I agree, so far DeaDTerra was very responsive and supportive. People not happy with this IPO can leave freely without losses.
Of course he will be responsive and supportive. He's asking for millions of dollars without a plan that benefits himself and his partners so much.
The doubts and criticism have nothing to do with how nice he might be.
IceDrill is paying out .0016 to bitfunder shareholders before a single dime goes to DeadTerra.
Is that true?
So far he hasn't confirmed that all funds raised from IPO are being used to the benefit of investors - so it's not clear yet whether some of the IPO funds ARE going to DeadTerra. I'm not claiming that he IS going to pocket some of the IPO funds - just pointing out that he hasn't yet clarified that detail.
EDIT: There wouldn't be anything 'wrong' with a cut of IPO funds being taken - but it would mean your statement was wrong. The impression a quick read of the contract gives is that it's shares/revenue share in a company being sold. But closer examination suggests it may actually be a PMB that charges expenses and reinvests (compounding profit OR loss) - with any benefit of cheaper prices from large-scale purchase not actually being passed through to investors. If ALL funds raised from IPO are staying in the company and being used for the benefit of investors then your comment is true - and it's a decent offering. I'm not convinced that's the case - but obviously DT can clarify if he chooses to and hopefully I'm just reading too much into what wasn't stated.
Deprived,
I am convinced IceDrill is a shitty PMB in a thinly veiled disguise of an ASICMINER clone. Basically they are selling future hashes at a fixed price, and forcing people to reinvest 25% of mining profits in more hashing power at a price the issuer controls. It's basically a PMB guaranteed to only make money for the issuers, and their hardware suppliers (if they aren't secretly one and the same). The difference between this and a run of the mill PMB is they plan to mask some of those losses by having a depreciation timeline that's been stretched out a bit, so it takes a little longer for it to become apparent that it is a money losing investment.
Best as I can tell, this investment will only make money for the issuers, their hardware suppliers, and perhaps a few flippers, if the issuers aren't too aggressive about issuing more shares too quickly. (Bear in mind they are allowing themselves the right to issue an additional 20,000,000 shares after the IPO sells out, so be careful trying to flip.)
I will say, it's really ballsy in the scale they are doing it at. It's also kinda scary that they have a bitcoin-assets exchange operator backing it. (Ukyo). I'm also very sad to see DeadTerra and Ukyo frittering away any goodwill they had left, for a relatively short term naked money grab.
-helixone
P.S. - Best as I can tell this asset is being setup to create a captive buying group for the "HashFast" ASIC producer, as well as suck up as many coins as possible out of the bitcoin-assets marketplace.
P.S.S. - It's a times like these I really wish that there was margin/shorting on the exchanges to keep crappy behavior like this in check. (This security, ActiveMining, Labcoin, BTCgarden and perhaps even ASICMINER could all use a healthy dose of very large shorting right about now.)