Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1331. (Read 3917468 times)

Problem: private hoarding of 12TH initially and keeping the technology to yourself creates an opportunity to screw with the bitcoin blockchain. How do you intend to deal with the consequences of hashrate concentration in terms of public trust, and why do you think this is a good idea except in terms of pure profit? Why do you say this is good for Bitcoin, when you are coming dangerously close to achieving 51% truly concentrated hashrate? (Or potentially far more than that?)

Everyone mining with GPU, or FPGA right now can change the way they mine: what happens if you suddenly started mining with 44% of the entire network, and the rest of the network decided to shut you out? Say you overwhelm the potential majority vote against you with an additional reserve of hashrate: well, either way, where's the public trust? And what happens if your ASIC suddenly become useless? You are taking an enormous gamble with a lot of peoples' money by essentially hoping you're going to slip under the radar: you took the greedy route. What happens when someone gets greedy? Everybody else claws them back if they can.

As Tycho began approaching the halfway mark, there was concern: however, that was mitigated by the fact that all his miners could simply shut off or go somewhere else if it became clear that he was being naughty. In your case, this is not so. Two or three colluding people, or maybe just one, are sitting on a claimed 12TH and can easily decide to do all kinds of interesting things. Sure, it'd be obvious you're doing it, but the entire point is that people value Bitcoin for the trust in its distributed nature. Many people envisioned an inevitable distant future of participatory datacentres. You are forcing this centralization early but only by becoming it. Why do you think the results won't be a clusterf*ck for your investors?

What you're doing is asking us to trust you as people: but the nature of bitcoin is that trust is disincentivized! And better, trust is not necessary.

NOTE: I ask this as a potential investor looking into GLBSE offerings that I haven't yet. I didn't really know you guys existed.

The IPO is officially closed. However, if you seriously consider becoming a board member by going through the bulk purchase option, please contact friedcat. There is still a pile of shares which didn't get sold. However, using those may require the approval of the existing board members, since it effectively dilutes the existing shares. (currently a share is worth more than 1/200,000, because not all shares were sold).

ADDENDUM: the current traded quantity can be observed through: https://glbse.com/api/quantity_trading/ASICMINER
(which is 154262 at the time of writing)

lulz

eh?

Last I looked shares were going for about 0.11btc each on the market.

If you want to buy mine for 1 BTC per share, please send a PM.

There have been ongoing discussions between board members on the email list and I've not seen anything to indicate things aren't proceeding according to plan.

Maybe it is in the best interest of everyone to not be updated publicly or at all until the ASICs are happily hashing away

BFL isn't saying anything until they have a product and we wouldn't want them rushing out their products (even far below spec) because they read in some thread on some forum that ASICMINER was 3 weeks from mining and producing....

Then again: I would like to know there's actually some progress being made... maybe that could be the role of the board-members

It is 1 thing to trust the people behind ASICMINER whom I have never met/seen (I'm not saying I don't trust you !!!), but it would instil more trust if a couple of the more noticeable board members tell us everything is going as hoped, without giving away any timelines...

I gotta think about this further....

I am not going to publicly state the information I know, but I can tell you this: that isn't an issue.

There is obviously a race to ASICs with potentially valuable bounty at the end of the rainbow.  Could you comment on what steps have been taken by Bitfountain to ensure security and integrity of their designs?

This week I have a way more limited time replying mails and PMs. Please expect a delay as long as 1-2 days. Though much information will be released to the board members only, direct questions from the community are still welcome.

In addition, timely reply will be back normal from next Saturday. Before that, please understand that there may be some delays. Sorry for the inconvenience.

Board members could also ask my partners for answers if I couldn‘t reply very soon.

+1

Actually, zefir, merely what you have said is comforting. ty

And fits what I was expecting. The board members acting as a 'half-way house' where credibility/sincerity can be established without doing a full-monty to the entire public.

And, I hope, helping to smooth out or suggest clarification of statements before they are released to the unwashed mob who might misinterpret text presented in good faith.

Hi VeeMiner,

the additional information board members received so far does not exceed what is available here in the forums - at least nothing that would give you an informational advantage over non-board members. To give you a better idea, here is what has been provided so far:

1) a detailed explanation on the relation between ASICMINER and Bitfountain shares and how dividends will be distributed. This is basically a confirmation on what was already written in the IPO posts.
2) an introduction of the people behind Bitfountain, including full names, contact information, and short CV. This is basically to confirm that those people a) are real, b) are capable to deliver what is planned, and c) can be contacted for further questions.

All in all it does not provide valuable information other than a strong indication that those folks are serious and the plan sounds reasonable. I'm pretty sure friedcat will make most of those documents available to the general public at a later date (but for obvious reasons he won't post contact information to the individual developers on a searchable forum).


HTH

I can provide this info if I get a good to go from friedcat
//DeaDTerra

yeah, that's what I meant, I would be interested if the board members could give us some information about the recent development

OMG you're using cloudflare? So you're trusting all our wealth in hands of a SSL proxy?! I'm out!

The board members receive emails with updates.  I don't know how much they are allowed to disclose,.

so I decided to put some of my very limited budget in ASICMINER. It seems like a trustworthy company that can deliver and make good money in a long run. My question is if we will receive any more information about current development of this company as there hasn't been much discussion about what's going on right now in the thread. I wonder if some of the bigger shareholders have some more information that they would be willing to share with the small investors.

Yes, I do run as different users when it's necessary for security. Yet I didn't really get why I shouldn't rely on GLBSE's model. I'll read about what you said about browser's settings. I won't reply again, since it's apparently off-topic.


I agree. Though it became relevant because of the possibility of me paying the price as a shareholder. I guess this is best moved to PMs.

This discussion about GLBSE is a useful one but I feel this topic is not the place for it. When I see updates on this topic I hope to read about developments surrounding ASICMINER. I think these GLBSE discussions would be better off in their own topic.

If you can't rely on the security settings of your browser (that's what's the case here) you have to go to the next level and put your applications into a sandbox. The easiest way to achieve that is to setup up a different user account for trusted services, e.g. for logging into email, exchanges and glbse. Another, more fancy solution is to run the insecure stuff in a virtual machine.

I know it's a hassle but if you can't rely on the security model of GBLSE you have to make your own.

I can't list you attack scenarios because it's been a while since I've been reading up on the different possible attack vectors. But sandboxing/different user accounts is an old technique which hardly breaks (unless you run the insecure stuff as root).