ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1314.

friedcat

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Quote from: punin on October 08, 2012, 03:57:36 PM

Did Bitfountain hold any BTC on GLBSE?

Yes. But the larger part of the total BTC had been withdrawn and converted to RMB to
cover the first batch production and packaging of chips. They will be paid to the foundry
during the wafer production phase and the packaging phase.

Quote from: punin on October 08, 2012, 03:57:36 PM

Does GLBSE going under affect the speed of the manufacturing process in any way?

Probably not. It may affect a little on the speed of deploying though. But as long as the
chips are out and proved working, private loans will be much easier and safer to get.
If we get enough loans, the process all the way up will not be delayed at all. If not, we
may deploy our products incrementally by using the cash flow from the initial boards to pay
for the rest.

Quote from: punin on October 08, 2012, 03:57:36 PM

How are the dividens going to get paid without GLBSE?

We will collect (amounts + payment addresses) data from GLBSE whenever its available.

Quote from: punin on October 08, 2012, 03:57:36 PM

What will happen to us shareholders if GLBSE fails to provide information on who's holding stock? Is there a plan B?

This will be a very unfortunate scenario. In this case we will ask for claims of ASICMINER share holdings from shareholders and have to rely on their honesty and other evidences. It's not a good solution as a plan B, but it's the only way we could think of, if we couldn't get the shareholders data out of GLBSE.

Bogart

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Screen cap of ASICMINER chart on GLBSE shortly before it went down.

http://i.imgur.com/mW215.png

I dunno if this is useful at all or not, but here it is.

matauc12

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Quote from: punin on October 08, 2012, 03:57:36 PM

I'd like someone on the board to comment whether they're up-to-date with how this is being handled from Bitfountain's side. I haven't heard anything for several days, and boy would it make me feel better if I knew what's going on.

Did Bitfountain hold any BTC on GLBSE? Does GLBSE going under affect the speed of the manufacturing process in any way? How are the dividens going to get paid without GLBSE? What will happen to us shareholders if GLBSE fails to provide information on who's holding stock? Is there a plan B?

that is a lot of questions for a very recent and complicated problem. They will speculate when they have appropriate information, which you should expect to be a couple days due to the nature of the problem. Meanwhile, knowing or not what will happen has very little effect on the outcome and merely an undue luxury at this time.

punin

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I'd like someone on the board to comment whether they're up-to-date with how this is being handled from Bitfountain's side. I haven't heard anything for several days, and boy would it make me feel better if I knew what's going on.

Did Bitfountain hold any BTC on GLBSE? Does GLBSE going under affect the speed of the manufacturing process in any way? How are the dividens going to get paid without GLBSE? What will happen to us shareholders if GLBSE fails to provide information on who's holding stock? Is there a plan B?

DutchBrat

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Quote from: ?? on ??

Quote from: DutchBrat on October 08, 2012, 12:36:12 PM

Update from OgNasty over in his thread.... if true is important to all of us

https://bitcointalksearch.org/topic/nastyfans-the-bitcoin-enthusiast-fan-club-est-2012-86854

"It is my understanding that GLBSE will begin collecting BTC addresses from users in order to link your BTC address to the amount of shares you own. I would like to urge users to provide a BTC address that you own the private key to (i.e. an address from your Bitcoin client and not a 3rd party). This may become an important factor for the future ownership of your NASTY shares, as the ability to send BTC from the given address may be required in order to confirm ownership."

DutchBrat - This is due to a possible solution I'm looking at implementing to continue operations for NASTY. It doesn't effect any other securities. Although it would most likely be good advice to follow regardless.

Ah, sorry about that, I jumped the gun thinking it was a generic solution. As people probably own more than 1 asset in their portfolio, a generic solution would be the best.

VeeMiner

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bitcoin hodler

well I guess that if GLBSE won't send information about the addresses and number of shares of the people that invested in ASICMINER then we're screwed. Otherwise it's not such a big problem and it can be solved...

DutchBrat

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Update from OgNasty over in his thread.... if true is important to all of us

https://bitcointalksearch.org/topic/nastyfans-the-bitcoin-enthusiast-fan-club-est-2012-86854

"It is my understanding that GLBSE will begin collecting BTC addresses from users in order to link your BTC address to the amount of shares you own. I would like to urge users to provide a BTC address that you own the private key to (i.e. an address from your Bitcoin client and not a 3rd party). This may become an important factor for the future ownership of your NASTY shares, as the ability to send BTC from the given address may be required in order to confirm ownership."

niko

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There is more to Bitcoin than bitcoins.

Quote from: Bogart on October 07, 2012, 06:16:43 PM

Please excuse me if these questions have already been answered. I have not read this entire thread.

Was the plan originally to distribute the proceeds from mining with the ASICs to shareholders by paying a dividend (through the exchange)?

Now that the exchange is gone, how would this be expected to work? Could you instead maybe point a proportionally appropriate amount of hashing power at each shareholders' designated pool account?

I'm still interested in buying into this effort if the loss of the exchange can be overcome, and would love to hear how I might be able to do so.

The original plan is in the OP, and Q&A in post #2. As for your other questions, we'll need to wait for GLBSE shareholders to work out their internal issues and provide some mechanism for GLBSE users to claim their ownership of shares with the issuers.

Bogart

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Please excuse me if these questions have already been answered. I have not read this entire thread.

Was the plan originally to distribute the proceeds from mining with the ASICs to shareholders by paying a dividend (through the exchange)?

Now that the exchange is gone, how would this be expected to work? Could you instead maybe point a proportionally appropriate amount of hashing power at each shareholders' designated pool account?

I'm still interested in buying into this effort if the loss of the exchange can be overcome, and would love to hear how I might be able to do so.

SebastianJu

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Pirate wasnt known in person am i right? If he would i guess he wouldnt be happy now with all the persons following him to get the money. And chance would be some of them arent the normal user type and would use different "approaches" to get their money back.

markm

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Right. Like Pirate, and whatzisface, and whoozit, and that other chap, oh and that gang of them, and those others before that, and on and on...

-MarkM-

SebastianJu

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Quote from: tucenaber on October 07, 2012, 02:58:27 AM

Quote from: SebastianJu on October 06, 2012, 09:03:29 PM

Thanks for info friedcat. I dont think they want to scam because it looks like only 600BTC of customermoney were in glbse. So i think it isnt enough to create such big scam. I think they will give the details at some point. Hopefully soon.

I don't think it's a scam either but you're wrong about the amount of bitcoin. The 600 BTC is only the amount Theymos has control over. He has said that the total probably is somewhere around 6000-8000 BTC.

Hm... ok, that sounds more like a scam would be worth the work and time. But then... nefario is known in person. He would have a hard time running away with the money.

tucenaber

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Quote from: SebastianJu on October 06, 2012, 09:03:29 PM

Thanks for info friedcat. I dont think they want to scam because it looks like only 600BTC of customermoney were in glbse. So i think it isnt enough to create such big scam. I think they will give the details at some point. Hopefully soon.

I don't think it's a scam either but you're wrong about the amount of bitcoin. The 600 BTC is only the amount Theymos has control over. He has said that the total probably is somewhere around 6000-8000 BTC.

Jutarul

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Quote from: markm on October 06, 2012, 11:01:25 PM

Except that exchanging using coloured coins would presumably be by "atomic transactions", so that the trading platform would construct transactions that, once signed by both parties to the transaction, would result in each party holding themselves directly what they traded for. Likely with the transaction having included some outputs to the platform as fees.

Yes. that very much depends on how the exchange implements it.

markm

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Except that exchanging using coloured coins would presumably be by "atomic transactions", so that the trading platform would construct transactions that, once signed by both parties to the transaction, would result in each party holding themselves directly what they traded for. Likely with the transaction having included some outputs to the platform as fees.

-MarkM-

Jutarul

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Quote from: Gabit on October 06, 2012, 10:11:56 PM

Quote from: Jutarul on October 06, 2012, 09:46:24 PM

Quote from: Gabit on October 06, 2012, 09:24:01 PM

BTC-devs should implement easy interface to the client so we could use the blockchain for holding/trading stocks asap. This is so god damn annoying.

Actually the fact that the shares are NOT stored in some form in the blockchain may be an advantage. Otherwise shares which were online at GLBSE at the time of the shutdown would be locked into GLBSE funds.

AFAIK, it would be more like a "company" would only use one Bitcoin (or less if wanted) to issue all shares, as in percentage of that particular coin. For example holding a certain "colored" 0.3 BTC in my wallet would be 30% of those shares. You could use the same mechanism for voting too. Send those shares back and forth, and those would register as votes. I haven't read all too much bout it, but that is how I have understood it. Correct if I'm wrong.

sounds about right. Like everything in life, there are advantages and disadvantages to certain approaches. Having your assets represented as colored coins makes them more portable, but they can also easily be held hostage by other entities like exchanges. Right now "all" shares are held hostage in GLBSE, so bitfountain has a considerable incentive to resolve the issue. But if the shares would be spread out throughout 10s of exchanges because colored coins were used, and one goes bad, the shareholders on that particular exchange would have less prospective of getting the situation resolved with the help of bitfountain.

Gabit

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Quote from: Jutarul on October 06, 2012, 09:46:24 PM

Quote from: Gabit on October 06, 2012, 09:24:01 PM

BTC-devs should implement easy interface to the client so we could use the blockchain for holding/trading stocks asap. This is so god damn annoying.

Actually the fact that the shares are NOT stored in some form in the blockchain may be an advantage. Otherwise shares which were online at GLBSE at the time of the shutdown would be locked into GLBSE funds.

AFAIK, it would be more like a "company" would only use one Bitcoin (or less if wanted) to issue all shares, as in percentage of that particular coin. For example holding a certain "colored" 0.3 BTC in my wallet would be 30% of those shares. You could use the same mechanism for voting too. Send those shares back and forth, and those would register as votes. I haven't read all too much bout it, but that is how I have understood it. Correct if I'm wrong.

Jutarul

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Quote from: Gabit on October 06, 2012, 09:24:01 PM

BTC-devs should implement easy interface to the client so we could use the blockchain for holding/trading stocks asap. This is so god damn annoying.

Actually the fact that the shares are NOT stored in some form in the blockchain may be an advantage. Otherwise shares which were online at GLBSE at the time of the shutdown would be locked into GLBSE funds.

Gabit

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BTC-devs should implement easy interface to the client so we could use the blockchain for holding/trading stocks asap. This is so god damn annoying.

SebastianJu

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Thanks for info friedcat. I dont think they want to scam because it looks like only 600BTC of customermoney were in glbse. So i think it isnt enough to create such big scam. I think they will give the details at some point. Hopefully soon.

matauc12... when you invest you always do it because you will promise yourself something from it isnt it? Dividends, bonus at early IPO or asics. Even when crowdfunding something the backers get something.

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