Just a thought: What's stopping BFL from mining themselves?
Who said they weren't? :-)
Topic: is butterflylabs a scam? (Read 1715 times)
Who said they weren't? :-)
Just a thought: What's stopping BFL from mining themselves?
I doubt 10% of bitcoin users mine, and those that quit bitcoin because they aren't getting "free money" anymore aren't welcome. Miners live on the transactions of others. The reward is fair because it is needed to keep the network going, but it doesn't add any stability to the currency.
smells like a total scam...
ASIC's is going to make 90% bitcoin users to quit bitcoining ...
@ Kluge ::
Thanks so much for posting that chart!
As a technical analyst, however, I'm inclined to take up a bearish sentiment on mining difficulty based on your chart. It looks like we hit a high and have fallen through longer-term moving averages, indicating that a lot of miners are calling it quits based on present difficulty (it's getting hard for most hobbyists to profit, I hear). But since I can't load those charts in a real trading platform and perform real back-testing and analysis on it, I won't swear by it...I could be wrong.
Thanks so much for posting that chart!
As a technical analyst, however, I'm inclined to take up a bearish sentiment on mining difficulty based on your chart. It looks like we hit a high and have fallen through longer-term moving averages, indicating that a lot of miners are calling it quits based on present difficulty (it's getting hard for most hobbyists to profit, I hear). But since I can't load those charts in a real trading platform and perform real back-testing and analysis on it, I won't swear by it...I could be wrong.
Your analysis is correct, but it ignores that cheap hashing power by a factor of 60x is about to be released in the next few months.
@ Kluge ::
Thanks so much for posting that chart!
As a technical analyst, however, I'm inclined to take up a bearish sentiment on mining difficulty based on your chart. It looks like we hit a high and have fallen through longer-term moving averages, indicating that a lot of miners are calling it quits based on present difficulty (it's getting hard for most hobbyists to profit, I hear). But since I can't load those charts in a real trading platform and perform real back-testing and analysis on it, I won't swear by it...I could be wrong.
Regards,
--ATC--
Thanks so much for posting that chart!
As a technical analyst, however, I'm inclined to take up a bearish sentiment on mining difficulty based on your chart. It looks like we hit a high and have fallen through longer-term moving averages, indicating that a lot of miners are calling it quits based on present difficulty (it's getting hard for most hobbyists to profit, I hear). But since I can't load those charts in a real trading platform and perform real back-testing and analysis on it, I won't swear by it...I could be wrong.
Regards,
--ATC--
even if you spend 1,200USD on coins, by the time these devices are deployed, 1,200USD in coins will be worth like $12. There's nothing to win by this upcoming deployment and everything to lose. 
damn, so if i order one now, id most likely have to wait months just to get it?
also im in college and was wondering how much exactly does the power bill cut into costs? basically i'm paying for an unlimited supply of power anyway with my room and board and would be able to run a rig 24/7 for "free", does this give me a huge advantage over others?
also im in college and was wondering how much exactly does the power bill cut into costs? basically i'm paying for an unlimited supply of power anyway with my room and board and would be able to run a rig 24/7 for "free", does this give me a huge advantage over others?
This has me dying laughing. If you order one today, you will wait longer than those who ordered in July. That's if you ever get one of course. But you're a long way down the line and the easy coins for the first people deploying will be long gone. Just use the money you were thinking about an ASIC and buy some coins.
I dont believe why they released ASIC to public. they should run their machine for private investor if it really can get that HASH
This would be fine if they were the only ones, but it's a bad business decision considering the competitive environment, as well as the future currency risk. If they pinned their whole business plan on this, then they could end up competing for a very small piece of the pie. The delays that they have had are already putting their business at risk, if they had gone this route then it's possible that they would never get their investment back.
On top of that, BFL wants to show their capabilities in designing a high power low energy custom chip so that they can get clients outside of the world of bitcoin. They are looking for 1% of a 100 billion dollar/year industry, not 50% or less of a 20 million dollar industry.
All that said, one ASIC vendor did take your route, and it appears they will deliver first. I actually feel that this is directly tied to the profit motivation. While BFL's 65nm design is (probably) an excellent display of the company's capabilities and will certainly help miners in a year or so when power costs will be an important function of profitability, if they had gone with a simpler chip process then their customers would have been better served as they would have had their miners while the block reward was still 50.
hopefully they all dont dump bitcoins out for cheap
Sadly i can see this happening, the way i figure if your the first person to recieve an asci and start churning out bitcoin like theres no tomorrow; then if you want to make profit you're best dumping them all on the market before the next person does.
That said if asci's ever do ship, as has been stated, lots of people will have them also, so you wont be making as much as you'd have hoped.
personally i think its all too good to be true, but i've been wrong in the past. The idea that someones invented a machine that will mean you never have to work again is kind of a little far fetched for my liking, but the idea is a good one.
p.s Hi everyone this is my first post
Once the first huge ASIC rigs are brought online, block generation will only be faster than normal for 2016 blocks when difficulty will adjust and bring generation back to 6 blocks per hour. People may have a larger incentive to sell coins to repay their investment, but we won't see an OMG CRASH or anything.
I dont believe why they released ASIC to public. they should run their machine for private investor if it really can get that HASH
Centralization of large portions of hashing power is bad and is one of the reasons I do not like Enterpoint's Goliath proposal. Having high speed hasing devices in the hands of many people increases the security of the network.
I dont believe why they released ASIC to public. they should run their machine for private investor if it really can get that HASH
hopefully they all dont dump bitcoins out for cheap
Sadly i can see this happening, the way i figure if your the first person to recieve an asci and start churning out bitcoin like theres no tomorrow; then if you want to make profit you're best dumping them all on the market before the next person does.
That said if asci's ever do ship, as has been stated, lots of people will have them also, so you wont be making as much as you'd have hoped.
personally i think its all too good to be true, but i've been wrong in the past. The idea that someones invented a machine that will mean you never have to work again is kind of a little far fetched for my liking, but the idea is a good one.
p.s Hi everyone this is my first post
hopefully they all dont dump bitcoins out for cheap
How does any one even break even . Would you not just get infinitely closer to breaking even. As difficulty rose you would mine less and less.
. Would you not just get infinitely closer to breaking even. As difficulty rose you would mine less and less.
Maybe we could call it a scam if they'd ever deliver them.
damn, so if i order one now, id most likely have to wait months just to get it?
also im in college and was wondering how much exactly does the power bill cut into costs? basically i'm paying for an unlimited supply of power anyway with my room and board and would be able to run a rig 24/7 for "free", does this give me a huge advantage over others?
It will help you very short-term while GPU mining is still viable, and it would've helped you even more when CPU mining was viable. FPGAs and "true" ASICs, however, sip power. If you had hundreds of thousands of dollars worth of ASICs, though, it'd be noticeable. also im in college and was wondering how much exactly does the power bill cut into costs? basically i'm paying for an unlimited supply of power anyway with my room and board and would be able to run a rig 24/7 for "free", does this give me a huge advantage over others?
it seems the closest is ASICMINER, who is supposed to have theirs finished next week.
Following this thread will keep one abreast of that:
If the foundry keeps up 4 layers a week from now on, it means ASICMINEr should receive the chips just before Christmas, so we could theoretically (hopefully) have something online before the end of the year....hashing the first ASIC mined block ever
Then following that:
(~2-3 weeks)
First 6TH/s online
(~2-3 weeks)
Second 6TH/s online
(~0-4 weeks)
50TH/s of chips out
(~2-3 weeks, ~2-5 weeks if location changes)
Part or all of the 50TH/s online
First 6TH/s online
(~2-3 weeks)
Second 6TH/s online
(~0-4 weeks)
50TH/s of chips out
(~2-3 weeks, ~2-5 weeks if location changes)
Part or all of the 50TH/s online
Also don't count out some FPGA monster either. Such as what yohan says they've got. From another thread:
Before we ask for money you will be able to see the inital small system results in the network hash rate. It will be big enough to be noticed.
Here we go again...
check out the german --> off topic forums. Seriously all the BFL topics have been moved there.
check out the german --> off topic forums. Seriously all the BFL topics have been moved there.
Every ASIC vendor is reporting that they don't have their chips yet. Right now, it seems the closest is ASICMINER, who is supposed to have theirs finished next week. Because of their business model, you can expect their testing to have an effect on difficulty.
After community outcry, BFL has said that they will only do testing on their own testnet. I'm not really sure about bASIC and Avalon.
After community outcry, BFL has said that they will only do testing on their own testnet. I'm not really sure about bASIC and Avalon.
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