Author Topic: [LTC-GLOBAL] CIPHERMINE Industrial Cryptocoin Mining & High Perf. Computing  (Read 334363 times)

Offline Deprived

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Re: [LTC-GLOBAL] CIPHERMINE - New cryptocoin mining company - NOW IN IPO
« Reply #30 on: June 25, 2013, 12:18:33 PM »
Quote
Free labour and expertise (in that no salary is paid for it) to allow assembly of machines well below retail price has a very significant value.

Actually this point is a bit wrong from my perspective. I understand that they get shares (value of x), and from those shares they get dividents too (value y). I dont see that as a free labour.


The point is that there's value being given in return for those shares.  So when valuing the company/shares you have to add the value of that labour etc into what each share is worth.

On your last point about passport etc, the issue I raised wasn't that your identity wasn't known - but that you hadn't demonstrated experience running companies or that you stood to lose much if you scammed.  Kate runs a multi-million pound company and has her name publicly attached to this - so if she scammed she has a LOT to lose.  What do you stand to lose?

Don't read that as me saying you're a scammer - that's not my point at all.  My point IS that there are very solid reasons to believe Kate isn't scamming which don't apply to you (they don't apply to me either for that matter - so don't take it as a personal attack).  If someone can demonstrate that it's not in their interests to scam then that's a HUGE advantage.  Not everyone CAN do that - even if they're 100% honest - as they have no reputation worth more than the cash they'll be handling.  Just appreciate that's a major factor (in my view) as to why this IPO got approved fast. 

And the other big factor is demonstrable experience at running a profitable company - also huge.  Again - not everyone can do that (I CAN do that - which is likely part of the reason MY IPOs get approval pretty quick).  Not only is this beneficial in terms of showing ability to make a profit - but it's also a good indicator of lower likelihood of scamming.  People who can prove they can make a profit legitimately don't need to scam - as, over time they'd make more running legitimate enterprises than stealing.

Offline WoodTech

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Re: [LTC-GLOBAL] CIPHERMINE - New cryptocoin mining company - NOW IN IPO
« Reply #31 on: June 25, 2013, 12:45:44 PM »
Ethera - I think you're right on one thing (Kate's estimates of future difficulty are optimistic)

You could be right, but we have contingency plans. If difficulty becomes extreme then we shall sell or repurpose the FPGAs (ie. diversify) and focus solely on ASIC SHA256 mining (and scrypt mining of course). If we are in asset-sweating mode (ie. taking depreciation out of the equation and just taking off power as a cost) the ASICs will not become unprofitable until a difficulty of 500m. Further, within coming months I expect there to be improved ASICs which offer better hashing per CapEx and power; indeed if the market is not providing part of our plans are to look at going into ASIC manufacture ourselves.

There is also of course scrypt mining. At present that represents a very small part of our overall revenues in the model, but if we can ride the first wave of scrypt FPGAs and perhaps even be the people behind the first scrypt ASICs that could also become very exciting.

Kate.

Offline Ethera

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Re: [LTC-GLOBAL] CIPHERMINE - New cryptocoin mining company - NOW IN IPO
« Reply #32 on: June 25, 2013, 12:58:38 PM »
Ethera - I think you're right on one thing (Kate's estimates of future difficulty are optimistic)

You could be right, but we have contingency plans. If difficulty becomes extreme then we shall sell or repurpose the FPGAs (ie. diversify) and focus solely on ASIC SHA256 mining (and scrypt mining of course). If we are in asset-sweating mode (ie. taking depreciation out of the equation and just taking off power as a cost) the ASICs will not become unprofitable until a difficulty of 500m. Further, within coming months I expect there to be improved ASICs which offer better hashing per CapEx and power; indeed if the market is not providing part of our plans are to look at going into ASIC manufacture ourselves.

There is also of course scrypt mining. At present that represents a very small part of our overall revenues in the model, but if we can ride the first wave of scrypt FPGAs and perhaps even be the people behind the first scrypt ASICs that could also become very exciting.

Kate.

I would share your optimism, but scypt is too much memory intensive, meaning that developing asic for scypt is .. well basicly graphic card developing, with minor tweaks. wont be as much difference as sha256 asics.

But one can hope (i sure do hope too).

Offline killerstorm

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Re: [LTC-GLOBAL] CIPHERMINE - Industrial Cryptocoin Mining
« Reply #33 on: June 25, 2013, 04:22:42 PM »
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« Last Edit: June 25, 2013, 04:51:05 PM by killerstorm »

Offline WoodTech

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We have completed both rounds of our IPO in astonishingly little time; the second at the higher price of 0.9LTC/share sold out even faster than the first found (in less than an hour)! We have now put all planned reserves (20,000 shares) on the market.

Thank you to all our investors, and we look forwards to generating a reliable, growing stream of dividends for you.

Kate.

Offline WoodTech

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News: News update: Jan, Private pools, Diversification and PR
« Reply #35 on: June 26, 2013, 08:30:28 PM »
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.

Offline R_Lem

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Thanks for the update. The news, your effort, and progress thus far is exciting.

Offline WoodTech

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Thanks for the update. The news, your effort, and progress thus far is exciting.

Thanks for the support and positive feedback. :)

Kate.

Offline WoodTech

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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.

Offline killerstorm

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Re: News: News update: Jan, Private pools, Diversification and PR
« Reply #39 on: June 27, 2013, 10:17:09 AM »
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.

Are you sure it won't create legal problems? If you're offering people to invest into your company, you're offering securities, which makes you a subject of regulations.

Picostocks evades this by assigning ownership to an offshore company. But in your case everything is officially under UK's jurisdiction.

Offline WoodTech

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Re: News: News update: Jan, Private pools, Diversification and PR
« Reply #40 on: June 27, 2013, 10:31:51 AM »
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.

Are you sure it won't create legal problems? If you're offering people to invest into your company, you're offering securities, which makes you a subject of regulations.

Picostocks evades this by assigning ownership to an offshore company. But in your case everything is officially under UK's jurisdiction.

I'm not going to advocate that people buy the shares, I'm merely going to tell my story of how I got into cryptocoin mining and have successfully floated the company. At no time shall I make a recommendation to buy and, if the interview(s) happen, my intention is to liken LTC Global to a game (which legally it is) and BTC/LTC to Second Life Linden.

Kate.

Offline Ethera

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Kate, what architecture and what boards are you planning to acommodate those chips?

Offline WoodTech

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Kate, what architecture and what boards are you planning to acommodate those chips?

Klondike boards. I don't know the details, that's why we'v got Giles on board (evilscoop, man behind EvilMiners). He's our IC/electronics expert. I'll ask him to reply to this thread.

Kate.

Offline evilscoop

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Indeed klondike K16's from BKKcoin design
PCB assembly is carried out to IPC A 610 CLASS 2 where the board design permits, and assembly plant is on stand by.
Any floating (ie < 16) chips will be put to either klondike nano's (K1's) or the arduino miner shield, which I personally have sample chips sent
to.
There maybe other boards that appear, and I will be keeping a close eye on all boards (inc scrypt prototypes) for speed/cost/energy etc.
Board repairs will be done in house, as I can reflow the odd defective part and test it.
As will any revision changes, ie K16 v1 to K16 v2, we will have to look at the changes and if they can be retro fitted (and or worth it)
I currently have some floating spare sample chips that maybe used for spares/repairs should we need them

architecture does not really fit in this context does it.....or should I just state QFN48 ?

Offline Deprived

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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,

They may be interesting but they aren't profitable.  With any realistic model of future difficulty they'll barely (if at all) ever mine back their costs.  They're great as novelties and a decent way of transferring cash from the innumerate to ASICMINER shareholders but in no way a serious investment for profit.