ASICMINER: Entering the Future of ASIC Mining by Inventing It

[sngwinner]

I disagree. He does owe the investors information about the status of the company since we own the company.

I believe that he only thing he owes us is equal dividend per share.  By holding the majority of shares himself, his decisions on when/if to release information are 100% his to make.  I may not like it, but I certainly don't believe it is my "right" to know more.  I can get out any time I want if I decide he is doing it wrong.  This is a system that is ripe for abuse, but it is the system that we all chose to get involved in by trading in an unregulated market. 

Look, this is bitcoin world but Friedcat has to choose whether he wants to operate in an above board and transparent manner or in a shady grey area. We are shareholders of Asicminer.  As an officer and director of the company Friedcat has three duties to shareholders: the duty of care, the duty of loyalty, and the duty of disclosure.

Regarding duty of care, Friedcat seems to be doing his best and working hard at the operations of the company and I don't think there have been any huge mis-steps.  I truly appreciate that and commend him on his efforts.

Regarding duty of loyalty, it seems like Friedcat has been loyal to the interests of the shareholders and hasn't been making decisions that benefit him or bit fountain rather than shareholders.(although that has been questioned with Rockminer and I don't think it's been disclosed if or how much he and other bit fountain members are being compensated outside of dividends). We don't know for sure that Friedcat has maintained his duty of loyalty because he has failed so miserably at his duty of disclosure.

We haven't received a financial statement in quite some time. We don't know the current status of relationships with franchise partners. We don't know the size of our hashrate. We have a goal from a few months ago and no update on the progress.  Why aren't these things being disclosed? It doesn't take too much time to jump on here and provide a little update and most of those things won't be of use to the competition. . I know other people have volunteered to act as a PR contact and someone has even been chosen but nothing has changed.

Getting back to my original point, Friedcat seemed to have wanted to operate in a transparent shareholder friendly manner for a long time.  At some point that changed. I feel like the company is at a turning point. Friedcat can choose that Asicminer be perceived as a legitimate entity that is loyal and responsible to its shareholders or a questionable entry that may not live up to its promises.  

I'm in this for the longhaul because I believe that Asicminer can act like a responsible company and operate profitably. I would just like for Friedcat to prove me right.

[rudrigorc2]

how come a company with 100.000k btc mined and much more from sales cant afford building something? and thats only friedcats public share

[bitsalame]

Again with the anxiety?
Read this and print it out:
https://bitcointalk.org/index.php?topic=99497.msg7147330#msg7147330
https://bitcointalk.org/index.php?topic=99497.msg8079787#msg8079787

[drasted]

how come a company with 100.000k btc mined and much more from sales cant afford building something? and thats only friedcats public share

Where did you get the idea that they can't afford building something?

[hdbuck]

Again with the anxiety?
Read this and print it out:
https://bitcointalk.org/index.php?topic=99497.msg7147330#msg7147330
https://bitcointalk.org/index.php?topic=99497.msg8079787#msg8079787

4) When will dividends start, and how frequently will they occur?

When the cash-flow becomes positive.

So what? Cash flows are not positive? yet?  

[kingcrimson]

it looks like we are on the verge of another bitcoin bubble, I hope that AM doesn't leave us all behind on some of the good fortune.

[bitsalame]

Again with the anxiety?
Read this and print it out:
https://bitcointalk.org/index.php?topic=99497.msg7147330#msg7147330
https://bitcointalk.org/index.php?topic=99497.msg8079787#msg8079787

4) When will dividends start, and how frequently will they occur?

When the cash-flow becomes positive.

So what? Cash flows are not positive? yet?  

Who knows, but not being positive or not profiting doesn't mean that the company is failing.
He might be still reinvesting it to position himself better in the market, still financing its growth from operations.
Killing the competition is priority, the end game is not profiting now, but owning the market tomorrow.
Once you have a dominant position, you can take a break and reel in your profits.

[bobboooiie]

it looks like we are on the verge of another bitcoin bubble, I hope that AM doesn't leave us all behind on some of the good fortune.

Might be the worst prediction I have ever seen

[jdany]

it looks like we are on the verge of another bitcoin bubble, I hope that AM doesn't leave us all behind on some of the good fortune.

Might be the worst prediction I have ever seen

I had to go look at the price, thinking I missed something overnight.

[arnuschky]

it looks like we are on the verge of another bitcoin bubble, I hope that AM doesn't leave us all behind on some of the good fortune.

Might be the worst prediction I have ever seen

I had to go look at the price, thinking I missed something overnight.

Misread your message; had to go look at the price to make sure that I didn't miss what you missed... 

[VeeMiner]

Oh well I still believe dibs will resume because Friedcat said so but it would be nice for a god damn update so I wasn't basing my belief off of a statement he made months ago.

Yeah, unlike a lot of these people I don't believe Friedcat "owes" us information.  His only responsibility to us is to not steal from the company.  But It sure would be great If we could get at least a heartbeat message.  

"Not enough reserves for dividends, Gen 4 on schedule"   style messages once a month would be plenty for me.

I disagree. He does owe the investors information about the status of the company since we own the company. It's just that he decides how long he waits before telling us what's going on with AM. If he set a schedule of updating shareholders every quarter on a specific date then I think that would ease a lot of people's concerns. He used to be on the forums weekly. Now we don't know if we will hear from him tomorrow or in 6 months from now.
He is actually ignoring shareholders of the company and the board members haven't been much better which makes me think there is a lack of communication between Friedcat and the board.  There needs to be a regularly scheduled update from Friedcat with financials.  He can reveal as little as he wants I guess but knowing he is alive and hasn't disappeared with our money would be comforting.

I get that this is a bitcoin company but there is a reason why reports are required by the SEC. Friedcat has always seemed like a trustworthy and honorable person. I expect him to treat his shareholders fairly. Please improve relations.

+1

+1

Dear Friedcat,

I urge you to consider the precedence you do set for the bitcoin world.
Only the highest business ethic and proper shareholder relations will
be good enough to further the image of bitcoin!

Sincerely

Someone who made the IPO possible.

maybe he can't access the forum

http://cointelegraph.com/news/112603/the-strange-case-of-bitcointalks-chinese-ban

[hdbuck]

Oh well I still believe dibs will resume because Friedcat said so but it would be nice for a god damn update so I wasn't basing my belief off of a statement he made months ago.

Yeah, unlike a lot of these people I don't believe Friedcat "owes" us information.  His only responsibility to us is to not steal from the company.  But It sure would be great If we could get at least a heartbeat message. 

"Not enough reserves for dividends, Gen 4 on schedule"   style messages once a month would be plenty for me.

I disagree. He does owe the investors information about the status of the company since we own the company. It's just that he decides how long he waits before telling us what's going on with AM. If he set a schedule of updating shareholders every quarter on a specific date then I think that would ease a lot of people's concerns. He used to be on the forums weekly. Now we don't know if we will hear from him tomorrow or in 6 months from now.
He is actually ignoring shareholders of the company and the board members haven't been much better which makes me think there is a lack of communication between Friedcat and the board.  There needs to be a regularly scheduled update from Friedcat with financials.  He can reveal as little as he wants I guess but knowing he is alive and hasn't disappeared with our money would be comforting.

I get that this is a bitcoin company but there is a reason why reports are required by the SEC. Friedcat has always seemed like a trustworthy and honorable person. I expect him to treat his shareholders fairly. Please improve relations.

+1

+1

Dear Friedcat,

I urge you to consider the precedence you do set for the bitcoin world.
Only the highest business ethic and proper shareholder relations will
be good enough to further the image of bitcoin!

Sincerely

Someone who made the IPO possible.

maybe he can't access the forum

http://cointelegraph.com/news/112603/the-strange-case-of-bitcointalks-chinese-ban

no, how does he post in prisma threads then?

So yes Friedcat, plz say something. anything.

[btcbot]

With respect, but, could you guys please give it a rest?  Let the man do his job.  If the Exa-hash conference wasn't interesting enough for you to hold, then sell...

 

[triptamine]

With respect, but, could you guys please give it a rest?  Let the man do his job.  If the Exa-hash conference wasn't interesting enough for you to hold, then sell...

 

+1

The man is in the middle of a new product launch/shipping/support, potential large scale deployment of mining gear for own operations and probably new chip design/tapeout. Pretty sure attending to the relentless whining and nagging from this thread is quite low on his list of priorities right now.

[cs54]

Smh at the "Dear Friedcat" posts. I sincerely doubt he keeps up with this thread; those wanting to contact him should probably send PMs (although feel free to paste the correspondence here!).

[AcoinL.L.C]

With respect, but, could you guys please give it a rest?  Let the man do his job.  If the Exa-hash conference wasn't interesting enough for you to hold, then sell...

 

+1

The man is in the middle of a new product launch/shipping/support, potential large scale deployment of mining gear for own operations and probably new chip design/tapeout. Pretty sure attending to the relentless whining and nagging from this thread is quite low on his list of priorities right now.

The whining and nagging is completely justified. AM hasn't paid a dividend in 6 months. AM is in the mining sector, and there is only more competition, and a lower BTC value than what was going on 6 months ago. AM is now trading below IPO (given, the USD value is still much better).

[Blazed]

I would have to agree...no person on planet earth is so busy that they can not make a 5 word post on bitcointalk.

[Chris_Sabian]

Again with the anxiety?
Read this and print it out:
https://bitcointalk.org/index.php?topic=99497.msg7147330#msg7147330
https://bitcointalk.org/index.php?topic=99497.msg8079787#msg8079787

Good to hear / read this information again.  It is clear the FC and AM have a plan in action and this may be missed with the current talk on the thread.

[kingcrimson]

it looks like we are on the verge of another bitcoin bubble, I hope that AM doesn't leave us all behind on some of the good fortune.

Might be the worst prediction I have ever seen

You must have missed that PayPal is now accepting bitcoin, and we are on the verge of the fall mania that saw the bubble last year, so history could easily repeat.

[Blazed]

it looks like we are on the verge of another bitcoin bubble, I hope that AM doesn't leave us all behind on some of the good fortune.

Might be the worst prediction I have ever seen

You must have missed that PayPal is now accepting bitcoin, and we are on the verge of the fall mania that saw the bubble last year, so history could easily repeat.

 

The PayPal news bumped us to $450 for a few hours...then back down we went.  I love Bitcoin, but I do not see anything currently that will make us go back towards the moon...for now. I hate to be bearish too