Topic: [BTC-TC][IPO]ASICME-Our Conquest Is the Sea of Stars (Read 15060 times)

18T你卖18万BTC，是不是想钱想疯了

If I understood the posts in this thread correctly, then this part of the Executive Summary is not accurate?


Or did I misunderstand?

Cheers.

So, what's next of this show?

An odd, hauntingly lyrical line. 

How're the stars doin'?

It's a bit uncalled for. Let ASICME explain first before getting the tar and feathers ready. 

Things are very clear.
Thank you for post it here.

I do not need any response from ASICME .

Shameless.

Yangyaorui is  the most ugly shiting ass and ASICME is the chinese least wanted team.
They always do their best to distroy everything!
learn BFL on products pre order
learn avalon on self-mining
learn IPO from chinese black stock market.

Congs to you foreingors , after fucking down chinese users,they are going to insert their disgusting dirty dicks to all of you.

It seems ASICME views making money as its core value concept and try to raise money quickly through this IPO.

Episode 2 of the ASICME drama began.

So, lixiaolai had been used merely as a marketing tool.
Shameless of you ASICME.  真无耻啊!

This is an official statement from Bitfund/Lixiaolai:

Bitfund Announcement - August 13th, 2013

In light of recent controversies involving ASICME and their attempted IPO, Bitfund.pe would like to clear some things up.

Yes, it is true that Bitfund & Lixiaolai were at one point supporting ASICME. We agreed to invest our intellectual capital and our reputation in exchange for an equity stake in Yang Yao Rui’s company.

However, some may have been confused by Lixiaolai’s later announcement that Bitfund had nothing to do with this IPO. Although we had a verbal agreement, Bitfund repeatedly asked ASICME to provide us with a contract we could sign, cementing our partnership. ASICME failed to ever provide this document.

They then proceeded to attempt to IPO without our knowledge, and without ever consulting with us first.

This is our public announcement that Bitfund.Pe is no longer working with ASICME in any way.

Thank you.

So, PLA is good at chip designing？
As long as i know, PLA was good at driving tanks on TianAn square.
And PLA's generals are good at singing. LOL.
what's a funny!

are you implying that you will never encounter problems that enforce BTCGarden to quit IPO,cause you have PLA background?

ASICME IPO 何时开卖？

Thank you for your reply.

I understand you choose words carefully because this is an IPO.

You use the word  "cooperation" instead of "been invested", so , is it a official claim you are not invested by Li Xiaolai?

We do have cooperation with lixiaolai, and he gave us much help and directions in our Bitcoin miners project.

About what claim that people buy our pre-orders because of lixiaolai's personal brand, we have to say that some people buy our products and services because of his brand, and most of this type of people are familiar with bitcoin already. But most of our customers are common people in China. Without our promotion, they even do not know what BTC is. It is hard to say that they place their orders just because of lixiaolai.

Our chip designers have China military background. Honestly, for 28nm or 40nm, we do not have any advantage, but for 65nm chips, we have speed advantage. Because we can design and produce and package it in China.

lixiaolai gave us much help and directions in our Bitcoin miners project.

We told the buyers about the risks related to mining, actually it is in our description of products and services in Taobao.com. If you can read Chinese, here it is http://item.taobao.com/item.htm?spm=a230r.1.14.28.c4iwaZ&id=26025732591&initiative_new=1 ,note that we also attached some newbie guides about bitcoin.

Not required, as long as you dont know much details, keeping away from this IPO is enough.

Could someone link me a summary of the history of this companies dealings? I have read a lot of stuff saying they have scammed people in China, tons of pre-orders never delivered etc. Also as a courtesy could someone translate the chinese posts in this thread, it is hard to follow when there are multiple languages being spoken 

Huh, just ignore my question. Why not face the question?

actually, when you said :"ASICME has a professional Internet service and sales team led by co-founder of xiaonei.com (a SNS well-known as Chinese Facebook), and the VP of sales of meituan.com (one of the most famous group-buying websites in China), which allow us get about 22,800 BTC sales in only two months. "

This is NOT TRUE.

The TRUTH is, people buy asicme pre-orders because they see  'A LiXiaolai invested company'  as branding. People only trust xiaolai , and someone who is co-founder of xiaonei.com? who knows this guy? Nobody in China.

And now, xiaolai has claimed in Weibo, he has no relationship with this IPO.

This is a very good point.

++1

No shame!

To be fair, I don't think ASICME is a scam.  They are trying to serve their customers and also get the most profits as they can, but they are not doing it in the right way.

They did trick a lot of new BTC users in China. I'm one of them.  And they are good at arguing they are not doing anything wrong. A lot of people are asking for refunds after realizing they are providing a lot of biased information to trick them, but no one get money back.  Asicme needs to reestablish its reputation for sure.

Even if you are not a scammer (which I don't think you are), your IPO is way overvalued, even more expensive than btcgarden. Your IPO should only be 1/4 of btcgarden's value, because you don't have the core technology, and also your reputation isn't really up to btcgarden's level.

That's why we register our company Republic of Seychelles. And we consulted our lawyers, they say our plan is the lowest-risk plan.

Sorry to hear that. But we cannot agree. We dispatched our products in advance, and have not broken any promises we made before. However, there are always some guys who criticize us. How could you say the "F" word?

I was wondering if you have noticed BTC-Garden buyback. What's you plan for potential legal/political risk?

out of all the Chinese-based mining company, this one probably has the worst reputation of all.  Plus, with the problem of Garden, I would just stay away from all Chinese-based IPO for now.  Thank god Garden is returning the bitcoin, next company might just run with our coins altogether.

We always get some criticism, but could you tell us why? We have not broken any promises we made before. Please do not judge us without basis.

hope to see it soon.

We will post some photos successively. Thank you for your interest.

We reply Chinese questions in Chinese, English ones in English. If the question is very important, we will translate it. Thank you for you interest.

reserved.

 

it's funny to see ASICME quarrel in Chinese in this thread
看ASICME在这个帖子里用中文吵架很有喜感

When you selling your pre-orders, you use 'A Li Xiaolai invested company' as ad.

But recently xiaolai claims he has no relationship with this IPO.

ASICME.com, can you explain the relationship between your company and Li Xiaolai?

Please explain it clear and simple.  This is an IPO, so people need to know the real share structure.

You guys pre sold 22,800 BTC worth avalon miners.

Now you want to issue 2,500,000 shares at 0.018 to raise 45,000 BTC for 25% of total equity of your company.

So, a company with nothing but 22,800 BTC pre orders unsatisfied worth 180,000 BTC ?

It seems ASICME gains a bad reputation in chinese community

One does not simply flip a 45k IPO.

Also, I recommend to anyone who thinks about investing here, to check their background and reputation.

man, just buy ipo and flip, no point in buying, are you seriously think there can be another am?

ASICME random history:

1 lixiaolai invested in this company (but recently lixiaolai says there's no relationship with the IPO).

2 Presell Clone Machines (Avalon chip), selling mining contracts, and expensive hosting services (purchase with their machines). None of them will ever break even, in RMB or BTC. and they dont tell the buyers about the rising difficulty issues.

3 Purchased Avalon chips from earlier group buys (as order placed earlier, the group buys are jimmy2011's, in Chinese subforum), their own orders are only placed after June with a much later deliver estimation.

4 Some kinds of media promotion, claiming to be the largest (bitcoin) mining machine provider in China & third in the world (if I remember correctly), tricking (& have tricked) many new comers in China.
(about 4: use site:163.com ASICME or sina.com.cn or something in Google)

It has become apparent to all but the most greedy, gullible greenhorns that BTCT now only lists scams, and protects those scams from legitimate competition via the approval process gatekeepers.

Can you say 'conflict of interest' in Chinese? 

 

dont trust this company.    they have no reputation in Chinese BTC community.

they fucked  a lot of new BTC users in China.

and it seems that they are going to fuck you guys in English community.

Has VERY VERY VERY  BAD reputation in China.

brace yourself, btcgarden investor is coming

no way to get into this...i just sell BTCGarden and Labcoin...cannot trust...every one just simple claim have any chips design, but after a period, no even a chipset photo to be available.

my personal opinion not to involve the IPO.

It seems you communicate a lot in Chinese. Are you planing to give personal lessons to investors? Thanks! 

发货给客户，和拍卖是两码事。

We replied your another post. About what you said here, our sales are priced in Chinese yuan, for this IPO, we converted into BTC with this exchange rate 1 BTC =100USD=613CNY.

We have begun to sent the miners to our first batch of customers. This is much earlier than what we promised before (90 days). About the problems, we can solve it by the end of this month, and we have already compensate our customers with our own hash rate (the earnings is equal to how much one can mine with the same hash rate). Actually, we can wait for ngzhang's chips, and do what we promised before. We decided to dispatch our product earlier for a good reputation. However, there are always some people who blame us with no basis.

We sold our bitcoin miners through Taobao.com, not meituan.com (but one VP of meituan.com is our team member). For your questions:

1. This is our online store in Taobao http://meetend.taobao.com/ , if you can read Chinese, you can check the data here.

2. We have already sent the first batch of miners, and here are some news about us: http://asicme.com/en/news , if you cannot read Chinese, you can check the pictures and use google translate.

3. Yes. Because our customers ordered the miners based on ngzhang's avalon chips.

4. Several thousand, most of them are not ngzhang's ASIC chips.

5. Yes, and all first batch customers will be received our miners in 2 or 3 weeks.

6. The co-founders of xiaonei.com are more than 3, and Yaorui Yang is one of them, it's almost commonsense in Chinese internet area. But he has left xiaonei.com in 2007, so it's a little bit difficult to get proofs from the company now. We can provide some other evidences:

1) here is an report about us: http://www.techinasia.com/depth-bitcoin-hands-chinas-average-zhou/

2) From wikipedia, you can see the Chinese characters for xiaonei.com is 校内网. Here is Yaorui Yang's Sina Weibo address http://weibo.com/meetend , sina weibo is known as Chinese twitter, and they provide third-party verification. His verification is 殊途同归创始人，校内网共同创始人, which means"Founder of Meet End, and Co-founder of Xiaonei.com", google translate may help.

7. Can you give us some ideas about how to prove it?

Thank you for your interest.

请问ASICME怎么就成为第一个发货的克隆矿机厂家了. 神鱼拍卖的那台何在？

This is our address for receiving the benefit from the deployed hash rate: 1AYTkpQDA2nu6vu6JjZvbDgMXa1SjehVYu
You can check the earnings on https://blockchain.info/address/1AYTkpQDA2nu6vu6JjZvbDgMXa1SjehVYu

If you did not believe this address belongs to us, you can verify a message with the signature below:

Message: ASICME.COM
Signature: H1/BlvLmM8wNn9FOZK6SfMurqLEbmzW48gNUmMu38NfPHBhpn7X5B5bF2HbZMmw/VEq5pzc2Rg4kpZk/HI1Dks4=

Just to get an understanding of what's happening here.

ASICME collected 22000 Bitcoin in pre-orders for more than two months, but wasn't able to deliver till now. Furthermore they confessed in a chinese thread that their products ME20 and ME80 are still bugged and there still are unsolved problems.

Today ASICME asks for 45000 Bitcoin and claims their company has a value of 180000 Bitcoin.

Please do not judge us without basis.

btcman的花园那种垃圾都有人相信？官网都懒的做，更别说产品了。
我支持asicme！

Again, can you guys prove you're hashing at 9TH/s currently?

If you are interested, you can check the ids who blame ASICME in bitcointalk and btcman, perhaps you can find something.

+11111

我们没有违反过任何之前做出的承诺，而且我们是已经在提前发出第一批用户的矿机并支付算力收益。关于骂我们的人，可以看一下这个帖子：https://bitcointalksearch.org/topic/asicme-271355

We have not broken any promises we made before. We promised that deliver the products you ordered in 90 days if we received ngzhang's chips. The first transaction of our team is on 2nd June, we have already sent his mining equipment in advance. As for the criticism in China, you can see this post (which is in Chinese) https://bitcointalksearch.org/topic/asicme-271355

We updated our post, you can see the Q & A part.

We are the first one who delivered our products among all avalon-based teams (except for avalon team itself).

https://bitcointalk.org/index.php?topic=264058.20

http://bbs.btcman.com/forum.php?mod=viewthread&tid=5115

ASICME IS JUST A SCAM.NEVER TRUST IT.DON'T WASTE YOUR BTC ON THIS PIECE OF ****.

Everyone can IPO, so if we want to succeed, we have to prove us. Thank you for your interest.

+111

dude，you should learn some chinese.

Hi ASICME.COM,

so to my understanding you sold pre-orders for around 22k Bitcoin through meituan.com.

1. Can you provide a reference to check those numbers?

2. Can you provide any information that guarantees you are able to produce and ship miners for those alleged sales?

3. Is it correct, that you are - at the moment - unable to produce all miners due to delays of chip delivery from ngzhang?

4. How many are "a few precious ASIC chips"?

5. Did you start to ship the first miners yesterday (resp. 2013-08-10)?

Furthermore:

6. Can you provide any reference that Mr. Yang Yaorui was involved in founding Xiaonei/Renren? Please forgive me, but wikipedia.org didn't list him and a not-so-in-depth websearch only revealed Bitcoin related stuff to this name.

7. Can you provide any proof that you are who you claim to be and the people involved in this project?


Anyway. Let's conquest the sea of stars. Cheers!

中国ASIC 可相信的只有ASICMINER 和比特币花园

 我可以负责任的告诉你。。这是最大的IPO骗局。。。多少中国人在骂他们，你们知道吗？

§$"§F§R§$G$T $§&§$%R "§!"!$

如果您有时间和兴趣，您可以整理下一直以来在bitcointalk论坛和btcman论坛上有关于ASICME负面讨论的id名单，或许您会有新的发现

~"May I ask, how do you feel about relationships between asicme and btcman"

 我可以负责任的告诉你。。这是最大的IPO骗局。。。多少中国人在骂他们，你们知道吗？中国ASIC 可相信的只有ASICMINER 和比特币花园

I can responsibly tell you. . This is the largest IPO scam. . . How many Chinese people criticize them, you know what? China ASIC may believe that only ASICMINER and bitcoin Garden

请问，您怎么看待asicme与btcman两者之间的关系呢

www translate reads: "See if foreigners were tricked that Chinese hope they didn't see"

See here.

看鬼佬会不会上当了，这句中文希望他们没看明白

Looks like Asicme has a rather bad reputation among Chinese customers..
http://bbs.btcman.com/forum.php?mod=viewthread&tid=5395&extra=page%3D1

fuck me， not again，another ipo，everyone can ipo。

Reserved

R

reserved

welcome

reserved

Reserved

Reserved

Do you have any proof that you're currently hashing at 9TH?

r3

r2

r1

Issuer: ASICME
Listed Entity: MeetEnd Ltd.
Website: http://asicme.com (CN), http://asicme.com/en/index (EN)
Email: [email protected]

A Brief Introduction of ASICME:

ASICME: name of our team and our stock ticker.  ASICME is a portmanteau of ASIC and ME, where ME is an abbreviation for Meet End.

MeetEnd: name of our company, which is also the listed entity of this IPO. The words "Meet" and "End"  are from our slogan "we will Meet in the End with Bitcoin."

ASICME Team is a leading global Bitcoin-based service provider, focusing on packaged solutions for Bitcoin mining, payment, and related business.

ASICME is initiated by Yaorui Yang (Co-founder of xiaonei.com) in May 2013. Through Internet, we gathered a group of talents and professionals: a hardware engineer with 7-year hardware (5-year in FPGA) development experience; a software engineer with 7-year embedded system and industrial control development experience; a PhD student in Economics (living in Paris); a Master in software engineering (living in the US)....

With the professional team and teamwork spirit, we are widely supported by the Bitcoin fans.

ASICME is now registering our company MeetEnd Ltd. in Republic of Seychelles and this process is expected to be finished on August 12th. We treat MeetEnd Ltd. as the listed entity, and our virtual stocks will be issued as soon as our register is complete. ( "ASICME," "we," and "us" stand for MeetEnd Ltd. afterwards except specifically marked as "ASICME Team.")

The benefits made by ASICME Team before we complete our register of MeetEnd Ltd. will be included in the company's financial records.

Here is a post about our enterprise spirit: http://asicme.com/en/company

Here is a report about us: http://www.techinasia.com/depth-bitcoin-hands-chinas-average-zhou/

Issue Summary:

Stock type: BTC virtual stocks
Stock ticker: ASICME
To be listed in: BTC-TC (BTCT.CO)
Number of shares to be listed: 2,500,000 shares (25% of total equity of ASICME)
Issuing price: 0.018 BTC per share

We use a market approach (multiple analysis) to assess the value of our shares. Using the sales multiple (the ratio of share price to sales) as a reference, which is calculated by the listed entity "friedcat" (ASICMINER) in the same industry, we determined our offering price according to the sales in the past two months and the estimated sales multiple. To ensure the success of the initial offering, we use the closing price of ASICMINER at the end of first quarter of 2013 as a benchmark (0.77 BTC per share) . According to the estimated sales multiple, our offering price is finally set to be 0.018 BTC/share.

Actually this offering price is quite conservative, since we choose a relatively low share price of ASICMINER as the benchmark. The share price of ASICMINER is now around 4.0 BTC per share. Even if we change our benchmark by using the middle share price of ASICMINER between March and May 2013, which is 1.2 BTC per share, the estimated value of our shares would be 0.027 BTC per share.

Equity:

The total number of shares of ASICME is 10,000,000.

Except 2,500,00 publicly issued shares, the other 7,500,000 shares will be held by the team members of ASICME. The shares held by the team members of ASICME have a lock-up period of two years. During the lock-up period, this part of shares can be only traded among the team members of ASICME and is not allowed for public trading. After the lock-up period, this part of shares may be issued limitedly, but once coming into the public offering field , they will automatically lose their voting right.

There is no lock-up restriction for the publicly issued shares. Each share, including publicly issued shares and shares hold by team members, has the same right for dividends(account for 1/10, 000,000 of the entire dividend rights), but the publicly issued shares do not have voting right.

Equity Dilution:

Unless the retained earnings are not enough to support an important project and we do not have other reliable financing channel, we will not issue new shares. To guarantee the benefits of shareholders, we promise:
1. we will not issue new shares in the first year after the initial public offering;
2. we will not issue new shares before the cumulative dividends reach 0.036 BTC per share;
3. if the first two conditions are satisfied and we decide to issue new shares later on, the number of shares for seasonal equity issuing will not exceed 1,000,000 per year;
4. during seasonal equity issuing, the original shareholders have priority to purchase the newly issued shares.

Dividend:

We plan to do weekly dividend payout. We will start the dividend payout when the total sales of our publicly issued shares meet or exceed 500,000. Any change of dividend payout policy will be decided by ASICME and be publicly announced to all shareholders.

Issuer Statement:

ASICME acknowledges that there is no false description or important carelessness in this prospectus and are willing to take liability for its authentication, accuracy and integrity. If investors are in any doubt about the prospectus, please propose it.

Reserved rights of issuer:

The reserved rights of the issuer, ASICME team, are including but not limit to:
1. reinvest the capital raised from this initial public offering;
2. determine the price of shares;
3. issue new shares if the above-mentioned conditions are satisfied.

Contact:

Any prospective investor can contact us via:
1. the official thread in Bitcointalk.org;
2. email: [email protected].

We will launch an official forum soon and reserve a specific board for investment discussion.

Risks factor:
1. the investment in Bitcoin could obtain high returns, but is always accompanied with high risk;
2. we will carefully evaluate each project before investing, but we cannot promise to succeed in all of them;
3. some risk factors that will lead failure include: 1) chip destructions, 2) workspace being destroyed by force majeure, 3) the failure of tapeout, 4) death of important technicians, 5) policy risk.

Issuing failure:
If the total number of purchased shares is less than 500,000 in 00:00 October 31, 2013 (GMT+8 time), the initial public offering of ASICME is recognized to be a failure. In this case, we will return all bitcoins to our investors.

Executive Summary:

Current Status:

1. ASICME is now mainly focused on selling Bitcoin miners and providing the hosting services. ASICME has a professional Internet service and sales team led by co-founder of xiaonei.com (a SNS well-known as Chinese Facebook), and the VP of sales of meituan.com (one of the most famous group-buying websites in China), which allow us get about 22,800 BTC sales in only two months. This is an unprecedented achievement in the history of bitcoin mining equipment selling.

2. ASICME is also the first team to promote the bitcoin mining concept to ordinary consumers in China. The fast startup and the large-scale sales are bound together with our professional Internet service and sales capability.

3. ASICME is one of only a few teams which can provide Bitcoin miners in August. Since "ngzhang" delays the delivery, most Avalon-based mining equipment providers have to delay their production, too. To get around the bottleneck, we acquired a small ASIC chip research and development team.  By developing on our own and some private channels, we get a few precious ASIC chips. These chips can meet the early demand of bitcoin miners and hash rate. Previously, we promised that if we could receive ngzhang's chips on time, we will ship our products in 90 days.. However, we have not received any chips from ngzhang yet, which were supposed to be shipped two months ago. Now, in order to protect the benefits of our customers, we will produce the miners by our own hash rate and dispatch some miners in advance. The first batch miners of our customers (ordered before June 9th 24:00, GMT+8 time zone) will be dispatched in the period from August 10th to August 30th, 2013.

4. The first batch of our mining equipments has about 18T hash rate, which will be deployed (or dispatched) completely in mid-August. Keeping that in mind, we will be the second biggest source of hash rate in China (after ASICMINER), assuming there is no big change in the total hash rate, which is very likely from what we have experienced in the past. As of this release, 9T hash rate have already been deployed and is been testing.

5. We have other chip orders (about 20Th), which will be dispatched or deployed after we receive.

Prospect:

1. We have already started ASICME mining pool project. The beta version of our mining pool will be online by the end of August. By the hash rate we have and our reputation in China, the mining pool is expected to become the biggest mining pool in China. The main benefit of this project is the commission fee of mining.

2. We plan to start "Zhifumi" project around August. This is a 3-step project: 1) the online bitcoin wallet. We are currently dedicated in researching on similar programs as Coinbase to develop an online bitcoin wallet, in order to cater to Chinese customers. 2) Instant redemption platform. To make things more convenient for our customers, we will provide a redemption platform, with which you can exchange bitcoins and legal tender instantly. 3) The "Chinese bitpay", which serves as paypal or alipay in bitcoin area. To put it simply, this is a Copy-to-China project, our initiator (co-founder of xiaonei.com - known as Chinese Facebook) and a senior executive (VP of meituan.com - known as Chinese Groupon) are highly experienced in this kind of project. With this project, we intend to provide a more convenient payment and transfer method in Bitcoin area, which is significantly helpful to expand the bitcoin circle. Meanwhile, more investment opportunities will be generated. The future of this project relies on professional customer service, and the design capacity of Internet and integration products.

3. We have already started the project of next generation ASIC 65nm mining chips. In fact, we can start our development of new generation chips at any moment if we have sufficient money. After careful investigation and evaluation of the mining industry, we believe that producing the 65nm chips in China will cost us the shortest time and gain us the highest cost-efficient. Once start, this project will be the biggest investment after this IPO.

4. We will develop bitcoin peripherals, such as Bitcoin theme T-shirts. This is a low-profitable project, but it is good for brand building. The earnings can be used in daily expenses of our company.

Business description:

IPO Goals:

1. Financial support for development of next generation 65nm mining chips. In fact, we can start our development of new generation chips at any moment if we have sufficient money. Features of new generation chips:
 - Typical performance: 1200 M Hash Rate per chip
 - Efficiency of Hash Unit is configurable
 - GF 65nm G
 - Package Type: QFN48/BGA48

2. It is undeniable that Bitcoin mining is a high-return business now. But high returns come high risks. We would like to share our equities with community to decentralize our risks.

3. To hire enough technical staff for Mining Pool project, Zhifumi project, and Mobile Wallet project.

4. To hire English talents. Bulk of information and data on bitcoin are in English, and the global market need to open, so we need to organize an English team to deal with this kind of things.

5. To maintain our team regular operation: pay the rent of our office and other administrative expenses.

Definition of Market:

We are focusing on packaged solutions for Bitcoin mining, payment, and related business.

Products and Services:

1. Bitcoin miners based on ASIC chips - ME Miner: ME20, ME80, and ME320. The hash rate is 5.64GH/s, 22.56GH/s, and 90.24GH/s respectively.

2. Bitcoin miner hosting service. For the customers who ordered our miners, we provide hosting service.

3. Bitcoin mining pool. The beta version of our mining pool will be deployed completely by the end of August.

4. "Zhifumi" project. This project will be launched in August.

5. New generation ASIC 65nm mining chips and new generation miners. We have already started the design of new generation chips, and our designer has the experience of designing chips in military enterprises for many years. If financing goes well, we can start our tape-out process of new generation chips by the end of September.

6. Bitcoin mobile wallet - ME Wallet. Now we have ME wallet v1.0, which is based on open-source programs. When we finish Zhifumi project, we will integrate our payment platform and the mobile wallet.

Organization and Management:

Yaorui Yang: initiator, co-founder of xiaonei.com (now renren.com, known as Chinese Facebook), founder of ASICME.

Miner Department:

1. Wei Shao: responsible person of miner department, in charge of the product development, production, and hosting service.
2. Jun Shen: 7-year experience in embedded system and industrial control product development. Being occupied in the development of the underlying software in a famous cellular chip company. Specialized in Linux system development and the cooperating of software and hardware.
3. Yongchun Sun: Senior Hardware Engineer, 7-year experience in the hardware development, 5-year experience in FPGA development. Specialized in designing-high speed digital signal processor.
4. Zhe Wang: in charge of operation and maintenance.

Software department:

1. Zhaoyu Wu: web developer, Years of experience in Internet project development. In charge of one community education production research and development.
2. Katelan: product application and Internet security manager.
3. Rong Yong: Design director. Designer, graduated from the Architecture Department of Tsinghua University, currently studying in Department of Design in Graduate School of Fine Arts of Tokyo University of the Arts.
4. Kaimeng Chen: web development engineer. Master of software engineering, Software Technology Department of Peking University
5. Zhipeng Hu: lecturer in one technical training institution, years of experience in .NET development.
6. Qishuai Liu: used to take the charge of the overall technical architecture in one internet company. Knowing well with the algorithm and the system bottom frame.
7. Jiawei Guo: web engineer. Years of experience in internet development and E-commerce product design.

Media & Economic department:

1. Pengzhan Song: In charge of news media and public relations.
2. Hailong Hao: Economic consulting and global business. PhD student in Economics in ESSEC Business School (Paris).

Commercial department:

1. Jun Yang: VP sales(vice-president of sales) of Meituan.com. Consultant, in charge of negotiation and business cooperation.
2. Wenpei Xu: In charge of Customer services and sales in Wuxi. Policy advisor. The executive director of Fujian Wanxinglong Group.
3. Jingwen Xu: In charge of Customer services and sales in Wuxi. Policy advisor. MA Design Management. Initiator of an independent brand. Former brand planner in the Hodo Group.
4. Lisu Han: In charge of customer services and sales in Beijing.

Executive branch/Administration department:

1. Tang Tang: financial data, customer data, information management and administration coordinator.
2. Na Shao: administration coordinator, financial data.

Marketing strategies:

1. Sales aspects: In mid-August, we will deliver the first batch of miners, and deploy our hash rate.
2. Technical aspects: we will finish adjusting the mining pool by the end of August.
3. Technical aspects: we will get Zhifumi project started in August.
4. peripherals: set out to design and sell Bitcoin peripherals.
5. We have already started our project of new generation of ASIC chips and miners.

Financial management:

ASICME will have the responsibility to manage the capital from this IPO. Welcome all the shareholders and investors to proposing opinions and suggestions, but we have the final decision-making authority. Any major investment will be publicly announced in advance.

Meanwhile, we will publish our financial statements quarterly and update the company's information platform in time.

Q & A:

Q: How do you determine the offering price?

A: We use a market approach (multiple analysis) to assess the value of our shares. We used the sales multiple (the ratio of share price to sales) calculated the listed entity (ASICMINER) as reference . Then we determine our offering price according to the sales in the past two months and the estimated sales multiple. To ensure the success of initial offering, we use the closing price (0.77 BTC per share) of ASICMINER at the end of first quarter of 2013 as a benchmark. According to the estimated sales multiple, our offering price is finally set to be 0.018 BTC per share.

Actually this offering price is quite conservative, since we choose a relatively low share price of ASICMINER as the benchmark. The share price of ASICMINER is now around 4.0 BTC per share. Even if we change our benchmark by using the middle share price of ASICMINER between March and May in 2013, which is 1.2 BTC per share, the estimated value of our shares would be 0.027 BTC per share.

The details for share valuation are as following:

We use ASICMINER as a comparable entity in the same industry. In its publicly announced financial report for the first quarter of 2013, ASICMINER sales come from two major sources: 57,338.24 BTC from self mining and 10,176.85 BTC from sales of products. ASICMINER was first listed in 2012 and its closing price at the end of first quarter of 2013 was 0.77 BTC per share. In addition, the total number of shares issued by ASICMINER is 400,000.

Therefore, the sales multiple for ASICMINER is calculated as 13.75. Our team, ASICME, started to run business since June 2013. According to our financial data, the sales are 8318.81 BTC in June and 13,072.75 BTC in July, respectively. To be conservative, we assume that our sales will not change a lot in the future and use the sales in July as a reference for shares valuation. According to current exchange rate, the sales of our team is around 12,903 BTC (1 BTC=100 US dollar). The total number of shares for our team is 10 million, and we decide not to do seasonal equity offering in the next two years after first issuing. Therefore, according to the sales multiple estimated before, the offering price of our team is determined to be 0.018 BTC per share.

Notes:
(1) Since our team just started two months ago, we cannot accurately estimate our long term cash flows, so we did not use discounted cash flow to assess our share value. The market approach (multiple analysis) used here does not require an accurate estimate of long term cash flows. At the same time, multiple analysis relies on the sales multiple that is widely accepted by the market to estimate share value and hence is more accurate.
(2) The link for ASICMINER financial report for the first quarter of 2013 is https://bitcointalksearch.org/user/friedcat-49840
(3) The sales multiple used here is based on the average monthly sales.  It means that the sales multiple is the ratio of share price to monthly sales.

Q: Do you give any privilege to the major shareholders?  

A: Currently we don't give out any privilege to the major shareholders. Public issuing of shares only has the right for dividends. Extra privilege is unfair to other shareholders.

Q: While you mentioned 65nm chips in the prospectus, why don't you produce the better performance one as 40nm/28nm chips?

A: The better performance one often has the higher manufacturing cost. After our preliminary market research, the 65nm chips are the best which is corresponded with the cost-benefit analysis. We need to deploy our hash rate rapidly before the whole hash rate of the network soars to a higher level.65nm is the result of comprehensive considerations. According to nowadays hash rate condition, and the tape-out speed, 40nm/28nm chips take more risks.65nm chips, compared with 40nm/28nm chips, has unparalleled speed advantages in terms of design, tape-out, production, packaging and transportation in China. After all,in the bitcoin world, speed is everything.

Q: What's your relationship with ngzhang or Avalon?

A: The only connection is that we ordered about 10,000 nazhang's "Avalon" chips by all kinds of ways but we have not received them yet. However, we have predicted this kind of risks from the very beginning; we are actively looking for other means and methods to deal with the chip scarcity. That's the reason why we can dispatch our miners and deploy our hash rate in advance .

Q: How do you view bitcoin in the long run?

A: We all believe bitcoins' value will increase. But nothing is absolute and thus we decide share our equities as well as the risks by this IPO. Moreover, only if more people join in the bitcoin's market, its price will increase.

Q: There is a statement as "bad money drives out good money." Now bitcoin is at the summit of its power, but will it be affected by other copycat virtual currencies? Do you consider investing in the area of the copycats?

A: To answer your second question. We are not interested in the copycat currencies now. Concerning about the concept of "bad money drives out good money," it sounds "professional," but when asked why, many people cannot tell the reason. This concept has a specific term called "Gresham's Law" in economics, and the law is available when certain conditions satisfy. But there are no such condition in bitcoin area now.

Q:

A: This is our address for receiving the benefit from the deployed hash rate: 1AYTkpQDA2nu6vu6JjZvbDgMXa1SjehVYu
You can check the earnings on blockchain.info
If you did not believe this address belongs to us, you can verify a message with the signature below:
Message: ASICME.COM
Signature: H1/BlvLmM8wNn9FOZK6SfMurqLEbmzW48gNUmMu38NfPHBhpn7X5B5bF2HbZMmw/VEq5pzc2Rg4kpZk/HI1Dks4=