ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 988.

canth

legendary

Activity: 1442

Merit: 1001

Quote from: lophie on June 13, 2013, 11:21:39 AM

...

hey bear prices wont go down again. we get it BFL went from imaginary to a single board shipped poorly. Still not even on our competition radar.

I don't disagree that BFL isn't an immediate concern. FYI, I'm not bearish - I'm long on the stock, just like most of us. I rather hope it'll take a dip so I could buy some more, but with the way they've been executing that doesn't seem likely.

EskimoBob

legendary

Activity: 910

Merit: 1000

Quality Printing Services by Federal Reserve Bank

Maybe it's time for ASICMINER financial statements? Profit and loss statement, balance sheet and cash flow statement will do.
This will save us all from later surprises and we can actually find out, what we invested our coin to

Cheers and keep up the excellent work.

boyohi

full member

Activity: 182

Merit: 100

Quote from: ThickAsThieves on June 13, 2013, 03:28:09 AM

Quote

Friedcat,

A team of us shareholders has taken the time to collect and simplify the most popular questions people have for you and ASICMINER. I am sending these questions to you at Jutarul's suggestion, and on behalf of all ASICMINER shareholders that took our poll.

I am only going to send 3 questions to you, in order to keep things simple, and to hopefully maintain this line of communication in the future. We understand that you might not be able to fully answer some things due to competition, but any amount of info will be plenty for us!

If you can take the time to answer, feel free to post your answers in your main ASICMINER thread, or respond to me directly and I will copy your answers verbatim.

Thank you so much for your consideration, here are the questions:

1. Can you tell us more about the next generation of ASIC chips? When should we expect them, and what specs might they achieve?

2. Does ASICMINER/Bitfountain have any legal risks by doing business in China? Are cryptocurrencies or mining of virtual currencies allowed there?

3. What contingency plan do you have in place if Friedcat or other important employees become seriously ill or otherwise unavailable as a resource to ASICMINER?

OFFICIAL RESPONSE FROM FRIEDCAT

Hi ThickAsThieves,

1. They will arrive at October as their earliest. The specs are unknown (only simulation results at this moment), but surely they will be much better than all available similar products in the market now.

2. Cryptocurrencies or mining of virtual currencies are OK. Exchanging them for fiat is less OK but the legal risk is mostly on the exchange operators' side. However as everyone knows, the policy in China is never predictable so there is indeed risks in the future. We have been considering and coping with this uncertainty from the day our chips passed the test and are on the start of building offshore company structures.

3. The access to company wallet is backed up and we back up shareholder information frequently. Also the division of work in Bitfountain is not yet so refined that there are no replaceable positions. We have already left our startup stage so it's become more organized, therefore backup employees are becoming more important and in our range of plan.

Best regards,

friedcat

great news from friedcat.
Cat Rich or Fry Trying

Smidge

full member

Activity: 218

Merit: 100

Shares at 2.7 now. Very nice Cool

Aureum_Coffee

full member

Activity: 130

Merit: 100

Quote from: tinus42 on June 13, 2013, 05:29:48 AM

If China were to crack down on the fabrication of mining equipment that would affect everyone.

Avalon also has their chips built in Shenzen and BFL's chips surely aren't Made in the USA^TM. Wink

It might even make mining with GPU's lucrative again if ASICMINER weren't around anymore and Avalon and BFL and all the other ASIC companies couldn't source their chips from China.

But I don't see that happening. So I'm not worried about it.

FYI. Avalon chips are built by TSMC.

Factory

sr. member

Activity: 259

Merit: 250

Quote from: ThickAsThieves on June 13, 2013, 03:28:09 AM

OFFICIAL RESPONSE FROM FRIEDCAT

They will arrive at October as their earliest. The specs are unknown (only simulation results at this moment), but surely they will be much better than all available similar products in the market now.

Thank you TAT for including this question to ask FC. As I stated earlier in this thread, I believe 2nd generation chips are going to be a major catalyst for the company.

This is much sooner than I was expecting to hear. Conservatively, I think it makes sense to anticipate them within the first fiscal quarter of 2014. That is still way ahead of any previous projections.

For one, these improved chips will help perpetuate hardware sales in the future. Many of us estimated that USB and blade sales would slowly diminish and that income from sales would drastically drop off eventually.

Second, 2nd generation chips will help ASICMINER maintain a certain portion of the network in the future. Chips with highly improved efficiency will mean less space, less electricity, and an overall reduction in costs. This will help the company battle the law of large numbers as it continues to expand mining efforts.

thecodyshow

newbie

Activity: 30

Merit: 0

Quote from: g83 on June 13, 2013, 11:41:59 AM

then go and buy some more as fast as you can :-)

waiting for the darn 6 confirmations like usual lol. hopefully I make it in time!

g83

sr. member

Activity: 448

Merit: 250

Super Smash Bros. Ultimate Available Now!

then go and buy some more as fast as you can :-)

thecodyshow

newbie

Activity: 30

Merit: 0

Quote from: g83 on June 13, 2013, 11:37:27 AM

bitfunder is always paying out 1 - 2 days later...

if thats the case i cant believe bitfunder prices are cheaper than btct right now since you are also snagging this weeks dividend if you buy. Usually prices are pretty darn close!

g83

sr. member

Activity: 448

Merit: 250

Super Smash Bros. Ultimate Available Now!

bitfunder is always paying out 1 - 2 days later...

thecodyshow

newbie

Activity: 30

Merit: 0

has bitfunder still not paid dividends? Why are they behind BTCT?

lophie

hero member

Activity: 924

Merit: 1003

Unlimited Free Crypto

Quote from: canth on June 13, 2013, 10:48:37 AM

Quote from: ThickAsThieves on June 12, 2013, 04:47:05 PM

Quote from: VJain on June 12, 2013, 04:45:04 PM

Quote from: ThickAsThieves on June 12, 2013, 04:37:11 PM

Head's up: https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

Quote

Invalid Thread specified...

Just me? If so, could someone quote it//message it to me?

Thanks

Maybe they didnt like me sharing the link?!

FYI link is working again. I rather dislike hijacking threads, but since we are talking about competition, BFL seems to be (finally) starting up, albeit rather weakly.

https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

hey bear prices wont go down again. we get it BFL went from imaginary to a single board shipped poorly. Still not even on our competition radar.

canth

legendary

Activity: 1442

Merit: 1001

Quote from: ThickAsThieves on June 12, 2013, 04:47:05 PM

Quote from: VJain on June 12, 2013, 04:45:04 PM

Quote from: ThickAsThieves on June 12, 2013, 04:37:11 PM

Head's up: https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

Quote

Invalid Thread specified...

Just me? If so, could someone quote it//message it to me?

Thanks

Maybe they didnt like me sharing the link?!

FYI link is working again. I rather dislike hijacking threads, but since we are talking about competition, BFL seems to be (finally) starting up, albeit rather weakly.

https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

SOSLOVE868

sr. member

Activity: 378

Merit: 250

Thank friedcat for what he did for the community and his super business ASICMINER.

binaryFate

legendary

Activity: 1512

Merit: 1012

Still wild and free

Cool picture, infinite wine

I "stole" your signature Rampion, I agree with and it is important to spread the word if we think it is the proper way to handle the block size problem in the near future.

Sorry for the off-topic Tongue

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: JordanL on June 13, 2013, 06:06:17 AM

Quote from: ThickAsThieves on June 13, 2013, 03:28:09 AM

Quote

Friedcat,

A team of us shareholders has taken the time to collect and simplify the most popular questions people have for you and ASICMINER. I am sending these questions to you at Jutarul's suggestion, and on behalf of all ASICMINER shareholders that took our poll.

I am only going to send 3 questions to you, in order to keep things simple, and to hopefully maintain this line of communication in the future. We understand that you might not be able to fully answer some things due to competition, but any amount of info will be plenty for us!

If you can take the time to answer, feel free to post your answers in your main ASICMINER thread, or respond to me directly and I will copy your answers verbatim.

Thank you so much for your consideration, here are the questions:

1. Can you tell us more about the next generation of ASIC chips? When should we expect them, and what specs might they achieve?

2. Does ASICMINER/Bitfountain have any legal risks by doing business in China? Are cryptocurrencies or mining of virtual currencies allowed there?

3. What contingency plan do you have in place if Friedcat or other important employees become seriously ill or otherwise unavailable as a resource to ASICMINER?

OFFICIAL RESPONSE FROM FRIEDCAT

Hi ThickAsThieves,

1. They will arrive at October as their earliest. The specs are unknown (only simulation results at this moment), but surely they will be much better than all available similar products in the market now.

2. Cryptocurrencies or mining of virtual currencies are OK. Exchanging them for fiat is less OK but the legal risk is mostly on the exchange operators' side. However as everyone knows, the policy in China is never predictable so there is indeed risks in the future. We have been considering and coping with this uncertainty from the day our chips passed the test and are on the start of building offshore company structures.

3. The access to company wallet is backed up and we back up shareholder information frequently. Also the division of work in Bitfountain is not yet so refined that there are no replaceable positions. We have already left our startup stage so it's become more organized, therefore backup employees are becoming more important and in our range of plan.

Best regards,

friedcat

Wow, awesome news. Thanks a lot friedcat, ThickAsThieves, and everyone else who helped with this.

ASICminer is indeed a breath of fresh air in the Bitcoin community. Professional folks, delivering as promised - ASIC BUSINESS DONE RIGHT.

CONGRATS TO FRIEDCAT AND TO ALL THE ASICMINER SHAREHOLDERS

stripykitteh

legendary

Activity: 1176

Merit: 1001

CryptoTalk.Org - Get Paid for every Post!

Quote from: ThickAsThieves on June 13, 2013, 09:33:07 AM

Quote from: g83 on June 13, 2013, 09:30:50 AM

the less promises our competitors fulfill, the better for us :-)

Eventually there will be a competitor that is more efficient and strategic than the current examples. AM has opportunity to seize, and I believe that they are fully aware of this, and how to seize it.

That's the thing that I find very odd and maybe even a little worrying about this mining business. AM seem to be totally unlike their current rivals. Some of the upstarts may still prove themselves, but at the moment they all seem amateurish by comparison. It won't last forever.

AM do not seem too cocky, of course, and I'm sure they remember what Andy Grove at Intel used to say about business - "Success breeds complacency. Complacency breeds failure. Only the paranoid survive." The current threats seem so obvious and appear to be well in hand, which makes me worry that there's something else coming that they have missed.

I like the company so much though I can't bring myself to sell any shares, though I suspect they may be somewhat overvalued. Absent a crystal ball, only time will tell.

binaryFate

legendary

Activity: 1512

Merit: 1012

Still wild and free

Quote from: PeterB on June 13, 2013, 09:08:38 AM

Quote from: binaryFate on June 13, 2013, 08:20:55 AM

Quote from: PeterB on June 13, 2013, 08:13:47 AM

Quote from: binaryFate on June 13, 2013, 07:44:13 AM

Quote

but surely they will be much better than all available similar products in the market now.

Things are moving fast, and "available in the market now" may have little to do with what will be available in october.
KnC is supposed to deliver ships at 28nm for instance:
https://bitcointalksearch.org/topic/swedish-asic-miner-company-kncminercom-170332

The next gen is going to entirely re-shuffle the deck, I hope AM takes proper design decisions now to then remain a big actor, or better the leader as it is today.

"Supposed to deliver" are the key words here.

Let's not play with words. You cannot take decisions based on your assumptions that all competitors will fail to meet their promises. This is obvious that the landscape of technology available in october will be different than that of today.

? You say “don’t play with words,” and then put such absurd words in my mouth? I never suggested that ASICMiner should not plan for the future, difficulty increases or competitors’ actions. I was just pointing out that it is unclear what mining rigs will actually be deployed and which ASIC companies / products actually turn out to be legitimate. Obviously I agree the network hash rate will be much higher and there will be more competition, but it is not clear that competitors will fulfill their current promises.

No offence, sorry for my wording. I didn't meant you personally said that, I wanted to point out how different the game will be and my hope that AM handles the next "fight" properly by taking competitors seriously. Anyway I do believe the competition from September/October will be much much harder as what it has been until now.

ThickAsThieves

hero member

Activity: 518

Merit: 500

Quote from: g83 on June 13, 2013, 09:30:50 AM

the less promises our competitors fulfill, the better for us :-)

Eventually there will be a competitor that is more efficient and strategic than the current examples. AM has opportunity to seize, and I believe that they are fully aware of this, and how to seize it.

g83

sr. member

Activity: 448

Merit: 250

Super Smash Bros. Ultimate Available Now!

the less promises our competitors fulfill, the better for us :-)

Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 988. (Read 3917568 times)