Topic: [BitFunder] IPO - BIT.ASIC - Professional Miners offer low entry price of 0.0084 - page 3. (Read 10688 times)

Seems like you guys are trying to cash in on your orders. You've been mining for 2 years, but your orders are very recent. Maybe you're withholding the older orders, but no one would expect you to admit that. By the time you get those machines, your calculations are useless. Even if they were running right now, they're too expensive. You could have offered them cheaper, at the optimistically estimated price you'll see from them in a few months. Maybe then you'd get some hopeful gamblers. But with this greed...

The only reason you are "cheaper" than some of the other mining stocks is because they started low and demand pushed them higher. You can't just start at the top, and they also have much lower order numbers. You guys must know this. This is just free money to cover your expense on those orders that won't trickle down to your investors.

Those order dates are late. Unfortunately by the time they come your calculations will most likely be worthless.

They haven't even gotten up to order 2000-3000 yet. how long do you think it will take them to get to your order?

You don't currently have any devices to mine with though and you'll be lucky to have a 5 Gh/s this month. So what profits will there be? Profits from ASICMINER shares? Why shouldn't I just invest with ASICMINER directly if that's the case? Also, you have no reinvestment plan outlined. What are you going to purchase and when?

Do you honestly think people are going to pay silly prices when BFL, Avalon and BitFury have shipped most of their orders? The reason the others are priced so high is because their hardware costs are more expensive. You will be using cheaper, more efficient hardware, yet charging far more.

I'll be skipping this one.

Compare our Mhs price with other mining stocks (RTM,PAMB,AMC,TAT.ASICMINER) and you'll see that we come in on the low end of the multiples with this offering.

One TAT.VIRTUALMINE share gives you access to the proceeds of 1 Mh/s. That's more like a perpetual mining bond with no upwards potential in mining power per share. If that's more like the type of asset/risk class that you're looking for then you should definitely go for it.

Speaking of ASICMINER, if you actually compare our price per Mhs with TAT.ASICMINER, or G.ASICMINER-PT, which both do give you access to a profit share rather than a fixed hashing amount, you'll see that for those two you'd have to pay ~0.04108167 per Mhs.(assuming 24TH/s, excluding hardware sales).

1 BIT.ASIC share gives you access to a share in our profits, so there is growth potential. Proceeds from the initial offering will be invested in additional revenue generating assets and hardware that you will directly benefit from. The same potentially goes for future proceeds from unissued shares.

I can confirm that I was allowed me to login to their BFL account and verify all of their order information, numbers, etc.

-Ukyo

65 GH/s
100,000 shares
65,000,000,000 h/s / 100,000 =  650,000 h/s = 0.65 Mh/s
0.0084 BTC per share
(1 / 0.65) * 0.0084 = 0.0129231 BTC per Mh/s

TAT.VIRTUALMINE shares cost 0.00795 BTC per Mh/s. Why should I invest with you, when you're currently more expensive than the competition and don't even have anything to mine with as yet?

Based on the value of your 65 Gh/s being a maximum of $5000 including shipping, you should be offering around 13 Mh/s for 0.0084 BTC or 0.00064615 BTC per Mh/s. So, allowing for you to make a profit, I'd say 1 mBTC per Mh/s is a reasonable price.

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

We are a team of dedicated Bitcoin mining professionals and long time supporters of the crypto-currency movement with a strong passion for the Bitcoin community and big ideas for the Bitcoin market place.

We are looking to expand existing mining operations. We have been mining for nearly 2 years and have a significantly large "Private / Dedicated" server room infrastructure, with controlled personnel only access, equipped with dedicated power generators capable of handling massive power loads, UPS power backups for maximum equipment uptime and protection from power surges, a 4 Ton cooling unit to support a large scale mining operation.

BIT.ASIC Equipment Purchased:

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

We have purchased the following Bitcoin ASIC Mining Equipment:

Order no. 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order no. 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order no. 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

BIT.ASIC's Offering:

BIT.ASIC's offering is comprised of 100,000 shares in total. 1 share of BIT.ASIC on BitFunder represents 1/100,000th of 100% of the monthly profits after all expenses.

BIT.ASIC shares offer no voting rights. Shares of BIT.ASIC on BitFunder do not represent real world shares of the company. The shares are solely a distribution mechanism for rights to profits.

The funds from the IPO will be used to create a recovery fund for the initial investment for hardware already purchased and secondly for purchasing additional ASIC Miners, market and mining research, licensing fees, and other necessary needs for developing a large scale ASIC Mining operation. The funds will be invested in G.AsicMiner-PT on Bitfunder.com or other Bitcoin mining shares that pay dividends until the funds are needed for the above usages. The funds may also be used to purchase Bitcoin mining machines
from Butterfly Labs or any other manufacturer of Bitcoin mining machines or any other source of Bitcoin mining machines which will increase the dividends for investors.

Should the asset be sold or closed, the full amount of the purchase price, liquidated income, and any mining revenue not distributed will be evenly distributed to the 100,000 shares.

As long as BIT.ASIC requires less than 3 employees, no salaries will be paid as expenses, and are only paid as dividend payments.

Mining Expenses:

Expenses will only be charged for the following direct mining equipment expenses: Utilities, equipment maintenance and repair, mining equipment space rental, internet access, mining equipment systems administration and maintenance, mining pool fees, and any other necessary direct miscellaneous mining equipment operational expenses. Total mining expense will not exceed 10% of the annual gross revenue.

Dividends:

Dividends will be paid once a week.

Buyback Rights:

The issuer reserves the right to buy back shares at a price equal to 105% of the highest price the asset was traded for over the prior 7 days.

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 http://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.

Feel free to contact us at:

Forums: coinminers
Email: [email protected]