ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Lohoris]

I feel however, ideally, we should get some temporary transfer rights

Ideally you wouldn't get screwed in the first place.
Since bitfunder is already screwing you, you should already know you're quite far from ideal.

[webbrowser]

I feel however, ideally, we should get some temporary transfer rights seeing we are getting strong-armed into leaving bitfunder

Let's say you had 250 shares (or managed to pool it together).  You're depending on someone to process the outgoing transfer... and if the bitfunder pass-thru is really on fractional reserve, that someone really doesn't want you to txfer out.  How long do you think the transfer will take (during which you will be unable to react to market events)?

And you're still hoping to get temporary transfer rights?

[neilol]

Why is everyone so worried about this? Shares just become direct after Dec 1, correct?

As of December 2, 2013, BitFunder will initiate a transfer from the BitFunder site to the respective issuer(s) of any remaining shares held by any users that BitFunder knows to be U.S. persons or who did not obtain "Verified" status by December 1, 2013, and will provide the issuer(s) with the public bitcoin address associated with the user account. After transfer, each user will need to work with the issuer(s) with respect to the future treatment of the shares.

[KS]

Why is everyone so worried about this? Shares just become direct after Dec 1, correct?

As of December 2, 2013, BitFunder will initiate a transfer from the BitFunder site to the respective issuer(s) of any remaining shares held by any users that BitFunder knows to be U.S. persons or who did not obtain "Verified" status by December 1, 2013, and will provide the issuer(s) with the public bitcoin address associated with the user account. After transfer, each user will need to work with the issuer(s) with respect to the future treatment of the shares.

If they're available.

http://en.wikipedia.org/wiki/Fractional_reserve_banking

[neo_lee]

so,  Just hold BTC is right

[neilol]

Why is everyone so worried about this? Shares just become direct after Dec 1, correct?

As of December 2, 2013, BitFunder will initiate a transfer from the BitFunder site to the respective issuer(s) of any remaining shares held by any users that BitFunder knows to be U.S. persons or who did not obtain "Verified" status by December 1, 2013, and will provide the issuer(s) with the public bitcoin address associated with the user account. After transfer, each user will need to work with the issuer(s) with respect to the future treatment of the shares.

If they're available.

http://en.wikipedia.org/wiki/Fractional_reserve_banking

Considering the major price drop in AM...BF should be able to 100% fund the pass-through..it was effectively a successful short sell? It is however news to me that he was running a fractional reserve for a pass through, has this been public knowledge for some time?

[bitcoin.newsfeed]

Considering the major price drop in AM...BF should be able to 100% fund the pass-through..it was effectively a successful short sell? It is however news to me that he was running a fractional reserve for a pass through, has this been public knowledge for some time?

No. Ukyo was doing this behind the curtains and he doesn't have a right to do it. So basically he destroyed his trust/reputation in BTC community. Btw when he was investing BTC from AM shareholders shares into mining HW, good luck with that...

[addi]

Something like this would be kind of cool:
https://bitcointalk.org/index.php?topic=130117.msg3427661#msg3427661

[hlynur]

Holy shit man, are you a graphic designer? That looks really good, especially for something you cranked out drunk.

No snark, I'm impressed.

He's not. A graphic designer wouldn't use Papyrus font.

I agree with Vycid, that looks great.

nope not a graphic designer per se, same sector though (Animation/VFX). no expert with typo...but for the state i was in i'm happy i even found the text tool in ps  .
anyway cheers for the compliments, i hope i can joyfully excavate this pic in a year and AM will be still around and rollin'

[pascal257]

Considering the major price drop in AM...BF should be able to 100% fund the pass-through..it was effectively a successful short sell? It is however news to me that he was running a fractional reserve for a pass through, has this been public knowledge for some time?

No. Ukyo was doing this behind the curtains and he doesn't have a right to do it. So basically he destroyed his trust/reputation in BTC community. Btw when he was investing BTC from AM shareholders shares into mining HW, good luck with that...

is there any real evidence to this?

At least Ukyo paid the same dividend amount on the PT that the direct shares got.

[nubbins]

We're sure getting our mileage out of that clipart

[SebastianJu]

Does someone know whats the percent of the div friedcat is keeping each week? I mean we are at 30% annual return at the current shareprice. If he holds back 50% each time it would mean selling now could be an error since the divs might double soon when he stops keeping back reinvestment costs.

[pascal257]

Does someone know whats the percent of the div friedcat is keeping each week? I mean we are at 30% annual return at the current shareprice. If he holds back 50% each time it would mean selling now could be an error since the divs might double soon when he stops keeping back reinvestment costs.

He said he would keep part of the divs for a couple weeks and according to the financial report, they already spent a good chunk of money for R&D.
However I think its not known which percentage he is taking.

[kingcrimson]

What has friedcat done? He had 30% of the pie, and the business is now trash. Even Labcoin is close to them in TH. I feel as though he ran AM into the ground purposefully.

[notme]

What has friedcat done? He had 30% of the pie, and the business is now trash. Even Labcoin is close to them in TH. I feel as though he ran AM into the ground purposefully.

Probably.  You should sell.

[kingcrimson]

Nah I am not an investor, just observing this trainwreck and cognitive dissonence. Might roll the dice when it drops down to IPO, but considering they are bringing out third gen tech a quarter later than everyone else, even that is a gamble.

[lophie]

Ok question a question regarding Bitfunder directed to TAT (He is most likely reading this thread). Consider the new lights Ukyo is depicting Bitfunder on recently, Is there a possibility for transfers between TAT.ASICMINER on bitfunder to AM100 on havelock? Notice that there is no conversion to read shares which would not break your Pt rules.

[dexX7]

Ok question a question regarding Bitfunder directed to TAT (He is most likely reading this thread). Consider the new lights Ukyo is depicting Bitfunder on recently, Is there a possibility for transfers between TAT.ASICMINER on bitfunder to AM100 on havelock? Notice that there is no conversion to read shares which would not break your Pt rules.

There is an offer:

TAT.ASICMINER Bitfunder Migration Grace Period

In light of Bitfunder's recent announcements, we are enabling each Bitfunder shareholder ONE free migration to HavelockInvestments.com.

The following limitations apply:
1. You must initiate this migration request before November 15, 2013.
2. Due to a massive amount of requests, your migration might take anywhere from 1-14 days to process.*
3. After Nov. 15th, we may offer a fee-based transfer service, or discontinue the service.
4. We can make no guarantees that Bitfunder or Havelock will not impose additional limitations on trading in the future.

 How to Transfer Shares:
 1. Make the subject of your email: TAT.AM BF
 2. Push the amount of shares to the issuer account on Bitfunder: TATInvestments by using the Transfer feature while logged in to bitfunder.com
 3. Send an e-mail to tat.investments@gmail.com from your account email address registered with HavelockInvestments.com and include the following info:
   - Bitfunder account name (not email)
  - Bitfunder public wallet address
  - Quantity of shares
  - Havelock registered email address

Do NOT send your request more than once, and do NOT include other requests, questions or comments.

* Transfers will be transferred in batches, and confirmations will ONLY be sent after each batch. Do NOT send emails requesting updates.

NOTE: TAT Investments is not responsible for any lost value, arbitrage, or trading opportunities due to delays in processing transfer requests. TAT Investments is not responsible for any limitations or discontinuations of services or access to liquidity imposed by the host exchanges.

What has friedcat done? He had 30% of the pie, and the business is now trash. Even Labcoin is close to them in TH. I feel as though he ran AM into the ground purposefully.

According to the recent Chinese video and estimates ASICMINER has sold 1000 TH/s equivalent in hardware. This roughly equals on third of the current network hashrate.

[KS]

Was AM lucky or is hashrate really going up?

[13:23] <StalkBot_AM> [ Estimated hashrate between the last 25 deposits <76526.79 GH/sec> ]
[13:23] <StalkBot_AM> [ Mining 614.39800064 over 6 days, 10 hours at 390928788 difficulty ]
[13:31] <StalkBot_AM> [  DEPOSIT TO ASICMiner's mining address (1HtUGfbDcMzTeHWx2Dbgnhc6kYnj1Hp24i)  ]
[13:31] <StalkBot_AM> [ Deposit amount: 40.23055782 BTC. -> http://blockchain.info/tx-index/94992268 ]
[13:31] <StalkBot_AM> [             New balance at that address is now 503.97258653 BTC.             ]
[13:34] <StalkBot_AM> [  DEPOSIT TO ASICMiner's mining address (1HtUGfbDcMzTeHWx2Dbgnhc6kYnj1Hp24i)  ]
[13:34] <StalkBot_AM> [ Deposit amount: 40.37852473 BTC. -> http://blockchain.info/tx-index/94992864 ]
[13:34] <StalkBot_AM> [             New balance at that address is now 544.35111126 BTC.             ]
[22:50] <ll> !hashrate
[22:50] <StalkBot_AM> [ Estimated hashrate between the last 25 deposits <85468.7 GH/sec>    ]
[22:50] <StalkBot_AM> [ Mining 644.78964101 over 6 days, 57 minutes at 390928788 difficulty ]

[gyverlb]

What has friedcat done? He had 30% of the pie, and the business is now trash. Even Labcoin is close to them in TH. I feel as though he ran AM into the ground purposefully.

Why would he put more TH/s online when people are willing to buy them for more than they can generate in their lifetime? The smart thing to do is to sell them for a quick profit that can be reinvested instead of betting on the hashrate to reach a plateau in the next few months (only way current 1st gen chips could be profitable even bought at cost).

If I were in friedcat's position I would do exactly what he seems to do:
- keep hashing with existing hardware that has already been paid for multiple times,
- research new hardware tech to be ready to put it online ASAP,
- keep selling what customers want to buy and maybe install what is not selling quick enough/is partially defective in the mine to avoid wasting it.

This is called bidding your time. I would be worried if the mine was growing quickly in hashrate with 1st gen ASICs right now as the whole venture would probably risk bleeding Bitcoins.

Following this reasoning I took a risk and bought quite a few shares recently: they may not pay off right now, but I expect them to do so in 2014 and if I'm right it would be too late to buy them then.