Topic: [BitFunder] IPO - BIT.ASIC - Professional Miners offer low entry price of 0.0084 - page 2. (Read 10684 times)

https://bitfunder.com/asset/BIT.ASIC

News Update: BIT.ASIC - Professional Miners has purchased an additional 400GH/s to increase hashing power to (685GH/s)

We are happy to announce that we have further increased our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have significantly increased our total hashing power in just 51 days from the June 3rd 2013 IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Butterfly Labs Orders:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

Order # 100069703, pay-dated 7/1/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

KnCMiner Orders:

Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (100 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed)

NEW Order #4345, pay-dated 7/23/2013, for 1 KnCMiner (400 GH/s Jupiter Bitcoin Miner) (Purchased and Confirmed)

Current Total Hashing Power Purchased: 685 GH/s

BIT.ASIC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income.

How about some better contacts details to verify your Id.
A free mail address and forum user name won't cut it with me Incase you suddenly disappear.

Eg, psychical address , ph number, eBay feedback, previous successful dealings ... Not hard since its all business ?

News Update: BIT.ASIC - Professional Miners has purchased an additional 100GH/s to increase hashing power to (285GH/s)

We are happy to announce that we have raised enough Bitcoin to further increase our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have more than quadrupled our total hashing power in just 31 days from the June 3rd 2013 IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Butterfly Labs Orders:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

NEW Order # 100069703, pay-dated 7/1/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

KnCMiner Orders:

NEW Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (100 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed)

The current dividends are just from parking money in ASICMINER shares and are by no means reflective on what we're going to be paying out in future.

So....1 USB miner could produce more of a dividend then what you are spreading weekly between 10,000 shares right now?

Am I reading that correctly?

We could not be happier with the reception and support we have received by the community. BIT.ASIC would like to thank everyone for their questions, feedback and investments made thus far.

First Month Highlights:

* 10,000 shares were snapped up by the community and are in the hands of shareholders

* We have increased our total hashing power from 65GH/s to 185GH/s with the funds raised thus far, these are purchased and confirmed orders. We also raised enough to place our next order to further increase the total hashing power from 185GH/s to 285GH/s - details regarding this new purchase will be released soon.

* Dividends Paid since the June 3rd IPO:

Date Shares Price Per Total
2013-07-03 17:23:35 10,000 ฿0.00000058 ฿0.00580000
2013-06-29 15:48:55 10,000 ฿0.00000334 ฿0.03340000
2013-06-20 11:52:12 10,000 ฿0.00000174 ฿0.01740000
2013-06-13 14:13:56 5,000 ฿0.00000287 ฿0.01435000
2013-06-06 11:43:53 5,000 ฿0.00000282 ฿0.01410000

And for fuck sake, please put together a balance sheet etc reports so we can see what this adventure is worth right now.

It's not that hard and I can probably do it for you... for few BTC

Why cant you add your fkn cost to your orders?
Is this correct?

5 GH/s Bitcoin Miner 1        $274.00
25? GH/s Bitcoin Miner 2     $2,498.00
50 GH/s Bitcoin Miner 1     $2,499.00
Shipping & Handling (Express Shipping - Only)    $611.00
Grand Total                 $5,882.00

According to http://bfl.ptz.ro the most recently delivered & confirmed 5Gh/s order is from Sep 18 2012. The first order day on there is June 12 2012.

It may be helpful for you to back up your information with sources so I can compare those to the ones I'm going by and stand corrected in case yours are way superior to mine.

We have been looking at KnC and also TerraHash. Had TerraHash not closed their order book a few days ago this most recent order may actually have been with them.

KnC we've been on the fence, they're a bit more expensive and we're not very clear on their reputation and ability to deliver yet. BFL has way more of a history and is already delivering.

Where are you taking the claim from that KnC is likely to deliver sooner?

News Update: BIT.ASIC - Professional Miners has purchased an additional 60GH/s to increase hashing power to (185GH/s)

We are happy to announce that we have raised enough Bitcoin to further increase our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have nearly tripled our total hashing power in just 28 days from the IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

New Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

Just to be clear on this.

100k shares

You deduct for expenses.

50k of the shares you keep for yourself.

So if you sell only 10k shares they get 10% of profits between them but would have put in around 50% of capital (the existing orders were equivalent to about 10k share of value).

At best investors get half of 'profit' - which there'd be absolutely zero of when you only have pre-orders and are keeping half of income yourself.  Yeah - they'd get some money back but never as much as they put in.

10% management fee is fine.  50% is pretty much theft - and it rises to 90% if you only sell 10k shares (as the percentage of profit is based on NUMBER of shares whilst the percentage of capital coming from shares rises from a lower base - only ever reaching 50% given to investors if you sell 50k shares).

We are happy to announce that we have raised enough Bitcoin to begin increasing our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have nearly doubled our hashing power in just 13 days from the IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

NEW Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

BIT.ASIC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income.

About the Issuer:

We are a team of IT professionals & business owners with expertise in the fields of server hardware / infrastructure and web engineering.

Alongside our ongoing mining activities, we recently launched Bit.co.in which offers the crypto-currency community a free address shortener. This is a launch pad for many ideas we have for the developing community.

We are actively involved in the forums.

Bitcoin Talk user profile: coinminers

Butterfly Labs user profile: bit.co.in

Feel free to email us at: [email protected]

You raise a good point. We put this in as a precautionary note. We have decided not to exercise this option, in other words, every BTC raised will eventually be re-invested into additional mining hardware. We will not take out anything to cover the expenses that we have incurred up to this point.

We're looking to sell up to 49,000 shares and thus raise about 412 BTC. We will fully re-invest all of this money into additional mining hardware, ideally up to 1.5 TH. If we raise less than that, then still all the money we raise will go into as much new mining hardware as we can possibly get our hands on.

Inbetween purchases the money will be parked in G.ASICMINER-PT or TAT.ASICMINER shares, just so it doesn't sit idle and so investors can already receive at least a small dividend.

We will absolutely NOT issue any additional bonds when we purchase the new hardware from these aforementioned funds.

Please note that we will be retaining majority ownership in this asset. It's not easy for us to let go of these shares and if people don't want to buy them at the price we're proposing we have absolutely no problem keeping them to ourselves.

This asset will operate and generate profits with or without investor buy in, but we believe we can achieve much more for everyone involved, including ourselves, by raising the funds as planned.

Does that answer your question?

Unbelivable that you already found fouls who bought 2,503 shares.
This asset is not worth 850BTC. E.g. other mainly BFL based assets:
- PAJKA.BOND offers already 28.57 Mh/s per Bitcoin and 142.8 after BFL delivers ( #100021710)
- COGNITIVE offers already 7.6 Mh/s per Bitcoin and 154.51 after BFL delivers (early order #1xxx)

I read that as meaning you'll be taking some of the IPO funds in return for your BFL ASICs.  If I'm wrong then what is this "recovery fund" for?

Regardless of whether my reading of that is correct or not, what proportion of IPO funds is going to the "recovery fund"?  Is it actually a proportion - or is it the first X BTC?  i.e. if you only sold 100 BTC worth of shares how much of that would be used for expansion and how much would go to the "recovery fund"?

I'm sorry, I may have mistyped or mis-spoken somewhere. Where now did I say that we'll keep 100k to ourselves to cash in on 5k of mining equipment.

I'm asking because that would obviously be an embarrassing and silly thing to propose on this forum an it wouldn't be worth a millisecond of anybody's time on here.

What do you mean by "where's the contact info"? Our contact info is right in the posting, plus you have our contact info on this forum. Let me know if you need anything beyond that.

What other asic hardware do you plan on purchasing with IPO earnings?

Will you increase the amount of bonds when you purchase new hardware and will they be offered at the same price?

Thanks,
Dave

I am very disturbed that they are trying to raise $100k to pay for $5k worth of gear.

Yes, where's the other equipment? And where's the contact info? It sounds like someone who has been around here for a while wants to anonymously cash in on their dead-in-the-water BFL orders and break into the top tier. I don't know if we should let that happen. It's too easy for a scammer to do the same thing.