ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1344.

Comepradz

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Quote from: kibblesnbits on August 15, 2012, 09:16:56 AM

Quote from: SmiGueL on August 15, 2012, 08:46:47 AM

Quote from: friedcat on August 15, 2012, 07:59:27 AM

Quote from: DutchBrat on August 15, 2012, 06:58:29 AM

As not all the shares allocated for private sales have sold yet but the 30.000 shares on GLBSE sold out within 4 days wouldn't it make more sense to try and sell part of those shares allocated for private sales on GLBSE ?

Keep it totally transparent so people know exactly how many shares are up for grabs (private and GLBSE)

That will also keep arbitrage in this 'pre-ipo' at a minimum

Thanks for your suggestion. We indeed have considered it. However, all current investors' choices are made on the expectation that 30,000 shares are publicly sold and the rest are for private bulk sale. We feel that it is not a good idea to change people's investment assumptions by changing our IPO policy. So we would rather keep the plan as it was, and let the market settle everything down.

1: The first post made clear that 'the ratio may be adjusted' so there could be more shares issued at GLbSE.

2: Current investors knew from the first moment that 200k shares were issued. What would be the difference for them whether the shares are sold are private or trough GLbSE?
Totally nothing, 200k shares = 200k shares..

The ONLY difference is that if the 30k shares were sold out, they could probably sell them with a big profit.
So actually, by not issuing more shares, u are supporting the people (who actually don't give a .... about the company, because they bought them to sell with profit) who are trying to rip other REALLY potential investors off..

Get together a group of interested investors and buy a block, then split up the shares accordingly. Problem solved.

Edit: plus you'll get the discount.

Great idea. Indeed, if they sold public share again eventually it will ends up resold at higher price by others.

kibblesnbits

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Activity: 557

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Quote from: SmiGueL on August 15, 2012, 08:46:47 AM

Quote from: friedcat on August 15, 2012, 07:59:27 AM

Quote from: DutchBrat on August 15, 2012, 06:58:29 AM

As not all the shares allocated for private sales have sold yet but the 30.000 shares on GLBSE sold out within 4 days wouldn't it make more sense to try and sell part of those shares allocated for private sales on GLBSE ?

Keep it totally transparent so people know exactly how many shares are up for grabs (private and GLBSE)

That will also keep arbitrage in this 'pre-ipo' at a minimum

Thanks for your suggestion. We indeed have considered it. However, all current investors' choices are made on the expectation that 30,000 shares are publicly sold and the rest are for private bulk sale. We feel that it is not a good idea to change people's investment assumptions by changing our IPO policy. So we would rather keep the plan as it was, and let the market settle everything down.

1: The first post made clear that 'the ratio may be adjusted' so there could be more shares issued at GLbSE.

2: Current investors knew from the first moment that 200k shares were issued. What would be the difference for them whether the shares are sold are private or trough GLbSE?
Totally nothing, 200k shares = 200k shares..

The ONLY difference is that if the 30k shares were sold out, they could probably sell them with a big profit.
So actually, by not issuing more shares, u are supporting the people (who actually don't give a .... about the company, because they bought them to sell with profit) who are trying to rip other REALLY potential investors off..

Get together a group of interested investors and buy a block, then split up the shares accordingly. Problem solved.

Edit: plus you'll get the discount.

Tachikoma

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Activity: 938

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Quote from: friedcat on August 15, 2012, 09:06:34 AM

Our private offering is still open. Interested investors are always welcome to buy directly from us before our IPO succeeds.

I still think it's not the fairest way to do it. People browsing GLBSE and reading the IPO there might just decide to pick up shares right there at market price since it mentions nowhere that private buying is an option.

friedcat

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Activity: 848

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SmiGueL, thank you very much for your criticism. We admit that we have considered not carefully enough when allocating the portion of shares for public sales. But at this moment we would prefer not changing the plan by putting new ask walls, but rather let people directly buy from us.

Quote from: SmiGueL on August 15, 2012, 08:46:47 AM

1: The first post made clear that 'the ratio may be adjusted' so there could be more shares issued at GLbSE.

Yes, but we created it as a clause for more unexpected scenarios.

Quote from: SmiGueL on August 15, 2012, 08:46:47 AM

2: Current investors knew from the first moment that 200k shares were issued. What would be the difference for them whether the shares are sold are private or trough GLbSE?
Totally nothing, 200k shares = 200k shares..

The ONLY difference is that if the 30k shares were sold out, they could probably sell them with a big profit.
So actually, by not issuing more shares, u are supporting the people (who actually don't give a .... about the company, because they bought them to sell with profit) who are trying to rip other REALLY potential investors off..

Our private offering is still open. Interested investors are always welcome to buy directly from us before our IPO succeeds.

SmiGueL

sr. member

Activity: 322

Merit: 252

Quote from: friedcat on August 15, 2012, 07:59:27 AM

Quote from: DutchBrat on August 15, 2012, 06:58:29 AM

As not all the shares allocated for private sales have sold yet but the 30.000 shares on GLBSE sold out within 4 days wouldn't it make more sense to try and sell part of those shares allocated for private sales on GLBSE ?

Keep it totally transparent so people know exactly how many shares are up for grabs (private and GLBSE)

That will also keep arbitrage in this 'pre-ipo' at a minimum

Thanks for your suggestion. We indeed have considered it. However, all current investors' choices are made on the expectation that 30,000 shares are publicly sold and the rest are for private bulk sale. We feel that it is not a good idea to change people's investment assumptions by changing our IPO policy. So we would rather keep the plan as it was, and let the market settle everything down.

1: The first post made clear that 'the ratio may be adjusted' so there could be more shares issued at GLbSE.

2: Current investors knew from the first moment that 200k shares were issued. What would be the difference for them whether the shares are sold are private or trough GLbSE?
Totally nothing, 200k shares = 200k shares..

The ONLY difference is that if the 30k shares were sold out, they could probably sell them with a big profit.
So actually, by not issuing more shares, u are supporting the people (who actually don't give a .... about the company, because they bought them to sell with profit) who are trying to rip other REALLY potential investors off..

DutchBrat

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Activity: 868

Merit: 1000

Quote from: friedcat on August 15, 2012, 08:18:54 AM

Quote from: DutchBrat on August 15, 2012, 08:14:55 AM

Indeed,

It says initially 30.000 are for public sale, the ratio might be adjusted

I can understand if you want to keep it at 30.000, but then I suggest you lower the threshold for private sales

What will happen if not enough funds are raised when private sales are insufficient, yet many people want to buy smaller lots of stock, and are now even willing to pay over the 0.1 initial pricing Huh

Thanks. The 5,000 and 10,000 thresholds are for becoming board members and have more extra shares. There are practically no threshold for bulk purchase. However I would prefer larger numbers, say, >500 shares, to reduce our manual work of the GLBSE transferring system.

Ah, I assumed private sales were 5000+ shares

Thanks for clearing that up

friedcat

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Activity: 848

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Quote from: DutchBrat on August 15, 2012, 08:14:55 AM

Indeed,

It says initially 30.000 are for public sale, the ratio might be adjusted

I can understand if you want to keep it at 30.000, but then I suggest you lower the threshold for private sales

What will happen if not enough funds are raised when private sales are insufficient, yet many people want to buy smaller lots of stock, and are now even willing to pay over the 0.1 initial pricing Huh

Thanks. The 5,000 and 10,000 thresholds are for becoming board members and have more extra shares. There are practically no threshold for bulk purchase. However I would prefer larger numbers, say, >500 shares, to reduce our manual work of the GLBSE transferring system.

DutchBrat

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Activity: 868

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Quote from: friedcat on August 15, 2012, 08:13:23 AM

Quote from: Tachikoma on August 15, 2012, 08:08:58 AM

I feel a bit cheated buying shares above IPO price when the IPO isn't done yet. If I would have known there would be more shares coming I would rather have waited.

I am sorry but the number of 30,000 for public sale and 170,000 for private bulk sale was written in the thread at the time this IPO has started. And also, as I said in the reply above, no shares will be put as ask walls by ourselves.

Our posts crossed and I never review newer posts before pressing enter Wink

DutchBrat

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Activity: 868

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Quote from: SmiGueL on August 15, 2012, 08:02:18 AM

Quote

IPO The GLBSE ticker is ASICMINER. 200,000 shares are issued. Initially,
30,000 are for public sale. 170,000 are for private bulk purchase via PMs and the
asset transfer system of GLBSE. The ratio may be adjusted but the total number is
always 200,000.

I would also appreciate it if there would be another 30k shares on GLbSE

I read about this yesterday, but in the evening every share was gone (or reselled for BTC.25 Undecided

)
But I want to support this project and buy from you directly..

Really want 100 shares Cheesy

Indeed,

It says initially 30.000 are for public sale, the ratio might be adjusted

I can understand if you want to keep it at 30.000, but then I suggest you lower the threshold for private sales

What will happen if not enough funds are raised when private sales are insufficient, yet many people want to buy smaller lots of stock, and are now even willing to pay over the 0.1 initial pricing ?

friedcat

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Activity: 848

Merit: 1005

Quote from: Tachikoma on August 15, 2012, 08:08:58 AM

I feel a bit cheated buying shares above IPO price when the IPO isn't done yet. If I would have known there would be more shares coming I would rather have waited.

I am sorry but the number of 30,000 for public sale and 170,000 for private bulk sale was written in the thread at the time this IPO has started. And also, as I said in the reply above, no shares will be put as ask walls by ourselves.

Tachikoma

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Activity: 938

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I feel a bit cheated buying shares above IPO price when the IPO isn't done yet. If I would have known there would be more shares coming I would rather have waited.

SmiGueL

sr. member

Activity: 322

Merit: 252

Quote

IPO The GLBSE ticker is ASICMINER. 200,000 shares are issued. Initially,
30,000 are for public sale. 170,000 are for private bulk purchase via PMs and the
asset transfer system of GLBSE. The ratio may be adjusted but the total number is
always 200,000.

I would also appreciate it if there would be another 30k shares on GLbSE

I read about this yesterday, but in the evening every share was gone (or reselled for BTC.25 Undecided

)
But I want to support this project and buy from you directly..

Really want 100 shares Cheesy

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: friedcat on August 15, 2012, 07:59:27 AM

Quote from: DutchBrat on August 15, 2012, 06:58:29 AM

As not all the shares allocated for private sales have sold yet but the 30.000 shares on GLBSE sold out within 4 days wouldn't it make more sense to try and sell part of those shares allocated for private sales on GLBSE ?

Keep it totally transparent so people know exactly how many shares are up for grabs (private and GLBSE)

That will also keep arbitrage in this 'pre-ipo' at a minimum

Thanks for your suggestion. We indeed have considered it. However, all current investors' choices are made on the expectation that 30,000 shares are publicly sold and the rest are for private bulk sale. We feel that it is not a good idea to change people's investment assumptions by changing our IPO policy. So we would rather keep the plan as it was, and let the market settle everything down.

I will be selling at close to the IPO price if anyone is interested PM me or place a bid and I will fill it ^^
//DeaDTerra

friedcat

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Activity: 848

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Quote from: DutchBrat on August 15, 2012, 06:58:29 AM

As not all the shares allocated for private sales have sold yet but the 30.000 shares on GLBSE sold out within 4 days wouldn't it make more sense to try and sell part of those shares allocated for private sales on GLBSE ?

Keep it totally transparent so people know exactly how many shares are up for grabs (private and GLBSE)

That will also keep arbitrage in this 'pre-ipo' at a minimum

Thanks for your suggestion. We indeed have considered it. However, all current investors' choices are made on the expectation that 30,000 shares are publicly sold and the rest are for private bulk sale. We feel that it is not a good idea to change people's investment assumptions by changing our IPO policy. So we would rather keep the plan as it was, and let the market settle everything down.

DutchBrat

hero member

Activity: 868

Merit: 1000

As not all the shares allocated for private sales have sold yet but the 30.000 shares on GLBSE sold out within 4 days wouldn't it make more sense to try and sell part of those shares allocated for private sales on GLBSE ?

Keep it totally transparent so people know exactly how many shares are up for grabs (private and GLBSE)

That will also keep arbitrage in this 'pre-ipo' at a minimum

tucenaber

sr. member

Activity: 337

Merit: 252

Quote from: kibblesnbits on August 14, 2012, 09:18:53 AM

Could you give us the results of your chat with friedcat? Inquiring minds want to know. Thanks

I have received some documents, and from what I can tell the company Bitfountain, is registered july 12 in Shenzhen China. I have also received the names of the partners where only two is actually officially shareholders but the third (the hardware wizkid) will be added later on I am told. The names are the same as the owners of Bitfountain, so that's good. There seems to be an agreement with a manufacturer, but I cannot say if that's legit or not.

I have not (yet) been able to make up my mind about the viability of the project, or gotten any assurances. But Friedcat seems trustworthy and he's a Haskell* programmer, and what scammer would be a Haskell programmer? That's like a contradiction in terms, lol.

We'll see.

*) Haskell=obscure programming language, of which I am a fan.

friedcat

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Activity: 848

Merit: 1005

Thanks for your questions.

Quote from: zefir on August 15, 2012, 02:56:23 AM

Assume one chip is consuming 5-10 Watts (per GHps), your 12THps rig would pull 60-120kW from the wall. Now that's a fat power plug for those used to limit their mining rigs to 1.5kW

Are you prepared to facilitate according needs?

Yes. For a 60-120kW operating, the most similar places are local net-cafes. Larger ones have different electricity cables more close to those of industrial uses than family ones. This is why we have taken the place rent into consideration, it also contains the effort of (industrial-level) power supply.

Quote from: zefir on August 15, 2012, 02:56:23 AM

Second, are you prepared to secure the proper continuous operation of that 12TH rig in terms of immunity to external impacts? We see how the large pools have been under DDoS attacks every now and then and needed to gradually implement counter measures to provide their services. Now if you pop up with a hashing power worth the largest three pools have combined, you inevitably become a target. Are you aware of those risks, and prepared?

Yes, we are aware of those risks, but we haven't immediately began to work on it because currently the highest priority is making our IPO succeed, our design reliable, and our production on time.

In fact there might be more "real-world" attacks like theft. All of them should be finally taken account. We feel that, solving them in parallel with the mask-set production as well as PCB production, are a good idea.

Quote from: zefir on August 15, 2012, 02:56:23 AM

Thanks for your answer and the transparency you provided so far.

You are welcome. More questions and suggestions are always welcome.

zefir

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I have two practical questions for your initial mining phase.

Assume one chip is consuming 5-10 Watts (per GHps), your 12THps rig would pull 60-120kW from the wall. Now that's a fat power plug for those used to limit their mining rigs to 1.5kW

Are you prepared to facilitate according needs?

Second, are you prepared to secure the proper continuous operation of that 12TH rig in terms of immunity to external impacts? We see how the large pools have been under DDoS attacks every now and then and needed to gradually implement counter measures to provide their services. Now if you pop up with a hashing power worth the largest three pools have combined, you inevitably become a target. Are you aware of those risks, and prepared?

Thanks for your answer and the transparency you provided so far.

friedcat

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Merit: 1005

Quote from: Lethos on August 15, 2012, 01:38:42 AM

I'm still seeing 0.12 BTC/share to buy. When are you selling more shares at 0.1BTC?

As said in the OP, only 30,000 shares are put on the public market. Although and they are all gone, The bulk sales haven't been closed. Investors could buy from us before then instead of buying them from the public market.

Lethos

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Activity: 476

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Keep it Simple. Every Bit Matters.

Quote from: friedcat on August 14, 2012, 08:58:40 PM

Update

Just to mention, since the IPO hasn't finished and bulk purchase at 0.1BTC/share with extra shares offering is still going on, it is not suggested to buy them at a very high price at this moment. Thanks.

I'm still seeing 0.12 BTC/share to buy. When are you selling more shares at 0.1BTC?

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