Topic: [LTC-GLOBAL] CIPHERMINE Industrial Cryptocoin Mining & High Perf. Computing - page 3. (Read 21860 times)

Well, the stock price clearly recovered, so never mind that   Exo- I'm not specifically against being involved in multiple business lines, but it seems like these guys are fairly new to a lot of the things they are dabbling in and I'm not sure there's any reason to think they should have a profitable edge at things like day trading the price of bitcoin based on a 10/21 bot thats available to everybody.  But if they do and make money at it, all the better!  Anyway this thread is pretty dead so I guess I might as well finally register on the litecoin forum.

Personally, I like that you are trying to diversify into other businesses—In fact, that is why I decided to grab some shares, and I'm very excited about your plans. Clearly, you have great enthusiasm for running the project, and I am glad you have been able to recruit new talent to the team via share renumeration.

wow, thanks for posting here, hadn't seen the motion.

kate, I understand you have enough votes to pretty much do whatever you want, but why don't you look at what happened to the share price after you posted this motion to see what investors really think of it.


Really amateurish.  Whats the criteria for employees who you pay from your shares vs employees who can be issued new free shares?  How many different businesses are you trying to be involved in?

This in a nutshell. Huge "screw you" to investors, especially since there are 20,000 yes votes (Interesting considering there are only 10,000 public shares, voting with the giles/cipherminer reserve shares?)

Keeping in mind they havn't even got the first batch of FPGA's running and want to expand into even more services too.

dude (dudette), what a curveball? the new motion within a month of "ipo" is quite surprising. i don't think this has happened in a real life IPO situation, ever. it is really, truly, shocking. what would happen in the real world is that you would INCREASE your valuation and dilute yourself at a higher  valuation price. diluting the public so quickly shows us that you may be smart at computers, technology and cryptocurrency but not in finance. diluting the public hurts them and makes them lose trust in you. why are you just not diluting yourself at a higher valuation or offering more shares of your own stock at a higher valuation?

sorry if i sound mean just more shocked

You have a (less favorable, but not bad) mention in Forbes too

http://www.forbes.com/sites/timworstall/2013/07/02/further-evidence-that-bitcoins-in-a-bubble/

is this a good location to discuss motions for ciphermine?

id like to discuss the most recent motion to add shares and dilute current shares.

First bit of press coverage!

Bitcoin: how I made a virtual fortune (Guardian technology blog)

seems it is time to move some funds to LTC as well

Please see our latest news and new motion on our security's page.

Please note that I intend to abstain from the motion with my votes. I want this to be truly down to the shareholders; if I believe something to be the right course of action then I should be able to convince you of that. If I cannot, it is probably a bad idea.

Kate.

Glad to see you got everything up & running Kate, well done & good luck.

Hello,

Please find below confirmation of this transaction using the Batch 6 purchase address for the thread https://bitcointalksearch.org/topic/liquid-synergy-designs-inc-asic-mining-hardware-192916


1JFYtJKcfqXPKijyo3DceT5en5RnswpAwC

---

I, forum member Steamboat, confirm the purchase of 2,000 Avalon ASIC chips from Batch 6 by forum member Woodrake.

---

G5QVKly3zinULCcyaPfCUAwNP0R1vT7JHNMvHPJR/oUm9NXMg4mccTdfjkZrdijQFH5grjcn/92QLrZffZ1HvI8=

Dear All,

Rather than posting information on individual hardware orders for evidence purposes and such I have decided to streamline the process by simply uploading screenshots of the order confirmation documents to docs.ciphermine.com/orders/. Please review them at your leisure. Note that I'm not bothering to include the small stuff (fans, cable ties, tools, CPUs, PCI-E risers, DVI-VGA adaptors, etc).

We have spent an initial 172 BTC out of 423 raised at IPO (15,667 LTC x 0.027 BTC/LTC) on Avalon ASICs (see order CM-SB-05).

We've decided to spend 15% of the fund (25 BTC) on GPU hardware rather than the planned 5%. This is mainly because of the fervour around LTC at the moment with its expected launch on Mt. Gox in July, but also because the prospects of our diversification into renting out big GPU clusters is looking increasingly promising as is their resale value (we could make 10% just by flogging them on eBay!). This is also likely a good hedge; spending the full 95% on SHA256 mining hardware was probably a bit overkill, especially with new, improved devices on the horizon.

We will be spending the rest of the fund (224 BTC) on SHA256 mining hardware in the next few days. Giles and I are figuring out what the best option is going to be; we're tempted by the ASICminer USB erruptors which are now 0.9 BTC each, but with Steamboat expecting to be shipping his ASICs (which are in 300% more efficient in terms of ROI) in mid August we might just stick with those! We do also need to purchase the parts for the Klondike boards so some of the funds are reserved for that.

Back to GPUs, we now have hardware for an additional three quad-Sapphire 7950 rigs on order due to arrive in the next week. We've determined that these cards are definitely the sweet spot in terms of cost and power consumption (those rigs only use 1kW but generate 2.43 MH/s scrypt - way better than 7970s for instance). We are also looking at squeezing a fifth card into the rigs.

For your interest I have also made a folder for pictures of the mining rigs and associated hardware. It is at docs.ciphermine.com/hardware/. See below for what our preferred rig configuration looks like (that one's back on the build workbench to try to squeeze in the extra GPU):



Kate.

Herewith proof of our first purchase with the IPO funds:



172 BTC out of the 423 BTC total raised (15,667 LTC @ 0.027 BTC/LTC)

We are currently evaluating how best to spend the rest. Since the USB Erruptors are now only 0.9 BTC each they are looking like an interesting purchase, however their resale value is likely nil whereas FPGA value is likely recoverable and they are repurposeable for industrial-computing.com (not yet launched). Further, with LTC's value trending strongly upward and a drop in Sapphire 7950 cards there is an improving case for spending more on GPU rigs.

Kate.

That's true, however we we did announce it there quite late also. The procedure for IPOs was not clear and I felt it inappropriate to publish it until we had been approved. However, our first approver corrected me on that so the security was announced on the Litecoin forum a few days before IPO.

Kate.

Quite correct. We hope to be deploying scrypt FPGAs in coming months though their practicality has yet to be determined (due to high memory requirements).

Kate.

Dear All,

I have updated the CipherMine business plan to take into account recent developments. Please download version 1.05 from docs.ciphermine.com. The pertinent changelog entry is pasted below. Three items are of particular note:

1) I am delighted to announce the addition of Jan Heinicke-Clemm (aka. JohnDorien on bitcointalk.org) to our team. Jan is a competent, multi-disciplinary IT specialist with skills in programming, systems administration and electronics engineering. In the near-term he will be helping me with software development, in particular putting up private pools (see section 5.1.8 ) for our alt-coin mining. Once this is complete the first tranche 500 shares will be released to him. The second 500 will be release on or before 15th August once we have verified his merit. Those shares are coming from my personal allocation so no-one is being diluted.

2) Today I had a conversation with my PR agent, Katie Olver, about CipherMine. She is extremely excited and thinks that with the interest around bitcoins at the moment she can get us coverage in national British newspapers. This is part of a strategy to raise awareness of the security in hopes of boosting share prices (see section 4.5) and making it easier to raise money in the future should we need to. It will also ultimately help our diversifications (see section 5.2). Katie is calling her journalist contacts tomorrow (PR people are always so impatient! so there is a chance that things could get "interesting" in the next week or so.

If it does look likely that we're going to get some good coverage then I will be "forking" the busines plan to modify a couple of elements and removing previous versions. Please retain a copy of v1.05! It will remain available to shareholders via a mechanism yet to be determined. Further, if you are a shareholder then please keep a close eye out for announcements in the coming week or two - we may need to act quickly and I will want to involve you.

3) We have purchased BTC with the 15,667 LTC raised in the IPO rounds and have placed an order and paid for for an additional 2,500 Avalon ASICs with Steamboat. There will be more hardware purchases in the next few days. This should nor mean that we are ahead of plan (we assumed the IPO would take longer and the ASICs would be delivered later than the mid-August ETA).

Kate.


Changelog for release 1.05:

• Added Jan (developer and electronics engineer).
• Added detail to R&D diversificaiton section.
• Expanded on software and mining pools section, including private pools plan.
• Updated staff shareholdings.
• Added preamble note to shareholder contract about successful IPO and how money is being spent.
• Added section 4.5 (marketing and press relations).
• NOTE: New hardware orders and timelines not yet put into the model - forecast should improve once done.

No because a SHA256 FPGA would be utterly useless for mining scrypt coins such as LTC.

This is a security bought with LTC to mine for BTC and a little bit of LTC. I believe the IPO announcement was released on the Litecoin forum.

just out of curiosity, why did you IPO before announcing the security here?