ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Kouye]

just saw a pic of AM usb units on the local news 
Said btc = 650.  I guess they broadcast from under a rock lol!

Can you disclose what "local" is, please?

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[GTR_JOEY]

Sorry for the noob reply and I know this is slightly off topic

Ive converted my G ASIC shares to direct shares with Friedcat by pushing the shares to TAT.Investments, ive neglected to appreciate the full understanding of what I have done. For this transaction the shares are charged 5 microshares per whole share so they can be listed on Havelock AM100 and this is not what I want.

So my situation is:

1. I wish to hold the shares and not sell them (but obviously they need to be held somewhere)
2. I do not wish to buy anymore shares in AM atm
3. I Want the dividends to be sent to my private wallet

What is the best way to achieve this without fees and whilst securing my shares after bitfunder closes?

thanks

[houseofchill]

I am on the same boat like you guys, very great points above. I am reinvesting dividends all way down 2.7 , 2.5 , 1.7 , 1.0 , 0.56 , 0.57 ... right now my future life is in Friedcat's hands.

I believed in him and in ASICminer so like 6 or 7 months ago I invested 80% from my BTC into ASICminer, fuck fiat, I was never planning cashout BTC into fiat anyway. Dividends was the only way how to steady increase BTC position in long term.

Only true believers in BTC and in Friedcat will stay on the boat after this period, so I am not surprised that your opinions are similar to mine, who else should be on the boat right now if not us?

Btw I don't think that Friedcat was hard working on "bringing AM into another level" , payment system, exchange, great hi-end immersion cooling stuff and container design without strong believe that he'll be able hold significant percentage of the network in near future. Also a lot of groups successfully developed <130nm chip, so this should not be a problem for someone like Friedcat.

Yep, same here. From 2.5 down to .51.. I'm more 90% AM of my original BTC.

> who else should be on the boat right now if not us?

lol so true!

[jimmothy]

Sorry for the noob reply and I know this is slightly off topic

Ive converted my G ASIC shares to direct shares with Friedcat by pushing the shares to TAT.Investments, ive neglected to appreciate the full understanding of what I have done. For this transaction the shares are charged 5 microshares per whole share so they can be listed on Havelock AM100 and this is not what I want.

So my situation is:

1. I wish to hold the shares and not sell them (but obviously they need to be held somewhere)
2. I do not wish to buy anymore shares in AM atm
3. I Want the dividends to be sent to my private wallet

What is the best way to achieve this without fees and whilst securing my shares after bitfunder closes?

thanks

Why not use havelock?

You probably converted your g.asic shares to am100 shares which was an option given by TAT. If you want direct shares you need to transfer 105 shares for each direct share to TAT and send him an email with your btc wallet/email address. You can see more info on how to do this in the description on havelock.

[AMuppInTime]

You honestly think that FC is going to take the accumulated ~6,000,000 usd and just sit on it for 2 years? Even if he spend half of that on current gen hardware he could easily maintain 10%. What do you mean the roi is not stable and they might decide to stop paying divs? Where are you getting this misleading info from? Never has AM not payed divs and/or pull BS at any point.

FC in the interview announced that he plans to have gen3 28nm chips by feb if I remember correctly and gen2 40nm will come before that. All of which will be used for both sales and solo immserion cooled mining.

I don't "think" he would, but there's always a chance: he said he got the funds for 2 yrs of lab time, which as far as I know does not generate revenue - this assumes AM does not add to their mining farm. Asicminer was supposed to get 500TH shipped for October, I'm not sure if those are the cubes, but they could be: one nice dividend then what? You're speculating about what one "could" do with funds but I am just going along with what appears to be a sample scenario: friedcat saves enough to support staff/research for two years and fab time, while mining and hardware revenues continue to dwindle down (see past history).
We were promised a new chip gen for sept/October too, and it didn't arrive. What if the same thing happened again for the next gen? It is important to understand risks at this point.

The ROI is calculated depending on share price and dividend. What's AM's % of the network? Graph that over the last 6 months. If in a year AM has dropped the divs by half then your ROI will have dropped by about half too (if you buy at current).
How many dividends has AAPL paid? GOOG? A company gives out dividends at its discretion, be happy that ASICminer does, but you should see the value of the company beyond dividends, especially with the current push to sell hardware. Just like friedcat held back some divs the past few months, nothing prevents him from withholding ALL of if if he feels he needs to.

[minerpumpkin]

Where have you been?  unless you know Chinese ...

http://v.youku.com/v_show/id_XNjI1OTIxMTc2.html

A brief translation is as below:

1. Franchising: Only board members are allowed to become franchised partners. Their AM stocks are sent to FC as collateral in exchange for the ASIC devices. The devices are deployed by partners and 80% of the revenue generated by those devices is owned by FC.

2. FC has access to lower electricity cost which would be a big advantage compared to competitors outside China.

3. The estimated network hashrate of 1000p in 2014 is from a pessimistic point of view. Although it may not reach that level of hashrate by the end of 2014, FC would take it as a possible result and get well-prepared for it.

4. The immersion technique FC invented is a break-through compared to traditional one. This new technique would be of great help to the deployment of the new Gen chips.

5. FC didn't sell his AM stocks at the peak of its price. 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.

Thanks! I've now read a couple of pages and am back on track. Yeah, actually I've been on holiday when all that went down, so yeah...

[AndrewWilliams]

It seems like now is the right time to buy some AM shares, no?

[GTR_JOEY]

Sorry for the noob reply and I know this is slightly off topic

Ive converted my G ASIC shares to direct shares with Friedcat by pushing the shares to TAT.Investments, ive neglected to appreciate the full understanding of what I have done. For this transaction the shares are charged 5 microshares per whole share so they can be listed on Havelock AM100 and this is not what I want.

So my situation is:

1. I wish to hold the shares and not sell them (but obviously they need to be held somewhere)
2. I do not wish to buy anymore shares in AM atm
3. I Want the dividends to be sent to my private wallet

What is the best way to achieve this without fees and whilst securing my shares after bitfunder closes?

thanks

Why not use havelock?

You probably converted your g.asic shares to am100 shares which was an option given by TAT. If you want direct shares you need to transfer 105 shares for each direct share to TAT and send him an email with your btc wallet/email address. You can see more info on how to do this in the description on havelock.

thanks for your reply mate

Im not really too sure if converting to Havelock is in my best interest, im not saying it isn't, im just not sure

I have already completed the direct transfer function to TAT and the email has been sent so the shares are currently with him now. Not sure if what ive done can be un-done.

based on my situation in my original post is this the best way for me to go? surely theres a way to receive my dividends and not have to move the shares somewhere for a fee?

I just hate paying fees

thanks in advance

[hak8or]

[SNIP]

thanks for your reply mate

Im not really too sure if converting to Havelock is in my best interest, im not saying it isn't, im just not sure

I have already completed the direct transfer function to TAT and the email has been sent so the shares are currently with him now. Not sure if what ive done can be un-done.

based on my situation in my original post is this the best way for me to go? surely theres a way to receive my dividends and not have to move the shares somewhere for a fee?

I just hate paying fees

thanks in advance

If I understand correctly, you are mainly focused on getting the dividends? If so, Asicminer should have your public bitcoin address, and they send the dividends to that address. For example, I have my public address in bitfunder set to an address I own, so every week I get the dividends of that one share. That share is a direct share.

[GTR_JOEY]

[SNIP]

thanks for your reply mate

Im not really too sure if converting to Havelock is in my best interest, im not saying it isn't, im just not sure

I have already completed the direct transfer function to TAT and the email has been sent so the shares are currently with him now. Not sure if what ive done can be un-done.

based on my situation in my original post is this the best way for me to go? surely theres a way to receive my dividends and not have to move the shares somewhere for a fee?

I just hate paying fees

thanks in advance

If I understand correctly, you are mainly focused on getting the dividends? If so, Asicminer should have your public bitcoin address, and they send the dividends to that address. For example, I have my public address in bitfunder set to an address I own, so every week I get the dividends of that one share. That share is a direct share.

Yes this is what I mean, I already have an address set up to my wallet, though the last dividends were paid to my bitfunder account which im assuming was still the correct thing to happen

If im able to transfer my shares back to bitfunder what will happen to them when the site closes? will they simply become a direct share with AM with dividends being paid to my public bitcoin address I have in bitfunder

thanks

[Zubilica]

People are cashing out BTC, selling their assets, this includes AM shares, dividends will set a trend up or down for the future of AM. I have seen cubes sold allover the place and the price may lower for it. Awaiting with excitement the next develops of this project

[data]

Of course people are locking in profits, because I am fairly sure that bitcoin will dip again soon. That is the benefit of the early adopters that they can now take all those shiny Winklevoss dollar bills we are all so opposed to...
Also, US senate.

That said, with the amount of money and us selling about 10-12% of current network capacity in the last week and the next weeks, I don't see why more people are selling, but it is the small(er) investors that are on Havelock. But if I were one of the whales, I'd sell 100-200 shares right now, cash out to Euros or dollars, and buy myself a new car. Bonus points if you cashed out at 5

[empoweoqwj]

Of course people are locking in profits, because I am fairly sure that bitcoin will dip again soon. That is the benefit of the early adopters that they can now take all those shiny Winklevoss dollar bills we are all so opposed to...
Also, US senate.

That said, with the amount of money and us selling about 10-12% of current network capacity in the last week and the next weeks, I don't see why more people are selling, but it is the small(er) investors that are on Havelock. But if I were one of the whales, I'd sell 100-200 shares right now, cash out to Euros or dollars, and buy myself a new car. Bonus points if you cashed out at 5

My plan was to cash out half my shares at 5 because I bought at 2.5. But the price never quite got there on btct as far as  I know, got to around 4.8 from memory. People with direct shares could have auctioned some off for 5 I suppose.

But actually now, I'm happy to still have all my shares. Being invested heavily in a Chinese bitcoin mining company seems to be the exactly right place at this point. Time will tell of course.

[freedomno1]

Of course people are locking in profits, because I am fairly sure that bitcoin will dip again soon. That is the benefit of the early adopters that they can now take all those shiny Winklevoss dollar bills we are all so opposed to...
Also, US senate.

That said, with the amount of money and us selling about 10-12% of current network capacity in the last week and the next weeks, I don't see why more people are selling, but it is the small(er) investors that are on Havelock. But if I were one of the whales, I'd sell 100-200 shares right now, cash out to Euros or dollars, and buy myself a new car. Bonus points if you cashed out at 5

My plan was to cash out half my shares at 5 because I bought at 2.5. But the price never quite got there on btct as far as  I know, got to around 4.8 from memory. People with direct shares could have auctioned some off for 5 I suppose.

But actually now, I'm happy to still have all my shares. Being invested heavily in a Chinese bitcoin mining company seems to be the exactly right place at this point. Time will tell of course.

The market was crazy today hard as heck to try and figure out where to move on the exchanges

[freedomno1]

Of course people are locking in profits, because I am fairly sure that bitcoin will dip again soon. That is the benefit of the early adopters that they can now take all those shiny Winklevoss dollar bills we are all so opposed to...
Also, US senate.

That said, with the amount of money and us selling about 10-12% of current network capacity in the last week and the next weeks, I don't see why more people are selling, but it is the small(er) investors that are on Havelock. But if I were one of the whales, I'd sell 100-200 shares right now, cash out to Euros or dollars, and buy myself a new car. Bonus points if you cashed out at 5

My plan was to cash out half my shares at 5 because I bought at 2.5. But the price never quite got there on btct as far as  I know, got to around 4.8 from memory. People with direct shares could have auctioned some off for 5 I suppose.

But actually now, I'm happy to still have all my shares. Being invested heavily in a Chinese bitcoin mining company seems to be the exactly right place at this point. Time will tell of course.

The market was crazy today hard as heck to try and figure out where to move on the exchanges

Easy. wherever you can buy low, and sell h ... Oh, ya. Wherever you can buy low. Selling is not an option  

He-he there were brief selling moments when the exchange rate in fiat went down 200 bucks whistle
But ha-ha pretty much this until the exchange rate stabilizes (Not for a while Senate news is still bringing volatility (EDIT Volatility as in above the usual bitcoin volatility we are all used to lol )

[pietpatat]

Is there anyway to contact friedcat? Does he respond to PM's?

I transfered my shares from BTCT to direct shares but I didn't receive any dividend last week ( I did receive it the 2 weeks before that so I hope everything is ok with my shares )

[steamon]

I invested around 19 btc I earned with selling a miner. When it was 2,5 btc and little above. Have 6 direct shares currently. On short time I would sell on 5. But I am for the dividends see it like long term rents from a bank. When I look back in 5 years I might have 10 btc or more again. I might have lost some btc yes. But if 1 btc becomes over 5000$ I am also happy with the result. But nothing is sure how stuff will go. Maybe divendends go to the roof in the near future.

If AM becomes even more low then I might buy more shares. But me succes in bitcoin is in asicminer hands.

Bitcoin is risky don't use money you can't afford to lose and by happy with the results this ride brings. I still have regrets when btc was 8$ but yea I follow the above rule so there will by more chances in life.

[Trance]

Q: Why could I trust you?
A: In principle, like scientific theories, trustworthiness can only be
disproved. However some facts might contribute to more confidence: My ID, phone and email have all
been verified in GLBSE. I started running the fund called MU on GLBSE before it updated to version
2. I am also responsible for the GLBSE-listed bond MOORE.

Q: What about your partners?
A: They are my friends also located in China. I know them in person, trust
them myself in person. They are enthusiastic to this project and already commited a lot of hard
work at their best to make it succeed.

Q: Are you qualified of running Bitfountain and ASICMINER?
A: The short answer is yes.
    The long answer is: Although I myself come from a software background, my other two partners
have been worked in the IC field for long. One of my partners worked in a national lab focusing on
microprocessor design, the other worked in an CPU-for-embedded-device startup. Mining ASICs are
easy to be made work compared to their former projects, and the only problem is how good we could
make it to be. In this aspect, we have done almost all baseline optimizations and some more
aggressive ones. The uncommonly high heat density of mining ASICs is another technical problem but
we are also confident in solving it nicely.

Q: Why don't you raise money from angels or venture capitals?
A: Because most of them come from a different background to Bitcoin. The risk
model of their minds is far away from that of the Bitcoin community. They would consider Bitcoin
itself as an extra major, if not the biggest, source of risk. Therefore they usually tend to pose
harsher clauses than the Bitcoin community on us.

Q: Why don't you borrow money to do it?
A: Same as most startups: the expense is beyond the number we could borrow
from a normal channel. Plus, we are frank that our project involves quite a few risks. We choose to
share both the risks and the profits to investors willing to take them.

Q: Why do you choose to do IPO so early when you haven't reached the stage
of sending your final designs to the foundry?
A: Because we have to save time. If the IPO takes too long, or doesn't work
out so that we have find inferior ways to raise funds, time elapses and we will be outpaced by our
competitors. A IPO in parallel with the later stage of physical design will make the arriving date
of our products earlier. Plus, if we finally have found that it is necessary to cancel the IPO,
100.5% of all raised funds will be turned back to investors.

Q: What if your first generation of chips are outdated? What if the other
companies deliver their products earlier than you do?
A: The so called "outdated" technology is exactly why we have so inexpensive
NRE. And we plan to do self-mining before product-selling, to avoid pre-maturely triggering a
fierce price war. There will almost definitely a relatively long window for both us and our
competitors to profit before the market price of hashrates falls down to their margin cost. In
this time range, the difficulty will not exceed a level that even with our technology of choice,
the electricity fee and management cost is still negligible compared to the Bitcoins mined.

Q: The privileges of board members are vague. What exactly could they do?
A: Some of the information and details of our company is only provided on
request of board members. Board members can monitor our business running face to face, or send
representations to do it. We also hope that board members could help us with a full-fledged
open financial management on both the RMB-nominated and BTC-nominated funds.

Q: How will your MU and MOORE interact with ASICMINER?
A: I will try to keep as objective as possible and evaluate ASICMINER as yet
another normal startup when considering the configuration of the MU portfolio. MOORE, on the other
hand, will be boosted up to in MH/s per share with ASICMINER in exchange of its raised funds when
our chips come out, and also will be used as one of the mechanisms for ASICMINER to sell hashrates
in the future.

-------------------------------------------------------------------------------------------------

Q: What is your fundraising target? How do you decide whether this IPO succeeds or not?
A: The minimum target is 100k$. If the raised funds surpass this number, we will consider that our IPO is successful. However, we would like to raise more (120-140k$) because keeping the budget at minimum is very prone to unexpected scenarios.

Q: So you will send the extra shares at at time?
A: Yes.

Q: How do you achieve so low costs?
A: There are several factors.
  1. 130nm node size. As the mainstream switches to 28nm, the 130nm existed for so long that even many smaller foundries could do it very well. The intense competition of manufacturing in China brings the price of everything down, including ICs.
  2. MLM(Multi-Level-Mask). Compared to full-mask, this technology reduces the cost of mask-set to half with the exchange of increasing the margin cost by about 40%. This is a good deal for us because the margin cost of chips themselves is one of the lowest cost in our budget.
  3. Low EDA license fees and low labor cost in China.
  4. We ourselves did most of the RTL design, optimization and simulation.

Q: Why don't you use Bitfountain for your GLBSE ticker?
A: Because the ASICMINER shareholders (GLBSE investors) have an extra set of privileges upon Bitfountain shareholder (us).

http://arstechnica.com/security/2013/10/meet-badbios-the-mysterious-mac-and-pc-malware-that-jumps-airgaps/

how do miners know we are safe from USB having this problem and hacking info

[data]

Bitcoin is risky don't use money you can't afford to lose and by happy with the results this ride brings. I still have regrets when btc was 8$ but yea I follow the above rule so there will by more chances in life.

Well, if I had made perfect decisions, my 60 euros I had invested would now be 250k. This way, they are at about 35-60k, depending on the current value of bitcoin, and that is with having  "diversified" a few k to euros to hedge against a bitcoin crash. Of course it would be nice to have a quarter million, but you know... I was to lazy to get myself into  bitcoins in the very beginning, because I didn't see it going anywhere, now I am a firm believer and won't even exchange a whole anymore unless it hits 5-10k each, which would probably also mean that I wouldn't have to because I could just pay with them directly.

[data]

A common and recurring theme in this thread are two things:

• Friedcat has not lived up to his promise of keeping 10% of the network
• ASICMINER is ripping of their customers, because the hardware will most likely not get a positive ROI

ASICMINER has produced a bit more than 1 PH, which at current network capacity is about 22% of the network. So one way to look at it would be the following: ASICMINER have gotten more than the expected income of about 22% of the whole network so far, with some of it kept back for further development and salaries. How anybody thinks that ASICMINER or friedcat failed is beyond me. Also, the paid out profits so far are only for the first 500TH, so while the income will be way less than for the first 500TH, investors still have some to come.
Current valuation could still be appropriate depending on the assumed risks that necessarily exist with developing better hardware, but I think ASICMINER have the money for pretty much any developer on the whole world, if they wanted to.