Topic: [IPO Cancelled] - MYMINER: A professional Bitcoin ASIC mining project (Read 10414 times)

Germany is capable for the best and for the worst...

They are closer to embrace bitcoin than US or China, though I don't think that this is for the better.
For Christ shake if I want a fully compliant/regulated/systemic digital currency there is always Ripple.

IMO bitcoin was supposed to be something else, eg like AnonyMint envisions.

Nevertheless official adoption will skyrocket it's price!

Are you talking about the same Germany that fucked up it's reunion in nearly every possible way? The very same that killed the Economy of Cyprus by supporting the theft of saving accounts? Germany is among the worst contries regarding bureaucracy and I don't expect them to realize anything.

Sorry for offtopic.

Not at all sure just hoping that they (Germany) will realize the opportunity to kill 2 giants with one stone, even better than David knocking Goliath down

That said from a Greek whos country suffers from the Germanocentric EU (and its own stupidity).

Do you really belive Europa couldn't come up with stupid regulation as well?

It's a shame that todays regulators kill every innovation once they see it. Bitcoin seem to be a special area, but the same regulations also kill normal business innovation. If it hadn't be done 10 years ago it can't be done today without a big legal budget.

WTF is going on with US & China? They will lose their only chance leading in BTC ecosystem!
Europe here we come!

thanks got my btc back, its a shame it didnt work out.

----------------------------------------------------------------------------
Dear MYMINER shareholders,

We regret to announce that we have to cancel MYMINER IPO and buyback all the outstanding shares
at the IPO price 0.015 BTC per share.

The reason is that we cannot avoid the potential legal risks in China. Collecting funds from
public is still illegal in China. We used to think that IPO with BTC can avoid this legal risk.
However, it turns to be wrong after we consulted with several layers.

We realize that keeping holding your funds for this project is very risky and irresponsible.
we decided to buyback all the outstanding shares and return your BTC funds. We converted 1500
BTC to Chinese currency for supporting this project when BTC rate is low. Now we have purchased
all the 1500 BTC back at a high rate. We take all the loss of around 230BTC.

Thank you for trusting us and supporting this project. We are going to keep working on this
project with our own funds. We have finished the ASIC deisn and verified it on FPGA all by
ourself. After buyback the shares, we lack funds for ASIC tape out. We are looking for partners
who can fund us or buy all our ASIC designs.

If you are interested in fund us or buy our ASIC designs, please contact us by
Email:  [email protected]

Best,
MYMINER Team.


------------------------------------------------------------

In short.

Because of the risk which forced BTCGarden to quit IPO and the delay of Avalon orders, MYMINER would quit IPO and buy back all shares at IPO price in worst situation.
The team was trying to design and produce own chip to work around the Avalon delay, but the plan was halted due to the IPO risk.

Nay, they always clearly stated that they had 2 x 10,000 chip ORDERS (may & june) of which half would be resold using their own boards (sold as preorders)

That is so hard to understand it's painful... The gist I get is - they have the machines designed and ready to go, but they don't have the CRITICAL ASIC chips - I thought I remember reading that they had the chips IN-HAND before they even started this thing, and now it sounds like that was an outright lie.

Maybe it's time to stop giving my money to BTER and trade elsewhere.

From Google Translate -please don't take this as 100% accurate:

"Ladies and gentlemen, Hello everybody,

First of all to thank you for your attention and support MYMINER project.
In the past few months, our team at MYMINER spent too much on top of effort and hard work. Later IPO success, so
We saw everyone on this project concerns and expectations, our team also redouble our efforts to advance the project. From our feed
Annual Report, you can see some of our work, the results of the line we have no more publicly display, will be mentioned later.
Recently, however, some of the negative impact to the project caused a lot of obstruction. Our team is doing all efforts, trying to overcome the problem
To promote the results of the project. Positive attitude, originally we planned at a later time inside, and other issues can have a definite
Of the program, and then report you. But nearly two days of soaring prices bitcoin, bitcoins stocks plunge, let us make up
Determination, early to tell everyone, we are now on the latest situation in order to let everyone in the fierce market changes, the make their own early
Selection.

First of all, we talk about the recent encounter two major disadvantages.

1, it is well known reasons, BTCGarden canceled IPO.

We are very sorry to see the garden this event occurs, although we have to be prepared before, but it still caused us
A great impact. Although MYMINER project leader abroad through offshore companies operate the project, to raise funds for the ratio
Special coins, you can maximize the time in the garden to fight the impact of the risk, but our domestic technology team members still in government
Among the risk policy. Once they are affected, the whole project will not work correctly.

2, ASIC chip supply delay

Back in April we had buy Avalon ASIC chips in May and June each book 10000 Avalon ASIC chip,
For the project's initial operation reserve well in advance. Chip booking later, we go all the technical team, as early as July 15 before
K16 has completed the development of the mining machine is the first to complete the development of foreign two teams. After our team nonstop
Completed a matching heat sinks, fans, chassis design and procurement from abroad all the peripheral chips, a listed company with domestic
Mining machine processing contract signed, everything is ready, only to produce high quality K16 solution mining machine. But Avalon ASIC infinite
Postponed, so we are very passive situation, the smooth progress of the project overshadowed.


Talk about the face of these two adverse factors, we make the effort.

1, the domestic technical team members have been under strong political pressure, had to admit that so far we still do not find
To a good solution.

2, in order to meet current and ASIC chip that may arise after delivery delay, supply manipulation, price manipulation and other unfavorable due
Factors, we decided to develop its own ASIC chip, which is what we have mentioned Plan B. We have 11 years of absorbing a
Experience in ASIC design engineer, and a part-time front-end ASIC design staff, a part-time back-end ASIC designers to join our
Team. In ASIC professionals and other team members of unremitting efforts, we have finally completed the design and simulation through our
ASIC chip prototypes. According to the original plan, we can finish in two weeks time chip Layout design, then 0.11um
Chip production.

Finally, talk about our current state.
Since the first one disadvantage we still do not a good solution, put the chip Plan B is now suspended. If the problem is a
Straight unresolved, we will implement Plan C: Cancel IPO, the issue price repurchase stock. Plan C will allow us to suffer losses
Heavy program. We raise funds to bitcoins later, we will convert half of bitcoins RMB, plans to expand production
, Procurement peripheral devices, deployment room. Since Bitcoin prices have jumped nearly 20 percent, if this plan is implemented, we will therefore
Loss of nearly 100,000 yuan for recovering bitcoins.


This is our latest case, advertising that has new progress, we will notify you.

MYMINER Groups Team.
August 19, 2013"

Can you post here?

Yep, the price is tanking.

Update:
http://myminer.com/pages/6

Just...wow.


 

What does "professional" have to do in this discussion? Which Bitcoin mining company have you been working for on a permanent basis as an employee, so you may claim being a "professional"?


Perhaps not nearly as well known as all that.

See here, come back later.

Heads up to anyone involved - in case you aren't aware yet, Avalon is experiencing serious delays on their chip orders:

https://bitcointalksearch.org/topic/incoming-avalon-news-892013-269950

http://www.avalon-asics.com/

How are the "share" holder going to be paid out? Do you have to be registered somewhere or directly to your bter.com account?

Looks like the guys running MYMINER are not really active on the english forum – too bad I don't understand Chinese.

Is anyone answering shareholder questions still, or can I start selling in bulk?

Hi freeworm,

So the IPO sold out and today's stock performance was pretty nice, which makes me feel like dancing.

BUT can you specify a more precise timeline when the first dividends will be paid? Your website says September, does this mean the farm will be up in 4 weeks?