Correct, the intent is to bulk order ASIC devices to receive favorable pricing.
great, so lets hope for bitcoin to RISE RISE RISE!
Topic: btt - page 101. (Read 407344 times)
Dave, Today at 04:36:16 PM
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
Quote
Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue. Tom has paid me up on my recent invoice as well. He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
just read the motion on btc-tc. earlier in this thread you stated that enough funds were raised to order another bASIC01. am i correct with my assumption that you haven't ordered any other bASICs until today and that these funds are kept for later investments (in bASICs)?
Motion to make a small(20BTC or less) GPU hardware purchase. This would include the company's reinvestment fund(.83BTC) + up to 19BTC from the treasury.
With the delay of the company's ASIC mining hardware, it will become increasingly difficult to maintain an attractive APY to attract additional investors without expanding mining hardware. Capacity exists to add one or two additional GPUs without incurring expenses beyond the GPUs themselves. With careful selection it should be possible to increase hashrate and therefore dividends by 30-40% in the short term with a small investment at this time.
As the company's contract specifies funds be used for the bulk purchase of ASIC hardware, I seek shareholder approval for this proposed purchase.
With the delay of the company's ASIC mining hardware, it will become increasingly difficult to maintain an attractive APY to attract additional investors without expanding mining hardware. Capacity exists to add one or two additional GPUs without incurring expenses beyond the GPUs themselves. With careful selection it should be possible to increase hashrate and therefore dividends by 30-40% in the short term with a small investment at this time.
As the company's contract specifies funds be used for the bulk purchase of ASIC hardware, I seek shareholder approval for this proposed purchase.
Which GPUs? Where will they be purchased? How will they be added to the existing setup?
In addition, as an investor, I would like to request that additional details be updated and included in the well-presented google doc, such as more exact hardware setup and current mining status (ie, mining LTC or BTC currently?). What are the operating expenses? (electricity etc. inc AC, if applicable). Pictures of the working setups would be a welcome bonus.
Thanks.
Thanks for posting, let me see if I can address all of your questions individually.
Quote
Which GPUs? Where will they be purchased? How will they be added to the existing setup?
Unknown at this time. I held the high bid for 2x5870 for a couple days at $165, but someone else was willing to pay more.
https://bitcointalksearch.org/topic/hardware-sale-131782
These would have been added to the company's Gigabyte rig pictured a page or two back and the 6770 would have been displaced and moved to the MSI Diamond rig. I'd also consider a single 7950 as it would be easier to integrate and is more efficient.
Quote
In addition, as an investor, I would like to request that additional details be updated and included in the well-presented google doc, such as more exact hardware setup and current mining status (ie, mining LTC or BTC currently?). What are the operating expenses? (electricity etc. inc AC, if applicable). Pictures of the working setups would be a welcome bonus.
By default the GPUs are mining BTCs at bitparking w/ bitminter as a backup, but on the occasion that LTC difficulty re-targets significantly lower I've moved at least the main rig to ltc.kattare.com and used ozcoin as a backup. I've posted links to this in the thread here, but you're right, a notification area on the public spreadsheet would be more visible.
As operating expenses are deducted from dividends on my own shares, I've not focused on them. I've monitored power consumption tendencies of each GPU individually and adjusted their voltages, engine & memory clocks, and cooling accordingly. I do not have a meter connected full time, so I cannot tell you exactly how much power is consumed for entire rigs at any given time.
Dave, Today at 04:36:16 PM
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
Quote
Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue. Tom has paid me up on my recent invoice as well. He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
I agree. Waiting a week or so at the moment to see what happens with btcfpga.com can't hurt.
Dave, Today at 04:36:16 PM
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
Quote
Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue. Tom has paid me up on my recent invoice as well. He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
+1
Motion to make a small(20BTC or less) GPU hardware purchase. This would include the company's reinvestment fund(.83BTC) + up to 19BTC from the treasury.
With the delay of the company's ASIC mining hardware, it will become increasingly difficult to maintain an attractive APY to attract additional investors without expanding mining hardware. Capacity exists to add one or two additional GPUs without incurring expenses beyond the GPUs themselves. With careful selection it should be possible to increase hashrate and therefore dividends by 30-40% in the short term with a small investment at this time.
As the company's contract specifies funds be used for the bulk purchase of ASIC hardware, I seek shareholder approval for this proposed purchase.
With the delay of the company's ASIC mining hardware, it will become increasingly difficult to maintain an attractive APY to attract additional investors without expanding mining hardware. Capacity exists to add one or two additional GPUs without incurring expenses beyond the GPUs themselves. With careful selection it should be possible to increase hashrate and therefore dividends by 30-40% in the short term with a small investment at this time.
As the company's contract specifies funds be used for the bulk purchase of ASIC hardware, I seek shareholder approval for this proposed purchase.
Which GPUs? Where will they be purchased? How will they be added to the existing setup?
In addition, as an investor, I would like to request that additional details be updated and included in the well-presented google doc, such as more exact hardware setup and current mining status (ie, mining LTC or BTC currently?). What are the operating expenses? (electricity etc. inc AC, if applicable). Pictures of the working setups would be a welcome bonus.
Thanks.
Dave, Today at 04:36:16 PM
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
Quote
Tom tells me we've paid out well over $200k in refunds from the bank account and $100k in BTC refunds - and they will continue. Tom has paid me up on my recent invoice as well. He continues to demonstrate that he is committed to working this out and taking care of the customers with the same integrity he shown in the past.
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
I'm hopeful that we will reach a tentative agreement early in the week, with a more formal deal signed by end of week. More to come...
https://www.btcfpga.com/forum/index.php?topic=1041.0
My concern is that we'll act prematurely to cancel this order, a deal will be worked out, and bASICs will ship. We'll be out in the cold with funds, but where do we apply the funds so that it increases the value of the company? Back of the bus with BFL? Avalon's 2nd batch after CNY? From as objective a perspective as I can muster I do not see the value in cancelling this order so late in the game.
Dave, Today at 02:50:23 PM
https://www.btcfpga.com/forum/index.php?topic=1041.0
Quote
Not surprisingly I have a lot of new refund mail - please understand that it takes a lot of time to work through them - no response doesn't mean I'm ignoring you. I'm also not going to work a whole lot today, as I have some life things to attend to.
For anyone that has submitted a refund request prior to 1/11 - please log into btcfpga.com or bitcoinasic.com, depending on which site you ordered from. Check your order status. If it says "Refunded" it means I submitted your credit card refund request. If it says "Refund Requested" it means I submitted your BTC refund request to Tom. If you sent me mail prior to 1/11, and the status doesn't reflect what you expect, resend the mail. My most reliable email seems to be [email protected], but I have also found some requests in my spam folder, due to the origin of the emailer. I'll try to check that frequently.
Tom has continued the dialog today, so there still may be progress on a deal in this coming week. I'll update if I have more news today.
For anyone that has submitted a refund request prior to 1/11 - please log into btcfpga.com or bitcoinasic.com, depending on which site you ordered from. Check your order status. If it says "Refunded" it means I submitted your credit card refund request. If it says "Refund Requested" it means I submitted your BTC refund request to Tom. If you sent me mail prior to 1/11, and the status doesn't reflect what you expect, resend the mail. My most reliable email seems to be [email protected], but I have also found some requests in my spam folder, due to the origin of the emailer. I'll try to check that frequently.
Tom has continued the dialog today, so there still may be progress on a deal in this coming week. I'll update if I have more news today.
https://www.btcfpga.com/forum/index.php?topic=1041.0
I've spoken to Tom at length on the phone and swapped emails with Dave, and while I was left with a positive impression of both gentlemen, it's really not about loyalty, at least not primarily. I founded this mining company on that order, so to remove it is not a decision I'm comfortable making unilaterally or in part. The order was 56% paid with BTC(1st) and 44% paid with CC(2nd). At this point a charge back of a portion($470) of it is possible, but the larger BTC portion of the payment($599) would be entirely up to Tom to refund and we really have no recourse if he does not repay it. If the current trajectory of BTCFPGA holds and Tom does not leave the country or go into hiding he's likely going to end up in prison for fraud, an outcome which would not benefit any of us monetarily.
I'll open a motion, abstain, and abide by whatever you guys decide.
I'll open a motion, abstain, and abide by whatever you guys decide.
I understand and appreciate your loyalty, but I don't see the point in not requesting a refund at this point. The primaries on the project are suggesting doing a charge back. I'm hanging on to my shares of basic-mining regardless, and I'll probably buy more if they dip, but I hope you'll re-consider attempting at least a partial refund.
I guess you will have seen this tragic post by now:
https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
.https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
Yeah I saw it.
No, still not considering a refund. I placed the order in October, it is what it is.
I'm very disappointed with Tom, and glad I haven't dumped all our company's funds into any of the ASIC vendor's laps so potential losses are relatively small at least. Again I apologize to bASIC-MINING investors, I do not blame any of you for bailing, but I cannot.
Buzzdave:
LukasBradley:
From: https://www.btcfpga.com/forum/index.php?topic=1041.0
Quote
[...]
I especially want to thank LukasBradley, our teammate who flew to New York on his own dime and with no sleep, in order to offer help to Tom on both a personal and business level. Unfortunately, he has given up and gone home. At this time, there is no deal.
[...]
I especially want to thank LukasBradley, our teammate who flew to New York on his own dime and with no sleep, in order to offer help to Tom on both a personal and business level. Unfortunately, he has given up and gone home. At this time, there is no deal.
[...]
LukasBradley:
Quote
1- I was unable to discern any value whatsoever in my due dilligence meeting with Tom in regards to BTCFPGA or the bASIC units (particularly the ASIC chip itself).
2- If you have an outstanding credit card preorder with BTCFPGA, I personally recommend you begin a chargeback of that amount with your bank issuer. Dave has attempted to process ALL outstanding requests for refunds. However, Dave and I feel confident Tom did not leave enough money in the merchant account to complete them all.
[...]
2- If you have an outstanding credit card preorder with BTCFPGA, I personally recommend you begin a chargeback of that amount with your bank issuer. Dave has attempted to process ALL outstanding requests for refunds. However, Dave and I feel confident Tom did not leave enough money in the merchant account to complete them all.
[...]
From: https://www.btcfpga.com/forum/index.php?topic=1041.0
Reading this thread on the btcfpga forums it looks like the deal to sell the basics is off for now.
-> shipment is unlikely
BFL claims they're not producing in China so they will not be affected by CNY.
-> shipment is unlikely
BFL claims they're not producing in China so they will not be affected by CNY.
maybe i am dumb and overread something, but could you please quote a statement that suggests that "the deal to sell the basics" is off?
I guess you will have seen this tragic post by now:
https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
i still thing that the bASICs will be shipped, and think that march is still a good time.
if you cancel your order and order somewhere else, you will be at the end of the queue, which will make a shipping date of march pretty unrealistic, since all ASIC competitors will have to deal with chinese new year.
thats why i am holding on to my BASIC-MINING stocks, and if they drop i won't miss the chance to pick up a few cheap ones
I guess you will have seen this tragic post by now:
https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
Yeah, seriously. I'm surprised the shares haven't taken a bigger hit by now.
I guess you will have seen this tragic post by now:
https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
https://www.btcfpga.com/forum/index.php?topic=1041.0
Are you still not considering a refund?
Jump to: