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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3916266 times)
atx.btc
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May 30, 2014, 05:29:06 PM
 #19941

What the fuck is this ? ? ? is this a joke ? FUCKING SCAM

Investments have risk... FC already paid out far more then what he took in from IPO.  You can HARDLY call this a scam.  If things go down hill and collapse from here, call it a failed business venture sure.  But scams do not ship and develop working products that make their customers happy, and pay their investors their entire investment back before paying themselves.  Remember that?  FC paid ALL profits to investors till we were paid back in full... then everything after that was gravy.

INVESTMENTS HAVE RISK!  Bitcoin is risky, and you are investing in an entirely bitcoin focused business.  RISK!!!  Do you not understand?!  There is no free lunch...

not just that, but we still have a warehouse full of materials and chips to be sold/mined with
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asdfghj
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May 30, 2014, 05:31:25 PM
 #19942

Can someone help me understand what "Exchange" means on lines 4 & 8 of the cash flow document?
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May 30, 2014, 05:32:17 PM
 #19943

problem is that meanwhile BTC price is rising.
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May 30, 2014, 05:33:23 PM
 #19944

Can someone help me understand what "Exchange" means on lines 4 & 8 of the cash flow document?

BTC sold (listed as "expense") for USD (listed as "income").
Dacm4n
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May 30, 2014, 05:37:43 PM
 #19945

If anyone is interested in buying a small amount of direct shares. PM me.
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May 30, 2014, 05:40:13 PM
 #19946

Can someone help me understand what "Exchange" means on lines 4 & 8 of the cash flow document?

BTC sold (listed as "expense") for USD (listed as "income").

he sold those coins at an average of 560$. and we're probably going to get divs by the time they worth 1000$  Embarrassed
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May 30, 2014, 05:43:57 PM
 #19947

The final US$ amount at "Owner's equity" means potential revenue of chips we have, or is it cash that can be converted and paid (as we all were expecting until this announcement)? Shouldn't we try to sell all that stuff in Bitcoins instead of US$ to avoid converting problems?

Dear BTC, I want you to rise, but not now... Embarrassed!
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May 30, 2014, 05:48:16 PM
 #19948

The bank deposits and third-party payment systems for Bitcoin exchanges in China are all closed. Workarounds exist (like buying physical cards with deposit code) but the real trading volume is severely affected.

Conversion: We have OTC conversion channels to trade USD for Bitcoins in Hong Kong.

Perhaps it would be better to focus on self-mining rather than deal with the hassle of fiat to BTC conversion.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
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May 30, 2014, 05:49:02 PM
 #19949

People are asking if there is a way sales could be done in btc, you are asking this because you are new around here.  Sales historically were done in btc, and divs were then easy to do.  It is now however illegal to price or sell things for btc in China (or some form of that, China changes their stance on bitcoin every 3 seconds). It was as a result of this I believe that cause FC to take payment for chips in fiat, legal bullshit.

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May 30, 2014, 05:54:38 PM
 #19950

People are asking if there is a way sales could be done in btc, you are asking this because you are new around here.  Sales historically were done in btc, and divs were then easy to do.  It is now however illegal to price or sell things for btc in China (or some form of that, China changes their stance on bitcoin every 3 seconds). It was as a result of this I believe that cause FC to take payment for chips in fiat, legal bullshit.

understood!  In my case, not new at all, I've been here since IPO, and I remember AM chips sold in BTC at early stages... but I had forgotten all that mess with chinese position regarding bitcoin... any guess of the AM roadmap now with sales and conversions to BTC? Undecided
CanaryInTheMine
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May 30, 2014, 05:58:25 PM
 #19951

People are asking if there is a way sales could be done in btc, you are asking this because you are new around here.  Sales historically were done in btc, and divs were then easy to do.  It is now however illegal to price or sell things for btc in China (or some form of that, China changes their stance on bitcoin every 3 seconds). It was as a result of this I believe that cause FC to take payment for chips in fiat, legal bullshit.
Afaik, this is not the case.  It's not illegal to take btc.  It is true that there's FUD regarding btc and China every 3 seconds.
Also friedcat prefers usd for chips since foundry takes usd, not btc.
It's better to convert usd at some point into btc than the other way
shawshankinmate37927
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May 30, 2014, 05:59:56 PM
 #19952

People are asking if there is a way sales could be done in btc, you are asking this because you are new around here.  Sales historically were done in btc, and divs were then easy to do.  It is now however illegal to price or sell things for btc in China (or some form of that, China changes their stance on bitcoin every 3 seconds). It was as a result of this I believe that cause FC to take payment for chips in fiat, legal bullshit.

I don't see how selling chips for fiat is going to work in this environment.  I think self-mining for BTC and selling chips for fiat as needed will minimize the need to convert back and forth.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
bitcoin.newsfeed
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May 30, 2014, 06:02:40 PM
 #19953

Please ask more questions if you are still confused, hope that clears up a little bit for you.

thanks, so :

Income from gen 3 :
Chips sales : 513.70 BTC + 3 691 731 $ + 2 880 000 CNY
Chips sales($) : 297 946 + 3 691 731 + 460 800 = 4 450 477 $ > 0.49$/10gh (the worst price tag) ~ 9Ph = its only for April Batch

4016 BTC sold (all company reserves+all company mining income+ all income from chip sales in BTC) in exchange for 564.31 USD/BTC price = 2 266 296 $

expenses : over 4M CNY on exhange ... for what?

- ~200 000 CNY/month for Shenzen mining farm, is this that old air cooled basement, which is offline?
- 25 360 $ / salaries / monts ... reasonable ok
Shenzen hub, first rent paind 15days ago ... what is it? warehouse? place for upcoming mining farm?

---
what AM have right now :
last cash around 1M $ + products and material for around 9.38M $
running costs ( salaries + rent ) = ~ - 90 248 $ /month












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willBTC
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May 30, 2014, 06:03:35 PM
 #19954

Is there anybody receive the share transfer confirmation from friedcat ? I am a little worry, it' nearly a week.

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ASICMINERTUBE
         The Best $/Gh Bitcoin Miner So Far              Discover now!
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jimmothy
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May 30, 2014, 06:10:19 PM
 #19955

This is to inform that friedcat met with the board today and provided some updates.

General Update
==============

The dividend schedule will be aggressive, as AM will not require large sums of retained capital. The rationale is that AM doesn't need to invest large sums into infrastructure and that the majority of chip production costs will be covered by the business partners on a contract schedule. The new round of dividends are scheduled to begin as soon as the first large purchases have concluded and should precede or coincide with the publication of the updated financial statements.

Specific Updates
================

Submitted Questions:
1) What is the status, size, and expected delivery of the next batch of chips? What about the one after that?
re 1) This month: 850k, next month: 3.35m (order size), June: 6.7m (order size), assuming each chip is 10G.

4) When are the new chips expected to start mining in ASICMiner datacenters and what hashrate are you currently planning on deploying?
re 4) May-June for air cooling and June-July for immersion cooling. They are only capable of 3PH. Most should go franchising or as chips for other vendors' OEM products.

5) When are the sales revenues of the chips expected to be paid out to shareholders?
re 5) When the balance payments are received and exchanged for Bitcoins.

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.


Wondering if this Aggressive dividend schedule still applies? How many chips have been currently sold?

Edit: Man people are selling down to nothing. My number of shares might increase by another digit soon.

$3,600,000 chip sales at $0.5/gh (guessing) equals about 720k chips sold.

$5,700,000 spent on wafers is about 3m chips(28.5ph @ $0.2/gh).

Seems people are not happy that this months divs went towards next months production costs.
bitcoin.newsfeed
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May 30, 2014, 06:17:40 PM
 #19956

$3,600,000 chip sales at $0.5/gh (guessing) equals about 720k chips sold.

$5,700,000 spent on wafers is about 3m chips(28.5ph @ $0.2/gh).

Seems people are not happy that this months divs went towards next months production costs.

original numbers from Friedcat
1st batch 8,5 Ph   (your estimate 7.2ph) ...could be
2nd batch 33.5 PH  (your estimate 28.5ph) ... could be

so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc? so 0 divs for shareholders, but almost free chips (0.49$/gh) for umbrella companies for the time being? We've been fucked.

and what is that 4M CNY in expenses on exchange ... for what? (if its not our divs?)


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May 30, 2014, 06:22:46 PM
 #19957

Quote
so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Looks like that's the plan. How else would FC pay for those massive batches?
gaba
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May 30, 2014, 06:23:05 PM
 #19958

Yet another Bitcoin shit.

LWWE6dtTUXuaq36KTCne5XqMQHfhfwpadC
shawshankinmate37927
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May 30, 2014, 06:23:47 PM
 #19959

Who here wants me to post the "so long" post I prepared, or should I just STFU and leave without even saying goodbye?

Edit: Never mind, I won't post it, there's perhaps still a lot of fun to be had in this thread, divs next month, and prosperity for the remaining bagholders. So with that, I'll say my goodbyes and move on to other things. Take care.

Did you already dump your shares?

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
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May 30, 2014, 06:28:13 PM
 #19960

Who here wants me to post the "so long" post I prepared, or should I just STFU and leave without even saying goodbye?

Edit: Never mind, I won't post it, there's perhaps still a lot of fun to be had in this thread, divs next month, and prosperity for the remaining bagholders. So with that, I'll say my goodbyes and move on to other things. Take care.

Did you already dump your shares?

Yes. I've taken out what's left (lucky you, buying my shares at an all time record low of 0.24), and thus my failure is complete. It wasn't enough to learn some lessons with Neo & Bee, Ukyo (12 BTC lost to him and I've been told from a reliable source that Ukyo had indeed gone fractional reserve), CaVirtex (110 BTC invested and all I have to show for it is a PDF with a small fraction of 1% of the company and no idea what the shareholder agreement really is), Havelock Mining Fund last year, AsicMiner (I know I can wait even more and it could go up, but this was my cut off point -- you can reap the rewards, it is OK with me, no risk -- no reward), 47 BTC sent to Butterfly Labs for a day 1 Monarch pre-order that still hasn't shipped and might POSSIBLY make me back 2 BTC if I am lucky, etc.

EDIT: In all, I have contributed (lost) 450 BTC on Havelock and about 65 BTC with ButterflyLabs, with nothing to show for it except if Danny suddenly comes back and my Neobee shares get revived, Ukyo becomes rich AND decides to give all his money away to WeExchange victims, my Monarch arrives someday and works, or CaVirtex gets bought out for tens of millions at least. Am I sore though? No. I can laugh it off, because easy come, easy go, the relatively little BTC I kept has grown 10X in value so I am just back to square one.
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