Topic: everyone get ready to sue Avalon! (Read 4798 times)
This coming up again? Is hoax and all BS. WSJ had to be retracting story. Joe Lewis denied on CNN. Someone needs sending to snopes.com.
someone get ready to sue bitsyncon - i'm sure it will happen this month or next regardless of anything said here - i see it coming
hopefully Yifu realizes this and honestly offers some sort of compensation or refund before it's too late for him.
he will lose in court
hopefully Yifu realizes this and honestly offers some sort of compensation or refund before it's too late for him.
he will lose in court
My favorite part of the article:
"Mr. Guo couldn't be reached for comment."
"Mr. Guo couldn't be reached for comment."
Yifu got this
Looks interesting, how do you see the project, as another private mining farm like ASICMiner, or an improved commercial supply chain for Avalon hardware sales?
I guess it depends on whether or not you think YiFu was serious when he said he didn't want to see the network centralized.
If that's the case, we're likely to see tons of chip sales.
If these guys try to control more then 50% of the network, then it will damage the value of BTC and thus the value of their company.
I got it to load using this link.
Looks interesting, how do you see the project, as another private mining farm like ASICMiner, or an improved commercial supply chain for Avalon hardware sales?
I got it to load using this link.
Guys WSJ is running with it...
from the speculation thread, published by wall street journal online, maybe make you guys feel better?
http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html
not sure how to get full article, i just copied and pasted from the observer thread in speculation
Joe Lewis, a billionaire foreign-exchange trader who teamed up with hedge-fund manager George Soros in 1992 to bet against the Bank of England, is the latest high-profile financier to throw his weight behind the virtual currency called bitcoin.
Mr. Lewis leads the Phoenix Fund, a Zurich-based private-equity fund that on Tuesday plans to invest $200 million in Avalon, a company that makes computer servers aimed at creating bitcoins, according to people familiar with the situation.
Bitcoin is a virtual currency that exists online and isn't backed by any government or central bank. Bitcoins were invented in 2008 by a computer programmer who goes by the pseudonym Satoshi Nakamoto, who describes it as a peer-to-peer electronic cash system.
Joe Lewis's Phoenix Fund is investing in a bitcoin company.
The Phoenix Fund's investment in Avalon reflects the growing popularity of virtual currencies, which are also coming under scrutiny from regulators. Other bitcoin enthusiasts include Cameron and Tyler Winklevoss, who are best known for their role in the creation of Facebook Inc. FB +1.50% They have proposed an exchange-traded fund that is tied to bitcoins.
Bitcoins are created through a process called mining, in which computers solve complex mathematical algorithms to earn the bitcoins. The total number of bitcoins that can be mined is limited to 21 million. There are now about 11.5 million bitcoins in circulation, according to Blockchain, a website that monitors bitcoin transactions.
The Phoenix deal will also involve Taiwanese microchip maker Taiwan Semiconductor Manufacturing Co., 2330.TW +0.50% which is set to supply the state-of-the-art microchips that will power the hardware.
The Phoenix Fund was set up this year to invest in bitcoin mining-hardware companies. It looked at several of Avalon's rivals in the sector, including Butterfly Labs and KnCMiner but decided against investing, according to a person familiar with the private-equity firm's strategy.
Investors in the Phoenix Fund, which includes a small number of individuals who made their fortunes in currency trading, believe that the currency will become more stable and popular if more parties are involved in the mining process, this person said.
Mr. Lewis moved into currency trading in the 1980s and 1990s. In September 1992, Mr. Lewis teamed up with Mr. Soros to bet on sterling crashing out of the European Exchange Rate Mechanism, an event that was later named "Black Wednesday." Mr. Lewis didn't respond to a request for comment.
Mr. Lewis had big losses investing in U.S. brokerage firm Bear Stearns Cos, in which he began amassing a stake during 2007, The Wall Street Journal reported at the time.
Mr. Lewis is the main investor in an unlisted company called Tavistock Group, which has investments in more than 200 companies across the globe.
Tavistock Group includes ENIC Group, which has a Bahamas-registered subsidiary called ENIC International Ltd., through which Mr. Lewis owns 85% of the shares in U.K. soccer club Tottenham Hotspur.
The Phoenix Fund is independent of Tavistock.
The bitcoin deal was put together by Andrew Laurus, a former government-bonds salesman at Lehman Brothers who is also an investor in the fund. Avalon was set up by Yifu Guo, a pioneer in the bitcoin-mining industry. He was part of the team that developed the first ASIC bitcoin mining hardware. ASIC stands for application-specific integrated circuit, a type of custom-designed microchip. Mr. Guo couldn't be reached for comment.
Separately, Coinflash, a company that planned to set up kiosks for bitcoin enthusiasts to buy the virtual currency, is shutting down before it even opened its doors. "Due to an unforeseen change in our personal circumstances, we've made the difficult decision to suspend Coinflash's services indefinitely," the San Diego-based company said in an email statement.
Coinflash was established earlier this year and had planned to open the bitcoin kiosks in California and New York this summer.
As part of the deal, Avalon will gain access to TSMC microchips based on 20-nanometer processes, which are much faster than other chips. TSMC recently won a contract to supply chips to Apple. The increased processing power should give Avalon an edge in solving the algorithms that control the supply of bitcoins.
http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html
not sure how to get full article, i just copied and pasted from the observer thread in speculation
Joe Lewis, a billionaire foreign-exchange trader who teamed up with hedge-fund manager George Soros in 1992 to bet against the Bank of England, is the latest high-profile financier to throw his weight behind the virtual currency called bitcoin.
Mr. Lewis leads the Phoenix Fund, a Zurich-based private-equity fund that on Tuesday plans to invest $200 million in Avalon, a company that makes computer servers aimed at creating bitcoins, according to people familiar with the situation.
Bitcoin is a virtual currency that exists online and isn't backed by any government or central bank. Bitcoins were invented in 2008 by a computer programmer who goes by the pseudonym Satoshi Nakamoto, who describes it as a peer-to-peer electronic cash system.
Joe Lewis's Phoenix Fund is investing in a bitcoin company.
The Phoenix Fund's investment in Avalon reflects the growing popularity of virtual currencies, which are also coming under scrutiny from regulators. Other bitcoin enthusiasts include Cameron and Tyler Winklevoss, who are best known for their role in the creation of Facebook Inc. FB +1.50% They have proposed an exchange-traded fund that is tied to bitcoins.
Bitcoins are created through a process called mining, in which computers solve complex mathematical algorithms to earn the bitcoins. The total number of bitcoins that can be mined is limited to 21 million. There are now about 11.5 million bitcoins in circulation, according to Blockchain, a website that monitors bitcoin transactions.
The Phoenix deal will also involve Taiwanese microchip maker Taiwan Semiconductor Manufacturing Co., 2330.TW +0.50% which is set to supply the state-of-the-art microchips that will power the hardware.
The Phoenix Fund was set up this year to invest in bitcoin mining-hardware companies. It looked at several of Avalon's rivals in the sector, including Butterfly Labs and KnCMiner but decided against investing, according to a person familiar with the private-equity firm's strategy.
Investors in the Phoenix Fund, which includes a small number of individuals who made their fortunes in currency trading, believe that the currency will become more stable and popular if more parties are involved in the mining process, this person said.
Mr. Lewis moved into currency trading in the 1980s and 1990s. In September 1992, Mr. Lewis teamed up with Mr. Soros to bet on sterling crashing out of the European Exchange Rate Mechanism, an event that was later named "Black Wednesday." Mr. Lewis didn't respond to a request for comment.
Mr. Lewis had big losses investing in U.S. brokerage firm Bear Stearns Cos, in which he began amassing a stake during 2007, The Wall Street Journal reported at the time.
Mr. Lewis is the main investor in an unlisted company called Tavistock Group, which has investments in more than 200 companies across the globe.
Tavistock Group includes ENIC Group, which has a Bahamas-registered subsidiary called ENIC International Ltd., through which Mr. Lewis owns 85% of the shares in U.K. soccer club Tottenham Hotspur.
The Phoenix Fund is independent of Tavistock.
The bitcoin deal was put together by Andrew Laurus, a former government-bonds salesman at Lehman Brothers who is also an investor in the fund. Avalon was set up by Yifu Guo, a pioneer in the bitcoin-mining industry. He was part of the team that developed the first ASIC bitcoin mining hardware. ASIC stands for application-specific integrated circuit, a type of custom-designed microchip. Mr. Guo couldn't be reached for comment.
Separately, Coinflash, a company that planned to set up kiosks for bitcoin enthusiasts to buy the virtual currency, is shutting down before it even opened its doors. "Due to an unforeseen change in our personal circumstances, we've made the difficult decision to suspend Coinflash's services indefinitely," the San Diego-based company said in an email statement.
Coinflash was established earlier this year and had planned to open the bitcoin kiosks in California and New York this summer.
As part of the deal, Avalon will gain access to TSMC microchips based on 20-nanometer processes, which are much faster than other chips. TSMC recently won a contract to supply chips to Apple. The increased processing power should give Avalon an edge in solving the algorithms that control the supply of bitcoins.
prob started the drop in AM - regardless of how it works out it's got a lot of VC's attention! they are getting hungry
Guys WSJ is running with it. This is either a hoax that has greater legs than the author ever anticipated, the worst thing that could possibles happen to Bitcoin centralisation, or an act of genius...
from the speculation thread, published by wall street journal online, maybe make you guys feel better?
http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html
not sure how to get full article, i just copied and pasted from the observer thread in speculation
Joe Lewis, a billionaire foreign-exchange trader who teamed up with hedge-fund manager George Soros in 1992 to bet against the Bank of England, is the latest high-profile financier to throw his weight behind the virtual currency called bitcoin.
Mr. Lewis leads the Phoenix Fund, a Zurich-based private-equity fund that on Tuesday plans to invest $200 million in Avalon, a company that makes computer servers aimed at creating bitcoins, according to people familiar with the situation.
Bitcoin is a virtual currency that exists online and isn't backed by any government or central bank. Bitcoins were invented in 2008 by a computer programmer who goes by the pseudonym Satoshi Nakamoto, who describes it as a peer-to-peer electronic cash system.
Joe Lewis's Phoenix Fund is investing in a bitcoin company.
The Phoenix Fund's investment in Avalon reflects the growing popularity of virtual currencies, which are also coming under scrutiny from regulators. Other bitcoin enthusiasts include Cameron and Tyler Winklevoss, who are best known for their role in the creation of Facebook Inc. FB +1.50% They have proposed an exchange-traded fund that is tied to bitcoins.
Bitcoins are created through a process called mining, in which computers solve complex mathematical algorithms to earn the bitcoins. The total number of bitcoins that can be mined is limited to 21 million. There are now about 11.5 million bitcoins in circulation, according to Blockchain, a website that monitors bitcoin transactions.
The Phoenix deal will also involve Taiwanese microchip maker Taiwan Semiconductor Manufacturing Co., 2330.TW +0.50% which is set to supply the state-of-the-art microchips that will power the hardware.
The Phoenix Fund was set up this year to invest in bitcoin mining-hardware companies. It looked at several of Avalon's rivals in the sector, including Butterfly Labs and KnCMiner but decided against investing, according to a person familiar with the private-equity firm's strategy.
Investors in the Phoenix Fund, which includes a small number of individuals who made their fortunes in currency trading, believe that the currency will become more stable and popular if more parties are involved in the mining process, this person said.
Mr. Lewis moved into currency trading in the 1980s and 1990s. In September 1992, Mr. Lewis teamed up with Mr. Soros to bet on sterling crashing out of the European Exchange Rate Mechanism, an event that was later named "Black Wednesday." Mr. Lewis didn't respond to a request for comment.
Mr. Lewis had big losses investing in U.S. brokerage firm Bear Stearns Cos, in which he began amassing a stake during 2007, The Wall Street Journal reported at the time.
Mr. Lewis is the main investor in an unlisted company called Tavistock Group, which has investments in more than 200 companies across the globe.
Tavistock Group includes ENIC Group, which has a Bahamas-registered subsidiary called ENIC International Ltd., through which Mr. Lewis owns 85% of the shares in U.K. soccer club Tottenham Hotspur.
The Phoenix Fund is independent of Tavistock.
The bitcoin deal was put together by Andrew Laurus, a former government-bonds salesman at Lehman Brothers who is also an investor in the fund. Avalon was set up by Yifu Guo, a pioneer in the bitcoin-mining industry. He was part of the team that developed the first ASIC bitcoin mining hardware. ASIC stands for application-specific integrated circuit, a type of custom-designed microchip. Mr. Guo couldn't be reached for comment.
Separately, Coinflash, a company that planned to set up kiosks for bitcoin enthusiasts to buy the virtual currency, is shutting down before it even opened its doors. "Due to an unforeseen change in our personal circumstances, we've made the difficult decision to suspend Coinflash's services indefinitely," the San Diego-based company said in an email statement.
Coinflash was established earlier this year and had planned to open the bitcoin kiosks in California and New York this summer.
As part of the deal, Avalon will gain access to TSMC microchips based on 20-nanometer processes, which are much faster than other chips. TSMC recently won a contract to supply chips to Apple. The increased processing power should give Avalon an edge in solving the algorithms that control the supply of bitcoins.
http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html
not sure how to get full article, i just copied and pasted from the observer thread in speculation
Joe Lewis, a billionaire foreign-exchange trader who teamed up with hedge-fund manager George Soros in 1992 to bet against the Bank of England, is the latest high-profile financier to throw his weight behind the virtual currency called bitcoin.
Mr. Lewis leads the Phoenix Fund, a Zurich-based private-equity fund that on Tuesday plans to invest $200 million in Avalon, a company that makes computer servers aimed at creating bitcoins, according to people familiar with the situation.
Bitcoin is a virtual currency that exists online and isn't backed by any government or central bank. Bitcoins were invented in 2008 by a computer programmer who goes by the pseudonym Satoshi Nakamoto, who describes it as a peer-to-peer electronic cash system.
Joe Lewis's Phoenix Fund is investing in a bitcoin company.
The Phoenix Fund's investment in Avalon reflects the growing popularity of virtual currencies, which are also coming under scrutiny from regulators. Other bitcoin enthusiasts include Cameron and Tyler Winklevoss, who are best known for their role in the creation of Facebook Inc. FB +1.50% They have proposed an exchange-traded fund that is tied to bitcoins.
Bitcoins are created through a process called mining, in which computers solve complex mathematical algorithms to earn the bitcoins. The total number of bitcoins that can be mined is limited to 21 million. There are now about 11.5 million bitcoins in circulation, according to Blockchain, a website that monitors bitcoin transactions.
The Phoenix deal will also involve Taiwanese microchip maker Taiwan Semiconductor Manufacturing Co., 2330.TW +0.50% which is set to supply the state-of-the-art microchips that will power the hardware.
The Phoenix Fund was set up this year to invest in bitcoin mining-hardware companies. It looked at several of Avalon's rivals in the sector, including Butterfly Labs and KnCMiner but decided against investing, according to a person familiar with the private-equity firm's strategy.
Investors in the Phoenix Fund, which includes a small number of individuals who made their fortunes in currency trading, believe that the currency will become more stable and popular if more parties are involved in the mining process, this person said.
Mr. Lewis moved into currency trading in the 1980s and 1990s. In September 1992, Mr. Lewis teamed up with Mr. Soros to bet on sterling crashing out of the European Exchange Rate Mechanism, an event that was later named "Black Wednesday." Mr. Lewis didn't respond to a request for comment.
Mr. Lewis had big losses investing in U.S. brokerage firm Bear Stearns Cos, in which he began amassing a stake during 2007, The Wall Street Journal reported at the time.
Mr. Lewis is the main investor in an unlisted company called Tavistock Group, which has investments in more than 200 companies across the globe.
Tavistock Group includes ENIC Group, which has a Bahamas-registered subsidiary called ENIC International Ltd., through which Mr. Lewis owns 85% of the shares in U.K. soccer club Tottenham Hotspur.
The Phoenix Fund is independent of Tavistock.
The bitcoin deal was put together by Andrew Laurus, a former government-bonds salesman at Lehman Brothers who is also an investor in the fund. Avalon was set up by Yifu Guo, a pioneer in the bitcoin-mining industry. He was part of the team that developed the first ASIC bitcoin mining hardware. ASIC stands for application-specific integrated circuit, a type of custom-designed microchip. Mr. Guo couldn't be reached for comment.
Separately, Coinflash, a company that planned to set up kiosks for bitcoin enthusiasts to buy the virtual currency, is shutting down before it even opened its doors. "Due to an unforeseen change in our personal circumstances, we've made the difficult decision to suspend Coinflash's services indefinitely," the San Diego-based company said in an email statement.
Coinflash was established earlier this year and had planned to open the bitcoin kiosks in California and New York this summer.
As part of the deal, Avalon will gain access to TSMC microchips based on 20-nanometer processes, which are much faster than other chips. TSMC recently won a contract to supply chips to Apple. The increased processing power should give Avalon an edge in solving the algorithms that control the supply of bitcoins.
Knc is at 28nm how is 20nm a porsche compared to that?
Put simply because Bitsyncom has a track record with first FPGAs and then Asics (though that reputation is tarninshing fast).
KnC is still uncertain until their chip checks out. Understandably, KnC put in a number of conservative estimates on hash, power and delivery and have an aggressive delivery schedule... but right now only they know how conservative and how aggressive.
What is tarnished is the lack of proper logistics and customer service. In terms of the tech I think most would agree they have delivered that pretty much every time.
What they need, as do most of these "chip" & "rig" fabricators, is a properly run CRM and Supply Chain side.
Well, at least this will hopefully create a price spike, I suppose.
http://www.xconomy.com/san-diego/2012/09/04/running-on-two-year-cycle-avalon-ventures-lands-200m-for-tenth-fund/
or is it
http://www.avalonsprings.com/
or is it
http://www.avalonsprings.com/
Lol. I'm guessing there's a good chance someone got Avalon confused with Avalon.
Still, the Avalon Ventures story shows how much money there is out there ready to be invested into tech/internet startups. If bitcoin were a traditional startup the valuation would probably be crazy high.
The problem is that bitcoin mining is almost a pure commodity thing, anyone can do it. The people who are going to profit are the ones who can get the cheapest access to chips and electricity.
Avalon is A-MA-ZING.
They got 200M funding in 2011, 200M in 2012 and another 200M today or tomorrow. Wowowoooo!
51% alert!
Ship thefries crisps chips to protect the network protection already!
[@BTC-o-Rama: BTW, you don't get a _new_ funder. Doesn't work like that. And the guy you quoted is just a middleman - just saying
]
They got 200M funding in 2011, 200M in 2012 and another 200M today or tomorrow. Wowowoooo!
51% alert!
Ship the
[@BTC-o-Rama: BTW, you don't get a _new_ funder. Doesn't work like that. And the guy you quoted is just a middleman - just saying
]
3rd results on google.
wow, google does rock in their search algorithm ability
wow, google does rock in their search algorithm ability
It's BS, just google: Avalon 200 million
And scroll past the FUD.
And scroll past the FUD.
Nice... it's a different Avalon, aka Avalon Ventures:
http://www.xconomy.com/san-diego/2012/09/04/running-on-two-year-cycle-avalon-ventures-lands-200m-for-tenth-fund/
$200 Million? LOL I guess money does change everything... or this is complete B.S.
https://www.youtube.com/watch?v=QITeC4Vri88
https://www.youtube.com/watch?v=QITeC4Vri88
It's BS, just google: Avalon 200 million
And scroll past the FUD.
And scroll past the FUD.
Quote
Andrew Laurus @frankieterrier 12 Jul
#bitcoin caution everyone regarding #kncminer they have taken millions USD and dont even have a single working unit, tweet me for more info
#bitcoin caution everyone regarding #kncminer they have taken millions USD and dont even have a single working unit, tweet me for more info
Clearly FUD, and inflamatory... but technically not libel.
Uninformed folks might not understand how the bitcoin mining manufacturers operate with a quasi-crowd funded model in which the supplier doesn't take on a lot of debt to produce the product and then sell the product in hand.
Anyone who spends time on this sub-forum would realize this guy while probably rich, is still cutting his teeth in the BTC world.
Frankly, other than for breaking news in war zones, I feel twitter is for narcissists.
So Avalon gets $200,000,000 but a group of engineers who literally worked at Nvidia/Samsung/Intel only get $1,500,000
https://bitcointalksearch.org/topic/cointerra-mining-asic-coming-soon-267552 / http://www.cointerra.com/faq/
https://bitcointalksearch.org/topic/cointerra-mining-asic-coming-soon-267552 / http://www.cointerra.com/faq/
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