profit per share, isn't 12% of the profits not gonna be distributed?

I'm not sure how you get to 12%. That would require 24% of the ASICMINER shares to be unsold and withdrawn from sale. I imagine ASICMINER"s parent company owns the unsold amount in addition to the other 50% of the profits.

[SgtSpike]

Yeah, the only people who can be considered as legit as possible is jgarzik, gmaxwell, me, gavin, and if satoshi ever returns to us in mortal form, him.

ROFL, you wish.
You had your 5 minutes of fame once up on a time, but you dont rank in there at all when it comes to credibility. For me you have none. Zero.  Nada.

With calling BFL a scam outright, he has lost all credibility as soon as they ship.

Not to mention loosing 99% of investors money while managing DMC on GLBSE.

Lol, didn't hear about that one.

Because it never happened. I already paid back half of what investors already invested. What Puppet (aka nefario's puppet) is not saying is nefario tried to steal DMC's assets by putting up a fake shareholder vote to remove me as CEO of the company, which nefario was then outvoted 9 to 1, keeping me as the CEO.

I suspect nefario also knew many farms were selling mining bonds that were not backed by any hardware, all the while claiming he investigated all companies to make sure they were legit. Many people trusted him, and many people were burned by his actions.

To claim I only had 5 minutes of fame is pretty lame. I continually contribute to the Bitcoin community as often as I can, and I've been here since the beginning. I claim BFL is a scam because they continually call investors 'customers' and investments 'pre-orders', it does not make a difference if they ship or not.

By their claims, they were the first to start working on AISCs (a year before anyone else), yet they have not shipped a product. I am not the only person on this forums who believes there is a low chance of them EVER shipping.

Oh, and by the way, DMC is an investor of ASICMINER.

Ok, fair enough, and I appreciate you defending yourself and setting the record straight.  Nefario did way worse than you, this is for certain.  Are you paying back the rest?

I just don't like you calling BFL a scam.  They aren't a scam if they deliver in the end, they are a scam if they do not.  All of the ASIC companies (with exception of ASICMiner) took preorders, and all of them called their preorder customers customers.  It doesn't matter if that doesn't fit your definition of a customer - everyone who preordered ASICs are customers.

[memvola]

Were there any ASICMINER stocks not purchases (owned by friedcat/the company)  before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?

The IPO was finished long before GLBSE went down. Not all 200`000 IPO shares were sold before sufficient funds were raised, and the IPO closed. Initially, hundred percent of the profits will be diverted to dividends until 0.1 btc per share is paid out. From there on, each public share's dividend is worth 1/400`000 of the profits, regardless of how many shares were sold originally. It's all buried somewhere in this thread.

The only thing I fail to comprehend is if its 1/400000 of the profit per share, isn't 12% of the profits not gonna be distributed?

I'm not sure how you get to 12%. That would require 24% of the ASICMINER shares to be unsold and withdrawn from sale. I imagine ASICMINER"s parent company owns the unsold amount in addition to the other 50% of the profits.

Yes, that's basically it.

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

It's (1) regardless of X. Its downside of is that the portion is less than (2) and (3) somehow. While the upside is that it will not go diluted when later investments come in because it's always 1/400,000 no matter how Bitfountain itself gets diluted.

I think it's likely that Bitfountain will sell more shares to raise money but it will not dilute our shares. It's also likely that the price will be close to market price.

[DiabloD3]

Ok, fair enough, and I appreciate you defending yourself and setting the record straight.  Nefario did way worse than you, this is for certain.  Are you paying back the rest?

Yes, over time. The half of income that originally was going to be spent on growing and maintaining the company is now being spent on buying back shares, the other half of income being paid out as dividends as per contract.

I just don't like you calling BFL a scam.  They aren't a scam if they deliver in the end, they are a scam if they do not.  All of the ASIC companies (with exception of ASICMiner) took preorders, and all of them called their preorder customers customers.  It doesn't matter if that doesn't fit your definition of a customer - everyone who preordered ASICs are customers.

Actually, it depends on what US law thinks. My interpretation of law is what BFL is doing is illegal. If my interpretation is wrong and they can legally call these pre-orders by customers instead of investments by investors, then they are still violating the law by taking pre-order money before shipment. If its not a scam, then what is it? These conditions do not go away just because they ship and the government can still go after them, including halting shipments of product and destroying them or refusing them entry into the US.

[DutchBrat]

thanks for the update, friedcat. it is well appreciated. awesome work!

eb3full or some other board memeber: would you care to share some details?

Like friedcat said, full deployment will take place in the first week or two. I think we'll have a better idea in a few days how long it'll take to deploy all of the boards.

The exchange is still slated to happen after the first dividend.

Does the board have a better idea yet how long it will take to deploy all the boards?
Our friends over at BFL seem to suggest assembly of their 6000 chips will take under 24 hrs.....granted you usually have to multiply their timelines by 5 or 6 but that would still mean our boards should have been assembled by now.... And are we waiting on all the boards to come back at the same time, or will any assembled board be shipped as a batch at the end of the day? So we can bring them online as they are assembled?

It is CNY come next week, so I am hoping assembly will be finished now and boards can be brought online before Friedcat et al will have their well deserved holiday!

[matauc12]

Were there any ASICMINER stocks not purchases (owned by friedcat/the company)  before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?

The IPO was finished long before GLBSE went down. Not all 200`000 IPO shares were sold before sufficient funds were raised, and the IPO closed. Initially, hundred percent of the profits will be diverted to dividends until 0.1 btc per share is paid out. From there on, each public share's dividend is worth 1/400`000 of the profits, regardless of how many shares were sold originally. It's all buried somewhere in this thread.

The only thing I fail to comprehend is if its 1/400000 of the profit per share, isn't 12% of the profits not gonna be distributed?

I'm not sure how you get to 12%. That would require 24% of the ASICMINER shares to be unsold and withdrawn from sale. I imagine ASICMINER"s parent company owns the unsold amount in addition to the other 50% of the profits.

There is about 150k share from the 200k IPO sold, so its 350k/400k, if you decide the profit by 1/400k per share, there would be 12% of the profit bit distributed. Shouldn't the profit dived by 1/350k per share?

[Deprived]

Were there any ASICMINER stocks not purchases (owned by friedcat/the company)  before GLBSE went down? If so, how will these be priced upon the exchange being brought back up? Will the value be at the same (0.1000BTC/per) or will it be adjusted based on market value//trade price after X days?

The IPO was finished long before GLBSE went down. Not all 200`000 IPO shares were sold before sufficient funds were raised, and the IPO closed. Initially, hundred percent of the profits will be diverted to dividends until 0.1 btc per share is paid out. From there on, each public share's dividend is worth 1/400`000 of the profits, regardless of how many shares were sold originally. It's all buried somewhere in this thread.

The only thing I fail to comprehend is if its 1/400000 of the profit per share, isn't 12% of the profits not gonna be distributed?

I'm not sure how you get to 12%. That would require 24% of the ASICMINER shares to be unsold and withdrawn from sale. I imagine ASICMINER"s parent company owns the unsold amount in addition to the other 50% of the profits.

There is about 150k share from the 200k IPO sold, so its 350k/400k, if you decide the profit by 1/400k per share, there would be 12% of the profit bit distributed. Shouldn't the profit dived by 1/350k per share?

No, because the definition at launch was 1/400k per share.  Had exchange-rate moved the other direction (or costs been higher than predicted) and they needed to sell more than 200k then the extra would have come from Bitfountain's share - so only fair they get the surplus when it moved the way it did.

Our cut was defined before we bought the shares - so no reason why it should be changed.

[SgtSpike]

Ok, fair enough, and I appreciate you defending yourself and setting the record straight.  Nefario did way worse than you, this is for certain.  Are you paying back the rest?

Yes, over time. The half of income that originally was going to be spent on growing and maintaining the company is now being spent on buying back shares, the other half of income being paid out as dividends as per contract.

I just don't like you calling BFL a scam.  They aren't a scam if they deliver in the end, they are a scam if they do not.  All of the ASIC companies (with exception of ASICMiner) took preorders, and all of them called their preorder customers customers.  It doesn't matter if that doesn't fit your definition of a customer - everyone who preordered ASICs are customers.

Actually, it depends on what US law thinks. My interpretation of law is what BFL is doing is illegal. If my interpretation is wrong and they can legally call these pre-orders by customers instead of investments by investors, then they are still violating the law by taking pre-order money before shipment. If its not a scam, then what is it? These conditions do not go away just because they ship and the government can still go after them, including halting shipments of product and destroying them or refusing them entry into the US.

It might be unlawful, illegal, etc, but calling it a scam implies malicious intent.  I have seen no malicious intent (towards its customers) from BFL thus far...

Definitions of scamming usually include words like "defrauding" or "swindling", and are preceded with words like "deliberately" or "intentionally".  BFL has not intentionally defrauded or swindled anyone.  They've had delays they were not expecting.