ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Chris_Sabian]

When asked in the interview why he didn't cash out, he responded that if he sold out the shares, people who bought them would make him work for them. He would like to only work for himself.

This is perfectly reasonable for a businessman who believes in his product, himself, and the future of his company.  If he would have sold out, that would be a bad sign that he thinks the money now is better than future growth later.

If he cashed out 5,000 shares in July at BTC5 each and then sold, he would have made ~$3.3 million - a very nice payday.  His probably owns much more than 5,000 shares anyway.  So risking millions now on possible future growth by not selling, makes it appear that he believes in himself.  That is what I want in a CEO.

[AMuppInTime]

When asked in the interview why he didn't cash out, he responded that if he sold out the shares, people who bought them would make him work for them. He would like to only work for himself.

This is perfectly reasonable for a businessman who believes in his product, himself, and the future of his company.  If he would have sold out, that would be a bad sign that he thinks the money now is better than future growth later.

If he cashed out 5,000 shares in July at BTC5 each and then sold, he would have made ~$3.3 million - a very nice payday.  His probably owns much more than 5,000 shares anyway.  So risking millions now on possible future growth by not selling, makes it appear that he believes in himself.  That is what I want in a CEO.

Bitfountain owns 200,000 shares. When he says work for himself, he means being the one in charge. Any founder/CEO wants to do that - he is doing it so far.

[houseofchill]

OFFER EXTENDED, BETTER INSTRUCTIONS ADDED

G.ASICMINER & AM100 (TAT.ASICMINER) Conversion Offers
(Limited Time Only, Ends Nov. 22, 2013)
With Bitfunder blocking US citizens, requiring ID verification, and not allowing exports unless you have 250 shares, we know some of you feel stuck and are looking for options. Below are two new, temporary services we are offering.

We have decided to offer a limited-time service to convert your G.ASICMINER shares into AM100 (Havelock), AM1 (Havelock), or Direct Shares. These are fee-based services that require 5 microshares in fees per whole-share (or you can use whole shares to cover the fees for larger conversions).

There is no fee to convert G.ASICMINER to AM100 (fractional shares), but please note that AM100 shares carry a 5% management fee on dividends.

Additionally, we will be offering AM100 or TAT.ASICMINER shareholders a temporary service to convert their shares into AM1 or Direct Shares for the same fees.


Example #1: You have 10 G.ASICMINER shares, but you want to convert them to AM100 fractional shares. Pay no fees, simply push your G.ASICMINER shares to TATInvestments and email us according to the "G.ASIC > AM100" instructions below.

Example #2: You have 10 G.ASICMINER shares, but you want to convert them to direct shares. Push the 10 G.ASICMINER shares plus 50 TAT.ASICMINER shares (or AM100) to TATInvestments, and follow the "G,ASIC > Direct" instructions below.

Example #3: You have 1000 AM100 shares, but you want to convert them to AM1 shares. Transfer 1050 AM100 shares back to the issuer, and email us according to the "AM100 > Direct" directions below.


The following limitations apply:
1. You must initiate each conversion request before November 22, 2013.
2. Due to many requests, your migration might take anywhere from 1-9 days to process.
3. Beginning Nov. 22nd, these temporary services will be discontinued.
4. We can make no guarantees that Bitfunder or Havelock will not impose additional limitations on trading in the future.



G.ASICMINER TRANSFER OPTIONS

How to Convert G.ASICMINER Shares to AM100: (FREE SERVICE)
 1. Push the amount of shares to the issuer account on Bitfunder: TATInvestments
 2. Make the subject of your email: "G.ASIC > AM100"
 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 pushed
  - Havelock registered email address

How to Convert G.ASICMINER Shares to AM1: (Fee-based Service, 5 microshares per whole-share)
 1. Push the amount of shares to the issuer account on Bitfunder: TATInvestments
 2. Make the subject of your email: "G.ASIC > AM1"
 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 pushed
  - Havelock registered email address

How to Convert G.ASICMINER Shares to Direct Shares with Friedcat: (Fee-based Service, 5 microshares per whole-share)
 1. Push the amount of shares to the issuer account on Bitfunder: TATInvestments
 2. Make the subject of your email: "G.ASIC > Direct"
 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 pushed
  - Email address you want registered with Friedcat
  - Wallet address you want registered with Friedcat


AM100/TAT.ASICMINER TRANSFER OPTIONS

How to Convert Your AM100 (or TAT.ASICMINER) Shares to AM1: (Fee-based Service, 5 microshares per whole-share)
 1. Using the Transfer feature, push the AM100 (or TAT.ASICMINER) shares back to the issuer account. They must be a 105:1 ratio, this means the minimum is 105 AM100 or TAT.ASICMINER shares.
 2. Make the subject of your email: "AM100 > AM1"
 3. Send an e-mail to tat.investments@gmail.com from your account email address registered with HavelockInvestments.com and include the following info:
  - Havelock-registered email address
  - Quantity of shares pushed

How to Convert Your AM100 (or TAT.ASICMINER) Shares to Direct Shares with Friedcat (Fee-based Service, 5 microshares per whole-share)
 1. Using the Transfer feature, push the AM100 (or TAT.ASICMINER) shares to the issuer account. They must be a 105:1 ratio, this means the minimum is 105 AM100 or TAT.ASICMINER shares.
 2. Make the subject of your email: "AM100 > Direct"
 3. Send an e-mail to tat.investments@gmail.com from your account email address registered with HavelockInvestments.com and include the following info:
  - Account name
  - Quantity of shares pushed
  - Email address you want registered with Friedcat
  - Wallet address you want registered with Friedcat

How to Convert Your TAT.ASICMINER on Bitfunder to AM100 Shares on Havelock (FREE SERVICE)
 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 multiple requests in one email.

Conversions 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.

Got my AM100 > AM1 shares in one day. Thank you, TAT!

[limbaugh]

Got my AM100 > AM1 shares in one day. Thank you, TAT!

I'm sure everyone here is thrilled for you! Spam less please.

[SebastianJu]

Some comments about the leaked document.

I think it is a very preliminary design and nothing impressive inside.

First, all the issuers addresses are kept in the OSE servers, so it is not a real decentralized socket exchange. There's nothing in the blockchain for others to verify the issuer's addresses and map addresses to the stocks.

Second, The seller has to send 100 BTC (although will be returned immediately) to sell his shares for 100BTC seems quite ridiculous to me.

Third, it takes one hour to execute an order seems really too long.

In short, if this one is genuine then it's a bad news.

How should a coin based exchange work faster without being risky? Its a solution to be independent. For users that want to own or sell shares, not high frequenzy trading. But its an advantage to have it.

[bitcoin.newsfeed]

How should a coin based exchange work faster without being risky? Its a solution to be independent. For users that want to own or sell shares, not high frequenzy trading. But its an advantage to have it.

I think that this is created only for direct shares transfers between shareholders of ASICminer. It hasn't any other reasonable usage in my eyes. ASICminer wants to free themselves from nonstop updating some internal spreadsheet, from responsibility for transfers and from spamming Friedcat's PM inbox regarding share transfers. And also "automated payment system" for dividends will be working with this.

But we're talking about multimillion company here, so just hire one trustable person for handling that should solve this issues the same way.

[AMuppInTime]

I think that this is created only for direct shares transfers between shareholders of ASICminer. It hasn't any other reasonable usage in my eyes. ASICminer wants to free themselves from nonstop updating some internal spreadsheet, from responsibility for transfers and from spamming Friedcat's PM inbox regarding share transfers. And also "automated payment system" for dividends will be working with this.

But we're talking about multimillion company here, so just hire one trustable person for handling that should solve this issues the same way.

We're talking about a multi million company because the system they support is distributed - so distributing / enabling transactions within the blockchain seem to make sense.
Also, we're talking about a multi million company. Putting one guy in charge of finances is disaster waiting to happen.
I look forward to the concept spreading to other areas too.

[spinner]

Buying:

Each virtual stock will be bound with a bitcoin address for buying. To buy X shares with Y BTC each, please send X * Y + X * 0.00000001 BTC to the buying address. X cannot exceed 9999 and Y has to be dividable by 0.0001. For example, 10.00000100 represents to by 100 shares with 0.1 BTC each. The sending address is called 'buyer's address'.

This one-size-fits-all would not do for most stocks.  They really should reserve 3 bits (8 Satoshis) for a protocol version. For instance the published protocol would be modified as follows: buy by sending X*Y + (8*X+V)*.00000001 where V is the version number 0-7.  Y has to be divisible by 0.0008 instead.

Now you can have up 8 versions running at once (reasonably 4 to give yourself flexibility to evolve).  Maybe some of them would not require you to send 100 BTC to sell your shares.
 
... but this really needs it's own thread ...

[empoweoqwj]

Buying:

Each virtual stock will be bound with a bitcoin address for buying. To buy X shares with Y BTC each, please send X * Y + X * 0.00000001 BTC to the buying address. X cannot exceed 9999 and Y has to be dividable by 0.0001. For example, 10.00000100 represents to by 100 shares with 0.1 BTC each. The sending address is called 'buyer's address'.

This one-size-fits-all would not do for most stocks.  They really should reserve 3 bits (8 Satoshis) for a protocol version. For instance the published protocol would be modified as follows: buy by sending X*Y + (8*X+V)*.00000001 where V is the version number 0-7.  Y has to be divisible by 0.0008 instead.

Now you can have up 8 versions running at once (reasonably 4 to give yourself flexibility to evolve).  Maybe some of them would not require you to send 100 BTC to sell your shares.
 
... but this really needs it's own thread ...

I don't think they are designing it for "most stocks" are they, just for ASICMINER ones.
People have said "why are they wasting their time on this sort of stuff?". I think its because they see the need for a reliable, automated way to transfer AM shares. Its a good use of time in my opinion even if it doesn't scale to be a "virtual share platform". I don't think that was ever the intent.

[SebastianJu]

Buying:

Each virtual stock will be bound with a bitcoin address for buying. To buy X shares with Y BTC each, please send X * Y + X * 0.00000001 BTC to the buying address. X cannot exceed 9999 and Y has to be dividable by 0.0001. For example, 10.00000100 represents to by 100 shares with 0.1 BTC each. The sending address is called 'buyer's address'.

This one-size-fits-all would not do for most stocks.  They really should reserve 3 bits (8 Satoshis) for a protocol version. For instance the published protocol would be modified as follows: buy by sending X*Y + (8*X+V)*.00000001 where V is the version number 0-7.  Y has to be divisible by 0.0008 instead.

Now you can have up 8 versions running at once (reasonably 4 to give yourself flexibility to evolve).  Maybe some of them would not require you to send 100 BTC to sell your shares.
 
... but this really needs it's own thread ...

I don't think they are designing it for "most stocks" are they, just for ASICMINER ones.
People have said "why are they wasting their time on this sort of stuff?". I think its because they see the need for a reliable, automated way to transfer AM shares. Its a good use of time in my opinion even if it doesn't scale to be a "virtual share platform". I don't think that was ever the intent.

The question is if they waste time at all on this. I mean friedcat only needs to take a couple bitcoins, explain what he wants, pay a developer and done. Not really much time involved. But friedcat can save time later one when he dont have to shuffle shares around manually anymore.

[dexX7]

Block Erupter Cube

Speed: 30 Gh/s Guaranteed, 38.4 Gh/s theoretical when overclocked
Power Consumption: Approx. 200W, approx. 280W when overclocked
Compact, self-contained unit: 136mm x 153mm x 148mm

Efficient Cooling

Tubular structure built for airflow
Built-in 12cm fan, strong but quiet
Protection: The unit will be powered off in case of fan failure

Plug & Play

2 x PCIe 6 pin connectors for power supply
RJ45 socket for Ethernet connection
USB connection for debugging and firmware updates
Configuration through web page
Status LED indicating getwork/putwork activity

Powered by the World's first mining ASIC

Consists of six mini blades with 16 chips each
Speed of each chip can be monitored in web page
Overclocking just by one button click

Scalable

Extruded aluminum enclosure, rigid and tough
Multiple units can be slid together by 'tongue and groove' system
Accessories coming soon: adapter for server PSUs, cable converters, etc.

Source: http://www.wtcr.ca/catalog/product/bm-ambec-01

The promotion pictures look great.

And they have a similar high quality like the immersion cooling pictures.

[ninjarobot]

Very cool and well designed!

I'd buy one of these in a heartbeat if it came with upgraded ASICs (not buying any BE 100's anymore)

Small typo on the last slide: accessaries > accessories

[Kouye]

I'm sure BFL sold half of its hardware because it looked good

Very wrong. BFL sold half its hardware because they didn't have the second half in stock.

[Alphi]

Block Erupter Cube

Speed: 30 Gh/s Guaranteed, 38.4 Gh/s theoretical when overclocked
Power Consumption: Approx. 200W, approx. 280W when overclocked
Compact, self-contained unit: 136mm x 153mm x 148mm

Efficient Cooling

Tubular structure built for airflow
Built-in 12cm fan, strong but quiet
Protection: The unit will be powered off in case of fan failure

Plug & Play

2 x PCIe 6 pin connectors for power supply
RJ45 socket for Ethernet connection
USB connection for debugging and firmware updates
Configuration through web page
Status LED indicating getwork/putwork activity

Powered by the World's first mining ASIC

Consists of six mini blades with 16 chips each
Speed of each chip can be monitored in web page
Overclocking just by one button click

Scalable

Extruded aluminum enclosure, rigid and tough
Multiple units can be slid together by 'tongue and groove' system
Accessories coming soon: adapter for server PSUs, cable converters, etc.

Source: http://www.wtcr.ca/catalog/product/bm-ambec-01

The promotion pictures look great.

And they have a similar high quality like the immersion cooling pictures.

this one reason why the share price tanked.... these devices arent even competative with what is already on the market.

I just got my 30GH miner from BFL a few months ago... its about the same size, only draws 130 watts average, only has one chip in it and its barely breaking even.. thank moses for the rise in BTC otherwise it would never have had a chance to break even..

I only paid $750 for it (yeah I was one of the early adopters that got screwed by BFL for a whole year)
if I had have spent that money on BTC and just sat on it then I would be a rich man today...

for 1.5 BTC, at the current hash growth rate, those Cubes wont be able to make their money back.

[bitcoin.newsfeed]

this one reason why the share price tanked....

... and because we the shareholders don't have an update for alarming 6weeks, and we don't have a clue whats happening with this company and Friedcat.

[romerun]

CUBE should meet roi in fiat since btc is going to the moon, it's for one of those ppl living in one of those countries having a hard time aquiring btc through exchanges, they better get one of these asics than holding on to fiat. well these ppl are 80%+ of earth population btw

[shawshankinmate37927]

CUBE should meet roi in fiat since btc is going to the moon, it's for one of those ppl living in one of those countries having a hard time aquiring btc through exchanges, they better get one of these asics than holding on to fiat. well these ppl are 80%+ of earth population btw

Why would you measure ROI in fiat?  Shouldn't ROI always be measured in BTC?  (You don't have to use an exchange to acquire BTC.  I've never used Mt. Gox, Bitstamp, or any of the other exchanges.)

[Rival]

CUBE should meet roi in fiat since btc is going to the moon, it's for one of those ppl living in one of those countries having a hard time aquiring btc through exchanges, they better get one of these asics than holding on to fiat. well these ppl are 80%+ of earth population btw

Why would you measure ROI in fiat?  Shouldn't ROI always be measured in BTC?  (You don't have to use an exchange to acquire BTC.  I've never used Mt. Gox, Bitstamp, or any of the other exchanges.)

Most people do not have easy access to btc yet. Count yourself among the fortunate few who do. To you, it sounds trivial. To most, it is still difficult. A miner can make it simple. And mostly anonymous.

[hak8or]

CUBE should meet roi in fiat since btc is going to the moon, it's for one of those ppl living in one of those countries having a hard time aquiring btc through exchanges, they better get one of these asics than holding on to fiat. well these ppl are 80%+ of earth population btw

Why would you measure ROI in fiat?  Shouldn't ROI always be measured in BTC?  (You don't have to use an exchange to acquire BTC.  I've never used Mt. Gox, Bitstamp, or any of the other exchanges.)

Exactly, I haven't the foggiest as to why people keep doing this and I see this idea floating around so often. You are buying a product with the intention of making you wealth, so I assume you want as much gained wealth per wealth you put in as possible. If you buy a miner that would have cost 10 BTC at the moment of purchase, and then that unit makes back only 9 BTC of purchase, you have made 1 BTC of wealth less than had you just held BTC, assuming BTC in USD stays constant. At that point, you could have just bought BTC which is FAR less risky than buying a miner.

And the idea that people who can't buy BTC should buy a miner? What on earth are you smoking?!

[shawshankinmate37927]

CUBE should meet roi in fiat since btc is going to the moon, it's for one of those ppl living in one of those countries having a hard time aquiring btc through exchanges, they better get one of these asics than holding on to fiat. well these ppl are 80%+ of earth population btw

Why would you measure ROI in fiat?  Shouldn't ROI always be measured in BTC?  (You don't have to use an exchange to acquire BTC.  I've never used Mt. Gox, Bitstamp, or any of the other exchanges.)

Most people do not have easy access to btc yet. Count yourself among the fortunate few who do. To you, it sounds trivial. To most, it is still difficult. A miner can make it simple. And mostly anonymous.

You don't think someone who is capable of accessing the internet and placing an order for mining hardware and then connecting that hardware to the Bitcoin network would also be able to access this forum and buy some BTC using escrow?