Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 37. (Read 3917058 times)

there is nothing better than brand new bathroom tiled with asic chips.....

Having chips is just a beginning of a long way to have pcb, from this point you have to design large scale farm - as it is not profitable to produce domestic user type of a tin. Than you have to find a DC.... And rather one which does NOT steal electricity and the one which will not rob your precious farm.... I am afraid that having 10 $$$ mln in the pocket is not enough....

Back in the days of Avalon chips there were group buys that accumulated that kind of money. I think there could be people interested in buying raw chips in order to turn them into miners. That being said, $10M is a lot of money, man.

Group buy of BE300 chips anyone?

The problem with words is that half the time they get misinterpreted. Just because a company stays in business, doesn't mean that they execute certain projects. Did google fail because they didn't bring google glasses to the mass market?

Right now there seems to be some money stuck in accounts, only FC has access to.

You said it yourself. The name of the game is to get a net return on every BTC invested. That's what investors ultimately look for. FC was extremely aware of that point. BTC prices where still in the 370 USD range when sample chips got received. That's when the financing should have been secured (by funding the accounts). It didn't happen.

Do you want to buyout the company? Be my guest. Current management would love the idea. This is no joke.

I don't know how to respond to that. FC is an adult and he was repeatedly asked to delegate and improve certain conditions. He didn't comply with the requests. The desolate state surrounding providing information to shareholders was no secret. What is more surprising in hindsight is that key people who worked with FC on a daily basis failed to see the signs, and if they were they failed in the same way. The Rockminer story is testament to that.

Based on AM management, about 1000-2000 devices worth. The exact number depends on some quality factors.

$2M for fixed costs. The rest is the initial order + potential profit. You can target a lower amount, which either precludes any profit for AM or makes the fixed costs a significant amount. FC mentioned that the minimum order should be around $6M for it to make economical sense, but he said that doesn't include any profit margin.

2-3 months.

And what about these statements from November?  Huge emphasis on point E



This was only 4 months ago.  Difficulty has only increased a small amount since then.  BTC / usd has fallen though.

Jutarul,  yes i am very frustrated.  However thank you for helping answer some of these questions.  

Some points to add though:

1) Making a public statement saying that AM has enough capital to move forward regardless of BTC price,  on basically the eve of a make or break product,  while not having funding in place to produce said product, was EXTREMELY misleading.   People bought on that statement and made decisions on that statement.   No one was  thinking, that BE300 is going to get held up because of MONEY of all things.

2) It does make sense to produce BE300 regardless of BTC price as a matter of fact,  if we want to talk about timing,  everyone is hurting right now, and the block reward halving draws near.  The name of the game is to capture as many BTC as possible.  This environment could actually be the best time possible to secure a future for AM as while the price it isn't so attractive for new players to enter or competition to forge ahead aggressively with new hardware.  The closer we get to the cutting edge technology the harder it becomes.  Now is the  ONLY time.  


3)  I  disagree that there was no roadmap,  i have no more information than what is posted here and it is plain as day that samples were ordered,  they came back good,  we knew there needed to be mass production by march / april  (basically now).  It is obvious the order needed to go in as soon as the samples were confirmed good.  Looks like a roadmap to me.

which leads me to #4

4) It is NOT to late to change anything now, btc price is still depressed and though some of the competitive advantage is gone it still seems like BE300 is a good chip and stands to be able to capture some serious BTC,  however from where i sit it doesn't seem like anything is being done about that.  Doddling around like this just makes it look setup to fail.


Another thought:   Though you say the duties of the board members weren't defined.  Each member had their own duty to themselves (as to protect their own wealth!!!!!) and to shareholders to ensure / steer the company to the right path,  ie: to DIRECT.  From the sounds of it,  you guys let FC handle everything.  Not having any idea where finances sit at or letting the FREAKING CEO handle menial tasks such as share transfers for example and accept that as a good use of his time is ABSURD.  What the hell is everyone thinking?   I know from experience that being the head of even small companies is stressful as all hell,  i could not imagine what it must be like to be FC,  and everyone,  board members and management included failed him.   The fact no one knows what is going on is because you guys did not do your jobs to DEMAND to know what is going on.


I also would like to know the answers to some of the other questions asked in the thread that have gone un answered.  Namely:

What BE200 remains unsold and in stock ?  

Is there a rough break down of the 10M required?   Is it possible to break it up in to milestones as to limit the initial risk for people that may want to get involved?

What is the turn around time on a BE300 order,  to packaged chips in hand?


teek

 

+ BE300 Design ca be sold too. But I doubt ,,AM Managment'' would distribute these earnings among all share holders.
 

Why didn't FC reported about the missed funding of AM300 TO to public? In my opinion admitting failure was not an option for FC so he left. He has a sh*#load of BTC under his control.

If the company failed it failed and there is nothing to do about it.  Any remaining funds need to be distributed per share to the share holders.

How much $$$ was needed?  Does this make any sense at all, given the size of some of the known AM wallets?  (EDIT: Okay, $10m is quite a lot.)

And we're still left with FC having disappeared and a large number of bitcoins seemingly having disappeared.  It still has exit scam written all over it.

you heard it guys. It is really time. Good night, it was a nice ride. But everything stops somewhere.

FC was continuously reminded to publish financial statements since they were due in Q4 2014. He also was reminded to secure financing for the tape out. It was considered a discretionary decision of the CEO to bring this either to public attention or not.

Sample chips for BE300 rolled out in December. At the quality of communication FC engaged in, some board members assumed this to be the actual tape out. In January at the board meeting FC communicated that there was no financing for the BE300 TO - that some investors were discouraged by the falling BTC price. I can only assume that this means he had someone making assurances and that someone didn't follow through.

In principal I agree with you and looking at it from a hindsight perspective, informing all shareholders may have encouraged some assistance. But this thing was going fast from 100 to 0 in 1-3 weeks.

Beat's me but it seems to be where the biggest voice is so I presume its to try and placate it


An important lesson in a sense have all companies create financial roadmaps
Looking back retrospectively it always sounded like FC had one but I guess it was just well positioned talking.

This.  AH hash is a sideshow.  Why is it centre stage, besides the yipping of helicopter boy?

Hey Jutarul you missed this question.


I think many shareholders are frustrated about the lack of financial statement for Q4 2014 and the lack of communication overall, but they couldn't do anything about it. Saying that now it's too late makes me think that they could've done something which is simply false.

Here you go:

Can someone point me to a post which describes the relationship between ASICMINER and AMHash?

I had believed it was a separate entity, and did not effect the core business. But now I am not certain, a post stating the AM Board is working on relief for AMHash holders and nothing in regards to AM holders is rather confusing.

Seems reasonable to me. Boris here just calls up his buddy Vladimir, who dials Jinping, and bing bang boom it's a dead cat.

For your clarification, FC stated that there is enough funding to keep people employed and working on design for a considerable amount of time. That didn't include major expense items like tape out costs, which he considered timing and market dependent. Obviously it doesn't make sense to spend $10 million on a tape out for a new chip if BTC sells at 1 USD (Reductio ad absurdum).

You are correct. Funding should have been secured in November/December the latest. Failure of creating a financial roadmap seems to be a prevalent theme with AM. Unfortunately roadmaps is something which small companies hardly do in their attempt to optimize business agility.

If you're frustrated how management carried out their decisions you're in good company. Unfortunately it's too late to change anything about it now.

The Amhash Incident in Chronological order: https://bitcointalksearch.org/topic/the-amhash-incident-in-chronological-order-in-summary-996135

Check spelling?