A bitcoin for a $25 indiegogo | Bitcointalksearch.org

nexus99

legendary

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Quote from: Viceroy on September 15, 2013, 09:01:55 PM

Th OP reported my posts as off topic. Almost like he wants to hide the fact that his entire business model is based on a non existent piece of vaporware AKA the BFL Monarch.

How is this off topic,mr administrator? (BFL is the largest advertiser on this site,maybe that has something to do with this attempted coverup).

What are you talking about? Again, you are off topic in the most trollish of ways.

Viceroy

hero member

Activity: 924

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Th OP reported my posts as off topic. Almost like he wants to hide the fact that his entire business model is based on a non existent piece of vaporware AKA the BFL Monarch.

How is this off topic,mr administrator? (BFL is the largest advertiser on this site,maybe that has something to do with this attempted coverup).

Zeek_W

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$65 for international post on a casasius coin? haha

Bitcoinorama

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D'ya have any idea what rhymes with gogo?

No no.

nexus99

legendary

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Merit: 1000

Quote from: Endgame on August 26, 2013, 08:26:02 AM

Claiming to be able to build a 'prototype' ASIC for $6,500 indicates that this is probably an outright scam - buyer beware.

Doesn't look like a 'we are making a chip' thing. Looks like a 'we are building miners and need start up money' thing.

Viceroy

hero member

Activity: 924

Merit: 501

Quote from: ?? on ??

They are intending to buy an imaginary BFL monarch and mine with it.

Quote

Centernix Inc posted an announcement 3 hours ago
We have launched!

Some details for the technical folks:

We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device. Each node will consist of 3 ASIC mining devices.

The quick math:

At today's difficulty 1 GH/S will produce about .1 BTC/day. This puts us being able to provide the 1 BTC reward for each contributor in about 43 days from the start of operations. Since it will take time to get the environment up and running difficulty will be higher when operations commence. At double the difficulty the time frame jumps to only 86 days. And at triple the difficulty the time frame is 129 days. This time frame will scale to however large the environment grows. So no matter how many processing nodes come up the reward will come at approximately the same time.

And the great thing is that the reward is in BTC. If BTC jumps from $115 to $250 over the next several months our contributors still get the full Bitcoin!

http://www.indiegogo.com/projects/help-build-the-bitcoin-network?c=activity

run away, screaming

Endgame

sr. member

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Claiming to be able to build a 'prototype' ASIC for $6,500 indicates that this is probably an outright scam - buyer beware.

vnvizow

sr. member

Activity: 364

Merit: 250

It's a trap!

nexus99

legendary

Activity: 910

Merit: 1000

Doing the rough math... 6500/25 = 260 needed BTC.

A Monarch starting today would take about 69 days to mine out the needed bitcoin for rewards. Double the difficulty (just guessing what it might be at shipping time) and the time approximately doubles. So maybe 4 months to get everyone all paid up from the time things start for them? Even if it took 6 months turning 25 bucks into 115 or higher isn't bad.

Xyver

full member

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I don't really see the downside here.... I'm guessing that they have a stock of bitcoins that they're wanting to give out, not planning on mining them to give them out.

Besides, isn't IndieGogo one of those sites that doesn't take your money unless the campaign is successful? So by backing, you just say "if you raise enough money, then you can charge my credit card for 25$". So, it's not even a risky investment. You offer them 25$, they fail their campaign, and nothing is lost, or else they succeed, and have to give you a bitcoin. If they don't, they get in trouble for not fullfilling their rewards.

EDIT:: About them already having the coins, I take that back. If they get $6500 in 25$ increments, it takes 260 coins. So if they had the 260 coins, they'd just use that $26 000 to fund their project.

nexus99

legendary

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They would need to stick a 1500 watt PSU in there.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

http://www.cyberresearch.com/store/industrial-computers-rugged-pcs/rackmount-rack-mount-chassis-pcs/RDS_14_4100.2.htm

nexus99

legendary

Activity: 910

Merit: 1000

Quote

Some details for the technical folks:

We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device. Each node will consist of 3 ASIC mining devices.

The quick math:

At today's difficulty 1 GH/S will produce about .1 BTC/day. This puts us being able to provide the 1 BTC reward for each contributor in about 43 days from the start of operations. Since it will take time to get the environment up and running difficulty will be higher when operations commence. At double the difficulty the time frame jumps to only 86 days. And at triple the difficulty the time frame is 129 days. This time frame will scale to however large the environment grows. So no matter how many processing nodes come up the reward will come at approximately the same time.

And the great thing is that the reward is in BTC. If BTC jumps from $115 to $250 over the next several months our contributors still get the full Bitcoin!

prophetx

legendary

Activity: 1666

Merit: 1010

he who has the gold makes the rules

Quote from: nexus99 on August 25, 2013, 08:51:55 PM

Quote from: Mike Christ on August 25, 2013, 07:41:03 PM

It's basically a loan, with all the risks involved.

Maybe more of an investment than a loan.

more like throwing money into a hole in the ground

nexus99

legendary

Activity: 910

Merit: 1000

Quote from: Mike Christ on August 25, 2013, 07:41:03 PM

It's basically a loan, with all the risks involved.

Maybe more of an investment than a loan.

Littleshop

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Quote from: CobaltBlueD on August 25, 2013, 07:35:26 PM

I love the floppy drive on that thing.

And the large row of 16 bit ISA slots.

coderjeff

newbie

Activity: 13

Merit: 0

I agree that it sounds like they plan to buy BFL Monarch cards to plug in.

Quote

We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device.

Mike Christ

legendary

Activity: 1078

Merit: 1003

It's basically a loan, with all the risks involved.

CobaltBlueD

newbie

Activity: 19

Merit: 0

I love the floppy drive on that thing.

nexus99

legendary

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Merit: 1000

Quote from: franky1 on August 25, 2013, 07:18:05 PM

this image alone should show they are not going to use new tech, which should to many people instantly spot it as a scam

let alone all of the over promises and lack of information

I bet that case indicates they plan to use monarch in 1x pcie slots. I

Topic: A bitcoin for a $25 indiegogo (Read 5109 times)