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

SmiGueL

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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

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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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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

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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

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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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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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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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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?

nedbert9

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Very good clarifications. Thank you.

friedcat

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Quote from: nedbert9 on August 14, 2012, 01:25:25 PM

Regarding the die size update to 17mm²

My research, which might not be definitive, shows that large die are incompatible with the MLM process. Can you comment?

Will you be providing investors with documentation of your arrangements with the foundry?

According to our foundry, the rate of mask-set success with large die with MLM is the same with a standard full mask.

Larger die will indeed have less fault-tolerate rate, but 17mm^2 is not classified as the largest type processed by our foundry.

Our foundry is located in Shanghai, China. We have provided the confidential agreement between the agent of the foundry and us to some investors, and we will definitely provide our final contract to investors when it's made. Thanks.

friedcat

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Quote from: nedbert9 on August 14, 2012, 02:24:30 PM

Correct me if I'm wrong, but profitability outlined in this spreadsheet shows return rates prior to ASICMINER share principle being fully returned. Post principle repayment these return figures reduce by 50%.

In fact it's after ASICMINER investors' principle are paid back. Since it will almost definitely that the IPO will stop before 200,000 shares, prior return will be higher than 200% of what in the spreadsheet.

friedcat

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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.

Bitcoin Oz

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Wat

Quote from: Stephen Gornick on August 14, 2012, 08:02:22 PM

Quote from: DeaDTerra on August 14, 2012, 07:24:07 PM

That is not normal indeed,

I see what I was overlooking. I forgot that there are inter-account transfers allowed on GLBSE, so the logistics for doing this are to simply cancel the sell order with the remaining shares and then manually transfer over whatever amount was sold privately:

- https://bitcointalksearch.org/topic/glbse-ipo-handling-and-interaccount-transfers-discussion-thread-75890

Thats the way to do it

Stephen Gornick

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Quote from: DeaDTerra on August 14, 2012, 07:24:07 PM

That is not normal indeed,

I see what I was overlooking. I forgot that there are inter-account transfers allowed on GLBSE, so the logistics for doing this are to simply cancel the sell order with the remaining shares and then manually transfer over whatever amount was sold privately:

- https://bitcointalksearch.org/topic/glbse-ipo-handling-and-interaccount-transfers-discussion-thread-75890

DeaDTerra

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Quote from: Stephen Gornick on August 14, 2012, 07:21:13 PM

Quote from: DeaDTerra on August 14, 2012, 04:52:29 PM

I am selling ASICMINER shares, if you want some then PM me!
//DeaDTerra

So, 24 hour volume was 1414.129 btc. I don't remember the quantity that was offered at 0.1 but it was more than 1414 btc worth. Is that normal for issued shares to trade privately, off the exchange, *after* the IPO?

That is not normal indeed, usually a minority of the shares are traded publically while in this case a majority was traded in private. I have got no idea why Tongue

for once I am not actually in charge of this IPO xD
//DeaDTerra

Stephen Gornick

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Quote from: DeaDTerra on August 14, 2012, 04:52:29 PM

I am selling ASICMINER shares, if you want some then PM me!
//DeaDTerra

So, 24 hour volume was 1414.129 btc. I don't remember the quantity that was offered at 0.1 but it was more than 1414 btc worth. Is that normal for issued shares to trade privately, off the exchange, *after* the IPO?

Lethos

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Keep it Simple. Every Bit Matters.