Topic: 2012-04-26 ars-technica: Coinlab gets $500,000 funding (Read 1915 times)
A payment systems expert doesn't understand Bitcoin? Shocking!
I believe this is the first VC backed bitcoin start up ?
Questioning the feasibility of the Coinlab venture is fair enough but dismissing the potential returns of every Bitcoin project is a ridiculous thing for the professor to say.
Imagine the buzz if SR did an IPO on the GLBSE.
Imagine the buzz if SR did an IPO on the GLBSE.
http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars
Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity
Well, let's see.... if you have 100k users (who use the game an hour a day, on average), and 25% of them have a decent enough video card to mine on, then that's 25k mining individuals. Assume you get, on average, 100 MH/s per user, that's around 110 GH/s. 110 GH/s would net to around $350/day at today's difficulty and price.Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity
Quote
"Frankly, it makes no sense to me. But that doesn't mean its wrong, just that it makes no sense to me." wrote Ronald J. Mann, a law professor at Columbia University and an expert in payment systems, in a Wednesday e-mail sent to Ars. "The idea that they're going to get a VC-like return in bitcoin-based projects [is ludicrous]."
100k users being advertised to, on the other hand, would be something like 100 * $0.30 = $30/day.
I can see it being more profitable than advertising, if done right.
http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars
Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity
Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity
Quote
"Frankly, it makes no sense to me. But that doesn't mean its wrong, just that it makes no sense to me." wrote Ronald J. Mann, a law professor at Columbia University and an expert in payment systems, in a Wednesday e-mail sent to Ars. "The idea that they're going to get a VC-like return in bitcoin-based projects [is ludicrous]."
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