Topic: [BTC-TC] CIPHERMINE-PT - Industrial Mining & High Performance Computing - page 5. (Read 44684 times)

You have to set up a public BTC address in your account first. It's a security measure, so issuers can identify shareholders when the site goes down. This requirement was added recently and was, in retrospect, a sign of things to come.

I tried to sell, trading frozen?

Very good point.

I will try to mirror the bids on Litecoin Global with small orders on BTCT. If the order is filled, I'll set up a new one. Prices will be adjusted from time to time to reflect BTC/LTC exchange rate, selling price as well as the depth on LTCG. I will keep this up for the next hours. If you have any additional ideas, please don't hesitate.

Right now I see no other solution to solve this.

I assume your talking in LTC.  Just be patient, it's hard not to get emotional when news like this hits.  But the price is already climbing back over 1.5LTC.
If Kate sees the support her company is receiving I hope it will encourage her not to choose option "d"
In fact, maybe we need to create a nickname for "option d"
Any suggestions?
Peace

I have some of your shares on btctc.  The problem is I do not trade (or have an account) on the LTC site.  I also, can't create an account -- because creating new users is disabled.  So, I can't transfer my shares.  Please keep this in mind as other users may be in the same situation.

f**k, i have 76 CIPHERMINE shares,  kate ,you tell me to sell at 0.75. i have left nothing~~~~.

bitfunder is one we are looking at...

I know kate is busy, but I am around a fair bit on both forums

8. Dissolution

In the event that the operator chooses to or is forced to close this security for any reason, the
following methods will be used for dissolution:

1. A new operator may be chosen by the operator to take over this security. Shareholders of
CIPHERMINE-PT are eligible to approve/disapprove the new operator by a motion.

2. Shareholders of CIPHERMINE-PT have the right to exchange CIPHERMINE-PT shares for
CIPHERMINE shares on LTC-GLOBAL. If applicable, this right is granted for at least four weeks.

3. All remaining underlying shares of CIPHERMINE will be sold on LTC-GLOBAL and the
proceeds will be distributed to the remaining CIPHERMINE-PT shares as a final dividend. This
option is to be considered as unfavorable and only applicable, if the other two options yield no
sufficient result and no other solution has been determined by a consensus of the operator and
shareholders.

Dear All,

This turn of events is unexpected and I shall not lie: almost certainly pretty bad for most of our shareholders.

As Giles said, we are looking at options as to how to proceed. The options under consideration are (in no particular order):

a) Move to a friedcat-style direct share ownership scheme
b) Migrate to a different exchange such as crypto-trade or Havelock
c) Create a new exchange (can't go into details right now but this is a possibility)
d) Forcibly buy back all shares (at a rate decided by the major shareholders, ie. me, Giles and a couple of others)

However, I must forewarn you that I do not think it is going to be practical to give all shareholders the same levels of attention in this transition. I am committed to looking after our major shareholders (eg. those with >500 or perhaps >1,000 share) but it may not be practical to switch to a friedcat-like system of direct share ownership with the large numbers of shareholders we have, nor to migrate all of you to a new exchange.

I therefore encourage those of you with a small number of shares to take what you can over the next week to get some value from the shares you have (ie. sell them) to avoid potentially being left with nothing at all should we end up in a situation where we cannot look after you all.

To be blunt, this experience has resulted in me getting royally screwed (I have significant holdings in addition to CipherMine on these exchanges). I am angry that this has come to pass and am tempted to take steps to close the door, taking CipherMine in-house with a very small number of investors. In practice, it would be simplest for us to walk away at this point (and with the exchange closing one could deem our contract as coming to a natural end) but I am going to take at least some steps to make good.

Anyway, the above is just me sharing some early, probably emotional, thoughts. I will be discussing the matter with our major investors (both in CIPHERMINE and CIPHERMINE.B1 the BTC bond) in due course. Unfortunately I have other pressing matters to attend to for the next 48 hours so please excuse a lack of comms in the mean time.

Kate.

We are discussing our best course of action in regards to the news from burnside.
And will post more as we sort through it...

Regards

Dividend

Dear All,

There has been good and bad news this week.

• BTC yields are down again, mainly due to difficulty but also because BTC Guild have had a particularly unlucky week it seems. ghash.io (BitFury's private pool) has been stealing the goodness. Still, on the plus side it does appear that they are delivering!
• XPM yields have had a small boost thanks to the deployment of primecoind-hp11, but total revenues are still well down in large part to XPM's price falling. On the plus side, the GPU miner looks unworkable so our CPU mining remains cost-effective. We did have some downtime on some of the grid which we are investigating so we will have a clearer picture of how much more effective HP11 is next week.
• I have an inside track on some of the AnonCoin activities and got word of the pump that happened this week well ahead of time. As a result I locked our miners to ANC and then sold out at the peak (>0.004 BTC/ANC). This has given us a significant boost to scrypt-based revenues. However, this was obviously a one-off and scrypt difficulties continue to generally rise. Our auto-switching should continue to keep us ahead of the curve though.
• Finally, this week the interest payment on CIPHERBOND (€340) kicks in. This does hit our dividends as expected.
  In summary, total revenues were €1,281 with power costs of €353 and depreciation of €317. Less the bond interest that comes to €273 profit, 50% of which is dividends so at €1.78/LTC that's 76.80 LTC. €452 has been added to the reinvestment fund.

One bit of good news is that we have stabilised the GPU mining rigs again. They have been rock-solid since we gave them a little TLC following the move.

The other bit of good news is that we have had our 95% refund on the Avalon chips. I have not decided where to spend those funds yet since I want to understand the state of Alpha Tech's GPGPU solution. I am also still enhancing the model/forecast to help decide whether buying more SHA256 ASIC hardware will likely be a good investment at this point, or whether we should go for more GPU/scrypt capabilities (I'm pretty sure we want to do at least some more GPU gear).

Kate.

I've just offered 500 CIPHERMINE-PT (some of my personal shares) at a knock-down price of 0.05 BTC/share. I personally remain convinced that CipherMine's share price will recover to its earlier levels within the next month or two as our armada of ASICs get rolled out so this is a good chance for you to get in on the action. I don't intend to do many offerings like this at below market rate, but I see it as in my interests as main shareholder to boost liquidity and make the pass-thru a success.

Having now had three rounds of funding we believe we should stop and consolidate. We do not therefore intend to make any additional share offerings until the current orders of equipment, including the planned BitFury hardware, has been delivered and is in operation. Further, we will not issue additional shares without a vote from the existing shareholders to approve it (see “Voting” below), and following discontent from some shareholders Kate will waive her right to vote in
favour of motions which will result in dilution in future.

In order to maximise the accessibility of our shares we have divided the value of CryptoCoin into 110,000 shares. (...) The shares have been allocated as follows. Please note that many of us have sold or bought shares since this initial allocation so the numbers only represent the starting values. Kate, for example, has sold a few thousand shares with most of that money going back into the company in the form of gifted mining hardware.

Hey folks,

I've just offered 500 CIPHERMINE-PT (some of my personal shares) at a knock-down price of 0.05 BTC/share. I personally remain convinced that CipherMine's share price will recover to its earlier levels within the next month or two as our armada of ASICs get rolled out so this is a good chance for you to get in on the action. I don't intend to do many offerings like this at below market rate, but I see it as in my interests as main shareholder to boost liquidity and make the pass-thru a success.

ION, we've had our refund for the Avalon chips but I'm sitting on those funds for the moment. I'm trying to determine how close Alpha Tech are to their GPGPU and, if possible, want to get in with a chunky pre-order. My updated forecasts (using an economics-based model to predict difficulty) which I'll release soon suggest that the profitability of BTC mining will be good but short-lived, so I'm keen to ensure CipherMine has something solid to take up the slack. Further, I'm not sure that just buying more BTC mining hardware is going to be the best plan. Indeed, that recent purchase may have been our last; the next purchases will probably be more GPU rigs which we can usefully apply in a number of ways (and then, hopefully, lots of scrypt GPGPUs).

Kate.

All,

You have all been waiting for an update on our chips and we can today announce that the Fabrication process has finished and the wafers are on their way to the packing assembly house right now. They will be in the assembly house for a few days before they make their way to us in Sweden  and of course via the fastest method possible.

While it’s going to be a tight and we always knew it was. Time to market is everything in this business after all. We have also broken a few speed records in this business to bring a design to market in the fastest time possible.  But we are still on track to have Jupiter/Saturn shipping this month.

We will update this news site as often as we can with news. We will even have some videos this week from our Swedish assembly factory as some of our smaller parts begin to be assembled ready for full production the minute the chips arrive.

We would also like to take this opportunity to say that while we have remained as silent as possible on our simulations and only promised figures that we know we can meet. we will not down clock our chips to 400 we will release all our machines with the greatest hashing power we can. So yes the rumors are true Jupiter will be greater than 400 by a significant margin as a free gift from us to all our loyal customers. The first chips off of the production line we will run at full speed in our launch video so you can all see exactly how fast we can make Jupiter run.


Thanks

KnCMiner Team