Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1289. (Read 3917058 times)

Haven't been paying attention much over the holidays, but have all shareholders been confirmed? I still have not received any emails.

It is for ASICMINER shareholders 

Wait, so you're saying that a single entity controlling a large amount of hashrate is better for Bitcoin than many individuals receiving units and having that large amount of ASIC hashpower distributed across many people?

Huh?

If you don't find out before they switch them on - I offer you 10% of the BTC value the day before they switched them on
10% is way higher than worthless

+1

Kudos to friedcat if he gets these things running before avalon or bfl....  nicely done sir!

In regards to the concerns over abuse of the massive hashing power ASICMINER is about to have:

This is essentially the best possible outcome for the ASIC race. Somebody has to be the first one to market with ASICs, and it's fantastic that it will probably be ASICMINER. Why? It's the only manufacturer of ASIC mining hardware that took investments from the average bitcoiner, making it easy for anybody to benefit from this technology leap we're about to take.

If a private company was the first to get ASICs out, and it mined for itself, there would be (a small amount of) justified concern. Even then, it's more profitable to contribute to the network than to attack it.

ASICs are the last big jump Bitcoin is going to take with mining. After the first ASICs are out, the only improvements that can be made are those of die size, and the actual design of the chips and other hardware.

(I realize that some sort of technological advancement such as quantum computing could prove this wrong, but Bitcoin as a whole is probably fucked at that point.)

[CPU -> GPU -> FPGA -> ASIC -> Better ASICs -> Better ASICs -> Better ASICs]

This race to be the first to market is the most important race for mining hardware that Bitcoin will ever see. As long as friedcat keeps his word, we're very well off. The only reason he would have to not keep his word is if he wanted to destroy Bitcoin, and didn't care about making money.

Buckle up, because we will soon be witnessing the greatest jump in hashrate (percentage-wise) that the Bitcoin network will ever see. Luckily for Bitcoin, this is a good way to make that jump.

I wish I has records of since when and why people are on my ignore list.
... He was already on my ignore,

I'll buy those worthless BTC off you.

Why do you think bitcoins will become worthless then? Its not that the asics will create 1000% more bitcoins each day. The mined bitcoins will remain nearly the same daily. The difference is only that more of them go into one pocket... The bitcoinprice wont change because of that i believe.

Lol, ok I will bite: Why will BTC become worthless???

I you guy could let us know a couple days in advance of turning on your ASICs that would be helpful. I'd like to sell all my BTC before they become worthless.

I am honestly trying to understand your point of view. Do you really want Bitcoin to be a success? ASICs will render botnets of CPU and GPU obsolete. They will make the network more secure. IMO Bitcoin will NEVER be a success without ASIC. (for the long run)

What about the very early adopters? what about the first people to mine with GPUs?.

And why are you so sure that if they worked on it, the developers can magically create a cryptocurrency that is ASIC resilient? What they do is not witchcraft nor Bitcoin is plain magic. Can you please shed some light on the advanced knowledge you have that will make sure 100% that it is even possible to create an ASIC resilient fork?

Please don't write about Litecoins..... I think the argument that nobody cared of developing ASIC for it in first place was well made by many.

this would be very nice 

The linear evolution you envision will never happen in practice. We will go through phases like this over and over again. However, I think Bitcoin is more resilient than you think. There is enough incentive and opportunity to keep the network decentralized and healthy.

Thanks for all the hard work you guys did and kudos !!!

Will there be a website so we can see, in real time, our hash rate and how many BTC ASICMINER has mined.... or is that too much to ask

The only reason someone would want to stage a 51% attack is if they wanted to destroy Bitcoin.  Because that is exactly what it would accomplish.

We all agree with you that it is not a good thing, but it IS something that will be resolved in the very near future (when the other ASIC vendors ship out), likely well before ASICMINER even gets close to 51%.

Guys, you miss the point I raised, the problem is that, in my view, the control (at least at potential level - still, this wont change the fact) over network crunched after 4 years in hands of one entity, instead of keep dispersing among the many..

As far as i read about 51% and double spend attacks it looks to me they are more a theoretic problem than a real one because in practice the risks for the attacker are way higher than the potential gain.

@friedcat... Great news. Better than awaited. And regarding the wishes of shareholders here in the thread i would prefer to set all things like "Mails with number of shares", "adding shares to an exchange" and so on behind the work to make the asics run and mine. Im sure thats your preference too but here are so many voices asking to work on secondary interests.

A big window of opportunity to do what, exactly?