ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 874.

bitfair

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Quote from: velacreations on July 07, 2013, 08:55:53 AM

Quote from: EskimoBob on July 07, 2013, 08:54:14 AM

You really think they hold on to the coin they mine? Why? It's money for nothing. Fiat in the bank

while BTC has lost close to 30% in a week.

No,t he vast majority of it they give to us, the shareholders.

Correction: the vast majority goes to the majority shareholders: Bitfountain.

velacreations

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Quote from: EskimoBob on July 07, 2013, 08:54:14 AM

You really think they hold on to the coin they mine? Why? It's money for nothing. Fiat in the bank

while BTC has lost close to 30% in a week.

No,t he vast majority of it they give to us, the shareholders.

EskimoBob

legendary

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Quality Printing Services by Federal Reserve Bank

Quote from: ?? on ??

Quote from: EskimoBob on July 07, 2013, 03:20:34 AM

if AM keeps dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

Please link me to your source.

I really would like to see this information and I am going to assume for now you did not just pull it out of your ass.

Thank you.

You are correct, my wording was a bit off, so let me rephrase that:
.. if people with ASIC miners keep dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

You really think they hold on to the coin they mine? Why? It's money for nothing. Fiat in the bank

while BTC has lost close to 30% in a week.

Quote from: bitfair on July 07, 2013, 08:09:01 AM

Quote from: EskimoBob on July 07, 2013, 06:31:33 AM

So, how much it cost to mine 1 BTC if you are the ASIC chip/equipment manufacturer like AM is?

By my calculations, USD 0.507 in electricity costs per btc mined.

The assumptions:
Power efficiency: 8.3 J/GH (ref: https://bitcointalksearch.org/topic/asicminer-blade-sales-temporarily-out-of-stock-204030)
Electricity cost: USD 0.06 per kWh (was mentioned by someone earlier in this thread, cannot find official confirmation)
Current hashes to win: 91635939047418116 (ref: http://blockexplorer.com/q/hashestowin)
Current Bitcoin reward per block: 25 (http://blockexplorer.com/q/bcperblock)

So it will remain profitable (i.e. value of mined BTC exceeds electricity costs) until network hash rate is more than 100x today's hash rate at current prices.

fuck...

velacreations

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Quote from: empoweoqwj on July 07, 2013, 06:50:47 AM

btw, people "dumping" in the last few weeks are in general not "people that need the money", they are scared "investors", thinking the price is falling to the floor and their dream of "getting rich quick" is in ruins.

Personally, and being really harsh, these are chumpsters and the bitcoin economy is better off without them.

actually a significant amount of the AM sell off was an obvious price manipulation.

circuitry

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Quote from: AMuppInTime on July 07, 2013, 04:30:33 AM

Of course, now is the time to sell if you want to get money out now.

It could be argued that the best time to sell is the day of the dividend, right?

(Unless you're factoring a sharp crash of BTCUSD before that and more scared AM "investors" trying to cash out.)

Ira H. Fuchs

newbie

Activity: 14

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Quote from: ?? on ??

Quote from: EskimoBob on July 07, 2013, 03:20:34 AM

if AM keeps dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

Please link me to your source.

I really would like to see this information and I am going to assume for now you did not just pull it out of your ass.

Thank you.

good morning, Are you involved with this shop. I'm concerned people are not getting the full perspective. Who is in charge of sales of these open source devices...Ira

bitfair

sr. member

Activity: 362

Merit: 250

Quote from: EskimoBob on July 07, 2013, 06:31:33 AM

So, how much it cost to mine 1 BTC if you are the ASIC chip/equipment manufacturer like AM is?

By my calculations, USD 0.507 in electricity costs per btc mined.

The assumptions:
Power efficiency: 8.3 J/GH (ref: https://bitcointalksearch.org/topic/asicminer-blade-sales-temporarily-out-of-stock-204030)
Electricity cost: USD 0.06 per kWh (was mentioned by someone earlier in this thread, cannot find official confirmation)
Current hashes to win: 91635939047418116 (ref: http://blockexplorer.com/q/hashestowin)
Current Bitcoin reward per block: 25 (http://blockexplorer.com/q/bcperblock)

So it will remain profitable (i.e. value of mined BTC exceeds electricity costs) until network hash rate is more than 100x today's hash rate at current prices.

Ira H. Fuchs

newbie

Activity: 14

Merit: 0

Quote from: SOSLOVE868 on July 07, 2013, 01:05:53 AM

Quote from: aahzmundus on July 07, 2013, 12:55:04 AM

Quote from: empoweoqwj on July 06, 2013, 09:19:34 PM

Total network rate is hitting 200 TH/s for the first time. Time for a friedcat announcement to bolster sentiment Grin

I think friedcat has only made one real update in this thread since I started to invest. Seems like years ago but actually only June 24th. Did he used to post more often than this?

It used to be more frequent, as time has gone on, they have become far less common.

As Friedcat become a billionaire, he need more time to managing his business empire ...

good morning, I'm afraid to say they played a joke on you. There is no real computer chip company here to speak of...Ira

baloo_kiev

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Quote from: empoweoqwj on July 07, 2013, 06:50:47 AM

btw, people "dumping" in the last few weeks are in general not "people that need the money", they are scared "investors", thinking the price is falling to the floor and their dream of "getting rich quick" is in ruins.

Personally, and being really harsh, these are chumpsters and the bitcoin economy is better off without them.

They will be back at next price rise to blow another bubble.

joris

full member

Activity: 141

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Quote from: empoweoqwj on July 07, 2013, 06:50:47 AM

btw, people "dumping" in the last few weeks are in general not "people that need the money", they are scared "investors", thinking the price is falling to the floor and their dream of "getting rich quick" is in ruins.

Personally, and being really harsh, these are chumpsters and the bitcoin economy is better off without them.

How do you know who sells BTC?

The main activity in the BTC-economy atm is developing and mass producing of ASICs. Many millions of fiat are necessary for this activity and any price is ok when one really needs the other side of te trade. As a result market prices moves fast. And then other market participants, including the competing producers are going to run to the exit. If this is the case, then it is the miners' dream of "getting rich quick" which crashes (prices).

Ira H. Fuchs

newbie

Activity: 14

Merit: 0

Quote from: empoweoqwj on July 07, 2013, 06:50:47 AM

btw, people "dumping" in the last few weeks are in general not "people that need the money", they are scared "investors", thinking the price is falling to the floor and their dream of "getting rich quick" is in ruins.

Personally, and being really harsh, these are chumpsters and the bitcoin economy is better off without them.

good morning, I'm starting to see why they asked me to shut this program down. This is an open sourced project that has been hijacked. Read Satoshis' white paper and it will become perfectly clear. Our research will continue no matter what efforts are taken to censor communication...Ira

empoweoqwj

hero member

Activity: 518

Merit: 500

btw, people "dumping" in the last few weeks are in general not "people that need the money", they are scared "investors", thinking the price is falling to the floor and their dream of "getting rich quick" is in ruins.

Personally, and being really harsh, these are chumpsters and the bitcoin economy is better off without them.

EskimoBob

legendary

Activity: 910

Merit: 1000

Quality Printing Services by Federal Reserve Bank

Quote from: ?? on ??

Quote from: EskimoBob on July 07, 2013, 03:20:34 AM

Quote from: empoweoqwj on July 06, 2013, 09:19:34 PM

Total network rate is hitting 200 TH/s for the first time. Time for a friedcat announcement to bolster sentiment Grin

I think friedcat has only made one real update in this thread since I started to invest. Seems like years ago but actually only June 24th. Did he used to post more often than this?

if AM keeps dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

How much it cost to mine 1 BTC if you are the chip/equipment manufacturer like AM is?

Do you have evidence that AM (The 60% privately owned company) is dumping a significant amount of BTC on the open market or is this just FUD?

Thanks.

No FUD, just a question. They still need fiat to pay for manufacturing, research, rent, S&H, traveling etc. Good news is, they do not pay for an accountant who is competent enough to compile a balance sheet, PL and CF statement Wink

So, how much it cost to mine 1 BTC if you are the ASIC chip/equipment manufacturer like AM is?

Lohoris

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Activity: 630

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Bitgoblin

Quote from: ?? on ??

Quote from: binaryFate on July 06, 2013, 01:20:51 PM

Do you think they're interested in trolling AM, or all the forum in general? Have you seen a troll with similar behavior (like you describe pankkake) in other sub-forums?

https://bitcointalksearch.org/user/thermos-134859
Usage of /\
Ending all his posts by "NYC;)".

WTF.

I guess their post are just an excuse for signature-spamming.
That said, I would be a bit amazed if they were real bots.

empoweoqwj

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Quote from: Lohoris on July 07, 2013, 06:01:26 AM

Quote from: empoweoqwj on July 07, 2013, 05:59:55 AM

Quote from: AMuppInTime on July 07, 2013, 04:30:33 AM

Of course, now is the time to sell if you want to get money out now.

"now is the time to sell"? If you mean bitcoins, the time to sell was very much a month or so back. There is only $60 to the bottom now.

No, he said that "IF you need money now, THEN you need to sell it now"

That's kind of stating the bleeding obvious. I think we can all figure out if you need cash today you need cash today.

Lohoris

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Activity: 630

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Bitgoblin

Quote from: empoweoqwj on July 07, 2013, 05:59:55 AM

Quote from: AMuppInTime on July 07, 2013, 04:30:33 AM

Of course, now is the time to sell if you want to get money out now.

"now is the time to sell"? If you mean bitcoins, the time to sell was very much a month or so back. There is only $60 to the bottom now.

No, he said that "IF you need money now, THEN you need to sell it now"

empoweoqwj

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Quote from: AMuppInTime on July 07, 2013, 04:30:33 AM

Quote from: empoweoqwj on July 07, 2013, 03:34:32 AM

What does AM possibly have to gain from attempting to destroy their only source of income. Nothing.

It doesn't make sense for AM to do it. However there are likely early investors that might be trying to lock in some fiat out. As this is an experiment in a free market, it is possible that they do so irrelevant from the security. Let's call it "bad timing".
Of course, now is the time to sell if you want to get money out now.

[discl. - I am long AM]

"now is the time to sell"? If you mean bitcoins, the time to sell was very much a month or so back. There is only $60 to the bottom now.

Lohoris

hero member

Activity: 630

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Bitgoblin

Quote from: TsuyokuNaritai on July 07, 2013, 05:38:28 AM

Friedcat in the news.

A pity that article basically says nothing.
No offence but I'd safely say it's quite irrelevant.

If the same article was posted on a mainstream newspaper it would have been definitely notable, but on a bitcoin blog it's meaningless...

TsuyokuNaritai

hero member

Activity: 574

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Friedcat in the news.

CoinBomb

full member

Activity: 179

Merit: 100

AM doesnt sell on the open market, so it doesnt even matter.

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