Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 45. (Read 3917058 times)

 
Step 1: Disappear and stop paying dividends intentionally cause your share price to plummet.
Step 2: Buy up lots of shares through sockpuppets for pennies.
Step 3: Come back and offer some excuse for your disappearance. Pay all dividends.
Step 4: Announce new products and business plan. Share price skyrockets.
Step 5a: If your new products are mostly hype, sell shares acquired through sockpuppets at 10x+ profit
Step 5b: If your new products are real, keep the shares and profit from your increased ownership acquired for nearly nothing.

This plan is much better than just stealing the money. Much lower chance of getting in trouble with the police, but still a great profit potential. Remember, he's from a country where people are executed for serious financial crimes. He could run away, sure. It's a gamble. I've never owned AM shares but I'm buying some now just in case he is making the smarter move.

On my way... at least I don't have to rely on 50 cents per post for my living. I may not be a great trader, and possibly somewhat naive, but I still have more beanie babies BTC than you. See you in 5 years bud.

AsicMiner should first rebuild their trust by compensating their victims to go any further.
And convince people that it is recovering from the current situation.
Who's going to invest in them whit this level of trust.
The new generation of their chips won't go anywhere.
Even customers won't buy mining gear from a sinking ship.

I still sit on about 150 AM1 shares. Of course it sucks to see them be worth roughly 2,5 pittances but I was also lucky enough to catch the ride from 0.3->4.5 BTC where i sold the majority of my holding. Not selling now. Its either busto or rebuild.

I'm giving AM one more week for FC to surface before I write this one off.
If there isn't closure by then, this will just become a cluster-fuck - and I don't have the time or patience for the drama.

In July, I put half my money into AM shares and half into mining equipment.
My mining doubled up and my AM shares zeroed out.
I'm even.

Going into this next season, I'm more than willing to switch horses.

I'm actually pretty convinced that they could raise funds this way. AM has never failed to deliver a device once chips were confirmed as functional. Pretty sure they could sell $10 million in hardware preorders for equipment for delivery in June if they had management team and could prove functionality of the chip. Production runs for 28nm grow on trees.

No functional competitive chip--only [alleged] samples, unconfirmed by independent sources.
No production runs scheduled with foundry.
No management team.
No one foolish enough to preorder AM hardware in light of past history & recent catnapping.<==disregard, because Bitcoin.

If they have a functional and competitive chip why not go with pre-orders like every other mining devices selling company, if they get enough money/orders they could make the chips.

Has this been discussed already?

5 BTC was not the peak, over 10k shares traded hands between 5-7 BTC (I believe right around 7 was the peak) and that was only on BTCT not including private deals.

Not really, first bid is already 50% down

*But yeah, doesn't matter.

Much less slippage in BTC price though.

Well - as the title of the thread goes, ASICMINER entered the future of ASICMINING by inventing it. But couldn't go much further than that.

Congrats to all those who made a profit. As usual the name of this game is get as many bitcoins as you can.

Just like the market won't absorb 5k shares today, at the not-so-peak price

Keep in mind the market would not have absorbed 5000 shares at the peak price. Anyone know the liquidity/slippage back when it was 5BTC or so a share?

is there a balance sheet available ?

What BE200 remains unsold and in stock ?  

Is there BE400 IP yet?

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?


I think there should be some feelers put out there,  for an AM Preferred share,  there are approximately 35k unsold shares that were returned to Bitfountain after the IPO.   Give preferential repayment and hardware purchasing terms to these holders and see if the market will bite.  This does not affect the authorized shares and is not dilution.  


Holding back any remaining info about what actually happened with friedcat isn't going to be good for anyone.   If there is something everyone needs to know,  just spit it out,  this is directed at David Fan.


Jutarul thank you for your work in helping answer these questions.

Jutarul, thank you..... I actually have had the hiccups for about 20 minutes.... then i read this.... f*ck me they disappeared without me noticing
Away out to enjoy the weekend.

How long would it take to be usable though? I think the issue is by the time someone actually makes the BE300 it will be like the BE200 - Late to the game. Securing an investor for 10 Million is not easy when FC is MIA.

I wonder what the IP value for their already-completed-and-tested BE300 chip design is? With the possible exception of Bitfury's new chip (and if they were really impressed with it wouldn't they be advertising it?) the BE300 is the best ASIC that currently actually exists.

Q) I think a price "explosion" is imminent,  not to ATH territory,  but $400 or so is definitely in the cards.
A) 400 will likely not be enough. A reasonable risk/reward ratio starts at > 1000 USD.

Q) What kind of dollars are we talking would be required from such an investor? 
A) > $10M for a packaged deal to make sense.

Q) Does AM have possession of the IP related to BE300?
A) Yes. AM management also has a direct account with TSMC.

Q) You say the funding situation is Dire,  is this due to FC being in sole possession of the keys?
A) The funding situation is very opaque. David Fan cannot provide information on current accounting. He is currently paying bills from some of the remaining company funds, surplus cash flow and personal funds. The accounting was managed by friedcat, and the last financial statement was delivered 4 months late and incomplete. He was asked to make it complete, clean it up and publish it - which never happened. Given the current circumstance I may as well show the incomplete statement, which covers the time May/2014-Oct/2014:
https://mega.co.nz/#!YUtUwa4K!o9VTJYkv0-eO0V6UU3vPwXZshItuBwq-z146p0pBH6E

Q) Do you think FC is safe?
A) I have insufficient information for such a conjecture. I certainly hope he is safe.

Q) Is there a plan yet to compensate shareholders for Amhash1 shares held on Havelock?
A) On the side of AM any compensation would likely have to be financed either through operating revenue (which currently is going to 0 due to bitcoin price staying low and required funding to restock chip inventory) or the personal funds of volunteering shareholders. Unfortunately the morale among shareholders is rock bottom so everyone is looking at David Fan, especially since he also has an official company function. The question which is not so easy to answer is whether there would be a moral or legal obligation for such "volunteering". That said, he expressed his desire to develop a compensation plan for contract holders, conditional on the premise that everybody in the delivery chain carries a fair share.

Q) Hi, I don't get it, David should be as rich as FC! Why doesn't he invest into his company? Or rent coins to AM?
A) Why invest in a company which is loaded with liability when you don't feel responsible for the current situation? Also, wouldn't it be smarter to use the funds to restock the company with the latest chips in order to generate a profit from which these liabilities can be served? At the end this is a structural problem, that's why a reorganization of the company may be unavoidable.

Q) In the situation where the BTC price rises and free's up additional capital or VC money comes in to support the production of BE300, could shareholders reasonably expect to see some type of return later this year?
A) I cannot give investment advise. There are two types of returns. Revenue through increased market price and dividends. It would be very unlikely to see a company in the current state paying any dividends in the immediate future. Funds are better used to solve structural problems. The only exception to this would be a liquidation event of an unknown amount.

Q) Is the only other option the company goes under due to lack of funds and the legal process begins for those who wish to pursue it?
A) Provided that the core team stays intact and true to the mission the company would likely co-exist with bigger corps in the market place. How that would be structured is unknown. Any legal proceedings would of course hamper the ability of the company to operate, unless the situation is very asymmetric (i.e. legal defense costs are dramatically lower than legal offense costs).

Q) Anything else you can share with me would be appreciated. I would like your candid thoughts on the likelihood of VC coming in to play the role of white knight in the next 30-60 days window BE300 competitively has to get out to market. The other scenario is bound to happen, however we do not know if the price rise will take place in time for the chip to be profitable to product en masse.
A) The only way to make this work with an outside investor within 30-60 days is to do a clear cut reorg with a new Manager who has some experience in the industry.

Q) Why did ASICMiner wait weeks to provide concrete answers on the situation?
A) The board was officially fully informed of the "FC missing" problem at the end of February. Since then there has been a struggle for information, especially since FC apparently made himself a single point of failure on all kind of things. It was always assumed that David Fan was fully briefed on all aspects of the business - however that seems to be not the case.

Q) Are customers/investors threatening legal action at this time?
A) Yes.

Q) Is there a dispute between ROCKMINER and ASICMINER, and if so, can you share what is happening?
A) There is a dispute. The problem is that the underlying agreement is cluttered throughout write-ups, emails and verbal hearsay. And now FC is missing and cannot make a statement.

Q) Is ASICMiner solvent? Has ASICMiner taken steps to secure additional funding for core projects, chip development, etc.?
A) AM management seems to have failed to secure funding for core activities and the funding situation seems to have degenerated dramatically since Nov/2014. The problem is that there are no proper records to validate those claims quickly. An accountant would have to do a complete transactional rerun, using one of the valid financial statements as a checkpoint. According to David Fan the company bank accounts are low on funds and any remaining company funds may reside in accounts only FC has access to.

Q) What's next for ASICMiner?
A) There is increasing evidence that AM seems to be a one trick pony. I have no other way of putting it. As such, provided the bitcoin price rises, you can expect bitcoin mining devices to be produced which - should the profit margin be sustainable - should create shareholders value.

Q) With regards to the AM situation, could you elaborate on the what HashLord is and the role it played in AMHash?
A) I am sorry for the potential confusion. Hashlord was coined in reference to Landlord as the entity who is in control of the hashing power. At the current time it is not clear WHO that entity really was (Operator/AM/RM/FC/Third party). Obviously the operator can alway become the Hashlord by replugging the mining devices. That may have been the case - but there is no data to confirm that.

I hope I covered all the questions. If I missed one please state it again.

Regards