Okay so I read that btctc is closing... Is there any way to keep shares? :O
transfer to bitfunder? 
Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 690. (Read 3917468 times)
September 23, 2013, 02:52:08 AM
September 23, 2013, 02:51:30 AM
Okay so I read that btctc is closing... Is there any way to keep shares? :O
September 23, 2013, 02:49:20 AM
I was just thinking that I should move some of my direct shares to a PT so I can trade with them -
September 23, 2013, 02:45:42 AM
lol, wtf, ppl selling @ 1.2?
BTCT is CLOSING
. That is why!!!! September 23, 2013, 02:44:11 AM
lol, wtf, ppl selling @ 1.2?
September 23, 2013, 02:38:37 AM
hashrate increases from 3% to 7% of the network, and the shareprice tanks?
there are some problems with btct.co, it is probably closing
I'm glad I'm holding on to my direct shares...
September 23, 2013, 02:35:20 AM
hashrate increases from 3% to 7% of the network, and the shareprice tanks?
there are some problems with btct.co, it is probably closing
September 23, 2013, 02:30:21 AM
hashrate increases from 3% to 7% of the network, and the shareprice tanks?
September 22, 2013, 10:14:23 PM
I'm new to the thread. I was invested in AM in the past and made a nice profit but sold when I saw their network % dropping. I've kept my eye on them. What is the reason they hold such a small % of the network? Shouldn't they be keeping at least 20%. I thought they had the capabilities to do this and if they do, why don't they do it?
As someone once said, perhaps it was more profitable to sell off the hardware instead of mining it. The fact that most of the money is still sitting there is better than if he paid it all out to shareholders IMHO. Sucks being in the dark but we don't know if he has the new chips ready next week or in a couple of months. Question is when, not if, so I think we're still in a great position even if we are slightly behind for the beginning of round 2.
September 22, 2013, 08:26:09 PM
That is, if mining increases more quickly than adoption, we've got a problem.
AND adoption is hard-capped by population, while mining has no cap, so we've got a problem anyway, in the long run.
AND adoption is hard-capped by population, while mining has no cap, so we've got a problem anyway, in the long run.
Mining has a cap in that it is only done as long as it's profitable.
It doesn't just grow unlimited without bitcoin growing.
While you're right that it doesn't directly scale with the number of transactions, it scales with the price of bitcoin, which itself is related to adoption.
I'm confident that whatever level of adoption and bitcoin price we reach, mining energy usage will still be low enough compared to the use in traditional finance.
You seem to be implying that Bitcoin will not simply bring with it yet another "traditional finance" paradigm. The electricity use of traditional finance will just be compounded with the latest ecological disaster, Bitcoin mining.
It's my suspicion that, should we see widespread adoption of Bitcoin, nations will undertake Bitcoin mining projects defensively to keep any other nation from controlling the network. This arms race will not be limited by profit margins.
(I also suspect that the loss of the power to levy income tax may lead to the fall of the democratic state and the rise of the autocratic corporate nation-state, but that is another discussion.)
I hope that this financial arms race is conducted in a responsible fashion, like hydroelectric colocation projects. But realistically I suspect that is unlikely for many countries, like China, for whom the bottom line (and an edge in the global marketplace) is more important than preventing rampant pollution.
September 22, 2013, 06:57:35 PM
That is, if mining increases more quickly than adoption, we've got a problem.
AND adoption is hard-capped by population, while mining has no cap, so we've got a problem anyway, in the long run.
AND adoption is hard-capped by population, while mining has no cap, so we've got a problem anyway, in the long run.
Mining has a cap in that it is only done as long as it's profitable.
It doesn't just grow unlimited without bitcoin growing.
While you're right that it doesn't directly scale with the number of transactions, it scales with the price of bitcoin, which itself is related to adoption.
I'm confident that whatever level of adoption and bitcoin price we reach, mining energy usage will still be low enough compared to the use in traditional finance.
September 22, 2013, 05:57:50 PM
The argument that Bitcoin uses alot of energy is just a cheap shot that is easily refuted with comparison to the current systems. You don't even to go deep and comprehensive like the above just the ATM machines woeldwide and you are done.
Believe it or not some people bring that up when we are talking bitcoin and they feel like undermining the system, pun intended
Not so a cheap shot.Believe it or not some people bring that up when we are talking bitcoin and they feel like undermining the system, pun intended
The core of this argument is that the traditional systems scale with their use (i.e. the more transactions VISA has to process, the more it costs to them to process them), while Bitcoin isn't linear, it is unrelated to that (i.e. the cost of processing transactions isn't related to the amount of transactions processed, and it constantly increases).
That is, if mining increases more quickly than adoption, we've got a problem.
AND adoption is hard-capped by population, while mining has no cap, so we've got a problem anyway, in the long run.
September 22, 2013, 03:48:55 PM
That was me (I think)
Here is that address http://blockchain.info/address/1HgTJED7XEGy4vVwKa8kgefWqUB3VRX2mW
11k btc now :-)
If we go with the earlier figure, then 0.03806709 BTC/share * 400,000 shares = 15,226.836 BTC.
there was a post last week that was watching an address that had 9K btc in it that was receiving funds from AM. Right before the dividend, it had over 10K btc in it. I don't know if that's the withholding (I kinda doubt it), but I believe that's where the 10K btc estimate came from. September 22, 2013, 03:25:10 PM
If we go with the earlier figure, then 0.03806709 BTC/share * 400,000 shares = 15,226.836 BTC.
there was a post last week that was watching an address that had 9K btc in it that was receiving funds from AM. Right before the dividend, it had over 10K btc in it. I don't know if that's the withholding (I kinda doubt it), but I believe that's where the 10K btc estimate came from. September 22, 2013, 03:22:28 PM
Does anyone know how much needs to be raised for the 2nd gen chips?
I don't think it's been said, maybe a board member knows, but no one is saying.
September 22, 2013, 03:21:02 PM
Someone mentioned gen2 will only be assembled in decembre... is that true? I mean friedcat already ordered those chips months ago isnt it?
it was my understanding that they would be deployed Nov/Dec. Assembly would have to happen sooner. 
September 22, 2013, 02:36:39 PM
Someone mentioned gen2 will only be assembled in decembre... is that true? I mean friedcat already ordered those chips months ago isnt it?
September 22, 2013, 02:31:36 PM
Does anyone know how much has been kept back from dividends so far to pay for the next gen chips?
not sure, but some estimates last week were around 10K btc
If we assume that dividends would be 0.02 BTC without anything being kept back, then subtract the actual dividends paid, we can get an estimate for the amount held back for each week. The total for the past 5 dividends being 0.03806709 BTC per share. If we assume that 50% of the dividends were held back, the total is 0.06193291.
If we go with the earlier figure, then 0.03806709 BTC/share * 400,000 shares = 15,226.836 BTC. Depending on the price the bitcoins were exchanged for, we get the following values for USD:
100 USD/BTC = 1,522,683.60 USD
110 USD/BTC = 1,674,951.96 USD
120 USD/BTC = 1,827,220.32 USD
130 USD/BTC = 1,979,488.68 USD
140 USD/BTC = 2,131,757.04 USD
If we assume only half of that has been held back, that's still 750,000 USD.
Does anyone know how much needs to be raised for the 2nd gen chips?
September 22, 2013, 02:13:37 PM
Does anyone know how much has been kept back from dividends so far to pay for the next gen chips?
not sure, but some estimates last week were around 10K btc
September 22, 2013, 02:07:20 PM
Does anyone know how much has been kept back from dividends so far to pay for the next gen chips?
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