Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 873. (Read 3917468 times)

I think the point about finance is well-made and of repeated concern. AM is clearly doing amazingly well on building chips, mining and selling, but it just feels like there's too much of this $200m company that is about the tech-stuff and too little about proper corporate governance and reporting.

The simple fact is that no proper reports have ever been produced as I can see it. Now maybe some things should remain 'inside the firm', for business reasons, but most public or private firms at least produce decent management information on a monthly basis and usually share it with shareholders on a quarterly basis.

I own a small piece in a global company that is still private and get a quarterly report of one page that covers updates and outline finances. My own private (multi-offshore structured) company reports proper management accounts (P&L, BS, Cashflow) monthly. It's easy.

Add-in the fact that transfers are still being emailed to the founder even for a few shares, shows that perhaps some areas could be improved by delegating to properly skilled workers and clearly the company can afford it. At some point it needs to report sales taxes and profits to the tax authorities as well as taxes due on employees wages etc??? Is it even doing so??

I'm sure there are plenty of people who could help who are shareholders (I offered but never received a reply).

Maybe they're already doing it, but they need to start acting like a proper business and solve the issues of reporting, taxation, corporate structure and governance, off-shore location. If they don't do this then they are risking the business needlessly.

Maybe I'm wrong and all this is happening, but with the greatest of respect to them right now it just doesn't feel like it, these are all problems that can be solved within days by people with experience.

The electricity bit is quite important, in fact. I've been speculating $0.06/kWh, because he's in Guangdong province... but that could be incorrect if he is elsewhere, or has a bulk rate, or if the rates I found posted were inaccurate.

It will be a large determining factor in whether AM will stay competitive as new farms open up in places with very cheap electricity (~$0.01/kWh).

As for hardware, I believe I've seen $10k/TH, though that is yet again not an official figure. I doubt the expense for employees beyond manufacturing is significant compared to mining revenue.

Uh?
Of course it isn't.
A proper report would include how much he spends on hardware, on paying employees, on electricity...

Because this thread really needs a nice pic :

He just reply my PM today....confirming to the shares transfer.

The question about a financial report was included recently, but Friedcat has not responded for a week or so.

If I am correct it's part of the questionnaire:
https://docs.google.com/forms/d/1M7wigyDWjKjabHKdC7msaEfXvYaNxtMbbmTIRss8EqU/viewform?pli=1

Just make sure it gets to the top of the list.

I think the mining revenue is 100% transparent already...It was only thing depend on you think that Friedcat is a credited cat or next  Enron..
From past history that indicated absolutely not needs for a report to securing credit stand of Friedcat, He is doing 100% absolutely over delivery our expectations. If there are still some guys says we need a report, I would say most of other BTC related companies does not produce report either, I mean limited transparency may benefit to protecting their core business' competitiveness.  Like if Friedcat say that they produce their hardware at 100 RMB...would you think people will pay 25 BTC for it, since it decrease its revenue.
I do prefer Friedcat stay as usual, for most shareholders will care about more in weekly dividend, and share price is adjusted with predictable by refer to past performance and its current hash rate.
One more thing , to hiring a accountant dealing with weekly report also a complex job....normally real world companies taken a month to write their yearly report to helping them exploit it by sent-out positive information.

No one thinks you are trying to hurt them, we're just tired of reading the same post over and over.

How many times do we have to read your asking for financial reports?

For some idiotic reason some of you think that I am trying to hurt you so you get all defensive. Why? Because I ask for a simple financial report? Seriously guys... perpetual amateur hour?

Funny thing is, I am not asking those guys to stand on their fkn ears. How do they run a Co id they have no idea wtf is going on with the finances? Lot's of cool ideas/Co's have blown and gone under ONLY because they did not bother counting the coin. Positive bank balance is not necessarily a profit! Happens every day in the real world.
 
You know what, fuck it. Lets have another 400 pages of brain farts and absurd speculations. It's your coin riding on this too. At least most of you are happy Ignorance is a bliss, after all.

This is right.

This is very wrong.

Reports are very useful, and if they are forged there is still a chance you can notice that.
Of course there is also the risk of paranoids misreading the reports and crying outrage when they instead were genuine.

Likely they keep at least some spreadsheet, so it would only be matter of cleaning it a little and showing it.
If they don't, it's because they have something to hide, and this is bad.
If they don't have any accounting at all, run for your lives.

That sait, whining here won't help so I agree with the "sell and STFU" sentiment.

+1 Sold your shares and go away . No body really care a report or not,if they can produce one report it is great, if they can't so what is the problem? Remember lot of real wolrd scandals indicate accounting report can become full of  no sense and false ,andif someone is liar,than he can managing a lieying report.

Again, I do care, but complaining won't help, and I really can't stand this useless complaints going on and on.

It is a fact that they could produce reports but chose not to.
Take this fact into consideration when you decide how much those shares are valuable to you.
It's as simple as that.
Stop whining.

If you doesn't like lack of reports than just sell your shares and GTFO, thanks :-)

Friedcat Fan t-shirt campaign almost over, only a few hours left, we need to get to 30 or we don't get the shirts!

http://teespring.com/50friedcat

A strange mix of decorum and a complete lack thereof.

Good to know it makes you feel uncomfortable. Only guy who can help you is friedcat and his accountant. You can just pretend or pretend to believe what ever you want but the fact is - none of us have seen any reports from AM.

I understand why none of you really care for proper reporting. First, most of you can not read the reports and for second, living in a world of fantasy is way more fun.
For f**k sake, there is even a special naval gazing, spit balling and circle jerking thread for this: ASICMINER Speculation Thread. LOL

Friedcat, as a shareholder I am not happy about you hiding the numbers from the shareholders.
Frankly, I do not give a flying fuck what you guys are used to or not over there in China. I like to see the numbers every month... as simple as that.Friedcat, if this is something you can not manage, please let me know.
Cheers!

While I would be happy too if they produced financial reports, honestly you repeating every other day is getting quite tiresome.
Also, I don't know why you pretend to believe that they "weren't able" to find an accountant, while it is quite obvious that it's a deliberate choice.
Don't hold your breath, remember Huawei.

Who? AM team? They are probably really good programmers and engineers but that is where it ends.

I have no wish to be right that AM is dumping BTC or that those few lucky, who got the ASIC hardware, are doing it.
I actually hope we can do +40% run and end up back at 100 area. When fear and greed are only forces, that set BTC price (there are no fundamental reasons) anything can happen.

Now, lets get back to AM. I hope that friedcat can finally find a accountant competent enough to produce some financial reports, so we can find out, how AM is actually doing.
For fuck sake guys, this is beyond pathetic. A multimillion Co can not find a accountant? In China!? Honestly, this is absurd and those guys better be embarrassed.

PS! Cheers and keep up the good work...

Let's assume they are intelligent, and they know the bitcoin market better than others. When would they sell? When the price was $150 or when the price was $60?

Money for nothing? Don't be ridiculous. They are mining something of value. They want to maximise their returns, not sell out near the bottom of the market.

Put simply: they are professionals, not panicky amateurs of which there are so many in the bitcoin market.