Re: ICO - Golden Fleece - mega mining datacenter to work on 100% green energy!
Hello Magicune500
First of all thank you for your interest and time spent to review our project.
Let me elaborate on points you have made:
CONS:
1. It is not quite a right time to do this type of ICO -Thats subjective point, can you state arguments for it?
2. Etherium Mining is not profitable -What do you mean by not profitable, what is your Required Rate of Return? Payback of less than a year is very profitable and achievable with GPU mining, with current ethereum prices.
3. There is no 20 Megawatt of electricity power in Georgia at cost of 5-6 Cents - I can argue with this, pleas read our post regarding electricity prices, you can find sources with latest historical electricity prices.
4. Specify: Is it 0.05 or 0.06 cents per kw -It is 0.050.06 USD - or in other words 5-6 dollar cents per kw/h
5. 0.05 Cents in REP of Georgia is Only at free economic zone which is Located only at www.TBZ.Ge -I can also argue with that, I work in Electricity company and have market knowledge, the only difference for FIZ is that you dont pay VAT on electricity purchased, so thats 18% over price, but you know this VAT is not an expense at the end but differed tax asset which you can claim.
6. There is no hydropowerplant in Georgian Black SEA. - No one claimed Hydro Power Plant in Black Sea, we were reffering to Hydropower Plants that are in western part of Georgia, NEAR Black Sea cost.
7. There is impossibility to exist 20 Megawatt of electricity in Todays Georgian Economic Situation. -I don't get this point, what do you mean? One single Enguri HPP has 1300 MW power, and there are dozen hpps with more than 20 MW power production.
8. To generate 20megawatt of HydroPower you have to invest around 2.5 MILLION USD, especially in the SEA. -Same point, we didn't mention HPP IN the SEA, I have never heared of Hydropower Plant in the sea.
9. Nobody has yet made this much investment in hydropower Electricity in GEORGIA -There are several HPP cunstructed and in construction process which have several million dollar investment, I will name a few: Nenskra (1 billion USD), Shuakhevi HPP (400 mln USD), Namakhvani HPP (700 mln USD) and many other smaller ones, you can google them. BUT we are not building HPP, we newer claimed it, we will just use their power.
10. This type of investment is never done in Georgian without GEORGIAN GOVERMENT being in CHARGE -I can also argue with that, I am directly and indirectly involved in many large projects done in Georgia. Georgian government supports foreign direct investment, they adore investors and help them as much as government can help.
11. You do not have any hardware bought at this moment. - We have currently 96 gpu-s in 24 mining rig-s shown in photos, we have made another order already, we have bought land for construction of final datacenter, and we own building in which current pilot mining datacenter is located.
12. What type of hardware you want to buy with the gifted money that people would invest? -This is not charity, please be respective to what we do.
13. Website in World Press - I have stated many times that we are working on new website, sorry for delays.
14. Team = non existant , foreign names - All three foreigners Georg Van den Berg, Moses Ilunga, Leon Lim are in my facebook friends you can find them and contact directly, I will post here links to their profiles in the same order:
https://www.facebook.com/georginizmir
https://www.facebook.com/moses.ilunga
https://www.facebook.com/leonlimjh
Pros:
1. Georgia basically legalised Crypto currency and One of the major Georgian bank is trading it. -Oh finally Pros
thank you, thats true point.
2. Bitfury is really located in Georgia and has expanded since 2013 -True
3. Georgia really has free economic zone with no taxes and electricity cost with 0.05cent (The problem is they cannot provide electricity, you have to go out find your own source, that is physically impossible) --There is NO link between FIZ and electricity! Being in FIZ doesnt grant you any better conditions in finding cheap electricity. The only difference is in taxation scheme.
4. Ministry of Justice of Georgia uses blockchain technologies to register land ownership in Georgia. -Also true
Sorry if my comments were emotional.
And thank you once more for spending your precious time to write this post.
Today I had interview on national TV with very good feedback.
I have inquery from http://techpark.ge/ Georgian Inovations Agency will meet them tomorrow.
On Friday I have meeting with Liberty Bank (Emoney), will try to negotiate putting our coin on their website for exchanging.
First of all thank you for your interest and time spent to review our project.
Let me elaborate on points you have made:
CONS:
1. It is not quite a right time to do this type of ICO -Thats subjective point, can you state arguments for it?
2. Etherium Mining is not profitable -What do you mean by not profitable, what is your Required Rate of Return? Payback of less than a year is very profitable and achievable with GPU mining, with current ethereum prices.
3. There is no 20 Megawatt of electricity power in Georgia at cost of 5-6 Cents - I can argue with this, pleas read our post regarding electricity prices, you can find sources with latest historical electricity prices.
4. Specify: Is it 0.05 or 0.06 cents per kw -It is 0.050.06 USD - or in other words 5-6 dollar cents per kw/h
5. 0.05 Cents in REP of Georgia is Only at free economic zone which is Located only at www.TBZ.Ge -I can also argue with that, I work in Electricity company and have market knowledge, the only difference for FIZ is that you dont pay VAT on electricity purchased, so thats 18% over price, but you know this VAT is not an expense at the end but differed tax asset which you can claim.
6. There is no hydropowerplant in Georgian Black SEA. - No one claimed Hydro Power Plant in Black Sea, we were reffering to Hydropower Plants that are in western part of Georgia, NEAR Black Sea cost.
7. There is impossibility to exist 20 Megawatt of electricity in Todays Georgian Economic Situation. -I don't get this point, what do you mean? One single Enguri HPP has 1300 MW power, and there are dozen hpps with more than 20 MW power production.
8. To generate 20megawatt of HydroPower you have to invest around 2.5 MILLION USD, especially in the SEA. -Same point, we didn't mention HPP IN the SEA, I have never heared of Hydropower Plant in the sea.
9. Nobody has yet made this much investment in hydropower Electricity in GEORGIA -There are several HPP cunstructed and in construction process which have several million dollar investment, I will name a few: Nenskra (1 billion USD), Shuakhevi HPP (400 mln USD), Namakhvani HPP (700 mln USD) and many other smaller ones, you can google them. BUT we are not building HPP, we newer claimed it, we will just use their power.
10. This type of investment is never done in Georgian without GEORGIAN GOVERMENT being in CHARGE -I can also argue with that, I am directly and indirectly involved in many large projects done in Georgia. Georgian government supports foreign direct investment, they adore investors and help them as much as government can help.
11. You do not have any hardware bought at this moment. - We have currently 96 gpu-s in 24 mining rig-s shown in photos, we have made another order already, we have bought land for construction of final datacenter, and we own building in which current pilot mining datacenter is located.
12. What type of hardware you want to buy with the gifted money that people would invest? -This is not charity, please be respective to what we do.
13. Website in World Press - I have stated many times that we are working on new website, sorry for delays.
14. Team = non existant , foreign names - All three foreigners Georg Van den Berg, Moses Ilunga, Leon Lim are in my facebook friends you can find them and contact directly, I will post here links to their profiles in the same order:
https://www.facebook.com/georginizmir
https://www.facebook.com/moses.ilunga
https://www.facebook.com/leonlimjh
Pros:
1. Georgia basically legalised Crypto currency and One of the major Georgian bank is trading it. -Oh finally Pros
thank you, thats true point.2. Bitfury is really located in Georgia and has expanded since 2013 -True
3. Georgia really has free economic zone with no taxes and electricity cost with 0.05cent (The problem is they cannot provide electricity, you have to go out find your own source, that is physically impossible) --There is NO link between FIZ and electricity! Being in FIZ doesnt grant you any better conditions in finding cheap electricity. The only difference is in taxation scheme.
4. Ministry of Justice of Georgia uses blockchain technologies to register land ownership in Georgia. -Also true
Sorry if my comments were emotional.
And thank you once more for spending your precious time to write this post.
Today I had interview on national TV with very good feedback.
I have inquery from http://techpark.ge/ Georgian Inovations Agency will meet them tomorrow.
On Friday I have meeting with Liberty Bank (Emoney), will try to negotiate putting our coin on their website for exchanging.