Topic: AMHash1: Cost-Effective Mining Contract - page 21. (Read 304267 times)
amhash, nearly two weeks have passed since your last communication, and ,you know, some people even started to believe that you just scammed us. Can you please update on the progress resolving the situation? What actions did you take looking for friedcat? What solutions to this are you working on or at least considering with asicminer? Are Rockminer and Asicminer planning to continue to work or are going to close? Are you in court already? And all other things you owe to expain to your investors..
Quote
Risk control
1. Before IPO closes, ASICMiner has the right to buy back at the price of IPO price * 100.5%.
2. During the first 45 days after IPO closes, ASICMiner has the right to buy back at the price of (IPO price - total payouts) * 120%. The notification period is 3 days.
3. If the delay of payment happens, all unpaid payments will be accounted separately on daily basis and increase by 0.02% per day(flat rate based on the initial unpaid payment amount, no compound rate) after three days.
1. Before IPO closes, ASICMiner has the right to buy back at the price of IPO price * 100.5%.
2. During the first 45 days after IPO closes, ASICMiner has the right to buy back at the price of (IPO price - total payouts) * 120%. The notification period is 3 days.
3. If the delay of payment happens, all unpaid payments will be accounted separately on daily basis and increase by 0.02% per day(flat rate based on the initial unpaid payment amount, no compound rate) after three days.
that 0.02% is really adding up now!
0*0.02%=0
0+0+0+0+0+0+0+0+0+0+0+0+0+0+0+0+0=0
it does add up
yeah !!!!!
Quote
Risk control
1. Before IPO closes, ASICMiner has the right to buy back at the price of IPO price * 100.5%.
2. During the first 45 days after IPO closes, ASICMiner has the right to buy back at the price of (IPO price - total payouts) * 120%. The notification period is 3 days.
3. If the delay of payment happens, all unpaid payments will be accounted separately on daily basis and increase by 0.02% per day(flat rate based on the initial unpaid payment amount, no compound rate) after three days.
1. Before IPO closes, ASICMiner has the right to buy back at the price of IPO price * 100.5%.
2. During the first 45 days after IPO closes, ASICMiner has the right to buy back at the price of (IPO price - total payouts) * 120%. The notification period is 3 days.
3. If the delay of payment happens, all unpaid payments will be accounted separately on daily basis and increase by 0.02% per day(flat rate based on the initial unpaid payment amount, no compound rate) after three days.
that 0.02% is really adding up now!
https://bitcointalksearch.org/topic/m.10772603
Q) I think a price "explosion" is imminent, not to ATH territory, but $400 or so is definitely in the cards.
A) 400 will likely not be enough. A reasonable risk/reward ratio starts at > 1000 USD.
Q) What kind of dollars are we talking would be required from such an investor?
A) > $10M for a packaged deal to make sense.
Q) Does AM have possession of the IP related to BE300?
A) Yes. AM management also has a direct account with TSMC.
Q) You say the funding situation is Dire, is this due to FC being in sole possession of the keys?
A) The funding situation is very opaque. David Fan cannot provide information on current accounting. He is currently paying bills from some of the remaining company funds, surplus cash flow and personal funds. The accounting was managed by friedcat, and the last financial statement was delivered 4 months late and incomplete. He was asked to make it complete, clean it up and publish it - which never happened. Given the current circumstance I may as well show the incomplete statement, which covers the time May/2014-Oct/2014:
https://mega.co.nz/#!YUtUwa4K!o9VTJYkv0-eO0V6UU3vPwXZshItuBwq-z146p0pBH6E
Q) Do you think FC is safe?
A) I have insufficient information for such a conjecture. I certainly hope he is safe.
Q) Is there a plan yet to compensate shareholders for Amhash1 shares held on Havelock?
A) On the side of AM any compensation would likely have to be financed either through operating revenue (which currently is going to 0 due to bitcoin price staying low and required funding to restock chip inventory) or the personal funds of volunteering shareholders. Unfortunately the morale among shareholders is rock bottom so everyone is looking at David Fan, especially since he also has an official company function. The question which is not so easy to answer is whether there would be a moral or legal obligation for such "volunteering". That said, he expressed his desire to develop a compensation plan for contract holders, conditional on the premise that everybody in the delivery chain carries a fair share.
Q) Hi, I don't get it, David should be as rich as FC! Why doesn't he invest into his company? Or rent coins to AM?
A) Why invest in a company which is loaded with liability when you don't feel responsible for the current situation? Also, wouldn't it be smarter to use the funds to restock the company with the latest chips in order to generate a profit from which these liabilities can be served? At the end this is a structural problem, that's why a reorganization of the company may be unavoidable.
Q) In the situation where the BTC price rises and free's up additional capital or VC money comes in to support the production of BE300, could shareholders reasonably expect to see some type of return later this year?
A) I cannot give investment advise. There are two types of returns. Revenue through increased market price and dividends. It would be very unlikely to see a company in the current state paying any dividends in the immediate future. Funds are better used to solve structural problems. The only exception to this would be a liquidation event of an unknown amount.
Q) Is the only other option the company goes under due to lack of funds and the legal process begins for those who wish to pursue it?
A) Provided that the core team stays intact and true to the mission the company would likely co-exist with bigger corps in the market place. How that would be structured is unknown. Any legal proceedings would of course hamper the ability of the company to operate, unless the situation is very asymmetric (i.e. legal defense costs are dramatically lower than legal offense costs).
Q) Anything else you can share with me would be appreciated. I would like your candid thoughts on the likelihood of VC coming in to play the role of white knight in the next 30-60 days window BE300 competitively has to get out to market. The other scenario is bound to happen, however we do not know if the price rise will take place in time for the chip to be profitable to product en masse.
A) The only way to make this work with an outside investor within 30-60 days is to do a clear cut reorg with a new Manager who has some experience in the industry.
Q) Why did ASICMiner wait weeks to provide concrete answers on the situation?
A) The board was officially fully informed of the "FC missing" problem at the end of February. Since then there has been a struggle for information, especially since FC apparently made himself a single point of failure on all kind of things. It was always assumed that David Fan was fully briefed on all aspects of the business - however that seems to be not the case.
Q) Are customers/investors threatening legal action at this time?
A) Yes.
Q) Is there a dispute between ROCKMINER and ASICMINER, and if so, can you share what is happening?
A) There is a dispute. The problem is that the underlying agreement is cluttered throughout write-ups, emails and verbal hearsay. And now FC is missing and cannot make a statement.
Q) Is ASICMiner solvent? Has ASICMiner taken steps to secure additional funding for core projects, chip development, etc.?
A) AM management seems to have failed to secure funding for core activities and the funding situation seems to have degenerated dramatically since Nov/2014. The problem is that there are no proper records to validate those claims quickly. An accountant would have to do a complete transactional rerun, using one of the valid financial statements as a checkpoint. According to David Fan the company bank accounts are low on funds and any remaining company funds may reside in accounts only FC has access to.
Q) What's next for ASICMiner?
A) There is increasing evidence that AM seems to be a one trick pony. I have no other way of putting it. As such, provided the bitcoin price rises, you can expect bitcoin mining devices to be produced which - should the profit margin be sustainable - should create shareholders value.
Q) With regards to the AM situation, could you elaborate on the what HashLord is and the role it played in AMHash?
A) I am sorry for the potential confusion. Hashlord was coined in reference to Landlord as the entity who is in control of the hashing power. At the current time it is not clear WHO that entity really was (Operator/AM/RM/FC/Third party). Obviously the operator can alway become the Hashlord by replugging the mining devices. That may have been the case - but there is no data to confirm that.
I hope I covered all the questions. If I missed one please state it again.
Regards
Q) I think a price "explosion" is imminent, not to ATH territory, but $400 or so is definitely in the cards.
A) 400 will likely not be enough. A reasonable risk/reward ratio starts at > 1000 USD.
Q) What kind of dollars are we talking would be required from such an investor?
A) > $10M for a packaged deal to make sense.
Q) Does AM have possession of the IP related to BE300?
A) Yes. AM management also has a direct account with TSMC.
Q) You say the funding situation is Dire, is this due to FC being in sole possession of the keys?
A) The funding situation is very opaque. David Fan cannot provide information on current accounting. He is currently paying bills from some of the remaining company funds, surplus cash flow and personal funds. The accounting was managed by friedcat, and the last financial statement was delivered 4 months late and incomplete. He was asked to make it complete, clean it up and publish it - which never happened. Given the current circumstance I may as well show the incomplete statement, which covers the time May/2014-Oct/2014:
https://mega.co.nz/#!YUtUwa4K!o9VTJYkv0-eO0V6UU3vPwXZshItuBwq-z146p0pBH6E
Q) Do you think FC is safe?
A) I have insufficient information for such a conjecture. I certainly hope he is safe.
Q) Is there a plan yet to compensate shareholders for Amhash1 shares held on Havelock?
A) On the side of AM any compensation would likely have to be financed either through operating revenue (which currently is going to 0 due to bitcoin price staying low and required funding to restock chip inventory) or the personal funds of volunteering shareholders. Unfortunately the morale among shareholders is rock bottom so everyone is looking at David Fan, especially since he also has an official company function. The question which is not so easy to answer is whether there would be a moral or legal obligation for such "volunteering". That said, he expressed his desire to develop a compensation plan for contract holders, conditional on the premise that everybody in the delivery chain carries a fair share.
Q) Hi, I don't get it, David should be as rich as FC! Why doesn't he invest into his company? Or rent coins to AM?
A) Why invest in a company which is loaded with liability when you don't feel responsible for the current situation? Also, wouldn't it be smarter to use the funds to restock the company with the latest chips in order to generate a profit from which these liabilities can be served? At the end this is a structural problem, that's why a reorganization of the company may be unavoidable.
Q) In the situation where the BTC price rises and free's up additional capital or VC money comes in to support the production of BE300, could shareholders reasonably expect to see some type of return later this year?
A) I cannot give investment advise. There are two types of returns. Revenue through increased market price and dividends. It would be very unlikely to see a company in the current state paying any dividends in the immediate future. Funds are better used to solve structural problems. The only exception to this would be a liquidation event of an unknown amount.
Q) Is the only other option the company goes under due to lack of funds and the legal process begins for those who wish to pursue it?
A) Provided that the core team stays intact and true to the mission the company would likely co-exist with bigger corps in the market place. How that would be structured is unknown. Any legal proceedings would of course hamper the ability of the company to operate, unless the situation is very asymmetric (i.e. legal defense costs are dramatically lower than legal offense costs).
Q) Anything else you can share with me would be appreciated. I would like your candid thoughts on the likelihood of VC coming in to play the role of white knight in the next 30-60 days window BE300 competitively has to get out to market. The other scenario is bound to happen, however we do not know if the price rise will take place in time for the chip to be profitable to product en masse.
A) The only way to make this work with an outside investor within 30-60 days is to do a clear cut reorg with a new Manager who has some experience in the industry.
Q) Why did ASICMiner wait weeks to provide concrete answers on the situation?
A) The board was officially fully informed of the "FC missing" problem at the end of February. Since then there has been a struggle for information, especially since FC apparently made himself a single point of failure on all kind of things. It was always assumed that David Fan was fully briefed on all aspects of the business - however that seems to be not the case.
Q) Are customers/investors threatening legal action at this time?
A) Yes.
Q) Is there a dispute between ROCKMINER and ASICMINER, and if so, can you share what is happening?
A) There is a dispute. The problem is that the underlying agreement is cluttered throughout write-ups, emails and verbal hearsay. And now FC is missing and cannot make a statement.
Q) Is ASICMiner solvent? Has ASICMiner taken steps to secure additional funding for core projects, chip development, etc.?
A) AM management seems to have failed to secure funding for core activities and the funding situation seems to have degenerated dramatically since Nov/2014. The problem is that there are no proper records to validate those claims quickly. An accountant would have to do a complete transactional rerun, using one of the valid financial statements as a checkpoint. According to David Fan the company bank accounts are low on funds and any remaining company funds may reside in accounts only FC has access to.
Q) What's next for ASICMiner?
A) There is increasing evidence that AM seems to be a one trick pony. I have no other way of putting it. As such, provided the bitcoin price rises, you can expect bitcoin mining devices to be produced which - should the profit margin be sustainable - should create shareholders value.
Q) With regards to the AM situation, could you elaborate on the what HashLord is and the role it played in AMHash?
A) I am sorry for the potential confusion. Hashlord was coined in reference to Landlord as the entity who is in control of the hashing power. At the current time it is not clear WHO that entity really was (Operator/AM/RM/FC/Third party). Obviously the operator can alway become the Hashlord by replugging the mining devices. That may have been the case - but there is no data to confirm that.
I hope I covered all the questions. If I missed one please state it again.
Regards
Guys I have a proposal
There are too many threads about this scam, let's concentrate everything to this single thread just like in gaw case
- it's more fun this way
Apparently it is already obvious by now to you that paid amhash shills post in infavor of amhash scammer and at this point i think the thread should become something like single gaw thread where shills, retarded and trolls collide And since amhash failed a lot worse than even gaw, but choose silence instead of gaw nonsense it is not that funny, but we lost our money and we have tickets for the show anyway amhash! i want more drama 
There are too many threads about this scam, let's concentrate everything to this single thread just like in gaw case
- it's more fun this wayApparently it is already obvious by now to you that paid amhash shills post in infavor of amhash scammer and at this point i think the thread should become something like single gaw thread where shills, retarded and trolls collide
And since amhash failed a lot worse than even gaw, but choose silence instead of gaw nonsense it is not that funny, but we lost our money and we have tickets for the show anyway amhash! i want more drama I like your proposal. You teenyboppers, wannabe investors, and extortionists should all form a thread to circlejerk/spread misinformation and leave the rest of us to have adult discussions.
They are our scammers and this is our connection to them, we have the full right to hate and troll them as much as we like it - btw are you even invested? What right do you have to call us names? You have no respect here, but I don't call you names or paid shill no matter how likely this seems to be. I guess you are just an impolite uneducated teen. What a shame... Behave yourself
^And go without the wacky antics of pwnt lolcows sage advice of mature & sophisticated investors such as yourself?
Guys I have a proposal
There are too many threads about this scam, let's concentrate everything to this single thread just like in gaw case - it's more fun this way
Apparently it is already obvious by now to you that paid amhash shills post in infavor of amhash scammer and at this point i think the thread should become something like single gaw thread where shills, retarded and trolls collide And since amhash failed a lot worse than even gaw, but choose silence instead of gaw nonsense it is not that funny, but we lost our money and we have tickets for the show anyway amhash! i want more drama
There are too many threads about this scam, let's concentrate everything to this single thread just like in gaw case
- it's more fun this wayApparently it is already obvious by now to you that paid amhash shills post in infavor of amhash scammer and at this point i think the thread should become something like single gaw thread where shills, retarded and trolls collide
And since amhash failed a lot worse than even gaw, but choose silence instead of gaw nonsense it is not that funny, but we lost our money and we have tickets for the show anyway amhash! i want more drama I like your proposal. You teenyboppers, wannabe investors, and extortionists should all form a thread to circlejerk/spread misinformation and leave the rest of us to have adult discussions.
Guys I have a proposal
There are too many threads about this scam, let's concentrate everything to this single thread just like in gaw case - it's more fun this way
Apparently it is already obvious by now to you that paid amhash shills post in infavor of amhash scammer and at this point i think the thread should become something like single gaw thread where shills, retarded and trolls collide And since amhash failed a lot worse than even gaw, but choose silence instead of gaw nonsense it is not that funny, but we lost our money and we have tickets for the show anyway amhash! i want more drama
There are too many threads about this scam, let's concentrate everything to this single thread just like in gaw case
- it's more fun this wayApparently it is already obvious by now to you that paid amhash shills post in infavor of amhash scammer and at this point i think the thread should become something like single gaw thread where shills, retarded and trolls collide
And since amhash failed a lot worse than even gaw, but choose silence instead of gaw nonsense it is not that funny, but we lost our money and we have tickets for the show anyway amhash! i want more drama
New breaking news: Putin went missing after allegations that he was supplying FriedCat's food factory with "free" russian electricity
just taking the piss LOL
just taking the piss LOL
In British English, "they" is the correct term when talking about a company.
What's the correct British term to use when talking about an inept scammer about to get owned?
In British English, "they" is the correct term when talking about a company.
Check all the links, he owns a *LOT* more
So what? It doesn't entitle them to anything more than someone who owns exactly 5000 shares. They get a seat on the board.
>theyCan we at least agree to drop the royal plural in favor of "he"?
Good one, HE has worked hard to led people think about THEY when there is only ONE RAT hiding in a Canada's house...
Check all the links, he owns a *LOT* more
So what? It doesn't entitle them to anything more than someone who owns exactly 5000 shares. They get a seat on the board.
>theyCan we at least agree to drop the royal plural in favor of "he"?
Check all the links, he owns a *LOT* more
So what? It doesn't entitle them to anything more than someone who owns exactly 5000 shares. They get a seat on the board.
HERE IS HOW JAMES GRANT, OWNER AND OPERATOR OF HAVELOCK IS PART OF ASICMINER/AMHASH:
https://bitcointalksearch.org/topic/how-havelock-is-one-of-the-owners-of-asicmineramhash-989850
https://bitcointalksearch.org/topic/how-havelock-is-one-of-the-owners-of-asicmineramhash-989850
Everyone with 5000+ AM shares has a seat at the board.
These board members have no responsibility or authority.
The only right you gain with a seat is to request information directly from the company.
Has Havelock a deeper partnership, or is it just 5000+ AM shares?
Check all the links, he owns a *LOT* more
I cant get any payout from Amhash:
#946 2015-03-06 17:41:22 Payout delay
#1628 0.055800000 2015-03-01 11:11:26 PendingI have a withdrawal pending for 5 days??
Pending
I tried to withdraw almost 2 weeks ago and submitted a ticket but nothing???
#946 2015-03-06 17:41:22 Payout delay
#1628 0.055800000 2015-03-01 11:11:26 PendingI have a withdrawal pending for 5 days??
Pending
I tried to withdraw almost 2 weeks ago and submitted a ticket but nothing???
HERE IS OWN JAMES GRANT, OWNER AND OPERATOR OF HAVELOCK IS PART OF ASICMINER/AMHASH:
https://bitcointalksearch.org/topic/how-havelock-is-one-of-the-owners-of-asicmineramhash-989850
https://bitcointalksearch.org/topic/how-havelock-is-one-of-the-owners-of-asicmineramhash-989850
Everyone with 5000+ AM shares has a seat at the board.
These board members have no responsibility or authority.
The only right you gain with a seat is to request information directly from the company.
Has Havelock a deeper partnership, or is it just 5000+ AM shares?
HERE IS OWN JAMES GRANT, OWNER AND OPERATOR OF HAVELOCK IS PART OF ASICMINER/AMHASH:
https://bitcointalksearch.org/topic/how-havelock-is-one-of-the-owners-of-asicmineramhash-989850
https://bitcointalksearch.org/topic/how-havelock-is-one-of-the-owners-of-asicmineramhash-989850
It does not matter if they are victims as well. At the end of the day it is their misfortune rather not the investors. Investors just recover their investments no matter how hard to others it would be.
I would also talk with RockXie and David Fan or any other officials to get the real picture of the situation.
If someone thinks they can get me in touch with them please pm me.
This is complete waste of time unless you are interested in listening to lies or sentimental stories of shattered dreams.
They might also be victims of FriedCat's disappearance, if they are not part of the scam.
And they seem to have an intention to compensate the losses.
I wanna hear what they got to offer.
The legal path is always open as an option, so no worries.
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