Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 81. (Read 378562 times)

I think "not enough shares" is a more valid concern.  lol..

Hi All

Although we received no forewarning, the recent news about BitFunder/WeExChange did not come as a big surprise to us. The current regulatory landscape in the US requires these steps to be taken and we applaud Ukyo for implementing them before they become so problematic that it would force a site-wide closure for all.

It seems like most of the BitFunder markets took a pretty hard hit in terms of share price yesterday, no doubt from a big sell-off across the board. This was probably to be expected as regulatory uncertainty is a big factor in the bitcoin space at the moment.

As it stands US persons/entities have to essentially clear their asset positions before 1 November 2013, just over 3 weeks from now.

To this end we would like to propose the following offer:

Shares for hardware
As stated, each IceDrill.ASIC share represents 10Mh/s at the start of the mine becoming operational. What we would like to propose is a shares for hardware swap. So, instead of selling their shares into the open market (to clear their positions) investors instead take possession of the hardware itself. For this trade, these shares would be handed back to us and then simply destroyed.

The Good:
You can clear your IceDrill.ASIC BitFunder position without selling all your shares for cheaper than they are worth.
    
The Bad:
Scaling down the mine in this way would affect our future reinvestment capacity downward from the start. We currently have no way to gauge how much this would shrink the mine by, but the amount of shares transferred and destroyed in this way will be completely transparent and announced after the deadline.
    
"Taking possession" of the hardware itself can take two forms:
1. We instruct Hashfast to ship your units to you instead of to us (effectively a re-sale). In this case the shareholder/customer pays for any fees, customs and shipping costs that might occur.
2. DigiMex hosts the machines on your behalf (a re-sale with a hosting agreement).
    
The hardware for share swap is calculated as follows:
    1200 000 Mh (one Sierra unit) / 10 Mh (per share) = 120 000 shares per Sierra unit.

Please note this proposal will necessarily have an execution deadline of midnight 15 October (UTC) in order to ensure ample notice for delivery re-routing, as required.

Hi all

We're working on some options to propose to investors. The first of these proposals will be along shortly.

I think many of us would like to have an opportunity to transfer
the shares away from bitfunder (without selling them).

DT, could you please investigate what are the options?

Does anyone foresee any options, besides selling, for US investors in IceDrill through the BitFunder platform?  What happens if a US investor holds their IceDrill shares in BitFunder beyond the Nov. 1 deadline?

Icedrill is not affacted becuase the price was alredy so low before. Also the 355k wall prevented the crash.

hey DeaDTerra, would you happen to have an insight on what is IceDrill.ASIC's future  deployment strategy after Serria Batch 1 has been fully deployed?

Thanks,
QG

Could you guys comment on this KnC development? KnC has obviously over delivered, and could really hurt future profits for you guys. How will Icedrill deal with this increased hash rate? Do you know something about the BabyJets that we don't, for example maybe they will also be closer to 500 GH/S?

KnC's ability to turn orders round very speedily and within the month spells trouble for startups like this unless they can get their act together like, yesterday.

Sorry to say but I don't think this securities is giving out good ROI anymore. The KnC has started to mass produce and ship the KnC Jupiter (576ghs).

http://www.reddit.com/r/Bitcoin/comments/1nhwcw/knc_jupiter_has_begun_shipping_576_ghs/

Thank you!!!!

Welcome aboard

We're still on target to start mining in November. See: https://bitcointalksearch.org/topic/m.3267500 for the final numbers. If all goes according to plan we'll start with around 235 Th/s.

maybe guaranteeing 0.0016 BTC per share to public investors is the reason?

DT & will, thanks for listening.

Now.. this also was a thought in the back of my mind as I began the conversation:
Can the two of you please comment?
Something happened with your calculations that made you concerned about your ROI?

No one knows since HashFast don't have working unit.

Hello,

I'm planning to invest some in Icedrill.

I read that the deploy of about 300TH/s is supposed to be achieved in last quarter of 2013, presumably in november. Is this currently on schedule or we have to expect some delay to december?

Hi all

Just to be clear. I was the one who suggested the change from 0.0016 down to 0.0015, not DT. Ludvig actually warned me strongly against very probable backlash, regardless of the size of the change.

In my opinion it was a fair change to make the payback goal slightly more attainable, short term. The spirit of the clause was "gauranteed ROI", not "guaranteed profit" before private shares attain value.

As I represent all investors (public and private) it is my job to make the goals for both sides attainable. We agree that the unilateral change to 0.0015 is wrong contractually, and the "spirit" of it has nothing to do with it.

Following public feedback, the change has been cancelled. The payback clause remains as it was originally: 0.0016 BTC to be paid in dividends (per share) before private shares enter the market.

As it stands, we will suggest further initiatives to make the payback clause more attainable. These will be presented as options to public investors, not unilateral contract changes as with this (now defunct) change.

There is a #4, whether sparky999 likes it or not.  Even more devastating to his naivete, there's also a #5!   

4.  Plans come into contact with reality, rubber meets road, shit may hit fan to some degree

5.  Plans are adjusted to eschew invalid assumptions and compensate for actual vs anticipated conditions


If you can't handle that, sell all your IceDrill shares and buy US Savings bonds.

You made the clause not us.

All we did was calculate the risk/reward and decide if this is a good investment.

For some people that 6% difference would have been the difference between them buying and not buying.

Personally I bought because I was guaranteed a profit before the private shares got any $$$, not because I thought I was gonna make my money back.


This is how business deals work-

1. contract is outlined and clauses are detailed

2. investors make an analysis of given information

3. they decide to invest or not invest


Did you notice there is no number 4.?? that's because you don't renege on things you promise or you lose credibility. If the spirit of the offer was to ensure money back for investors you should have said that but you didn't you said you will get 0.0016 and everyone got excited cos they were guaranteed a profit and started buying shares.