Friedcat, from the above conversation I understand that Nefario has not contacted ASICMINER (i.e. you) yet with how to proceed
Makes it all seems very dodgy as the GLBSE website says they are closing accounts and refunding BTC since late last night UK time
Obviously they should talk to asset issuers first !
Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1314. (Read 3917029 times)
October 09, 2012, 09:05:56 AM
October 09, 2012, 08:58:37 AM
How much BTC do you have in glbse still?
If glbse doesnt pay it would be a hurt for shareholders too. Because its money that is lost to the company. And that money has to be earned first again. I hope its not so very much.
The same goes for local loans. The interest and the loan itself would have to be earned first. But anyway... the outcome of this all probably cant be changed.
It's not very much. We already sold another batch of Bitcoins to fiat after our first release of financial report to increase our fiat reserve to deal with emergent situations.If glbse doesnt pay it would be a hurt for shareholders too. Because its money that is lost to the company. And that money has to be earned first again. I hope its not so very much.
The same goes for local loans. The interest and the loan itself would have to be earned first. But anyway... the outcome of this all probably cant be changed.
But if at last, the money is indeed lost with the GLBSE default, it will be like this:
--When we have to borrow some money to fill the gap
1. We use the company identity to borrow money because it will be more feasible than personal loans.
2. However, the reliability of returning the money lies only on me the individual.
3. I pay them back using my earnings from my shares of Bitfountain and other sources.
--When we don't have to borrow any money
1. I mark myself of owing the company the same amount of Bitcoins
2. The board members decide an interest rate for my debt, then make the corresponding motion, if not passed, iterate.
3. I pay them back using my earnings from my shares of Bitfountain and other sources.
It's my management fault to keep the rest of the funds within GLBSE and trust it like trusting our company's bank account. The shareholders of ASICMINER should not take the consequences.
That sounds dignified. Even more because you arent guilty about the things happening with glbse. You really want to keep away every possible harm from shareholders. I hope you can carry that weight but i think you own a good part of the company so its quite possible. But before you get in personal trouble i would prefer the whole company is carrying it with you. But im only a small shareholder.
Anyway... its a generous offer. Lets hope its not needed.
October 09, 2012, 07:53:23 AM
How much BTC do you have in glbse still?
If glbse doesnt pay it would be a hurt for shareholders too. Because its money that is lost to the company. And that money has to be earned first again. I hope its not so very much.
The same goes for local loans. The interest and the loan itself would have to be earned first. But anyway... the outcome of this all probably cant be changed.
It's not very much. We already sold another batch of Bitcoins to fiat after our first release of financial report to increase our fiat reserve to deal with emergent situations.If glbse doesnt pay it would be a hurt for shareholders too. Because its money that is lost to the company. And that money has to be earned first again. I hope its not so very much.
The same goes for local loans. The interest and the loan itself would have to be earned first. But anyway... the outcome of this all probably cant be changed.
But if at last, the money is indeed lost with the GLBSE default, it will be like this:
--When we have to borrow some money to fill the gap
1. We use the company identity to borrow money because it will be more feasible than personal loans.
2. However, the reliability of returning the money lies only on me the individual.
3. I pay them back using my earnings from my shares of Bitfountain and other sources.
--When we don't have to borrow any money
1. I mark myself of owing the company the same amount of Bitcoins
2. The board members decide an interest rate for my debt, then make the corresponding motion, if not passed, iterate.
3. I pay them back using my earnings from my shares of Bitfountain and other sources.
It's my management fault to keep the rest of the funds within GLBSE and trust it like trusting our company's bank account. The shareholders of ASICMINER should not take the consequences.
October 09, 2012, 07:03:15 AM
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 thechips 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.
Does that mean sell more shares? I mean there are still available public shares. Otherwise i wouldnt like the idea because it would devalue the value of the already sold shares because more people would have to get their part of the shares.
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.I dont think that will be necessary. I mean in the worst case, when nefario really takes the money and runs... he doesnt have a use for the shares. He could give them out for showing good will or when trying to optimize his scamresult could try to blackmail. Give me btc and i give you your details or so. Anyway... in every case the shares could be get... if the blackmailfee wouldnt be too high. Only saying. In fact i doubt that he wants to scam anyway.
now I wish I had a screenshot of my assets 
I used the GLBSE android app the day before GLBSE closed and all my assets are cached in that app.
Unfortunately that cant work. I mean screenshots can be manipulated easily. The same goes for cached files. If Bitfountain had to go this way it cant possibly work. I cant imagine how it should.
But i dont fear that this is needed anyway.
October 09, 2012, 06:46:42 AM
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 thechips 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.
Does that mean sell more shares? I mean there are still available public shares. Otherwise i wouldnt like the idea because it would devalue the value of the already sold shares because more people would have to get their part of the shares.
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.I dont think that will be necessary. I mean in the worst case, when nefario really takes the money and runs... he doesnt have a use for the shares. He could give them out for showing good will or when trying to optimize his scamresult could try to blackmail. Give me btc and i give you your details or so. Anyway... in every case the shares could be get... if the blackmailfee wouldnt be too high. Only saying. In fact i doubt that he wants to scam anyway.
now I wish I had a screenshot of my assets
I used the GLBSE android app the day before GLBSE closed and all my assets are cached in that app.
Unfortunately that cant work. I mean screenshots can be manipulated easily. The same goes for cached files. If Bitfountain had to go this way it cant possibly work. I cant imagine how it should.
But i dont fear that this is needed anyway.
October 09, 2012, 06:43:09 AM
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.
now I wish I had a screenshot of my assets
October 09, 2012, 05:11:15 AM
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.
now I wish I had a screenshot of my assets
I used the GLBSE android app the day before GLBSE closed and all my assets are cached in that app.
October 09, 2012, 03:30:27 AM
Out of all the possible reasons GLBSE was shut down, there isn't really one that comes to mind that would involve the impossibility or unwillingness of nefario to provide those codes (as its no expense to him to provide them or not).
Besides, there presumably are older backups. There are plenty of people who would wreak havoc, so I'm assuming there is considerable expense to not resolve this problem rapidly. Codes are an odd way to deal with the situation, I'm guessing a more secure method is being devised. All in all, I'm worried about neither the funds nor the ownership info, but the delays.
October 09, 2012, 02:37:55 AM
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.
now I wish I had a screenshot of my assets
October 09, 2012, 02:35:18 AM
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.
now I wish I had a screenshot of my assets
I'm so fucking (pardon my French) happy I actually made one the day before it went down. Although not sure how much good it would be as "evidence" it's something at least.
October 09, 2012, 02:05:06 AM
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.
now I wish I had a screenshot of my assets
October 08, 2012, 11:46:19 PM
Did Bitfountain hold any BTC on GLBSE?
Yes. But the larger part of the total BTC had been withdrawn and converted to RMB tocover the first batch production and packaging of chips. They will be paid to the foundry
during the wafer production phase and the packaging phase.
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 thechips 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.
How are the dividens going to get paid without GLBSE?
We will collect (amounts + payment addresses) data from GLBSE whenever its available.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. October 08, 2012, 10:37:43 PM
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.
http://i.imgur.com/mW215.png
I dunno if this is useful at all or not, but here it is.
October 08, 2012, 10:35:17 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. 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?
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?
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?
October 08, 2012, 02:06:04 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."
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.
October 08, 2012, 02:05:35 PM
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...
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."
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."
October 07, 2012, 07:43:13 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.
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.
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.
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.
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