Topic: [Group Buy] Avalon ASIC Batch 3 [CLOSED- Seven 4 module Avalons ordered] (Read 49861 times)

Due to recent news in the Bitcoin world regarding Bitcoin securities operating in the USA and how that pertains to the SEC, I am locking this thread for the time being in an effort to "stay off the radar." If I need to do that or not and the legalities of everything are up for debate. I think I am a small fish in a big pond, but better safe than sorry and I do not want to take any chances. I am acquiring legal counsel to determine the best way forward from here.

All group buy members should have registered on our forums by now and been granted posting privileges. If you haven't done so, please sign up for the forums and PM Relm9 for posting privileges here: http://www.yourcoins.org/forums/

I would like to thank you all for choosing me to do your business with, I know you could of ordered from anyone else's group buy and I am flattered that you all have chosen mine. I am truly sorry about the Avalon delays, but I remain optimistic that they will pull a rabbit out of their hats and come through for us. If the equipment looks like it will not make ROI by the time we receive it, or if Avalon continues to delay and ignore us or give us no partial refund or anything, I will be filing a lawsuit against Avalon on behalf of all group buy members. I will not let them walk all over us, I am very serious about this.

Thanks again for your support and business. I hope you all are well, and that we will make a little profit from this venture.

Sincerely,

Ch

Really I think we'll all be fine in the long term. We missed the first ASIC train leaving the station where you could make a ROI in a couple of weeks but we are still in good enough shape. It's yet to be seen how many units BFL will continue to deliver, and whether all the other new companies coming up are going to ship anytime soon.

Still a lot of unknowns but I think we'll break even in about a 100 days of mining or so than just profit after that, when there may be a million ASICS around or still just a limited few thousands.

Anyways shipping should be 'soon' I think 3 weeks perhaps. From what I can gather Batch 2 is nearing compeletion, I'd estimate 90% or more of it has shipped, just from what I read.

Worst thing is though I imagine many, many Avalon clones and Klondikes will be coming online before Batch 3 is done, which really grinds my gears. But overall, things ain't so bad.

This is starting to look rather grim for us to make any money.  Any update on when these might start shipping?

Any updates?

BTCT.CO please! 

CH,

I'm partial to btct.CO myself, but I'm sure you are at least considering these issues.  Thanks for your hard work.  I'm still hoping this venture gets off the ground soon.

Thanks for the big update C.H and thanks for all your work on this project as well. 

this sounds great but I would much rather prefer BTCT.to instead of bitfunder because of their offshore hosting/domain, their resilience to DDOS attacks, and the fact that they are an offshore registered business. Just my 2cents from my experience with trading. Overall there needs to be a poll taken about the decisions that need to be made. The good thing is that IF you get it on BTCT.to or similar, shareholders can have voting power. obviously the original investors will benefit greatly so I don't see why people wouldn't agree. The only other practical scenario I see is starting a "club" like NastyFans.org.

I would prefer this too and it would be good when the exchange-route could be done soon so that a price could be found by the market for the shares.

CH,

I vote we establish 7,227,025 shares at .0001 BTC each.

This affects no member by more than a single USD cent, even if rounding down to the nearest 4th decimal using "=ROUNDDOWN(C78,4)" on the Ownership percentages sheet.

Shares could easily gain or lose a fraction of a percentage point in value still, with 4 decimals left.

If only it were that simple. 

Hi Glendall,

Yes, the delays on Avalon's part have messed up my plans and cost me financially. I have paid two months of rent on a commercial property +bills where I am planning on hosting the equipment. All of that has come out of my pocket- no cost to the group.

I still remain hopeful Avalon will ship soon and save this venture. I will feel bad not only for myself, but for the people that invested with me, if their funds are not returned in a reasonable time. It is unfortunate that we had to suffer these delays at all, now I know how long time BFL customers feel, but I suppose it is par for the course in the current ASIC environment.

I would like to move this fund to Bitfunder as well. I am trying to work out the logistics. For instance, some group members own an amount down to the satoshi (0.00000001 BTC) in the group buy. The only way to convert share amounts exactly would be to create 72+ billion shares worth a satoshi each. Obviously this is a lot of shares, I would rather do it on a percentage basis, however some people would lose/gain shares because it would not be exact. It is a complicated problem and I am thinking of a better way to go about transferring our assets to an exchange and each share not being worth a satoshi. I think 72+ billion shares worth a satoshi each is obviously a little extreme.

At the end of the day, our biggest problem is the Avalon delays. If we could actually get our equipment, then things will fall into place. Again, unfortunately that has not been the case. With the news on overclocking capabilities, I am still expecting a 2-3 month ROI on our equipment. Yes, I will be overclocking to a "safe" clock speed. I have way more than enough cooling capacity than what we need, so that is not an issue. Our risk of overclocking is reduced by the fact that we as a group own 7 units, however I do not expect to lose any units by simply overclocking them. I have been doing a lot of research on their capabilities and will not push them too far.

This is probably a lot more than you wanted to hear.. I've had a few beers and am quite talkative obviously, but it is a complete update of our status.

Cheers,

Ch

Hey Coinhoarder how are ya doing dude ? Did the delay mess up your hosting plans?

I was wondering if there has been any talk about overclocking the Avalons. Anyone down? I don't propose we push them to 100 GH/s or anything but just a safe reasonable overclock of like 10% or so , whatever heat allows.

Also still think Bitfunder or BTC-TC would be great to set up shares on, so you don't have to manage it, and also (I'd imagine) would raise the value of the shares as well 'cuz more people will have an easier time trading them.

When can we push the START button? 

I meant more where to advertise to sell shares?

Still doing share transfers myself via PM or posting here or on our forums. I'm not entirely sure if I will list the security on bitfunder or not. I am leaning towards yes to streamline share transfers and dividend payments.

Where are the shares traded now? Its not at bitfunder already isnt it?

Coinhoarder,

I have a scraping program method by which I could backup the shares like 1x per hourly, to a Gdrive, for the group. This would be from the https://bitfunder.com/market address.

the whole share swap thing is not something you don't have to provide if you don't want to as you never said this was part of the deal....and it's a lot of work!!!1

Good to hear Ukyo,

I will seriously consider BitFunder if you send out share ownership in email or something daily.

I just don't want to get caught up in a mess like what happened to GLSBE users.

Let me know when you have something like this in place, and I will try to convince everyone to switch over.  

I am getting tired of manually doing share transfers anyways.  

Thanks!