ASICMINER: Entering the Future of ASIC Mining by Inventing It

[robix]

+1

[phantastisch]

Dear Friedcat, board members, dear shareholders.

I don’t speak a lot, but as a shareholder I need to speak out now.

Here are my concerns.

1.)   Un-transparency in company mining hashrate
2.)   Un-transparency in company hardware salles and other income/expenses
3.)   Lack of updates from board or Friedcat himself

---

Regarding the first concern, i proposed the following question in the first round of questions

“Could we have an official live hashrate meter from ASICMINER?”

We received 2 answers for now:

Yes. Our internal management system is towards its completing. Directing the data to a public webpage is easy.

The same question made into the second round of questions as well, so second answer was :

We have an internal one, mainly for troubleshooting when some of the racks going down. The hashrate meter based on the blocks mined reflects more of the real speed (plus luck of course). We will buy more bandwidth before making it accessible by the whole internet. It also requires more commitment in maintenance.

Now is middle of September and we still don’t have hashratemeter. We are still guessing the hashrate from mined blocks, we are still questioning, believing, hoping, speculating …

 

For second concern regards un-transparency in company sales I proposed the following question

“For more transparency, is it possible to share a wallet address for depositing income from ASICMINER hardware sales?”

This question made into the second round of shareholders questions.

answer

We use a different deposit address for each payment transaction. But a centralized nexus address is good. Then people could see how the funds are separated as dividends and expenses.

From bitcoin-flow in AM addresses as a shareholder I still don’t have a clue how many blades/usbs company sold in week/month. Also what about direct sales in China? Franchising? Expenses? 2nd gen development? Moving?

Its really hard to write few words after each dividend? “The sales was … and the news are” If CEO doesn’t have a time for this anymore than somebody from staff could handle the public relations.



Third concern, lack of updates.

I remember days when Friedcat delivers updates like clockwork. This is not true anymore. And humble shareholders are kept in speculating darkness. What happened with transparency?

In this unstable times we need updates more than ever.

In my everyday life I see that money changes people, but I believe this is not an issue here and we shareholders are still important for company.


Kind regards,

Monarch

The third concern is the main reason i sold my shares. Friedcat needs to step out of the dark again.

[ex-trader]

The interesting possible counter to all this is that Friedcat and the Board should consider the following:

- Change dividend policy to monthly (or even quarterly)
- Change update policy to the same frequency

The reality is that since AM is a privately-controlled company with a minority listed on exchanges and it is not seeking to raise money since it's very profitable, it has no reason to be wasting it's time dealing with the absurd frequency of updates and dividends demanded in the Bitcoin World. That way it could officially just concentrate on running the business.

As I've said before, I'm involved in a few big private companies as a Director, Investor or both. Not one of them provides either a shareholder update or a dividend more frequently than quarterly.

[robix]

That's popular IRL. Bitcoinland follows other rules.

[boyohi]

AM sell off because of no update and unknown hashrates?

[robix]

That's the consequence. Shareholders tend to sell, interested investors have no reason to buy.

[boyohi]

LC just imploded. It seems like all stocks are going down.

[AngelSky]

LC just imploded. It seems like all stocks are going down.

Indeed.

[velacreations]

1.)   Un-transparency in company mining hashrate

I want a hash meter, too, but I don't believe an AM hash meter adds to transparency.  It is better that 3rd parties are able to verify your hash rate:

http://asicminercharts.com
http://www.dpcapital.net/blockchain/?hours=96,72,48,24
http://runeks.dk/bitcoin/

[tarmi]

I want a hash meter, too, but I don't believe an AM hash meter adds to transparency.

for transparency use blockchain.

from the last 200 blocks 6 were found by ASICminer.

[houseofchill]

The interesting possible counter to all this is that Friedcat and the Board should consider the following:

- Change dividend policy to monthly (or even quarterly)
- Change update policy to the same frequency

The reality is that since AM is a privately-controlled company with a minority listed on exchanges and it is not seeking to raise money since it's very profitable, it has no reason to be wasting it's time dealing with the absurd frequency of updates and dividends demanded in the Bitcoin World. That way it could officially just concentrate on running the business.

As I've said before, I'm involved in a few big private companies as a Director, Investor or both. Not one of them provides either a shareholder update or a dividend more frequently than quarterly.

I agree. I'm down money on AM but I buy more when I can. There will be a leader that emerges from bitcoin miners. When bitcoin breaks the dollar's back what will happen to leveraged multinational corporations? Bitcoin will be the financial and consolidation center of the world. That's my gamble with AM. As long as things are on schedule I vote for friedcat to focus on the business.

Even I get sick of looking too often at prices.  The other players and BFL and Avalon made things look easy but they weren't easy.  Just look at Coinlab.

[Endlessa]

The interesting possible counter to all this is that Friedcat and the Board should consider the following:

- Change dividend policy to monthly (or even quarterly)
- Change update policy to the same frequency

The reality is that since AM is a privately-controlled company with a minority listed on exchanges and it is not seeking to raise money since it's very profitable, it has no reason to be wasting it's time dealing with the absurd frequency of updates and dividends demanded in the Bitcoin World. That way it could officially just concentrate on running the business.

As I've said before, I'm involved in a few big private companies as a Director, Investor or both. Not one of them provides either a shareholder update or a dividend more frequently than quarterly.

I agree. I'm down money on AM but I buy more when I can. There will be a leader that emerges from bitcoin miners. When bitcoin breaks the dollar's back what will happen to leveraged multinational corporations? Bitcoin will be the financial and consolidation center of the world. That's my gamble with AM. As long as things are on schedule I vote for friedcat to focus on the business.

Even I get sick of looking too often at prices.  The other players and BFL and Avalon made things look easy but they weren't easy.  Just look at Coinlab.

It's not uncommon for a VC to step in and request updates from a startup when numbers are looking down. Or step in and take control.  That being said, since nobody here has controlling shares and the stock is just a "virtual entity", it would have to be a desire to be courteous or the will of friedcat for an update to be provided.  Though I still hold this model to be questionable, there is no recourse to force or reason to provide an update except as a courtesy. A thing that is evidently not a priority at this point.

[velacreations]

Considering ASICminers overall success its surprising to see so many "experts" telling them how they should run their business. There's no lack of demand for shares so all this talk of "should have..." and "should do..." can just GTFO, they came here from nothing and kept their promises and that's worth far more than pro beancounting and paperwork.

I don't think it is unreasonable to get some information from FC regarding the mining problems and more concrete details of hardware for the next few weeks.  It would greatly help confidence to get some more information on how problems are being addressed.

[noodle_dam]

Dear Friedcat, board members, dear shareholders.

I don’t speak a lot, but as a shareholder I need to speak out now.

Here are my concerns.

1.)   Un-transparency in company mining hashrate
2.)   Un-transparency in company hardware salles and other income/expenses
3.)   Lack of updates from board or Friedcat himself

---

Regarding the first concern, i proposed the following question in the first round of questions

“Could we have an official live hashrate meter from ASICMINER?”

We received 2 answers for now:

Yes. Our internal management system is towards its completing. Directing the data to a public webpage is easy.

The same question made into the second round of questions as well, so second answer was :

We have an internal one, mainly for troubleshooting when some of the racks going down. The hashrate meter based on the blocks mined reflects more of the real speed (plus luck of course). We will buy more bandwidth before making it accessible by the whole internet. It also requires more commitment in maintenance.

Now is middle of September and we still don’t have hashratemeter. We are still guessing the hashrate from mined blocks, we are still questioning, believing, hoping, speculating …

 

For second concern regards un-transparency in company sales I proposed the following question

“For more transparency, is it possible to share a wallet address for depositing income from ASICMINER hardware sales?”

This question made into the second round of shareholders questions.

answer

We use a different deposit address for each payment transaction. But a centralized nexus address is good. Then people could see how the funds are separated as dividends and expenses.

From bitcoin-flow in AM addresses as a shareholder I still don’t have a clue how many blades/usbs company sold in week/month. Also what about direct sales in China? Franchising? Expenses? 2nd gen development? Moving?

Its really hard to write few words after each dividend? “The sales was … and the news are” If CEO doesn’t have a time for this anymore than somebody from staff could handle the public relations.



Third concern, lack of updates.

I remember days when Friedcat delivers updates like clockwork. This is not true anymore. And humble shareholders are kept in speculating darkness. What happened with transparency?

In this unstable times we need updates more than ever.

In my everyday life I see that money changes people, but I believe this is not an issue here and we shareholders are still important for company.


Kind regards,

Monarch

---

Kind Regards,
-noodle_dam

[binaryFate]

Considering ASICminers overall success its surprising to see so many "experts" telling them how they should run their business. There's no lack of demand for shares so all this talk of "should have..." and "should do..." can just GTFO, they came here from nothing and kept their promises and that's worth far more than pro beancounting and paperwork.

+1

And what with this non-stop obsession of a hash meter?
Are you in AM to look at their hashrate fluctuating every few hours? If not, then the estimates on 24h and more are far enough for you. And anyway, who cares about hash rate? We care about money reaching our pockets, right? Which means blocks found, and this is a public info.

[lenny_]

Hi there,
I am not ASICMINER shareholder, but bulk order-buyer. I have purchased total of about 80 BE Blades. I bought 60 Blades recently from last old Blade promotion. Now I am trying to contact friedcat by e-mail, by PM and I have no answer at all in last 15 days.
Can someone tell what's going on? I want to buy about 50-100 New BE Blades but looks like they have no time to respond to their customers.

[JimiQ84]

I would at least expect this from friedcat in this thread. But, well... we are resourcefull and can find info anywhere :-)

I have send fiedcat a pm asking fo the timeframe.

This is the response I received.  Can't say I understand it, but it sounds like September 16 there will be more info or a new post to clarify:  

Hi,

Here is the timeline:

Now - continuously supply of block erupter USBs
September 16 - restocking of new blades
October 7 - releasing of newer products

We would compensate with new blades or a combination of the above three. But anyhow we will start compensating(collecting information and shipping) at September 16.

Best regards,

friedcat

Thanks for the info. I received no response.

[velacreations]

interesting.

October 7, releasing of "newer products"?  what does that mean?

[Vycid]

I agree. I'm down money on AM but I buy more when I can. There will be a leader that emerges from bitcoin miners. When bitcoin breaks the dollar's back what will happen to leveraged multinational corporations? Bitcoin will be the financial and consolidation center of the world. That's my gamble with AM. As long as things are on schedule I vote for friedcat to focus on the business.

Even I get sick of looking too often at prices.  The other players and BFL and Avalon made things look easy but they weren't easy.  Just look at Coinlab.

You understand that ASICMiner could emerge as the clear leader in Bitcoin mining, and 2BTC/share could STILL be an unfair price, right?

The total number of bitcoins available each year from block rewards is currently 1.36M. That will halve in 3 years and every 4 years after that.

Mature companies rarely have profit margins above 20% and it is unlikely that AM will do better than 20-30% of the total hashrate, even if they emerge as a leader. You are completely discounting the competition otherwise.

So, do the math. Or look here:

https://bitcointalk.org/index.php?topic=235763.msg3134886#msg3134886

Ask yourself this - for a company that went up 5000% from the IPO, would you consider a fair value overshoot of a couple hundred percent unreasonable? (Don't forget that USD/BTC is up 10x from the IPO too).

I'm sorry if you lost money, but if you do not base your stock trades on facts, math and logic, you are a gambler, not an investor.

[Vycid]

interesting.

October 7, releasing of "newer products"?  what does that mean?

I certainly hope it doesn't mean FC is giving out inside info via PM instead of taking the time to make a public update.

I suspect this PM was manufactured - I have more faith in FC than that.