[2014-06-04] Novello starts $4.2m Indiegogo campaign for "ultra low cost" ASICs

LiteCoinGuy

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Quote from: bryant.coleman on June 09, 2014, 12:29:37 AM

Quote from: Bit_Happy on June 08, 2014, 10:20:21 PM

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

If it is so, then I am 99.99% sure that this is going to be a scam. They will write off the $6K or $7K which is already collected in to some shabby expenses such as project viability study or field trip.

yeah, i thought the donators get their money back too.

bryant.coleman

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Quote from: Bit_Happy on June 08, 2014, 10:20:21 PM

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

If it is so, then I am 99.99% sure that this is going to be a scam. They will write off the $6K or $7K which is already collected in to some shabby expenses such as project viability study or field trip.

Ron~Popeil

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Quote from: bryant.coleman on June 08, 2014, 12:43:53 PM

Quote from: Ron~Popeil on June 08, 2014, 10:52:41 AM

"A fool and his money are soon parted."

Hmmm... that is probably what happened. Another one to the long list of Bitcoin-based scams. But this time there is a difference. I think that most of the investors were hearing about ASICs / Bitcoin for the first time. (Experienced Bitcoiners will readily recognize it as a scam).

If that is the case it is even more shameful.

Bit_Happy

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A Great Time to Start Something!

Quote from: kjlimo on June 08, 2014, 10:24:44 PM

Quote from: Bit_Happy on June 08, 2014, 10:20:21 PM

Quote from: bryant.coleman on June 07, 2014, 10:13:11 AM

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining. Grin

What will happen if the target is not reached? Will the funds be sent back to the contributors?

I don't see the correct answer posted yet, unless I missed it.

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

So you're saying the people posting this received funds for a project requiring $4.2M and if the funding target isn't reached, the people still get the money?

What do they do then? Put it into a CD and wait 8,000 years before starting the project? Or use it for a purpose not even related to the initial post?

That's laughable...

Kickstarter (the sight that made crowd-funding "famous") has the all-or-nothing model that people are used to seeing. Indiegogo has that option, but for a higher % fee you can choose "Flexible Funding" and keep anything that comes in. Novello chose that option, knowing that several million Dollars was going to be hard to get.

kjlimo

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Quote from: Bit_Happy on June 08, 2014, 10:20:21 PM

Quote from: bryant.coleman on June 07, 2014, 10:13:11 AM

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining. Grin

What will happen if the target is not reached? Will the funds be sent back to the contributors?

I don't see the correct answer posted yet, unless I missed it.

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

So you're saying the people posting this received funds for a project requiring $4.2M and if the funding target isn't reached, the people still get the money?

What do they do then? Put it into a CD and wait 8,000 years before starting the project? Or use it for a purpose not even related to the initial post?

That's laughable...

Bit_Happy

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Quote from: bryant.coleman on June 07, 2014, 10:13:11 AM

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining. Grin

What will happen if the target is not reached? Will the funds be sent back to the contributors?

I don't see the correct answer posted yet, unless I missed it.

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

bryant.coleman

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Quote from: Ron~Popeil on June 08, 2014, 10:52:41 AM

"A fool and his money are soon parted."

Hmmm... that is probably what happened. Another one to the long list of Bitcoin-based scams. But this time there is a difference. I think that most of the investors were hearing about ASICs / Bitcoin for the first time. (Experienced Bitcoiners will readily recognize it as a scam).

Ron~Popeil

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Quote from: kjlimo on June 08, 2014, 06:35:19 AM

Quote from: bryant.coleman on June 08, 2014, 06:12:14 AM

Quote from: IYFTech on June 08, 2014, 04:20:32 AM

Well, it's beginning to look like I wasn't far wrong - check their thread out - scam accusations galore:

https://bitcointalk.org/index.php?topic=638729.160

Popcorn time......

Hmm... this was more or less expected. And I am glad that they received funds only worth some 0.1% of the required amount. But still, who are those idiots, who contributed $6,000?

Same people buying lottery tickets as an investment strategy?

"A fool and his money are soon parted."

kjlimo

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Quote from: bryant.coleman on June 08, 2014, 06:12:14 AM

Quote from: IYFTech on June 08, 2014, 04:20:32 AM

Well, it's beginning to look like I wasn't far wrong - check their thread out - scam accusations galore:

https://bitcointalk.org/index.php?topic=638729.160

Popcorn time......

Hmm... this was more or less expected. And I am glad that they received funds only worth some 0.1% of the required amount. But still, who are those idiots, who contributed $6,000?

Same people buying lottery tickets as an investment strategy?

bryant.coleman

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Quote from: IYFTech on June 08, 2014, 04:20:32 AM

Well, it's beginning to look like I wasn't far wrong - check their thread out - scam accusations galore:

https://bitcointalk.org/index.php?topic=638729.160

Popcorn time......

Hmm... this was more or less expected. And I am glad that they received funds only worth some 0.1% of the required amount. But still, who are those idiots, who contributed $6,000?

IYFTech

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Quote from: IYFTech on June 05, 2014, 07:07:56 PM

Waiting for the magic disappearing act - ***puff*** - gone. Them & the money - never to be seen again......... Cheesy

Well, it's beginning to look like I wasn't far wrong - check their thread out - scam accusations galore:

https://bitcointalk.org/index.php?topic=638729.160

Popcorn time......

Swordsoffreedom

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I think that they set the bar way to high for what you can expect of an indiegogo campaign
I will admit that the top bar is 10.5 Million + to my knowledge for the Ubuntu Edge didn't check the end value for it
That said ASIC mining may be to new to the users over there to get behind.
http://www.foxnews.com/tech/2013/08/16/105-million-crowdfunding-record-set-on-indiegogo-for-ubuntu-edge/

Ron~Popeil

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Quote from: bryant.coleman on June 07, 2014, 11:43:47 PM

Quote from: Ron~Popeil on June 07, 2014, 10:50:17 PM

They should break that down into funding rounds. 4.2 million is a really lofty goal for one round.

I don't know whether that will be a record, if they manage to achieve it. Recently the movie project on Gosnell had successfully raised funds worth some $2 million on Indiegogo.

That is impressive. I would love to see governments have to fund raise for projects like this.

bryant.coleman

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Quote from: Ron~Popeil on June 07, 2014, 10:50:17 PM

They should break that down into funding rounds. 4.2 million is a really lofty goal for one round.

I don't know whether that will be a record, if they manage to achieve it. Recently the movie project on Gosnell had successfully raised funds worth some $2 million on Indiegogo.

Ron~Popeil

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Quote from: LiteCoinGuy on June 07, 2014, 12:55:37 PM

Quote from: bryant.coleman on June 07, 2014, 10:13:11 AM

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining. Grin

What will happen if the target is not reached? Will the funds be sent back to the contributors?

yes of course

https://www.indiegogo.com/projects/ultra-low-cost-bitcoin-mining-systems--2

i dont think that their campaign will succeed.

They should break that down into funding rounds. 4.2 million is a really lofty goal for one round.

kjlimo

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Quote from: Mr Crabs on June 07, 2014, 11:23:19 AM

Quote from: IYFTech on June 05, 2014, 07:07:56 PM

Waiting for the magic disappearing act - ***puff*** - gone. Them & the money - never to be seen again......... Cheesy

That's what I was thinking but doubt they'll get anywhere near their goal anyway.

All successful $4.2M ventures are crowdsourced, right?

LiteCoinGuy

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Quote from: bryant.coleman on June 07, 2014, 10:13:11 AM

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining. Grin

What will happen if the target is not reached? Will the funds be sent back to the contributors?

yes of course

https://www.indiegogo.com/projects/ultra-low-cost-bitcoin-mining-systems--2

i dont think that their campaign will succeed.

Mr Crabs

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Quote from: IYFTech on June 05, 2014, 07:07:56 PM

Waiting for the magic disappearing act - ***puff*** - gone. Them & the money - never to be seen again......... Cheesy

That's what I was thinking but doubt they'll get anywhere near their goal anyway.

bryant.coleman

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So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining. Grin

What will happen if the target is not reached? Will the funds be sent back to the contributors?

Ron~Popeil

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Merit: 250

Quote from: IYFTech on June 05, 2014, 07:07:56 PM

Waiting for the magic disappearing act - ***puff*** - gone. Them & the money - never to be seen again......... Cheesy

That is the risk you take with these start ups. I hope it works out though. It could be a really good thing for the community.

Swordsoffreedom

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Quote from: b!z on June 04, 2014, 11:15:54 AM

http://www.reddit.com/r/Bitcoin/comments/27asgp/novello_starts_42m_crowdfunding_campaign_for/

What do you think? Do these guys have any chance of succeeding in the mining arms race?

Perhaps they are targeting a different market on indiegogo than here that isn't as tired of preorder promises
That said I don't think this one will succeed to much of an ask
- Deliveries will start Dec 2014

I would ask to see the chip itself and the design that said it may be competitive with Asicminer Gen 4

That said I can get half the power now with 100 RX BOX 1200 units for 2 BTC no Pre-Order
Possibly going to Par with the equivalency promise
Or wait till December for the equivalent $30,000 (120TH/sec)
http://shop.rockminer.com/goods.php?id=35

IYFTech

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Waiting for the magic disappearing act - ***puff*** - gone. Them & the money - never to be seen again......... Cheesy

Ron~Popeil

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That is a cause worth getting behind. Low cost asics can solve the "centralization of mining" problem really quickly.

kjlimo

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Haha, $4,009 of $4.2M raise so far... yep, this is gonna happen...

roslinpl

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Quote from: b!z on June 04, 2014, 11:15:54 AM

http://www.reddit.com/r/Bitcoin/comments/27asgp/novello_starts_42m_crowdfunding_campaign_for/

What do you think? Do these guys have any chance of succeeding in the mining arms race?

They have a chance for sure.
I hope they will succeed as "ultra low cost" ASICs sounds like something good for new miners, isn't?

I believe if they are starting such campaign they have got some plan already and well ... failure is always an option. But I will be loorking on this campaign and I hope I will be able to buy Novello's ASICs in the future

Thanks for sharing this news.

b!z

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http://www.reddit.com/r/Bitcoin/comments/27asgp/novello_starts_42m_crowdfunding_campaign_for/

What do you think? Do these guys have any chance of succeeding in the mining arms race?

Topic: [2014-06-04] Novello starts $4.2m Indiegogo campaign for "ultra low cost" ASICs (Read 1924 times)