Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 53. (Read 3917058 times)

PM'd

So any chance that AM would be 'saved' by the BE300 chip is now gone?

That is what the last few pages seem to mean.  And if that is true, AM is good as dead.

Thx Jutarul !
Any inside on the Amhashs contracts ?

Let me break the silence, since many have wondered about the events on the board and among major shareholders. I apologize to all who sent me messages and didn't get a reply. But the situation at ASICMINER is simply hard to diagnose without first hand information. I guess I speak for every major shareholder when I say that no one saw the current situation coming. Sure - the company has been struggling lately, in part because the window of opportunity closed quickly and ASICMINER didn't move as fast as some of the competition. However, seeing how ASICMINER got hit by a double whammy of first loosing its farm and then its CEO is quite disturbing, to say the least.

The situation surrounding Rockminer is complex. I am saddened to see such an aggressive stand of Rockminer towards ASICMINER. I can only suspect that they are getting a lot of pressure themselves. However, there are more professional ways to deal with the issue than to clutter the internet with confidential material - that alone speaks volumes. The only excuse I can see for this is that ASICMINER so far has dealt with the situation poorly - and this is inexcusable.

The contractual obligations are currently being analyzed. So far it is clear that there seems to be no real clause which defines who is liable for events like theft or fire. Obviously, there has been no insurance plan either. The general rule for situations like these is that any clear liability assignment is commercially not viable and the affected parties have to sort it out somehow. The problem is that the product AMHash theoretically involves 5 Parties (Operator, Manufacturer, HashLord, Contract Platform, Contract Holder), of which neither has the ability to absorb the damage alone.  So far the overall understanding is that ASICMINER should carry some responsibility - however, the ability of the company to deal with the current fallout is hampered. Pressuring the company to do anything which it can't deliver is not productive.

I hear that some parties are considering legal steps. Let me tell you that from experience this won't end well for anybody and only results in wasting money on the parasitic elements of our economy. What we need in the current situation is a leadership figure who seeks compromise. This crisis won't be solved overnight. If a solution is reached it's likely gonna be a 2 year plan or some form of agreeable settlement. I hope I didn't shock anybody with this assessment.

Regarding the shareholding. It has been of a lower priority. For everyone who is holding shares and has traded recently, please preserve the full trail up to the last checkpoint, which means the cryptographic signatures which are used to authorize reassignment of shares. If traded unsafely, there is no guarantee that the ownership can be confirmed. Beware of double spending vectors in OTC transactions and use escrow if possible.

I saw some claim for the board not doing its work. Unfortunately there is no job description for board members, nor do they have an official duty with the company (unless a board member decides to get actively involved with the business). The conclusion which was already drawn a long time ago is that proper assessment requires boots on the ground. But those who actually were, never developed the habit of fiduciary reporting. AM Management always enjoyed a lax handling. I am not certain whether a stronger hand would have helped though. The business is tough. One little detail though - FC was always conflicted which information to release to the board and which not - especially since some of the board members have a conflict of interest because they are working for the competition. As such we covered mostly the baseline of sticking to financial statements as required by law.

According to the latest status the BE300 is confirmed and working. However, to bring the chip to market requires FIXED COST + COST PER CHIP + BUILD OUT COST. The funding situation for this is dire and it would require a new investor or a big buyer who has to be certain that he gets what he is promised. There are two scenarios where this could be quickly achieved:
a) A bitcoin price explosion would release dormant capital instantly shifting the reward/risk ratio.
b) A new type of investor who enjoys preferred treatment over AM Shareholders for the financing of the BE300 tech. Likely implemented as a joint venture.

I will collect further questions via PM and answer them publicly. I am certain I missed a few important points in this post.

Regards

They might. The BTC may have also been taken. David's statement might be leaving out that FC also swept all the company addresses. Of course, that's totally speculation, but sounds plausible considering the circumstances. It's also plausible FC has been arrested or is dead, and company funds are intact.

Nobody knows for sure, that's why everyone's spooked.  

 We haven't seen a financial statement for quite some time so nobody here who is talking knows for sure.

Yep, but I don't know what you mean by "inside knowledge"  it could mean different things to different people.  I got info from multiple reliable sources, but ultimately, friedcat will have to clear everything up and correct any wrong info.  you won't get any truthfulness from dave, others (employees) simply do not know what really happened and are stunned.  While dave got rid of mostly everyone, there are some who don't believe him and are awaiting friedcat's return.  Also understand that info I got, while presumably good, can be wrong as well.  So you have to draw your own conclusions from info from people you trust.

The board at this point is responsible to the shareholders.  So, the board, get to work yesterday!!!

Correct me if I'm wrong but doesn't AM still sit on a very respectable amount of BTC?

Canary, are these statements based on inside knowledge?

Yeah, I think this is a given.  Hence all the panic.

Yes. No.

Canary, are these statements based on inside knowledge or just the rumours and facts everyone else knows? Also, are you a board member?

Was that a rhetorical question?

AM employees like Pb were pretty much kept in the dark, so phasebird did not know.  their teams were not communicating between each other.  I'm not acting, this situation is very real.

I shared what I know, didn't throw in the towel at all.  My hope is to nudge fc out of his situation, hire a CEO and get rid of Dave and all other people who are not there to serve shareholders.
There was serious infighting between fc and Dave.  Fc is a young guy and people took advantage of him.  He is now the fall guy, a scapegoat.  
The company didn't adjust as it grew with getting good business managers.  Management didn't listen to good external business advise.

The board of directors FAILED the shareholders miserably.  The board should have acted properly in shareholders interests, but what do you expect from a board made up of investors who purchased the seat instead of really doing it's fiduciary duty to the shareholders?  Although a couple board members really tried.
This david guy would be the last person I would invest a penny with (this is my personal view only).  AM is bankrupt.  The question now is, will certain people steal the IP from you the shareholders, find an investor and produce the chip with hopes of making personal gains out of this situation.

Canary was also working with FC / AM and RM as hardware / software integration.  Canary was working since alteast the summer of 2014, possibly much longer.

Canary telling phasebird(!!!) who is working for AM that the chips haven't been ordered. Canary used to be a pretty decent reseller, but is acting kind of strange lately.

Per Canary:

Well that was a pretty useless statement. It told us nothing we didn't already know. Also, what's the status of AM's funds and BE300?

They should just buy back all our shares as everything unfold.
The hardware wasn't our responsability, that's all !
I mean for Amhash !