[BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 100.

Minor Miner

legendary

Activity: 2478

Merit: 1020

Be A Digital Miner

Quote from: evoorhees on August 13, 2013, 10:22:17 PM

I don't want to derail the thread here... but you do realize that SatoshiDice shareholders made 4x what I did on the sale, no? You realize that means I sacrificed millions of dollars in order to benefit shareholders far above what the contract required, no? And you realize the end result: the vast majority of investors got all their principle back plus roughly 20% in dividends, do you not? I'm not saying people should be thrilled with the outcome, but options are limited when an exchange rate goes up 8x after an IPO happens.

I more or less want to understand EXACTLY how the offering changed when DT posted the change. It is not clear to me. Just a simple example would be sufficient. Pointing out the amount of interest you have in this compared to the amount of time you spent on SD talking to shareholders, is because it was the first time I became curious of whether there was something I was missing.
And no this is not the place for you to justify how many millions you "lost" by getting rid of something (maybe) that put you at HUGE personal (freedom) risk from a government that already had shown us the glee it took in "perp walking" all the on line poker executives. Personally, if I was you, I would have gotten my ass out of manhattan, never to return, or gotent my name off the site as soon as too much publicity started coming around bitcoin in general. That you did the latter seems to me as smart on your part but not as altruistic in any way. Feel free to start a thread where people can ask you questions and answer them, and I am sure most of the FUD will be cleared up.

CanOpener

newbie

Activity: 34

Merit: 0

was it a coincidence that the news came right after the first tranche of IceDrill was completed?

what happens when the third tranche sells out as well? would shares just freely trade with some correlation to spot price of BitCoins?

Quote from: iCEBREAKER on August 13, 2013, 10:04:42 PM

Quote from: jgrayjr on August 13, 2013, 09:50:25 PM

HashFast inks deal today: http://www.thebitcoinchannel.com/archives/20694 Shocked

Well fuck me sideways!! Cool

Quote

Uniquify, HashFast Ink Agreement to Produce ASICs to Increase Hashing Speed for Bitcoin Miners

geeks.broadwayworld.com / Aug, 13, 2013; 10:38 AM

SAN JOSE, CA – Uniquify (www.uniquify.com) today signed a multi-year agreement with HashFast Technologies to design and provide silicon fabrication services for a new generation of application specific integrated circuits (ASICs) expected to dramatically increase hashing speed for Bitcoin miners.

Under terms of the agreement, HashFast Technologies, a pioneer in custom designs of ASIC chips for cryptographic hashing, will use Uniquify’s technology for the production of ASIC chips for cryptographic hashing.

The strategic partnership between HashFast and Uniquify, a leading high-performance semiconductor intellectual property (IP) and system-on-chip (SoC) design, integration and manufacturing services supplier, is poised to move HashFast to the forefront of the cryptographic hashing industry.

evoorhees

legendary

Activity: 1008

Merit: 1023

Democracy is the original 51% attack

Quote from: Minor Miner on August 13, 2013, 09:00:27 PM

There are two different things here. One is the capital. you are putting up 100% and receiving 75% of the assets bought.

Not quite. Shareholders are putting up 100% and receiving 75% directly as dividends and the other 25% as reinvestment in more mining capacity (from which they then receive additional dividends). It's a strategic decision to keep the mine improving.

Further, DT promised to pay 0.0016 btc per share in dividends before the private owners get anything.

evoorhees

legendary

Activity: 1008

Merit: 1023

Democracy is the original 51% attack

Quote from: kingcrimson on August 13, 2013, 08:22:26 PM

Quote from: hypersire on August 13, 2013, 08:10:39 PM

Quote from: Minor Miner on August 13, 2013, 07:20:40 PM

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable. I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

This whole thread is full of people personally screwed by both DT and EV... we've been saying over and over not to trust these people... and all they have done so far is prove us right over and over with this shady 'make it up as you go' ordeal. I mean they can't even answer the most simple questions... they have no clue what they are doing. I've developed a narrative that DT and EV are bad guys and I'm going to perpetuate that narrative using hyperbole and superficial, unsubstantiated accusations.

FTFY

I don't want to derail the thread here... but you do realize that SatoshiDice shareholders made 4x what I did on the sale, no? You realize that means I sacrificed millions of dollars in order to benefit shareholders far above what the contract required, no? And you realize the end result: the vast majority of investors got all their principle back plus roughly 20% in dividends, do you not? I'm not saying people should be thrilled with the outcome, but options are limited when an exchange rate goes up 8x after an IPO happens.

If you feel I have personally wronged you in some way, please contact me on skype and we can discuss. My ID is evoorhees

And regarding IceDrill, did the terms change from when the IPO originally posted? Yes. Did they change in a way that substantially harmed investors? No. In fact, the deal for investors improved markedly, and on top of that DT put up a bid offer to buy back any shares of those who were uncomfortable with the changes.

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: jgrayjr on August 13, 2013, 09:50:25 PM

HashFast inks deal today: http://www.thebitcoinchannel.com/archives/20694 Shocked

Well fuck me sideways!! Cool

Quote

Uniquify, HashFast Ink Agreement to Produce ASICs to Increase Hashing Speed for Bitcoin Miners

geeks.broadwayworld.com / Aug, 13, 2013; 10:38 AM

SAN JOSE, CA – Uniquify (www.uniquify.com) today signed a multi-year agreement with HashFast Technologies to design and provide silicon fabrication services for a new generation of application specific integrated circuits (ASICs) expected to dramatically increase hashing speed for Bitcoin miners.

Under terms of the agreement, HashFast Technologies, a pioneer in custom designs of ASIC chips for cryptographic hashing, will use Uniquify’s technology for the production of ASIC chips for cryptographic hashing.

The strategic partnership between HashFast and Uniquify, a leading high-performance semiconductor intellectual property (IP) and system-on-chip (SoC) design, integration and manufacturing services supplier, is poised to move HashFast to the forefront of the cryptographic hashing industry.

jgrayjr

newbie

Activity: 25

Merit: 0

HashFast inks deal today: http://www.thebitcoinchannel.com/archives/20694 Shocked

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: kingcrimson on August 13, 2013, 08:22:26 PM

Quote from: hypersire on August 13, 2013, 08:10:39 PM

Quote from: Minor Miner on August 13, 2013, 07:20:40 PM

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable. I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

This whole thread is full of people personally screwed by both DT and EV... we've been saying over and over not to trust these people... and all they have done so far is prove us right over and over with this shady 'make it up as you go' ordeal. I mean they can't even answer the most simple questions... they have no clue what they are doing.

ROFLPIMP.

ice.drill 24hr vol: 1,400,752 (BTC2101.07988610)

Seldom has so much failed FUD fallen so fantastically flat! Cheesy

Minor Miner

legendary

Activity: 2478

Merit: 1020

Be A Digital Miner

Quote from: hypersire on August 13, 2013, 08:45:25 PM

Quote from: canth on August 13, 2013, 08:16:33 PM

Quote from: hypersire on August 13, 2013, 08:10:39 PM

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions. Wink

No, I am saying that I am tired of the onslaught of idiotic questions, as I'm sure many other readers of this thread are.

I can't count how many posts on here are basically saying: "What?! You want us to fund your purchase of ASICs and then we will only receive 75% of the returns? I can just order an ASIC myself!"

To which my response would be: "Yes, you certainly can order an ASIC yourself. Now go order one and get the fuck out of this thread which is for people who are investing in someone else's mining operation."

Maybe tomorrow when my real estate agent comes over I'll say: "What?! You want 3% of the selling price?! Why I can just sell my house by myself!" Hopefully that will entice him to lower his percentage while he continues to do all the work for me.

There are two different things here. One is the capital. you are putting up 100% and receiving 75% of the assets bought. The other is the expenses and I would assume profit from operating. 10% of the coins are going to operating costs, or do I have that wrong? I am just asking a question, no need to be so angry.
And, actually I am pretty confused when he changed the terms of the payout, whether he got rid of the private public etc.

hypersire

hero member

Activity: 596

Merit: 500

Quote from: canth on August 13, 2013, 08:16:33 PM

Quote from: hypersire on August 13, 2013, 08:10:39 PM

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions. Wink

No, I am saying that I am tired of the onslaught of idiotic questions, as I'm sure many other readers of this thread are.

I can't count how many posts on here are basically saying: "What?! You want us to fund your purchase of ASICs and then we will only receive 75% of the returns? I can just order an ASIC myself!"

To which my response would be: "Yes, you certainly can order an ASIC yourself. Now go order one and get the fuck out of this thread which is for people who are investing in someone else's mining operation."

Maybe tomorrow when my real estate agent comes over I'll say: "What?! You want 3% of the selling price?! Why I can just sell my house by myself!" Hopefully that will entice him to lower his percentage while he continues to do all the work for me.

cryptojoe

sr. member

Activity: 353

Merit: 250

I still don't get what happened to the other 5million. Will that be sold for .0016 as well, or will the market decide the share price once this 7mill is unloaded?

kingcrimson

legendary

Activity: 1025

Merit: 1000

Quote from: hypersire on August 13, 2013, 08:10:39 PM

Quote from: Minor Miner on August 13, 2013, 07:20:40 PM

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable. I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

This whole thread is full of people personally screwed by both DT and EV... we've been saying over and over not to trust these people... and all they have done so far is prove us right over and over with this shady 'make it up as you go' ordeal. I mean they can't even answer the most simple questions... they have no clue what they are doing.

mechs

full member

Activity: 210

Merit: 100

Quote from: canth on August 13, 2013, 08:16:33 PM

Quote from: hypersire on August 13, 2013, 08:10:39 PM

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions. Wink

We don't have to wear pants to invest?! That a huge selling point

canth

legendary

Activity: 1442

Merit: 1001

Quote from: hypersire on August 13, 2013, 08:10:39 PM

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

So, what you're saying is that IceDrill.ASIC is sort of like ButterflyLabs, only the product might ship and I don't have to wear pants? Damn, if this were only in the prospectus I think fewer of us would have had questions. Wink

hypersire

hero member

Activity: 596

Merit: 500

Quote from: Minor Miner on August 13, 2013, 07:20:40 PM

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable. I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?

Um, the "Satoshi Dice" guy as well as Dead Terra are some of the most respected members of the Bitcoin community.

Yes, you are correct, you do not get the physical ASIC in hand. If you want a physical ASIC, you can order an Avalon or BFL and wait and pray that you eventually receive something in the mail. If you do receive a unit, you can then worry about your increased electric bills.

Some of us prefer to just sit in our underwear, click a couple of links and buttons and let someone else do all the work while we watch porn and cat videos while collecting a nice percentage of the profits. Is 75% not enough? Should they send us all the profits?

Minor Miner

legendary

Activity: 2478

Merit: 1020

Be A Digital Miner

I thought this was interesting but when I saw how much work the satoshi dice guy put into convincing us it was a great deal, I felt uncomfortable. I mean, he posting more here than he communicated with his shareholders in the last year (I have not done a word count but I do not think I am exaggerating much).

So, can anyone tell me why my summary of this is not correct?
This is a a pre-sale of ASICs, where you only get 75% of the asic you pre-paid for AND you do not have the physical ASIC in hand?

zumzero

hero member

Activity: 602

Merit: 500

myBitcoin.Garden

So the CEO of this company has not declared his interests yet? Extremely unusual.

Somethings smells and it's not me because I'm wearing Lynx Africa.

Stuartuk

sr. member

Activity: 266

Merit: 250

Quote from: will on August 13, 2013, 06:32:12 PM

We'll sell whatever we can, up to a maximum of the 7 million shares, and this will go directly toward the mine's final capacity.

Quote from: DeaDTerra on August 12, 2013, 10:15:38 AM

3, The amount of shares sold will be floating, with a maximum of 36.636 Million shares and a minimum of the current 17 million.

With the best of intentions I can't resolve these two statements.

So there are currently sold and on sale a total of 17Mill?
But this latest wall of 7Mill if sold will/could/may be replaced by another wall of upto 19.636Mill shares?

If that is correct what are you precise conditions for the creation and sale of more shares above the current 17Mill? And in what size batches will these new shares be offed and more importantly at what price/minimum price?

I really struggle to see a way of coming up with a buying strategy that protects my initial investment based on these very loose proposals that could see the number of shares increase by over 100% at any unforeseen time in the future.

DeaDTerra

donator

Activity: 1064

Merit: 1000

I am about to go offline.
Any additional questions will be answered tomorrow

//DeaDTerra

VolanicEruptor

sr. member

Activity: 392

Merit: 250

Quote from: Mythoranium on August 13, 2013, 03:17:32 PM

As a satisfied previous investor in Gamma Bitcoin Fund, I didn't need much convincing to invest in IceDrill, seeing as it's fronted by DeaDTerra, so I am now an investor in IceDrill as well.

Still, I had a few questions, most of which have been answered already. The one that I haven't seen answered or asked, is:

Seeing as there are no management fees and it has been said that all of the funds raised by IPO would be used for the benefit of the mine (as opposed to part of it going into the pockets of the founders), and that no consultation fees would be paid out to them, this makes me wonder — what is the incentive for them to do all the work? I understand that most of them are also shareholders, possibly having bought their shares as "private investors" for a discounted price (I am not implying there is anything wrong with that), but what is the incentive for DeaDTerra specifically, since he has stated that he is not a shareholder? It would seem odd if he was to spend his time (and a lot of it, judging by the size of this project) to manage all the assets just for the good of investors or BTC network, without receiving any direct benefit. Am I missing something here?

DeaDTerra, can you please answer this gentlemans question? Thank you..

will

full member

Activity: 179

Merit: 100

Quote from: Stuartuk on August 13, 2013, 06:24:19 PM

Sorry I don't know where that is, I've been looking at the first 2 posts of the thread and there it says 12Mill shares on third batch.
So this is the final issue of shares? Once these 7Mill are sold ALL shares will be in investors hands correct?

The link is here:
https://bitcointalksearch.org/topic/m.2917934

Basically, what it comes down to is that the "all or nothingness" of the 3rd tranch has been removed (it was a "hard limit" of 12 million, now it's a "soft limit" of 7) . We'll sell whatever we can, up to a maximum of the 7 million shares, and this will go directly toward the mine's final capacity.

Will ask DT to add this link to the main posts for clarification, and the benefit of people who don't want to trawl through 20 pages of "stuff".

7 Years on Reddit has spoilt me rather badly. I should put up a bitcoin bounty for someone to parse these forums reddit-style. Srsly...

Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 100. (Read 378660 times)