Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It
This information must be buried somewhere around pages 13-15, but I cannot find it: what is the number of outstanding shares (sold in IPO, including the "extras")? EDIT: see answer below.
Also, a clarification is needed: after investors have received their 0.1 btc per share, further profits will be distributed as (assuming X was the number of shares sold to the investors) -
(1) 1/400`000 per share, regardless of X, or
(2) 1/(200`000+X) per share, or
(3) 1/(2X) per share
EDIT: relevant quotes -
Thanks for the interpretation. I suspect these things get cleared up when friedcat prepares his first report and/or releases the business plan to board members. My current understanding diverges a bit from yours, mainly because I see 200k shares issued on GLBSE for ASICMINER. Thus, in your language, the shares already got sold from BITFOUNTAIN to ASICMINER beginning of August at a price of 0. All 200k shares are in the possession of ASICMINER. Those shares which haven't been sold through the IPO to the shareholders should still be in the account for ASICMINER.
The IPO is officially closed. However, if you seriously consider becoming a board member by going through the bulk purchase option, please contact friedcat. There is still a pile of shares which didn't get sold. However, using those may require the approval of the existing board members, since it effectively dilutes the existing shares. (currently a share is worth more than 1/200,000, because not all shares were sold).
ADDENDUM: the current traded quantity can be observed through: https://glbse.com/api/quantity_trading/ASICMINER
(which is 154262 at the time of writing)
Also, a clarification is needed: after investors have received their 0.1 btc per share, further profits will be distributed as (assuming X was the number of shares sold to the investors) -
(1) 1/400`000 per share, regardless of X, or
(2) 1/(200`000+X) per share, or
(3) 1/(2X) per share
EDIT: relevant quotes -
@Jutarul
Within my understanding, the way friedcat raise capital for the bitfountain is a little different than traditional. The total number of shares of the bitfountain is 400k, and no matter how many ASIC shares we purchase through the IPO, the number of bitfountain shares outstanding will not be impacted. Things happen in this way:
1. Bitfountain has 400k shares issued, which all belongs to the 3 partners.
2. An SPV set up named ASICMINER. the total number of shares outstanding is not decided.
3. Whenever ASICMINER issue 1 share, the 3 partners will sell 1 share of bitfountain to the ASICMINER at the price of 0.
4. ASICMINER will be responsible for the R&D cost of the bitfountain. if the money ASICMINER raised through its IPO is more than bitfountain need, there will be a special big dividend.
5. ASICMINER's share in bitfountain has a preference in the dividend distribution of bitfountain.
In conclusion, 1 ASICMINER share represents 1 bitfountain share, with some privilege.
Within my understanding, the way friedcat raise capital for the bitfountain is a little different than traditional. The total number of shares of the bitfountain is 400k, and no matter how many ASIC shares we purchase through the IPO, the number of bitfountain shares outstanding will not be impacted. Things happen in this way:
1. Bitfountain has 400k shares issued, which all belongs to the 3 partners.
2. An SPV set up named ASICMINER. the total number of shares outstanding is not decided.
3. Whenever ASICMINER issue 1 share, the 3 partners will sell 1 share of bitfountain to the ASICMINER at the price of 0.
4. ASICMINER will be responsible for the R&D cost of the bitfountain. if the money ASICMINER raised through its IPO is more than bitfountain need, there will be a special big dividend.
5. ASICMINER's share in bitfountain has a preference in the dividend distribution of bitfountain.
In conclusion, 1 ASICMINER share represents 1 bitfountain share, with some privilege.
Thanks for the interpretation. I suspect these things get cleared up when friedcat prepares his first report and/or releases the business plan to board members. My current understanding diverges a bit from yours, mainly because I see 200k shares issued on GLBSE for ASICMINER. Thus, in your language, the shares already got sold from BITFOUNTAIN to ASICMINER beginning of August at a price of 0. All 200k shares are in the possession of ASICMINER. Those shares which haven't been sold through the IPO to the shareholders should still be in the account for ASICMINER.
The IPO is officially closed. However, if you seriously consider becoming a board member by going through the bulk purchase option, please contact friedcat. There is still a pile of shares which didn't get sold. However, using those may require the approval of the existing board members, since it effectively dilutes the existing shares. (currently a share is worth more than 1/200,000, because not all shares were sold).
ADDENDUM: the current traded quantity can be observed through: https://glbse.com/api/quantity_trading/ASICMINER
(which is 154262 at the time of writing)