ASICMINER: Entering the Future of ASIC Mining by Inventing It

[eyecoins]

Price manipulation is strong ITT.

<--- HOLDING

[sayonara_sam]

Well lets just say I lost 32BTC from investing into this. I know its my fault so you guys don't have to blame me for taking this risk. It is a part of investing into things like this. It is just sad that it is becoming very common now in the btc forums.

I myself invested well over 1 Million into multiple bitcoin companies trying to get up an running and majority of them keeps their word. It turns out the ones who have too much to handle just breaks down and decide to make a few sales and run off with it. This is all a risk that you have to take and its our faults for investing into it.

finally, fresh perspective
it looks like scam now
.
.

"we are all fucked over again", in bfl style (failed gen2, overpromised gen3, no communication and "subject to change")

sad.

   

[hlynur]

feels like the time before announcement of gen3 in here.
iirc friedcat then also took his time with the update while shortterm (shortsighted) investors were freaking out and sockpuppets tried to manipulate sentiment.

i haven't followed too closely during the last weeks but from what i picked up the plan was to pay divs on a monthly basis in the future.
it would sound logical to me if he combines financial report and payment at the latest on sunday, 1st June (or probably monday)
if friedcat wouldn't have logged in for more than a week now then i'd start to be concerned.

Submitted Questions:
1) When can we expect the financial report that's supposed to coincide with the next round of dividends?
re 1) May 27.

2) With the switch to selling chips, can we expect dividends to be paid out on are "more monthly" basis?
re 2) Most likely yes.

5) Are there any current plans of improving the PR; maybe bi-weekly short summaries or a PR person (board member?)? Are question sets like this an option, maybe once a month?
re 5) This question set can be posed more frequently. For the PR topic, it's still a to-be-solved problem.

General Disclaimer
==================

Please note that some information is subject to change, as this is a very agile business. Please be careful when speculating on company valuation. This information is purely provided as a service to current shareholders and may not be free of errors.

whatever, let's shake out the weak hands once again before divs roll in.
it's a joke that 2 days delay suffice to raise so much doubt about fc's longtime commitment to his company and turn this thread into a stirred up anthill.

[bitcoiner49er]

Can someone link the quote from Friedcat that stated May 27th? No? Ok then, what's the problem?

[xhomerx10]

Well lets just say I lost 32BTC from investing into this. I know its my fault so you guys don't have to blame me for taking this risk. It is a part of investing into things like this. It is just sad that it is becoming very common now in the btc forums.

I feel there should be some sort of verification with the admins or have a team here that verifies the authenticates of certain groups like this. I know it will not solve the issue but it would help provide legal documents in case something like this happens.

I myself invested well over 1 Million into multiple bitcoin companies trying to get up an running and majority of them keeps their word. It turns out the ones who have too much to handle just breaks down and decide to make a few sales and run off with it. This is all a risk that you have to take and its our faults for investing into it.

All we need is just a new system or community towards fixing things like this. I for one would pay a lot of money for people who are good with creating a team and site that can do a job like this to prevent people from doing what has been done here.

Why on earth do you assume you have lost everything?

Its a PITA that FC is late posting, totally agree there, but it doesn't mean you have lost everything.

A "community" can never prevent fraud anyway. If companies want to run away with people's cash, there are a thousand ways to do it. And by "company" I mean regulated or unregulated.

 A community can prevent fraud.  However, the first step is to identify it and the discussion needs to take place in order for the perceived fraud to be validated or invalidated as the case may be.

[shawshankinmate37927]

Actually it is the "subsequent investors" are the ones who made Friedcat rich.
He liquidated shares when the price hit 4 btc/share
Some people don't seem to understand the relevance of the secondary market.

Source?

IIRC he specifically said he didn't sell during the bubble.

It was last year at the peak, I remember seeing a post in the securities subforum here, I think it was Bitfountain that liquidated some shares at 4.
If someone is in the mood to dig around the posts in the forums, you guys are my guest.

Found this quote: https://bitcointa.lk/threads/asicminer-entering-the-future-of-asic-mining-by-inventing-it.61268/page-140#post-1597354

So although it's likely bitfountain did unload shares at 4btc/share, FC did not get rich because of it.

What is it exactly in that post that leads you to conclude that Bitfountain sold shares?  (Also, that post is dated March 28, 2013 when AM shares were selling for less than 2 BTC each and maybe even closer to 1 BTC.)

Edit: Here's a link to an auction of AM shares dated March 26, 2013 that was eventually cancelled, but opening bids were set at .72 BTC per share.  https://bitcointalk.org/index.php?topic=159244.0

[arousedrhino]

Well lets just say I lost 32BTC from investing into this. I know its my fault so you guys don't have to blame me for taking this risk. It is a part of investing into things like this. It is just sad that it is becoming very common now in the btc forums.

I myself invested well over 1 Million into multiple bitcoin companies trying to get up an running and majority of them keeps their word. It turns out the ones who have too much to handle just breaks down and decide to make a few sales and run off with it. This is all a risk that you have to take and its our faults for investing into it.

finally, fresh perspective
it looks like scam now

and some of you, circlejerks and bagholders think over it again.

no divs, but sales and mining were done
no posting either

"we are all fucked over again", in bfl style (failed gen2, overpromised gen3, no communication and "subject to change")

sad.

PROVE IT!

If you are going to accuse this of being a scam back it up with proof. FC never stated the May 27th date and that date was always subject to change. He never made that promise, you just trusted a board member and set the date in stone in your head. Thats not how the real world works. Sometimes dates are missed for a myriad or reasons. One could be that he doesn't want to pay divs until all his chip customers have the chips working so right now he is taking up a support roll to get the chips working so that he can with confidence pay out the dividends.

He can't pay out the dividends until the chips have been accepted for delivery and the customer has had the opportunity to test the chip.

[rudi]

it's a joke that 2 days delay suffice to raise so much doubt about fc's longtime commitment to his company and turn this thread into a stirred up anthill.

+1

[Whtwabbit]

Trolls are coming thick and fast, wheres Gandalf?

[d3adh3ad]

Trolls are coming thick and fast, wheres Gandalf?

Trolls go where the food is and where people are willing to feed them. 

[OvervoltYou]

Well lets just say I lost 32BTC from investing into this. I know its my fault so you guys don't have to blame me for taking this risk. It is a part of investing into things like this. It is just sad that it is becoming very common now in the btc forums.

I myself invested well over 1 Million into multiple bitcoin companies trying to get up an running and majority of them keeps their word. It turns out the ones who have too much to handle just breaks down and decide to make a few sales and run off with it. This is all a risk that you have to take and its our faults for investing into it.

finally, fresh perspective
it looks like scam now

and some of you, circlejerks and bagholders think over it again.

no divs, but sales and mining were done
no posting either

"we are all fucked over again", in bfl style (failed gen2, overpromised gen3, no communication and "subject to change")

sad.

PROVE IT!

If you are going to accuse this of being a scam back it up with proof. FC never stated the May 27th date and that date was always subject to change. He never made that promise, you just trusted a board member and set the date in stone in your head. Thats not how the real world works. Sometimes dates are missed for a myriad or reasons. One could be that he doesn't want to pay divs until all his chip customers have the chips working so right now he is taking up a support roll to get the chips working so that he can with confidence pay out the dividends.

He can't pay out the dividends until the chips have been accepted for delivery and the customer has had the opportunity to test the chip.

I can prove it. Let me just read this forums rules before I post any screenshots. Don't want to be breaking any rules showing private info.

[novusordo]

general trolling

Date registered: today

The sockpuppetry is weak with this one. You'll have to try harder, buddy.

[101111]

general trolling

Date registered: today

The sockpuppetry is weak with this one. You'll have to try harder, buddy.

You're not wrong, to call it (and bbxx) idiotic would be too kind. AM deserves much better trolling than this.

[bitsalame]

On one hand, I am personally a bit frustrated and anxious like everyone else for FC's delays.
On the other hand, I am extremely pissed at all the crybabies out there asking for dividends, and accusing of Friedcat of being a scammer.

Do you know how infrequent it is in the real world to be getting any dividends from growth companies?
Even mature large cap companies decide to give a shit in dividends, even if their profits are monstrous, such as Google who keeps more than 30 billion in cash and doesn't pay a single cent. Apple is another example, ebay, amazon, or Berkshire fucking Hathaway

So why on earth would one buy stocks in such companies?
Because we are betting on their increase in value, the money that is not distributed to us is reinvested in the company to make it grow.
You dimwits. I am fucking tired of coming back to the forum to see a horde of idiots crying for dividends.

Dividends are sweet, but it is not really a must.
I really hope, I just hope Friedcat announces that there will not be dividends anymore because he wants to reinvest it all in the company.
I will gladly pick up all your panicked dumps.

[xhomerx10]

On one hand, I am personally a bit frustrated and anxious like everyone else for FC's delays.
On the other hand, I am extremely pissed at all the crybabies out there asking for dividends, and accusing of Friedcat of being a scammer.

Do you know how infrequent it is in the real world to be getting any dividends from growth companies?
Even mature large cap companies decide to give a shit in dividends, even if their profits are monstrous, such as Google who keeps more than 30 billion in cash and doesn't pay a single cent. Apple is another example, ebay, amazon, or Berkshire fucking Hathaway

So why on earth would one buy stocks in such companies?
Because we are betting on their increase in value, the money that is not distributed to us is reinvested in the company to make it grow.
You dimwits. I am fucking tired of coming back to the forum to see a horde of idiots crying for dividends.

Dividends are sweet, but it is not really a must.
I really hope, I just hope Friedcat announces that there will not be dividends anymore because he wants to reinvest it all in the company.
I will gladly pick up all your panicked dumps.

   It was stated in the original shareholder agreement that an AM share represents 1/400,000 of the company and always will and is entitled to that share of the profits.  Here you can read it:

 

Introduction
ASICMINER is a virtual identity totally held by investors of the Bitfountain company. The Bitfountain company's business includes mining with self-built ASIC devices, as well as the sales of them. Currently ASICMINER shareholders holds 163,962 shares, while Bitfountain shareholders holds 236,038 shares. ASICMINER shares have the privilege of getting all net profits till 0.1BTC/share from the day when dividends began to be paid. They also have the exemption of dilution, which means that each ASICMINER share always equals to 1/400,000 of the total profits and voting power of the summed value from both ASICMINER and Bitfountain.

 Since you are comparing other companies to Asicminer, where are the quarterly earnings sheets that the others are required by law to file?  So it's not like those other companies right?  Or is it?  Either way, shareholders deserve more respect that what Friedcat and you would give them.  I'm not trolling here, I'm just sick of the attitudes of so many that shareholders are not deserving of some respect.  This industry has had more than it's fair share of scam artists - and it makes everyone just a tad leery!  So when news and dividends are scarce it is only natural to ask a few pointed questions especially in this largely unregulated space.

[novusordo]

On one hand, I am personally a bit frustrated and anxious like everyone else for FC's delays.
On the other hand, I am extremely pissed at all the crybabies out there asking for dividends, and accusing of Friedcat of being a scammer.

Do you know how infrequent it is in the real world to be getting any dividends from growth companies?
Even mature large cap companies decide to give a shit in dividends, even if their profits are monstrous, such as Google who keeps more than 30 billion in cash and doesn't pay a single cent. Apple is another example, ebay, amazon, or Berkshire fucking Hathaway

So why on earth would one buy stocks in such companies?
Because we are betting on their increase in value, the money that is not distributed to us is reinvested in the company to make it grow.
You dimwits. I am fucking tired of coming back to the forum to see a horde of idiots crying for dividends.

Dividends are sweet, but it is not really a must.
I really hope, I just hope Friedcat announces that there will not be dividends anymore because he wants to reinvest it all in the company.
I will gladly pick up all your panicked dumps.

Agreed.

---

This isn't aimed at those with valid criticism, of course:

By all means, if you're going to whine and bitch like spoiled little divas, sell your fucking shares. All of them. As soon as possible.

Afterward, never come back to this thread again. Make an appointment with your local doctor and get sterilized. You'll be doing the world a huge favor.

[_mr_e]

On one hand, I am personally a bit frustrated and anxious like everyone else for FC's delays.
On the other hand, I am extremely pissed at all the crybabies out there asking for dividends, and accusing of Friedcat of being a scammer.

Do you know how infrequent it is in the real world to be getting any dividends from growth companies?
Even mature large cap companies decide to give a shit in dividends, even if their profits are monstrous, such as Google who keeps more than 30 billion in cash and doesn't pay a single cent. Apple is another example, ebay, amazon, or Berkshire fucking Hathaway

So why on earth would one buy stocks in such companies?
Because we are betting on their increase in value, the money that is not distributed to us is reinvested in the company to make it grow.
You dimwits. I am fucking tired of coming back to the forum to see a horde of idiots crying for dividends.

Dividends are sweet, but it is not really a must.
I really hope, I just hope Friedcat announces that there will not be dividends anymore because he wants to reinvest it all in the company.
I will gladly pick up all your panicked dumps.

   It was stated in the original shareholder agreement that an AM share represents 1/400,000 of the company and always will and is entitled to that share of the profits.  Here you can read it:

 

Introduction
ASICMINER is a virtual identity totally held by investors of the Bitfountain company. The Bitfountain company's business includes mining with self-built ASIC devices, as well as the sales of them. Currently ASICMINER shareholders holds 163,962 shares, while Bitfountain shareholders holds 236,038 shares. ASICMINER shares have the privilege of getting all net profits till 0.1BTC/share from the day when dividends began to be paid. They also have the exemption of dilution, which means that each ASICMINER share always equals to 1/400,000 of the total profits and voting power of the summed value from both ASICMINER and Bitfountain.

 Since you are comparing other companies to Asicminer, where are the quarterly earnings sheets that the others are required by law to file?  So it's not like those other companies right?  Or is it?  Either way, shareholders deserve more respect that what Friedcat and you would give them.  I'm not trolling here, I'm just sick of the attitudes of so many that shareholders are not deserving of some respect.  This industry has had more than it's fair share of scam artists - and it makes everyone just a tad leery!  So when news and dividends are scarce it is only natural to ask a few pointed questions especially in this largely unregulated space.

Agreed. This is now the 8th straight week there has not been a single dividend paid, without the slightest update from our leader as to why? Have we really not mined a single block all the time? Then to top it off he sets a very specific and public date, one that he was well aware were going out to his shareholders, which he then fails to utter a tiny peep, all while allowing the 8th Wednesday to come and go without an update either! But he has time to come on and comment on other forum posts and completely disregard this one. Any way you slice it this is simply not respectful or fair behavior.

[cs54]

Submitted Questions:
1) When can we expect the financial report that's supposed to coincide with the next round of dividends?
re 1) May 27.

The issue for me is more about the financial reports -- I would be fine with no dividends if the reports were delivered. The lack of both, despite expectations to the contrary, is unsettling.

I can appreciate the need for secrecy surrounding strategy, trade secrets and performance but not when it's done inconsistently and without notice. Predictability is so important in such a crazy growth industry and distrust is contagious; we are rightfully last in line when it comes to operating considerations but at some point the bad ju ju and loss of confidence will spill to the customer and supplier level.

EDIT: I'm loving the BRK comparison and think that would be a perfect model for FC and AM. Just give us a no-frills website, an annual letter to shareholders, and quarterly reports, and watch as the goodwill and power come rolling in.

http://www.berkshirehathaway.com/
http://www.berkshirehathaway.com/letters/letters.html
http://www.berkshirehathaway.com/reports.html

[KarmaShark]

My guess is that with the May 27th date more than a full day in the rear-view mirror with nothing in sight, the start of June will be when dividends and the financial reports are announced. I believe there was talk that we may be moving to a more traditional monthly dividend schedule. If FriedCat implements this new system then it would make good sense to start everything off on the right foot at the onset of the new month. Given that this would be Sunday, we aren't too far off.

Now, if June 1st passes with nothing then my only other guess is he is waiting until the end of Q2 which would make it July 1st. At some point FriedCat is going to post in the thread, so everyone relax. He logs in daily and is commenting in other Gen3 hardware threads so there is little concern of a scam being pulled. Someone with his intelligence understands that to go back on your word to your investors shows the character of someone who you would not want to be in business with going forward. This extends down to the company's loyal customer base and suppliers. This company is the one shining beacon of light in an otherwise scummy environment of unregulated Bitcoin securities. Should FC fail us, I see little reason for the entire market to keep going. Who would invest when holding BTC is already proven to be successful more often than not?

Take a deep breath, head outside and get some sunlight. We will have answers soon.

[michaelGedi]

I'm going double or nothing, keep the fud coming in pls