ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Ninshatamoto]

Got some news
1.The will be a delay due to the issues of  New&Mini blade's power supply.Kind like 30th,this month.
2.And there will be a fixed price.Of course,you can get refund for the pre-order.

Issues have been solved.
The manufactory is working on it.

tài gǎn xiè nín le !

As always, thank you very much for bringing us the latest information!

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[JSMill]

Got some news
1.The will be a delay due to the issues of  New&Mini blade's power supply.Kind like 30th,this month.
2.And there will be a fixed price.Of course,you can get refund for the pre-order.

Issues have been solved.
The manufactory is working on it.

Thank you!

[burnside]

Tier    Total volume    Futures trading commission    Stock trading commission    Withdraw fee
VIP0    0    0.6%    1.2%    1.2%
VIP1    10    0.6%    1.2%    1.2%
VIP2    100    0.5%    1.0%    1.0%
VIP3    1000    0.4%    0.8%    0.8%
VIP4    10000    0.3%    0.6%    0.6%
VIP5    100000    0.2%    0.4%    0.4%
VIP6    1000000    0.1%    0.2%    0.2%

You have to trade 1,000,000 BTC volume before you get on PAR with btct.co's trade fees, nevermind that you'd already spent a fortune in fees to get there.  And you can NEVER get on par with btct.co's withdrawal fees which are basically free with the exception of the bitcoind client's fees.

I don't think I've seen fees that bad anywhere.  

Regarding the fees... If you do the math using the table by the time a trader reaches VIP6 (PAR with btct.co at 0.2% with 2FA enabled) the trader will have paid:

(900,000*.004 = 3600) + (90,000*.006 = 540) + (9,000*.008 = 72) + (900*.01 = 9) + (100*.012 = 1.2) = 4222.2 BTC in fees.

Or, you could just turn on 2FA on btct.co and for your first 1,000,000 in volume pay less than half that at (1,000,000*.002) = 2000 BTC in fees.

I realize there are some alternate products, but for ASICMINER trading, you're paying a lot more in fees unless you hold enough stock to get 50% of the fees back... 2222.2 BTC is a pretty wide gap to close with dividends.

Hi burnside,

About the fee, I'm sorry you're giving a wrong answer.
It's like this:

VIP1   10*0.006 = 0.06 BTC
VIP2 （100-10）*0.006 = 0.54 BTC
VIP3 （1000-100）*0.005 = 4.5 BTC
VIP4 （10000-1000）* 0.004 = 36 BTC
VIP5 （100000-10000）*0.003 = 270 BTC
VIP6 （1000000-100000）*0.002 = 1800 BTC
besides, we just charge commissions when the users are opening a position,but we count trading volume including: volume when open a position and volume when close a position
thus, the commission to reach VIP6 actually is: (0.06+0.54+4.5+36+270+1800)/2=1055.55
and we count 3 times volume for automatic settle(so the VIP value is also 3 times) on each Sunday
this fee is far less than yours
and VIP tier is permanent for our users.

if you have further question, please feel free to let us know.

Kind regards,
796 Exchange

I was not wrong.  Take the final tier for example:

VIP6 （1000000-100000）*0.002 = 1800 BTC

What you are saying is that you reach 0.2% upon reaching 100,000 (VIP5)  That is in fact incorrect according to your chart, you do not reach 0.2% until you have 1,000,000 in volume.

In other words, you are VIP5 (0.4%) between 100,000 to 1,000,000 until you reach VIP6 (0.2%).


Also, this is the ASICMINER thread.  I noticed you adjusted all your numbers using your futures trading percentages.  ASICMINER is a stock, is it not?  Again, keeping in mind we care about stock trading here, I was on track the first time:

(900,000*.004 = 3600) + (90,000*.006 = 540) + (9,000*.008 = 72) + (900*.01 = 9) + (100*.012 = 1.2) = 4222.2 BTC in fees.

Does the 3x volume counter also apply to stocks on sundays?

Cheers.

[SmiGueL]

We found a pretty nice amount of blocks today!




I've added a 24h/3d/7d Averaged Hashrate chart of the last month to the site _{Data source of this first chart is from Runeks.}

www.asicminercharts.com

[Strange Vlad]

It depends.
You know,most time, they work overtime,more than you can image.

I don't doubt it. friedcat and co. have the benefit of the doubt, no other company has earned this level of trust from their investors.

I mean the workers in manufactory.

Yeah, I've read about working conditions in China.  Workers on the factories can easily work 10+ hours a day, 6 days a week.  But they don't complain, they are very hard-working people.

[RippleCoins]

is ASICMINER allowed to write a motion proposing a stock split? I believe a 10:1 stock split would greatly benefit the company.

Shares are trading at almost 5BTC right now, which is around 450~ USD per share. This is a great sum of money. The next best option are the TAT.ASICMINER shares which are 100:1 but incure a 5% fee.

A 10:1 split would mean shares would be at 0.47/share, which will be a much more acceptable entry point for many newcomers.

[VolanicEruptor]

It depends.
You know,most time, they work overtime,more than you can image.

I don't doubt it. friedcat and co. have the benefit of the doubt, no other company has earned this level of trust from their investors.

I mean the workers in manufactory.

Yeah, I've read about working conditions in China.  Workers on the factories can easily work 10+ hours a day, 6 days a week.  But they don't complain, they are very hard-working people.

Of course they don't complain, they're doing it to survive.  Only people who exceed their basic survival income will complain about working.

[benm]

is ASICMINER allowed to write a motion proposing a stock split? I believe a 10:1 stock split would greatly benefit the company.

Shares are trading at almost 5BTC right now, which is around 450~ USD per share. This is a great sum of money. The next best option are the TAT.ASICMINER shares which are 100:1 but incure a 5% fee.

A 10:1 split would mean shares would be at 0.47/share, which will be a much more acceptable entry point for many newcomers.

The trading of stocks after the initial distribution doesn't benefit the company at all, unless they plan to sell.

[empoweoqwj]

is ASICMINER allowed to write a motion proposing a stock split? I believe a 10:1 stock split would greatly benefit the company.

Shares are trading at almost 5BTC right now, which is around 450~ USD per share. This is a great sum of money. The next best option are the TAT.ASICMINER shares which are 100:1 but incure a 5% fee.

A 10:1 split would mean shares would be at 0.47/share, which will be a much more acceptable entry point for many newcomers.

The trading of stocks after the initial distribution doesn't benefit the company at all, unless they plan to sell.

Companies are owned by the shareholders i.e us. So anything that benefits the shareholders should be considered. That's the starting point of any discussion.

Would a stock split benefit the shareholders? Probably yes, but I couldn't quantify by how much.

[mithrandi]

Companies are owned by the shareholders i.e us.

BitFountain has a majority shareholding, ie. not us.

[Pierre]

Splitting the stock 10:1 would mean more work for Friedcat moving shares around so I am against it.

[empoweoqwj]

Companies are owned by the shareholders i.e us.

BitFountain has a majority shareholding, ie. not us.

Companies are still owned by all shareholders, regardless of "voting rights" or "majority ownership", that's where the definition of "shareholding" comes from

[empoweoqwj]

Splitting the stock 10:1 would mean more work for Friedcat moving shares around so I am against it.

Good point. *Much* more work, as the amount of share trading would multiply up, probably much more than 10x

I think  a stock split would only "work" therefore if a dedicated trading platform was launched, so all the laborious manual work was removed once and for all.

The current direct transfer system done via email honestly isn't much good though. The manual labour for friedcat + cases of attempts at "double selling" (not sure if any successful?) which friedcat confirmed recently. Its not the most secure way to trade shares is it ....

[vlaoou321]

Splitting the stock 10:1 would mean more work for Friedcat moving shares around so I am against it.

Good point. *Much* more work, as the amount of share trading would multiply up, probably much more than 10x

I think  a stock split would only "work" therefore if a dedicated trading platform was launched, so all the laborious manual work was removed once and for all.

The current direct transfer system done via email honestly isn't much good though. The manual labour for friedcat + cases of attempts at "double selling" (not sure if any successful?) which friedcat confirmed recently. Its not the most secure way to trade shares is it ....

Shares rose is the best choice, waiting merger

[RippleCoins]

Splitting the stock 10:1 would mean more work for Friedcat moving shares around so I am against it.

Good point. *Much* more work, as the amount of share trading would multiply up, probably much more than 10x

I think  a stock split would only "work" therefore if a dedicated trading platform was launched, so all the laborious manual work was removed once and for all.

The current direct transfer system done via email honestly isn't much good though. The manual labour for friedcat + cases of attempts at "double selling" (not sure if any successful?) which friedcat confirmed recently. Its not the most secure way to trade shares is it ....

Shares rose is the best choice, waiting merger

I hope friedcat has plans for listing ASICMINER on a public exchange soon. This will greatly increase productivity for him and the company since he doesn't have to go through tens or hundreds of direct share transfers a week, and confirming them for auctions.

If that is the case, I believe a 10:1 stock split is greatly favorable.

[Endlessa]

Splitting the stock 10:1 would mean more work for Friedcat moving shares around so I am against it.

Good point. *Much* more work, as the amount of share trading would multiply up, probably much more than 10x

I think  a stock split would only "work" therefore if a dedicated trading platform was launched, so all the laborious manual work was removed once and for all.

The current direct transfer system done via email honestly isn't much good though. The manual labour for friedcat + cases of attempts at "double selling" (not sure if any successful?) which friedcat confirmed recently. Its not the most secure way to trade shares is it ....

Shares rose is the best choice, waiting merger

I hope friedcat has plans for listing ASICMINER on a public exchange soon. This will greatly increase productivity for him and the company since he doesn't have to go through tens or hundreds of direct share transfers a week, and confirming them for auctions.

If that is the case, I believe a 10:1 stock split is greatly favorable.

in the original post AM was listed as a virtual Entity. I doubt he has any standing as a legal company and there would be a lot of red tape to go through in order to list it on a public exchange I can't imagine this ever happening

[notme]

Splitting the stock 10:1 would mean more work for Friedcat moving shares around so I am against it.

Good point. *Much* more work, as the amount of share trading would multiply up, probably much more than 10x

I think  a stock split would only "work" therefore if a dedicated trading platform was launched, so all the laborious manual work was removed once and for all.

The current direct transfer system done via email honestly isn't much good though. The manual labour for friedcat + cases of attempts at "double selling" (not sure if any successful?) which friedcat confirmed recently. Its not the most secure way to trade shares is it ....

Shares rose is the best choice, waiting merger

I hope friedcat has plans for listing ASICMINER on a public exchange soon. This will greatly increase productivity for him and the company since he doesn't have to go through tens or hundreds of direct share transfers a week, and confirming them for auctions.

If that is the case, I believe a 10:1 stock split is greatly favorable.

in the original post AM was listed as a virtual Entity. I doubt he has any standing as a legal company and there would be a lot of red tape to go through in order to list it on a public exchange I can't imagine this ever happening

We should obviously trust your speculation over the official records of the Chinese government.

[chriswilmer]

Two transactions... one of them paid no fees

http://blockchain.info/block-index/400731/000000000000006a0a155da2d1c26324f79fb42250b6aafde774f2f4d4c27069

[Endlessa]

Splitting the stock 10:1 would mean more work for Friedcat moving shares around so I am against it.

Good point. *Much* more work, as the amount of share trading would multiply up, probably much more than 10x

I think  a stock split would only "work" therefore if a dedicated trading platform was launched, so all the laborious manual work was removed once and for all.

The current direct transfer system done via email honestly isn't much good though. The manual labour for friedcat + cases of attempts at "double selling" (not sure if any successful?) which friedcat confirmed recently. Its not the most secure way to trade shares is it ....

Shares rose is the best choice, waiting merger

I hope friedcat has plans for listing ASICMINER on a public exchange soon. This will greatly increase productivity for him and the company since he doesn't have to go through tens or hundreds of direct share transfers a week, and confirming them for auctions.

If that is the case, I believe a 10:1 stock split is greatly favorable.

in the original post AM was listed as a virtual Entity. I doubt he has any standing as a legal company and there would be a lot of red tape to go through in order to list it on a public exchange I can't imagine this ever happening

We should obviously trust your speculation over the official records of the Chinese government.

Yes please link citation of being registered as a Chinese business. That would be news

[notme]

Yes please link citation of being registered as a Chinese business. That would be news

There is this:

Hi everyone. Our team has just started a project of mining ASIC design & production. We believe it will be both profitable for us and good for the Bitcoin community if we fully work it out.

It is widely believed that the NRE cost of ASIC is very high, while the margin cost of mass ASIC production is very low. However, we happen to be in China, where the NRE cost is much more reasonable (~150k$ for 130nm, ~500k$ for 65nm, furthermore much less if you do a 1/N mask) than most people thought. And we are going to take well advantage of that.

Our approach is incremental in all aspects. We will set several milestones and see what will happen if we achieve each of them. The report on each stage will be posted here.

In the design stage, including both the front-end and the back-end, we are going to fund ourselves. When we are finally ready to turn our design into real chips, we will seek investments, possibly both inside and outside the Bitcoin world. The first batch of our ASIC will not be an end, and we are going to renew our technology with the evolution of the hardware industry, so we are going to make this project a long-term one. However, this thread is not for investment asking, but merely for discussion and our status report.

Open discussions (feel free to add more!)

1. Self mining .vs. Selling hashes .vs. Selling hardware

2. Warnings, e.g. what are the typical causes to a failed ASIC manufacturing

3. Approaches to get enough funding for production

(To be extended)

Status reports

July 18
We have had our IC design company registered at Shenzhen, China. The name of our company is "bitfountain"

We also have signed the confidential contract with the IC manufacturer and got the process library necessary for correct DC synthesis.

July 29

Front-end work done. Preliminary specification given.

August 2

More optimization and trade-offs applied. MH/J improved and Watt/mm^2 reduced at the cost of some chip area increase.

August 11

The pictures of our IC layer are revealed.

(Larger pictures: https://bitcointalk.org/index.php?topic=99497.msg1092138#msg1092138)

September 22
We are in the taping-out process with the foundry. The chip spec and interface made public.
https://bitcointalk.org/index.php?topic=91173.msg1211518#msg1211518

(To be extended)

Or this:

Could you give us the results of your chat with friedcat?  Inquiring minds want to know.  Thanks

I have received some documents, and from what I can tell the company Bitfountain, is registered july 12 in Shenzhen China. I have also received the names of the partners where only two is actually officially shareholders but the third (the hardware wizkid) will be added later on I am told. The names are the same as the owners of Bitfountain, so that's good. There seems to be an agreement with a manufacturer, but I cannot say if that's legit or not.

I have not (yet) been able to make up my mind about the viability of the project, or gotten any assurances. But Friedcat seems trustworthy and he's a Haskell* programmer, and what scammer would be a Haskell programmer? That's like a contradiction in terms, lol.

We'll see.





*)  Haskell=obscure programming language, of which I am a fan.

Or lots of other posts discussing Bitfountain.  The emphasis is mine in both posts.