Topic: 📈 NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012) - page 13. (Read 959381 times)

Each GPU brings in a couple hundred bucks a month.  This is a fairly small organization so it doesn't take much to increase the distribution %.  Right now we have 2 GPUs and a 2/3's working S17 providing the mining donations, so buying 1 more GPU would actually be a decent increase in mining power.  A big reason for this stagnation in hashrate is that I've been expecting a Bitcoin price increase for the last couple years and felt that sitting on our savings was the best move.  That move has proven to be the right decision so far, so I'm not in a hurry to reverse it quite yet and open the floodgates on our savings.

when I said raise, I am talking about the distribution to the seat owners - so if that means to lower the other's then yes. 500k is a decent amount and a gpu will not make a dent in it. Not sure what you would do with a gpu as also will not really increase any profits either. A solitary gpu might make a few bucks a month but not much more.

If we wanted to raise the distribution % for seats we would need to lower NastyMining’s % not raise it. Going big with miners seems like a good idea, but I think that’s probably the riskiest thing we could do at this point in the market cycle. A continued rise in the BTC price would flood the market with more miners, drowning us in higher difficulty while at the same time reducing our amount of BTC held so we don’t get to enjoy as much price appreciation. I’d much rather buy mining equipment when the price is on the decline. I hear that more miners seems to be the popular suggestion thus far, so I will look into picking up another GPU soon, which shouldn’t make much of a difference in our savings.

Maybe not legal debts, but you did admit to losing around $200,000 to pirate in your ponzi scheme.  
(you are making monthly arrears payments for tax evasion - isn't that debt?)

So in your left hand, you have the losses of $200,000 of investor's money, and in the right hand, you have $500,000 donated from people who believed you were a charity.  While telling the government you can't pay outstanding taxes.

Why not do the right thing, and make some of your investors whole?

Possibly go to 50 or somewhere between -  or go big with the miners - if I had half a million - I would be adding at least a few PH

Right now 25% of donations are sent to NastyMining.  Do you mean to reduce the % of donations that are going to NastyMining in order to increase the distribution % for seat owners? 

That could definitely be something we could vote on if there was interest in doing so.  What amount do you think it should be lowered to?  The last time we lowered it, we went from 50% to 25%.  I could see another smaller reduction having some merit at least until we figure out a plan for our savings.  Having a large and growing savings isn't the worst thing though, as it does put a floor under seat prices that will eventually lead to their BTC price rising even if the BTC exchange rate rises as well.

if you have half a million dollars in stored funds, maybe increase the distribution percentage? that would also put funds back in the seat owners hands.

Yes, that is always a consideration.  Historically it has been better to wait until after the price is done rising to buy mining hardware, but I may purchase another GPU as those seem to be more profitable and maintain their value a bit longer than our ASICs have.  Mining is also a long slow payback.  I'd love it if we could find a way to get BTC into the hands of seat owners more quickly so they can enjoy some price appreciation on their coins during this rally.



As stated above, I'm not thrilled about the idea of expanding our ASIC mining operation at the moment, but that may be something to consider next holiday season.  Being carbon neutral is a nice thought, but it would take a significant investment to ensure that and I don't think it would be a good use of our funds.  There are a lot of options for easy funds, like staking coins, but the last poll we had made it pretty clear that seat owners do not want to mess with alternative crypto investments. 



Seat owners and myself.  Once we get some good ideas on what to do with the funds then seat owners will vote on a poll to decide how to spend them.  If the funds are being spent on mining hardware then no poll would be necessary.



I have no debts of any kind.

Who gets to decide how these funds are spent?  Will the donators benefit from more battery storage at your house?

On August 2, 2014 you paid out an approx 1% insurance fund of 65btc - meaning you lost approx 6,435 btc (at the time of your bragging post above were worth $220 million dollars)

On August 2 those coins were worth maybe $100,000.  You have half a million now - is anyone against you paying off your investment debts? 

1) Don't claim imaginary seperation of your funds Mr. finance.  You've already paid a fine for tax evasion
2) If you attempt to deflect or call my facts anything else, I'll escalate it until everyone sees if you do the right thing.

p.s.  I will contact Guinness for you.

Not to take this thread too off topic, but I have paid back nearly everyone who reached out during the reimbursement period. As there’s a fixed amount of BTC and that gets divided up amongst claims, it should be no surprise that it’s no longer possible to pay people back after paying all of the BTC.

—

As a small seat and coin holder I would love to see the funds spent on more distribution-generating activities. There is something nice about seeing your coins stack more satoshis, and I hope that continues in meaningful ways (especially considering UXTO dust).

More mining hardware is definitely one way. It would be nice to also ensure any energy spent is carbon neutral or green. Something else that’s interesting is Ethereum staking, but I don’t like how it’s disconnected from BTC and Nasty has always been about Bitcoin to me.

nice to hear - I see that a lot of the feedback on that issue has not been changed yet so was curious. Have you thought about getting more miners to increase your revenue? half a mil can make for a decent sized addition to your current mining.

He paid us back. That’s all that is relevant to this thread.

8 years of distributions has to be a record for crypto. Maybe someone should contact Guinness.

Happy New Year everyone! Anybody got any ideas what we should do with the more than half a million dollars we have sitting around? I never imagined when I asked for funds to buy an FPGA miner that this would be the outcome. Such an amazing ride we’ve all been on. How can NastyMining give back to the seat owners?

are you still paying back people all the lost funds from your "venture"?

Thanks for distributions for 8 straight years. Mad respect.

We have received our final payout from Nicehash for funds that were stolen in the 2017 hack.  This makes a 100% recovery of BTC that we were owed. 

You can read the Nicehash CEO letter here: https://www.nicehash.com/blog/post/nicehash-ceo-letter

8 years ago nastyfans auction opens. I post some fun facts about the eighth year of nastyfans...

• 5 seats sold on the auction (total of 0.00612233 BTC)
• 1 year ago a nastyfans seat sold for 0.00135 BTC ($13.81)
• most recent nastyfans seat sale was for 0.0011 BTC ($21.33)
• 1 seat minted
• 1.03985154 BTC donated to nastyfans
• 1 seat accepting donations received 0.00003608 BTC
• 2 new members

Not many things happen for year 8. Of coarse except donations and distributions every week. The plan list for year 9 keeps the same.

• NastyPool online again
• polls for handling terminated seats
• update backend infrastructure

I thank the members for making this fanclub so much fun to be with!

I also want to remind people to login every once in a while to keep your account active. We also chat quite a bit in our slack group still and if anyone wants in, drop me a PM.

Thank you, happy to be back and thanks for the update!

That's a lot of updates, but all sounds good, and I think the strategy on the S19s make sense as well.  Been happy with the luck we've been having, keep up the great work!

Hey kroneko!  Nice to have you back.  Things just keep rolling along...  This thread is probably due for an update, so here's what has happened recently.

At the end of July I met with nonnakip as he flew out to spend some time sitting in boats and enjoying the scenery of Northern California.  We had some great discussions about things that could be done to bring some more fun and activity to NastyFans and hopefully some of them materialize in the future as it would be great to get more activity on this project.  This international travel led to a 22 hour delay in issuing a refund that caused quite a stir a while back.  Sure, complaining about a 22 hour refund delay while someone is traveling internationally is not exactly logical, but that's the state of bitcointalk and it's members these days.  Here's my response on the thread: https://bitcointalksearch.org/topic/m.54884247

I no longer own the NastyCenter property.  A decade long boom in real estate has resulted in the sale of the NastyCenter property as I reduce the amount of properties owned in an effort to rebalance my real estate portfolio to being focused on providing entertainment instead of investment returns.  Sale of this property has closed, so the NastyCenter is no more.  In 2015 we were utilizing this space to mine because heat was the limiting factor, not electricity rates.  Considering we haven't utilized this property in nearly half a decade, I don't see it having any effect whatsoever on this organization.

Our S17Pro is operating at 2/3 capacity.  Last month we had a chain of ASICs become non-functional.  I've been quoted a price of $300 + parts to have it looked at and repaired, but I'm not sure if it is worth it at this point as I had been thinking about selling the unit to upgrade to S19 hardware.  We have quite a bit of funds sitting around that would make this $300 a non-issue, but I feel at this point in the Bitcoin price cycle it might be wise to just let things go as they are and wait for an opportunity to put our funds to use.  I'm always open to suggestions if anyone had some on how to proceed with hardware and our savings.

I think that covers most of the excitement we've had lately.  I feel like while this project has been quiet, we're currently sitting with the highest $ amount in savings we've ever had, our product line for sale at https://nastyfans.org/mint is full of great options, we have both ASIC & GPU miners generating returns, and have had 44 weeks in a row of donation distributions that give us plenty of hope for the future.  I never dreamed we would reach this level of success when I raised a couple hundred dollars to run an FPGA miner for the community, but now that we have, it feels like we're still just getting started on what could be possible with the right community spirit.  

Happy Friday everyone!   Been a while but been interesting seeing Bitcoin back in the news!   How's everyone been doing?