Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1337. (Read 3917468 times)

sorry. lost in translation. Can you rewrite?

Thanks for the opportunity. I just voted YES. There was not a confirmation page but I assume my shares were cast.

I don't think pirate will be able to manipulate the market as he may want to, but it's too risky not to sell the coins to raise capital for our ASIC project. The BTC price is quite high right now. I encourage all other shareholders to vote FOR the motion.

The vote is here, and please vote for yes:

https://glbse.com/vote/view/109



For those retail investors, I would like to summarize my email here:

1. Bitcoin exchange rate is at the risk of another huge drawdown. we should be aware of it.

There are good news for bitcoin these days, but the short term market price is highly fluctuate and unrelated to the fundamental change.

the daily drawdown on 2012/8/19 is more 35%, which is the largest one on the mtgox trading history on a daily close price basis.

The exchange market is highly unstable, we are at the risk of another huge drawdown. There is chances that we run into a rally again, but the cost we are taking into risk is unacceptable. please see point 2.


2. If we don't lock the fiat money right now, the ASICMINER is taking Time and Opportunity to speculate the exchange rate gains.

Time: we have to pay the development cost very soon. different than common bitcoiners, ASICMINER cannot wait for the next rally. if extremely market move happens, we may have to liquidate the bitcoin under a unfavorable condition, which may make this project fail.

Opportunity window: If we cannot make it happen right now, we may never make it happen again, or have to play a hard mode game in a very competitive environment. For normal bitcoiners, a bitcoin is a bitcoin forever; for the ASICMINER, the opportunity window closes, it never open again.  we should lock the opportunity.

3. why 8000 btc?

this amount of bitcoin will make sure that under the extreme price drawdown, the ASICMINER can still carry out its plan.

For those board members who think that the bitcoin will rally very soon again, the rest of the bitcoin(3000-6000) can make the company enjoy the appreciation.

”a few board members would like to gamble on the BTC price fluctuation with the full amount of the ASICminer capital, and by doing that, they risk the whole endeavor. Instead, HorseRider suggest, these board members should use their own capital to speculate on BTC price. Also, since some BTC would be left after the first liquidation, ASICminer can still benefit from a rally“ -Jutarul

Found it. Thank you.

The motion ID is 109. Please check the motion page again. Thanks.

I don't see an active motion on GLBSE.

Update

As the board member HorseRider suggested in the board members' mailing list, a motion is held to ask for selling 8,000 BTC and putting the fiat into the company bank account earlier than the due of pending orders. The Bitfountain does not participate this motion and it's all ASICMINER shareholders' choice. Please vote, thanks.

Yeah, hope everyone enjoys the cheap shares.


Guess I'll work out how much I'll have to pay for this.

lucky to get some shares around 0.08,
unlucky to have cancelled those asking orders around 0.001

Maybe someone was playing around with the new margin / short selling features....   

I tried to get some at .01 and it wont let me buy them.

What do you mean exactly?

Is the asset locked down at the moment ?

Yep

Low of the day in ASICMINER on GLBSE 0.00021

Someone's account got hacked or something ?

Yes, I forgot about icbit... 

Anyway, as in any investment, it's a matter of diversifying to balance the associated risks. Just selling the coins immediately to avoid currency risk depresses the price and leaves you exposed to a rebound, so you get exposed to a currency risk in the opposed direction...

If you hedge by buying derivatives (options or futures) you are contributing to stabilize the price but you get exposed to counterparty risk. That's just the way it is, you'll always be exposed to risks when you manage some capital...

So, there's no other options than lowering the risks by diversifying. But just selling the coins right now, just in case, as has been proposed is, IMO, the worst option...

The information about the provider of the options in Mpex is sparse. To say the least.
bitcoinopx.com seems down - which is also not a good sign.


Has  a more professional look. But - no terms and other red flags.. Heck I don't even know with whom I'm trading online. (Next bitcoinica?)

icbit.se is what I recommend they sell futures
//DeaDTerra

Mpex and bitcoinopx are the ones I know of. I don't know if they're insured or how trustworthy you can find them... I trusted some coins to the former and I'm still researching the latter...

No reason for rash decisions. Let the IPO finish. After that I'd say sell as you go, i.e. only cash in those BTC which are necessary to cover the bills.

Who's providing that service? Are they insured?