Post
Topic
Board Securities
Re: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)
by
flamingleg
on 27/07/2014, 06:36:29 UTC
I just wanted to confirm quickly that the full amount of units have been credited to my CMX account. I appreciate that our voices here are not as ephemeral as I have been suspecting.


Update on next payout: Now that CMX is up again and the financial report is incoming, we will resume the payouts. A new payout, along with retroactive PU assignments and new PUS assignments for recent sign-ups will scheduled for the end of July.


I wish you wouldn't say vague things like 'the end of july'. It's better to underpromise and overdeliver, this venture is already experiencing a deficit of trust. Even delivering on this unlikely target still leaves you negative overall. This is not a good environment for the launching of an asset let alone an entire market for assets in general.

With the skepticism out of the way, I'm glad to hear that negotiations with hashfast moving forwards. At this point their brand has been damaged so badly it will be pretty hard to get more investors on board for their new lease model, so their success is far from gauranteed, but it sounds like they are making the best of a pretty dismal situation.

If their gambit pays off, Hashfast restructuring around a lease model will guarantee -some- kind income, a baseline from which decisions like payouts vs reinvestment can be made. Given that this is a first step of sorts towards a sustainable business model, i'm happy to accept more delay in honouring IPO terms so long as it is backed by solid reasoning. This requires direct and frequent communication, not vague platitudes and timescales. Friedcat can get away with poor communication because he has proven himself to be trustworthy, 'licedrill' does not yet enjoy this sort of reputation.

I'd prefer honest bad news to positive-sounding bullshit. At least with honesty you can plan around it. This is bitcoin-land, we're all waiting for 'positive cashflow', and willing to accept some bumps in the road along the way. The next couple of months are going to be pretty interesting...