CryptocurrencyCentralBank to request halt of Bitcoin Group ASX December IPO

Bitcoinpro

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Quote from: franky1 on November 26, 2015, 01:53:38 AM

Quote from: Bitcoinpro on November 25, 2015, 10:37:14 PM

wat is the address / es of the coins from past mining would be easy enuff proof franky

of how much they earn from the mining power and transaction fees

well which pool are they using?
https://blockchain.info/blocks

then its easy to check every block they mined

im suprised they dont have a presence here and have already

told us which pool or where the addresses are,

franky1

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Quote from: Bitcoinpro on November 25, 2015, 10:37:14 PM

wat is the address / es of the coins from past mining would be easy enuff proof franky

of how much they earn from the mining power and transaction fees

well which pool are they using?
https://blockchain.info/blocks

then its easy to check every block they mined

Bitcoinpro

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wat is the address / es of the coins from past mining would be easy enuff proof franky

of how much they earn from the mining power and transaction fees

jaylin

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scams on a larger scale.

franky1

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other issues with the IPO is their projected revenue is totally off..

the group suggests they have just under 1.6% of the hash power.. which if they had a fair share of rewards the maximum they could get would be under 60 coins a day..

again this is only if they got an even output of 1.57% of reward. but we all know that a mining pool of 1.57% wont get much chance of solving a block, as the pools with 20%+ would be overtaking the smaller pools. in short hashing 1.57% doesnt guarantee 1.57% reward.. its just not how bitcoin works

so with these maximum 60coins a day (3600/~1.6%(being generous)), thats only a maximum of 21900 coins a year.. not 80,000-110,000.

it doesnt matter where the miners are located.. 21900 is the maximum (with alot of luck) they will ever produce.

next we all know the difficulty rises constantly and every 3 months or so equipment needs upgrading.. and so these 21900 will get eaten up with costs... just to try keeping their sub 1.6% network hashing power.

and lastly.. knowing that equipment needs upgrading so regularly.. if they really wanted out of china.. its simple.. change the delivery address of the upgrades.

Bitcoinpro

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Asic has already delayed the IPO again anyway

http://www.businessinsider.com.au/bitcoin-groups-ipo-has-been-delayed-again-as-asic-requests-a-mining-expert-2015-11

Bitcoinpro

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Quote from: AtheistAKASaneBrain on November 17, 2015, 10:37:20 AM

Quote from: Bitcoinpro on November 17, 2015, 09:34:09 AM

how can they be operating mining equipment legally in China when Bitcoin is banned, we need to request this equipment be moved back to Australia

I am under this impression that (you can call me conspiracy nutjob if you want) the goverment is financing those huge mines we see on documentaries and the workers are all paid by the goverment too, and meanwhile they want to stop the population from learning about Bitcoin and using it. I think they want it all for themselves and hold them because they aren't dumb and see the huge potential long term.

Its what we all know

Bitcoinpro

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Quote from: franky1 on November 17, 2015, 10:46:51 AM

Quote from: Bitcoinpro on November 17, 2015, 09:34:09 AM

how can they be operating mining equipment legally in China when Bitcoin is banned, we need to request this equipment be moved back to Australia

its not banned,
only banks/financial businesses can't trade in them directly with customer.... in short china wont insure bitcoin under regulation requirements. it does not stop private people and non-money transmission businesses from doing things with bitcoin..

your trying to quote a reckless China govt goodluck with that

they can get cheap energy in Australia, its really the China govt behind this IPO

So for national security reasons this equipment needs to be brought home

franky1

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Quote from: Bitcoinpro on November 17, 2015, 09:34:09 AM

how can they be operating mining equipment legally in China when Bitcoin is banned, we need to request this equipment be moved back to Australia

its not banned,
only banks/financial businesses can't trade in them directly with customer.... in short china wont insure bitcoin under regulation requirements. it does not stop private people and non-money transmission businesses from doing things with bitcoin..

AtheistAKASaneBrain

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Quote from: Bitcoinpro on November 17, 2015, 09:34:09 AM

how can they be operating mining equipment legally in China when Bitcoin is banned, we need to request this equipment be moved back to Australia

I am under this impression that (you can call me conspiracy nutjob if you want) the goverment is financing those huge mines we see on documentaries and the workers are all paid by the goverment too, and meanwhile they want to stop the population from learning about Bitcoin and using it. I think they want it all for themselves and hold them because they aren't dumb and see the huge potential long term.

Bitcoinpro

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Activity: 1358

Merit: 1000

how can they be operating mining equipment legally in China when Bitcoin is banned, we need to request this equipment be moved back to Australia

Topic: CryptocurrencyCentralBank to request halt of Bitcoin Group ASX December IPO (Read 554 times)