Topic: [BTC-TC and BF] MININGCO.ETF - Closed - page 3. (Read 48246 times)

I did not order from Avalon so I guess I did miss out on that experience.

I have never deleted a single contrary post from my thread.  It isn't self-moderated, so it would be impossible for me to do so.  I'm not sure why you would falsely accuse me of that or claim that NastyFans opposed to BFL at the time we ordered were the majority, as both statements are incorrect.

I have made a private proposal to Carnth that I think would benefit current ETF holders more than a simple liquidation and includes a mixture of BTC and NastyFans seats.  I think having Carnth manually liquidate everything would be time consuming for him, open the door for manual errors, destructive to the underlying assets, and would force ETF holders to fire sale their remaining assets instead of continuing to be investors in the underlying assets.  Anyway, I just thought I'd offer to help get shareholders back in the game.  Liquidation is certainly an option and I am also willing to purchase the remaining assets of the fund to initiate that process.

Did you miss the example of how Avalon's first customers made out great while everyone after them got screwed?

Your optimistic BFL position was most certainly an opinion in the minority, and you deleted contrary posts that turned out to be correct.

Regardless, I'm glad you and the Fans are having a good time in all this turmoil.  And thanks for offering to work with the ETF, although it's clear Carnth won't do anything except a simple liquidation and final distribution.  

After reading this, I felt compelled to respond.  Firstly, I did not screw my fans by ignoring advice.  At the time we had one of the first Monarch orders.  After making a killing on placing the first SingleSC order, it seemed like a no brainer.  Had I known Bitcoin was about to jump 10x in price, BFL was lying about their timeline, or that they had back alley deals to put their partners ahead of their customers on the Monarch batch, I would have acted differently.  In hindsight, was it a mistake?  Yes.  However, I made the best decision with the information available at the time.  That is all anyone can ever do.  Did I ignore the advice of a few people who were mad that they didn't have the luck with BFL that we had with the SC line?  Yes.  Were they the majority?  No.  We were making a ton of BTC off that purchase and most of the fans I talked to were quite excited about our Monarch orders pre-Novemeber of 2013.  Once it was realized that BFL was missing date after date, the BTC price had risen so much, asking for a refund would have been a sure loss at every moment from then until now.  While I did break down and ask for a 50% refund as BTC dropped below $400, the FTC threw a monkey wrench in the plan and we are now forced to sit and wait for the government to give us our money back.  Saying we will never recover is underestimating myself and nonnakip a great deal.  This Bitcoin adventure to us is not about maximizing profits today.  It is about building something great in the most turbulent environment that will stand up to the test of time.  Even if our mining operation went bankrupt, we would have NastyPool and our Minted Seats as potential BTC sources.  Not to mention we are always working on new secure services.  Thinking that NastyFans is only about mining is very short term thinking.



This is not the most accurate statement.  I reached an equity swap agreement with NastyMining debtholders to clear the debt.  This caused new seats to be created which then flooded the market due to debtholders using their newfound equity to recover some of their lost BTC.  That of course caused downward pressure on the seat price.  It is a shame that this fund is trying to liquidate during a time of downward pressure on the price, but I would be open to reaching a swap deal of some kind if shareholders of this ETF had a desire to become pure NastyFans seat owners.

Update:

Good news: Og has found Fans to buy his debt.

Bad news: AM hardware is spontaneously combusting and much FUD exists about exactly WTF is going on with Friendcat & Co.

Very bad news:  Carnth is MIA and hasn't logged in for over a month.

Are we screwed?     Is it time for And It's Gone guy?   

Og screwed his fans by ignoring the advice of and calling those who warned him about BFL 'trolls.'  It will never recover from the debts owed.

AM is moving a lot of chips and mining a lot of coins.  It may break upwards soon, making it easier to sell our shares.

Thanks for the answer.

We still have Nasty Fans and ASICMINER shares to liquidate.

I was hoping the the price drop of BTC would help the BTC price of Nasty. Instead the price of Nasty has dropped over the last month.

I'm trying not to take a big hit (BTC) wise, but I may have to just sell at a large loss than I wanted to.


Again, if you or anyone you know is willing to pay a fair price for ASICMINER shares, please have them PM me.

Thanks for the info. Is there an ETA on the closure of the fund?

GMP shares have been liquidated.
We had 20 shares. They sold for 0.11 BTC each.

After exchange trade fees this net totals 2.1967 BTC.

This amount has been added to the "Bitcoin Reserve" in the spreadsheet.

Along with accrued GMP dividends, 2.2963051 BTC has been transferred to the public address.

Try crossposting this to the AM threads.  Once upon a time, there was an OTC trade thread.

Maybe Friedcat will buy them back!   

The good news is that we don't have anything on Havelock.
However we do have 17 ASICMINER direct shares. It might be easier to load them on Havelock and sell. Of course, the easiest would be if anyone here would be willing to purchase direct from MiningCo.ETF. If you or anyone you know would like to purchase ASICMINER shares at a fair price, please let me know.

I have been slowly lowering the price of our NASTY FANS and GMP shares over the last couple of days, but no bites as of yet.

Imminent, i would say.

Do it Carnth

I'm not bothered by waiting longer for a better return.  But what the institutional/counterparty risk Havelock may shut down?

In order to get this done, I feel we may have to dump.
I'm sure at this point everyone just wants to get this over with.

Any questions, comments? Let me know.

Though it did not turn out what I wish, I appreciate your work, Carnth.

No need to apologize Canth, you've done a fine job.  It's a shame about BASIC and COG, but live and learn.

I think it's about time to liquidate the rest of our shares are distribute the proceeds to everyone.

The spreadsheet (link in second post) show all our assets.

Here's a summary (with rough BTC valuations):



Bitcoin                   23.9637
Accrued Dividends          5.2888
         
Nasty Fans                 3.3000
bASIC-MINING               0.0000
GMP                        2.5000
ASCIMINER                  4.7600



I apologize that this has taken way longer than it should have.

We owned 135 shares of COG at it's liquidation.
Liquidation was at 0.00762344 per share.

We received a total of BTC1.02916440 for COG shares.


This brings our NAV to 0.0166 per share.

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Including previous accrued dividends, a total of BTC1.35928835  (1.36028835 - 0.0010 fee) has been deposited on the public address.

Updates on NAV since the COG liquidation?