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Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1081. (Read 3917543 times)

hero member
Activity: 588
Merit: 500
It's nothing new, he has been selling G.ASICMiner-PT for a few weeks...they had ~4130 shares, 2800 left.  
Closing down 'Gamma' fund.

No FUD to spread here sorry.
legendary
Activity: 1029
Merit: 1000
.... talk to some large shareholders who is thinking of cashing out ...
Like DeaDTerra https://bitcointalksearch.org/topic/selling-gasicminer-pt-210933
I'm wondering what he heard there that he want to dump 2800 shares...
Price dropped already...
full member
Activity: 251
Merit: 100
Du hast

"Diversification is a protection for ignorance, It makes very little sense for those who know what they're doing." - Warren Buffet

Don't know if this is Warren Buffet supporting the idea of diversification, or sarcasm.  Let's take a look at what Warren has as of Dec 21, 2012.

1.) Wells Fargo & Co ........ financial
2.) Coca Cola Co .... consumer
3.) International Business Machines .... tech company
4.) American Express Co .... financial
5.) Procter & Gamble Co .... consumer goods
6.) Wal Mart Stores Inc .... department stores
7.) U S Bancorp Del ... financial
8.) Directv ... cable tv service
9.) Davita Inc ... health care
10.) Phillips 66 ... oil and gas
11) KFT ... food
12) INTC .... tech
13) Viacom ... cable tv service
14) Ingersol Rand ... industrial goods
15) National Oil Well Varco  ... oil and gas
16) Johnson and Johnson ... drug
etc.


His personal wealth is comparable to the market value of a lot of those companies. I'd say he diversifies partly because he's forced to. It's hard to buy a lot of shares even when you have the money, and when you try it's hard not to end up buying more expensive shares. Then it's also not easy to find a nice way to cash out when you hold lots of stock.

Just to be clear...

Buffet's net worth: ~53B

Walmart's market cap: 256B
Proctor and gamble: 216B
Johnson & Johnson: 239B
Wells fargo: 213B
IBM: 230B

To pretend like he is "forced" to diversify is to completely ignore the scale of those companies.  Just adding those 5 up is an order of magnitude off from his net worth.

I'm not taking a side or making any point other than that particular logic doesn't work here.

Berkshire Hathaway's market cap (464B) which is what owns all those above is the 5th largest company in the world, behind Exxon Mobil, Apple, General Electric, and Cheveron. Buffet's net worth is just his holdings in BRK-A

Also, not taking sides, the man is very talented with investing, I wish I could learn 1/2 of what he's forgotten over the years.
member
Activity: 63
Merit: 10
To pretend like he is "forced" to diversify is to completely ignore the scale of those companies.  Just adding those 5 up is an order of magnitude off from his net worth.

I'm not taking a side or making any point other than that particular logic doesn't work here.

Yeah... no.

Imagine you have a lot of money and considering buying 4000 ASICMINER shares. That's just 1%, but it's still not easy. In fact, it's going to be very, very difficult. Even if you to buy at 2.2 per share (slightly above the price at btct) you might not even get 500 in one day.

If you try to spread it out in a week or so you might end up paying say 2.5 per share. If you spread it out in a month you won't really get a good deal either, because ASICMINER would probably still rise at an uncomfortable pace.

Even if you still decide to spread it out over a relatively long time frame, you'd be sitting on an idle pile of money for some time; if there's something better while you're waiting, you'd like to put your money there.

To actually get a good deal you probably need to talk to some large shareholders who is thinking of cashing out, and be careful not to advertise so much that the share price rockets up because you're too famous for being rich, or really be patient with your buying strategy. Both of these happen quite a lot.

Now Warren Buffett probably faces this quite often. Every time a new pile of cash arrives at his hand, he has to think of ways to turn them into shares. Then there's the painful time of cashing them out; if you try to sell 4000 shares of ASICMINER-PT on btct at once, you see most of your shares turning to peanuts.

"Comparable to the market value" was more of a matter of speech, because even with one tenth of his wealth it's not an easy task to turn all money into shares of a handful of companies at good prices.
legendary
Activity: 1190
Merit: 1000
www.bitcointrading.com

"Diversification is a protection for ignorance, It makes very little sense for those who know what they're doing." - Warren Buffet

Don't know if this is Warren Buffet supporting the idea of diversification, or sarcasm.  Let's take a look at what Warren has as of Dec 21, 2012.

1.) Wells Fargo & Co ........ financial
2.) Coca Cola Co .... consumer
3.) International Business Machines .... tech company
4.) American Express Co .... financial
5.) Procter & Gamble Co .... consumer goods
6.) Wal Mart Stores Inc .... department stores
7.) U S Bancorp Del ... financial
8.) Directv ... cable tv service
9.) Davita Inc ... health care
10.) Phillips 66 ... oil and gas
11) KFT ... food
12) INTC .... tech
13) Viacom ... cable tv service
14) Ingersol Rand ... industrial goods
15) National Oil Well Varco  ... oil and gas
16) Johnson and Johnson ... drug
etc.


His personal wealth is comparable to the market value of a lot of those companies. I'd say he diversifies partly because he's forced to. It's hard to buy a lot of shares even when you have the money, and when you try it's hard not to end up buying more expensive shares. Then it's also not easy to find a nice way to cash out when you hold lots of stock.

Just to be clear...

Buffet's net worth: ~53B

Walmart's market cap: 256B
Proctor and gamble: 216B
Johnson & Johnson: 239B
Wells fargo: 213B
IBM: 230B

To pretend like he is "forced" to diversify is to completely ignore the scale of those companies.  Just adding those 5 up is an order of magnitude off from his net worth.

I'm not taking a side or making any point other than that particular logic doesn't work here.

Just wait until those billions start flowing to Bitcoin.. 

ASICMINER shares around $250 right now (2 x $125).  When a Bitcoin costs $1000's of dollars in the next couple years, the ASICMINER shares could become very very valuable. 
legendary
Activity: 980
Merit: 1008
Someone will need to write a script that pulls the asicminer solo mined blocks and estimates hashpower from that at x difficulty.  Anyone up for it?
I'm working on it.
full member
Activity: 219
Merit: 100

"Diversification is a protection for ignorance, It makes very little sense for those who know what they're doing." - Warren Buffet

Don't know if this is Warren Buffet supporting the idea of diversification, or sarcasm.  Let's take a look at what Warren has as of Dec 21, 2012.

1.) Wells Fargo & Co ........ financial
2.) Coca Cola Co .... consumer
3.) International Business Machines .... tech company
4.) American Express Co .... financial
5.) Procter & Gamble Co .... consumer goods
6.) Wal Mart Stores Inc .... department stores
7.) U S Bancorp Del ... financial
8.) Directv ... cable tv service
9.) Davita Inc ... health care
10.) Phillips 66 ... oil and gas
11) KFT ... food
12) INTC .... tech
13) Viacom ... cable tv service
14) Ingersol Rand ... industrial goods
15) National Oil Well Varco  ... oil and gas
16) Johnson and Johnson ... drug
etc.


His personal wealth is comparable to the market value of a lot of those companies. I'd say he diversifies partly because he's forced to. It's hard to buy a lot of shares even when you have the money, and when you try it's hard not to end up buying more expensive shares. Then it's also not easy to find a nice way to cash out when you hold lots of stock.

Just to be clear...

Buffet's net worth: ~53B

Walmart's market cap: 256B
Proctor and gamble: 216B
Johnson & Johnson: 239B
Wells fargo: 213B
IBM: 230B

To pretend like he is "forced" to diversify is to completely ignore the scale of those companies.  Just adding those 5 up is an order of magnitude off from his net worth.

I'm not taking a side or making any point other than that particular logic doesn't work here.
hero member
Activity: 546
Merit: 500

My question now going forward (for everyone, not specifically Friedcat), for an company like this, is there any advantage to using the pools at all?

Solo mining provides

1) No operator fees
2) All transaction fees (which have been consistently rising since Bitcoin started)
3) Less risk from pool owner trust
4) Less risk from pool downtime and DDOS attacks

At a cost of
1) More variance (who cares when you have significant hash power)


You've summed it up pretty well. With this proportion of the network hashrate variation really isn't a problem. Who cares if we don't find a block for 6 hours, then find 5 within 5 minutes, it'll all go into the weekly dividend anyway.
full member
Activity: 219
Merit: 100
Someone will need to write a script that pulls the asicminer solo mined blocks and estimates hashpower from that at x difficulty.  Anyone up for it?
member
Activity: 63
Merit: 10

"Diversification is a protection for ignorance, It makes very little sense for those who know what they're doing." - Warren Buffet

Don't know if this is Warren Buffet supporting the idea of diversification, or sarcasm.  Let's take a look at what Warren has as of Dec 21, 2012.

1.) Wells Fargo & Co ........ financial
2.) Coca Cola Co .... consumer
3.) International Business Machines .... tech company
4.) American Express Co .... financial
5.) Procter & Gamble Co .... consumer goods
6.) Wal Mart Stores Inc .... department stores
7.) U S Bancorp Del ... financial
8.) Directv ... cable tv service
9.) Davita Inc ... health care
10.) Phillips 66 ... oil and gas
11) KFT ... food
12) INTC .... tech
13) Viacom ... cable tv service
14) Ingersol Rand ... industrial goods
15) National Oil Well Varco  ... oil and gas
16) Johnson and Johnson ... drug
etc.


His personal wealth is comparable to the market value of a lot of those companies. I'd say he diversifies partly because he's forced to. It's hard to buy a lot of shares even when you have the money, and when you try it's hard not to end up buying more expensive shares. Then it's also not easy to find a nice way to cash out when you hold lots of stock.
donator
Activity: 980
Merit: 1000
First solo block:

https://blockchain.info/tx/cba743ea1b7904c5624e0ee75f12d177ceb214c07f8e8b55ff2eb082404eb54a?show_adv=true

From now on the solo result of ASICMINER will have "Mined By ASICMiner" within the CoinBase.

You're not including transactions?

What?

https://blockchain.info/block-index/383941

Transaction Fees   0.1392 BTC

Oh, ok. I was looking at the wrong block from a different tab.
sr. member
Activity: 310
Merit: 250
First solo block:

https://blockchain.info/tx/cba743ea1b7904c5624e0ee75f12d177ceb214c07f8e8b55ff2eb082404eb54a?show_adv=true

From now on the solo result of ASICMINER will have "Mined By ASICMiner" within the CoinBase.

You're not including transactions?

What?

https://blockchain.info/block-index/383941

Transaction Fees   0.1392 BTC


My question now going forward (for everyone, not specifically Friedcat), for an company like this, is there any advantage to using the pools at all?

Solo mining provides

1) No operator fees
2) All transaction fees (which have been consistently rising since Bitcoin started)
3) Less risk from pool owner trust
4) Less risk from pool downtime and DDOS attacks

At a cost of
1) More variance (who cares when you have significant hash power)

full member
Activity: 182
Merit: 100
We need more blocks before we can say for sure how long between each. It will all average out in the end anyway. Some will take much much longer and others are like this one.
donator
Activity: 980
Merit: 1000
First solo block:

https://blockchain.info/tx/cba743ea1b7904c5624e0ee75f12d177ceb214c07f8e8b55ff2eb082404eb54a?show_adv=true

From now on the solo result of ASICMINER will have "Mined By ASICMiner" within the CoinBase.

You're not including transactions?
member
Activity: 84
Merit: 10

If it stays at 1hr 36 min, my calculation at current difficulty give me a hashrate of 8.34 TH/s.  Wink
hero member
Activity: 546
Merit: 500
Look at the coinbase data for the generation transaction in the blocks linked - friedcat has already confirmed this will be present in all their blocks.
sr. member
Activity: 322
Merit: 252

Can you/anyone please tell me how/where I can see the latest mined blocks by AM?

I think counting the blocks from the last 24h (or maybe 48h) give a pretty good estimation of the hashrate that day.
(~35 blocks/day with the current deployed blades)
sr. member
Activity: 406
Merit: 250
Blocks Mined in Period/Total Blocks mined and take that proportion of the current estimated hash rate?

Would not be exact... but it gives us a number.

Right now it's somewhere around 10TH/s. But luck is major factor. We need more time and more blocks. Then we should use average
hero member
Activity: 644
Merit: 500
Invest & Earn: https://cloudthink.io
Blocks Mined in Period/Total Blocks mined and take that proportion of the current estimated hash rate?

Would not be exact... but it gives us a number.
sr. member
Activity: 406
Merit: 250
OK people, someone who knows what they are doing make me a chart that scrapes the blockchain... finds blocks mined by ASICMINER, and then estimates hashrate.

If you do awesome job, I will totally tip you!

It is not possible to evaluate miner hashrate by blocks. I have an idea ... later ..

actually it is quite possible. Pools do it all the time...
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