Vycid
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Activity: 336
Merit: 250
♫ the AM bear who cares ♫
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August 25, 2013, 05:09:53 PM |
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Myminer has backed out because of legal issues in China and is now taking back all shares in return for the IPO price: Collecting funds from public is still illegal in China. We used to think that IPO with BTC can avoid this legal risk. However, it turns to be wrong after we consulted with several layers.
We realize that keeping holding your funds for this project is very risky and irresponsible.
Does this mean anything for AsicMiner? With this on top of what happened with BTCGarden and Avalon in China it seems to be becoming a very bad place to do BTC business. The sooner Friedcat moves some hashrate abroad the better. I am confident they will handle this properly. Short-term, this is always good news to see some competitors among all those new IPOs stepping out. Notice how they first collect the funds, and only then wonder if everything is ok to follow their plans. Evidently AM never wondered that at all, since it was just as illegal for them. |
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Rebelution
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Activity: 70
Merit: 10
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August 25, 2013, 05:21:32 PM |
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The key risk is that the investors will sue the venture if it proves unprofitable and the police will charge the founders of "illegal fundraising" (a broad term in chinese that covers illegal fundraising and just fraud in general). Given that AM has already paid out way over IPO price and is very successful, it is a very low risk.
Also BTCGarden was much higher risk because it also ran an exchange. Therefore people could exchange their fiat into bitcoin on their site and then purchase shares of BTCGarden. Making it look much more like collecting fiat to run the venture. AM has no such exchange.
I am not sure about MYMiner though.
EDIT: Just to be clear AM's raising of funds only through bitcoin made it less high risk. Additionally, AM IPO'd before the execution of Zeng Chengjie for "illegal fundraising." The execution has caused a lot of concern in China for good reason.
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Mausini
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August 25, 2013, 05:38:51 PM |
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Maybe it was a strategic placement to stop the shareprice from falling?
I mean its not important to friedcat what a share is priced What?  What the fuck are you talking about?! my question exactly asking this just proves how insanely uninformed some "investors" here are. |
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Rebelution
Member
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Activity: 70
Merit: 10
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August 25, 2013, 05:42:22 PM |
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Why would Friedcat care about the share price?
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stefffe
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August 25, 2013, 05:51:42 PM |
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price going up! yay!
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AbendWind
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August 25, 2013, 06:14:27 PM |
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price going up! yay!
What`s the reason? |
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eikzbtc
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Activity: 100
Merit: 0
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August 25, 2013, 06:16:53 PM |
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New stock of blockerupters  . |
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DeathAndTaxes
Donator
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Activity: 1218
Merit: 1079
Gerald Davis
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August 25, 2013, 06:18:09 PM |
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Why would Friedcat care about the share price?
Someone can be the founder, and CEO, and employee and investor. The only time an investor NEVER cares about share price is if they will never sell or buy. Has Friedcat signed any contract indicating his shares can never be sold and he can never purchase more shares on the market. If so then he cares about share price. If something happens in his personal life and he needs to raise a lot of fiat his shares are a significant source of wealth which can be partially liquidated. Now he may not be worried about the share price declining in the short term but all intelligent investors care about their return and that includes capital gains. |
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lano1106
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August 25, 2013, 06:18:30 PM |
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price going up! yay!
What`s the reason? The introduction of new colors for BEs? |
BTC: 1ABewnrZgCds7w9RH43NwMHX5Px6ex5uNR
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romerun
Legendary
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Activity: 1078
Merit: 1002
Bitcoin is new, makes sense to hodl.
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August 25, 2013, 06:23:49 PM |
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price going up! yay!
What`s the reason? cat spoke. Meow Meow, share rises. |
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Lauda
Legendary
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Activity: 2674
Merit: 2965
Terminated.
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August 25, 2013, 06:35:24 PM |
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price going up! yay!
It was expected. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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Vycid
Sr. Member
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Activity: 336
Merit: 250
♫ the AM bear who cares ♫
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August 25, 2013, 06:43:59 PM |
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price going up! yay!
It was expected. How'd you arrive at that expectation? I'm no technical trader but I was surprised to see it stick its head up above 3 again. I didn't consider that bounce likely excepting a surprisingly strong dividend this coming week. But the market is so paper-thin it's hard to have any idea what's happening short term. From my perspective this bounce is just going to delay capitulation. |
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Rannasha
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August 25, 2013, 06:46:53 PM |
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price going up! yay!
It was expected. How'd you arrive at that expectation? I'm no technical trader but I was surprised to see it stick its head up above 3 again. I didn't consider that bounce likely excepting a surprisingly strong dividend this coming week. But the market is so paper-thin it's hard to have any idea what's happening short term. From my perspective this bounce is just going to delay capitulation. Prices bounce up and down with every tiny little bit of news. A weak dividend one week causes a drop, announcement of some more USB miners causes a spike. Neither price-move is very representative of the true move of the underlying value caused by the news, but people are extremely quick to jump on and off. |
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Rebelution
Member
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Activity: 70
Merit: 10
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August 25, 2013, 06:47:06 PM |
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Why would Friedcat care about the share price?
Someone can be the founder, and CEO, and employee and investor. The only time an investor NEVER cares about share price is if they will never sell or buy. Has Friedcat signed any contract indicating his shares can never be sold and he can never purchase more shares on the market. If so then he cares about share price. If something happens in his personal life and he needs to raise a lot of fiat his shares are a significant source of wealth which can be partially liquidated. Now he may not be worried about the share price declining in the short term but all intelligent investors care about their return and that includes capital gains. Well given his vast amount of insider information, I would be much happier if he isn't purchasing the floating shares since the parent company already has more than 50% of the AM shares and I would think that be sufficient exposure? But yes, you are right, if he is an investor then he would care about the share price. Awfully bad situation for us shareholders if he does though... |
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TsuyokuNaritai
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August 25, 2013, 06:51:11 PM |
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Was there anything significant in FC's announcement of new USB miners that wasn't already known?
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velacreations
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August 25, 2013, 06:59:57 PM |
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Was there anything significant in FC's announcement of new USB miners that wasn't already known?
the new colors...  I'm still waiting for the new blades, I think that's much more significant at this point. |
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Lauda
Legendary
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Activity: 2674
Merit: 2965
Terminated.
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August 25, 2013, 07:02:47 PM |
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Was there anything significant in FC's announcement of new USB miners that wasn't already known?
the new colors... I'm still waiting for the new blades, I think that's much more significant at this point. Colors.. useless Yup blades are more important. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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tinus42
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August 25, 2013, 07:06:35 PM |
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Was there anything significant in FC's announcement of new USB miners that wasn't already known?
the new colors... I'm still waiting for the new blades, I think that's much more significant at this point. Colors.. useless Tell that to your girlfriend or wife. Yup blades are more important.
Waiting to see the nextgen blades specs. 10 Gh/s just won't cut it anymore. |
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velacreations
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August 25, 2013, 07:12:05 PM |
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Tell that to your girlfriend or wife. My wife isn't interested in BTC mining equipment... |
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binaryFate
Legendary
Offline
Activity: 1512
Merit: 1012
Still wild and free
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August 25, 2013, 07:14:21 PM |
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Tell that to your girlfriend or wife. My wife isn't interested in BTC mining equipment... Yeah, partners interested in BTC mining (or even just BTC) are sadly even more scarce than bitcoins... |
Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. This makes Monero a better candidate to deserve the term "digital cash".
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