Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 33. (Read 378671 times)

Many of us are emotional, this is true.

But please, why do you feel it's within your right to attempt restriction of information in regards to the people running this venture?

A question was asked and answered. The decision to initiate an emotional response to it was yours, not mine.

Haha what a Joke!

Like politicians use "kids safety" to censor the internet, Bitcoin scammers entrepreneurs use the same type of spin on kids safety to either flee or withhold information.

Guess what? When you decided to run a public company/investment, your details are on the line and you're meant to be an adult and do the right thing. To many people like you go running when things are tough.

Please read:

https://bitcointalksearch.org/topic/so-you-think-youre-going-to-start-a-bitcoin-business-right-124441

Take notice on points 0 and 1.

Mircea might be a total dolt, but this post of his is spot on 100%

Once you decide to start a business, you're creating for yourself a liability and if your too much of a wimp to deal with it you should never have started the business in the first place.

In case you're too lazy to open the link, i'll quote the relevant passages:

First Danny, now you.  Bitcoin securities -- too creepy for kids.

What?   Where?

Regardless of what legal comes back with please also have an answer for what will happen to those who do not wish to comply.

DT suggested the change after a kidnapping attempt on my daughter in mid-April.

Hi All

We're currently reviewing the CryptoMex.io account signup form as well as the KYC process with legal. Will post an update on the results when I have it.

Will

Because Havelock at least tries to protect investors from being fucked in the ass.

A couple of things, is CryptoMex supposed to be open for other securities or just for Ice.Drill. if so, is it expected that people register with that kind of requirements when the alternatives don't require any verification at all?

if it's only for Ice.Drill why not use Havelock, much cheaper than developing a new exchange and already available...

I am not able to supple cryptomex with all information they ask for, what is the proposed solution? I agree on a buyback of my shares, so i guess I now just wait for a year until they answer my question. If Icedrill is lucky i get hit by a car within a year, that would solve 1 of their problems.

I'm not interested in submitting my personal details to yet-another-crypto exchange when there's a good chance of it or IceDrill failing anyway.
Once I submit my personal details, I cannot ever get them back.  Who knows what will happen to these details long after ICEDrill and cryptomex are gone?

I gave all my details to BitFunder on the promise that they would stay in business.  Guess what?  It's all sitting on a harddrive somewhere in some IT admin's basement, ready to be plundered by the next unscrupulous identity thief that comes along.

Will I get my identity stolen in 5 years? I don't know, I hope not, but it's completely beyond my control now...

You promised profits and growth and dividends last fall when you IPO'd and I got nothing for my coins in 6 months. Now you want my identity in exchange for another promise...

Why should I trust you?

Especially with the termination clause "At the issuers discretion..."

Sorry ICEDrill, PU! It stinks! Doesn't pass the sniff test.  Just pay my dividends that you OWE me (that you OWE us all!) until this turd of a security reaches it's obvious conclusion.  You have my verified Bitcoin address.  It's the very least you can do.

Man up, and pay the dividends.

What we are angry with is them changing the "laws" this far into the game.

There are a number of ways to calculate its value.
FACTS:
There is 150 TH/s left of equipment that is hashing.
The data center lease is a liability (because it is paid in a currency that miners do not produce).
There are 13,117,745 shares outstanding.

SELL THE ASSETS:
In the market you could probably sell the machines for $2 per GH/s at best.   That means $300,000 or 690 BTC.   But, you also have the coins mined so add those in too, I think there were 600.   BUT, you likely would have to pay off the datacenter for the lease so that would cost some money.   But, BEST case you all would get 1290 / 13,117,745 = 0.000098 BTC per share.

What would someone pay based on the income stream?
150TH/s in a 57,150 TH/s market has potential to produce 9.5 btc per day (at the current difficulty).
Or, 285 per month.   About $125,000 at current prices ($435).   Now I believe you owe the data center $22,000 (50.5 BTC) each month.
So, there is really only about $100,000 to go around IF difficulty did not increase.  If you could find someone stupid you could probably get 1,400 BTC for this whole company.  They would have to be a huge gambler though (or just naive about the market).

But difficulty does increase.   So, let's look a month out.  By June 1, we will have three more difficulty changes, Even if these are small and stay at 10%, we will have 8 billion X 1.1 x 1.1 x 1.1 = 10,648,000,000 as the new difficulty June 1.    That is 76,000 PH/s.   So, in the FIRST week of June ICEDRILL (if they find a lucky pool) will produce 150 / 76,000 X 3600 = 7.1 BTC per day for a week.   Then 6.5 for 11 days, and then 5.9 for the next 11 days....    So, in June ICEDRILL would likely only get 195 bitcoin.   BUT, they will still owe the data center the same 50.5 btc (assuming btc prices do not move) so they will only have for dividends 144.5 BTC or about $63,000.

Do you see the problem here?   You are making less coins each month, but you have a fixed liability to the data center.    If BTC prices do not rise soon, you will be mining just enough to pay your data center fee in around 6 months.   If BTC falls to $200, you will not make it through the summer.

TL;DR:  Shit we did b4 broke lawz.  We legit nao, follow law!  srykthxbi

ASICminer is doing this for a very long time. Private shares that recives dividends thru wallets and tradable shares listed on exchanges. But you DeadTerra should know this best. Isn't that was your idea? There is deadline to register to cryptomex. So it be, one year to test value of IceDrill. But after 5 month of mining dividends should payed long time ago to addresses that you have and was provided to you by shareholders.
So, clarify. Shares in "cold wallet" as you call it will be reciving dividends? If yes, most of shareholders will be satisfied. If no, I think you may expect some legal actions against your company becuse this is purely theft.

+21,000,000

There is no excuse in the entire world that justifies not doing this. This is bitcoin, it's WHAT IT'S FOR, you expected to do this at IPO, fucking do it or be proved scammers.

Everyone that registered on the IceDrill.io website already proved ownership of their private key, so we should get dividends payed out to that address without further ado.
Other's can be given the option to register to CryptoMex to list their shares and specify an alternative dividend payout address, but this should never be required.

If IceDrill breaks with its IPO terms, they are obliged to buyout shares of those who do not agree with the new terms. Buyout price can be negotiated. If you can't or don't want to buyout shares, follow your own IPO terms and don't bullshit around.

We joined this venture to have a stake in a mining operation, not to be messed around with.

Btw, am I correct and is CryptoMex an IceDrill initiative? That is thus being funded with our shareholder money? We didn't ask for that either, the IPO stated that IceDrill would only be active in the mining space.

Looking at the form one could think that this process is made complicated on purpose, to have enough share owners jump the ship for DigiMex/Ice.Drill's own benefit. Such bullshit.

Just pay out the dividends so that everyone can recoup their losses our buyback the shares at ghash.io prices and let this desaster get over with. It's not like anyone is still interested in trading / buying this shares.