Topic: Novello Technologies new Mining System Project, prices as low as $0.3/GH - page 8. (Read 40764 times)

Hi, and thanks for you post. The only difference is in the price - it's a reward for contributing early. Apologies for the website, we were not planning initially to put one up at all.

We've given more than enough engineering data for any competent asic / system designer to look at and pass comment on - an awful lot more than any other company has ever given at this stage. Trouble is. on these forums you never know who is really independent let alone competent.

Thanks also for your encouragement. Believe me, we've faced a lot tougher crowds than this in our careers; we're patient and persistent and will defend our project to the end.

Quite simply, you are incorrect here.  You are, and will remain, a buyer.  If you were an investor, you would be sending money to the company, and would expect return on your investment from the company based on performance.  People who purchase stock in a company are investors.

You are sending money to the company with the intent of receiving a product.  What you then do with that product once you have received it is not relevant to the company.  If it so happens that this product makes you some money, then so be it.  

Your investment is in BTC.  By purchasing a miner, you are making a decision to actively support the BTC network.  That's what mining is: supporting and helping secure the network.  You are rewarded for your efforts with generated coins.

What Novello is stating is the following (and yes, I'm taking their entire plan and compressing it to a couple of sentences): We are going to build mining hardware that will be competitive and allow the "little guy" to remain in the mining game.  We are going to do this by providing great price-to-hash value in the hardware, and by providing relatively inexpensive ways to continuously upgrade your existing hardware.  To achieve our goal of great hardware at a great price, we need capital; and, to receive that capital we are looking to the mining community to believe in us and pre-order our hardware.

Whether or not they succeed with their mission remains to be seen.  They have a long, tough road ahead of them, both to secure funding and to produce the hardware on time and on budget.  As can be seen throughout this post, MANY of the very people they are hoping will pre-order their products are extremely skeptical from being burned so many times in the past by other companies.

I have a great idea for a new car.  I just need to potential buyers to give me %100 of the financing necessary to develop, test & market it.
WTF?

Why does this still seem OK to people?

STOP asking us to finance your Co.
1) Develop a product
2) Market it...WHEN THE FUCKING THING EXISTS AND IS READY TO SELL
3) profit - get bigger and sell more or go bust

Don't invest until you have more proof about them or about their skills.

Hello,

I am considering funding your project but I would like know what the difference is between the 49' and the 500' options. I went through your website and I would strongly recommend having a more professional website created as it looks..... Well it looks bad is all I can say. I really appreciate the balance your organization is looking to return to the mining market. This is the main reason why I am considering funding you. I feel like you are bringing a business perspective that is not entirely profit driven and I can really get behind something like that.

I think your investors will be people like me so focus on what your strengths are and don't let the naysayers discourage your efforts; though I do think you still fall short as far as passing the smells test. There have been good suggestions made previously about increasing your credibility. Maybe some more specific engineering data that can be verified by forum members. (Wish it would mean something to me, other than independent verification)

Good luck!
-cheers

Well put, and exactly in line with our ethos. I'm sure you've read through our proposal but due to it's length it takes a few readings to fully understand how we have approached the project.

Firstly, it's not a one off, and our GSP idea came about because, as we said, we want to build a sustainable business, not get rich quick. That means we carry our first adopters, for want as a better expression , 'with' us and make sure they are the ones we look after and help to maximise their earnings. No other company has ever proposed this.
 
Secondly, we're firmly against centralisation and at the risk of concerted attacks on ourproject we come to it again and again in our proposal and say how we're going to help the 'little guy' compete against the hash farmers. Not everyone welcomes that idea, I can tell you.

No matter how much you would like it to happen, no commercial company is going to basically issue 'shares' to investors, supply them with a rig then on going profits. You can buy a cloud hashing deal, but the less said about those the better.

We are saying: back us to get the project started, we'll give you something that will give you an immediate financial advantage when it's delivered then keep you supplied with discounted hardware to keep that advantage. Maybe not exactly what you would wish for, but unfortunately it's the best we can offer just now.

That's not so say that a future project might not follow your suggestion more closely.

Thanks for taking the time to post this.

Bottom line, you do not have the skill to complete this project. This project will never succeed.

In traditional markets such as if we were buying a car or even a computer you would be correct in saying that we are buyers, not investors. However, people who purchase miners are not purchasing hardware so much as they are purchasing an investment. So even with "off the shelf" purchases we are investors who are taking a calculated risk with what we purchase. We aren't buying a miner to be cool (or hot) or because it gives us pleasure to look at or provides any utility to us outside of an investment.

The pre-order scheme takes that investment mindset a step further and asks the customer to take on additional risk beyond their calculated risk. It asks the customer to take risks that can't be calculated as accurately because there is less available information. Strictly speaking, from our perspective, in a pre-order we are not buyers but co-investors. A company who understands that this is the mindset of the small-time bitcoin miner would be a refreshing approach to the market.

I went trough your description for project. First I would like to say that's interesting. I agree with some of your statements about information shared with miners and potential customers which are not so positive and does not fully support straight selling 

Would be very good if you can prove work you did. Show some of the simulation, design of the product etc... . But it this stage when you have no product it will be very hard.

I do not want to comment if this going to happen or not. I would wish rather yes. I will keep eyes here.

I wish you good luck.

Thanks for posting that. We quite understand people's skepticism, it's not nice to have your money and/or resources stolen, especially if they are the only resources you have.

 If you come from a similar environment then you'll know that being patient is a very necessary virtue, as is integrity and accuracy. We are very patient, and are more than happy to keep defending our project for as long as necessary. We may not get funded in the end, but as I'm sure you know any project can yield potentially yield future rewards even if it fails.

You're dead right about the 'space' though. A lot of the behaviour inside it certainly doesn't entice outsider to participate, and that impedes it's growth.

Thanks also for your good wishes.

I read thru your proposal, and some sections (including 4.5) several times. The "fault tolerant" approach did catch my eye, seeing as I came from a similar design environment.  I tend to read more than shoot my mouth off, so I didn't really think to comment.  Please forgive my fellow bitcoin enthusiasts, but you'll have to agree that any ASIC manufacturer not only has to prove their own mettle, but also overcome the stigma the majority of every ASIC manufacturer that has come before them.  Just take a quick look at the "scam accusations" subforum and you'll understand.

I wish you good luck in your endeavour and will be watching closely.  God knows the bitcoin space needs more honest and on-time delivery of mining hardware.

http://www.spondoolies-tech.com/pages/team  

Some faces with experience sure made pre-ordering at Stech easier for me. Do you not think it would be better to list out your team and their experience?

Remember you came to the forum hat in hand so it is well within the scope to ask before we even consider the proposal who makes up the team? That is a pretty fair question.

Having over 120 years of accumulated experience then it means that you can be easily checked about your background. Saying that you won't give any details about your staff is very very weird. I don't see how can you give us a lot of baloney when people could easily check. Maybe LinkedIn or another way.

May I ask you about your Bitcoin background? Like when you found about it, how many bitcoins do you own etc. You seem to know some stuff about this forum, but you don't know much about the past companies and the past fails/scams.

Labcoin even managed to print out some fake PCBs just to convince people to give them money. They stole 7000 BTC. https://bitcointalksearch.org/topic/labcoin-ipo-btctco-detailsfaq-and-discussion-asic-devsalesmining-263445

TerraHash managed to have some third party chips on their PCB board, but they still scammed people and didn't ship anything. https://bitcointalksearch.org/topic/off-topic-198489

And I can go on. BFL has a over 9 months delay at this moment (or is it more?) and only a few refunds are going to the customers.

HashFast (http://hashfast.com/team/) is in bankruptcy after raising more than 20M and having 40k chips in hands after numerous failed PCB revisions.

BA is currently in a 4 months delay (Feb-June).

So yes the team is important since we had/have a lot of pretty projects at start and nice marketing and nice presentations and LOTS of promises. We need more tangible proof and the team would be a start. We will need even more proof after the team, but the team sounds the most easy/accessible one. If you can't provide that how do you expect to provide on time and on specs cutting edge technology in a very fast moving market?

Thanks for reading our proposal Martin. We'll get back to you soon on this.

You have nice introduction.
Our team is specialized in designing 3-rd parity mining boards.
After reading your ASIC specs we are interested in design of a miner board with your chips.
If you are interested , please drop me a PM or mail at  [email protected]

Fair comment, and that's exactly what we would propose to deliver except that after you get you product we give you incentives to make more money in return for further production orders delivered exacty when needed. That's as close to an 'investor' reward as any company will give you. If you look at our proposal and our prediction for 'Jane', you'll see that we have absolutely no need to mine with customers machines, if every early customer took up our GSP program then we would make our margin off discounted machines/modules.

We are the only company that seems to have actually looked to the future after we get funded. Hashing farms are not on our radar, but we can see a tidal wave of the damn things approaching rapidly, so unless one of the existing manufacturers steps up to the plate and drops their prices very significantly, most miners are totally screwed.

I can only offer my sympathies for what happened to you before. Must have led a very bad taste in your mouth.

UPDATE

Forgot to add in the technical information, the power distribution figures include all relevant clock power. In all it makes up about 14%.

My problem is this: I have done pre-orders before only to later see that the company used a big part of my payment to invest in their own mining farm, hurting me by increasing the network difficulty and lowering the amount of mBTC that I generate. So I "digged my own grave" by ordering from them and not being part of their profit rewards.

(They also promised they would never mine with their own equipment, yeah right).

Reward my order and payment by keeping me informed about the progress(no BS or lies), sending me a great product when it is ready and make me an investor with the benefits that come with that. That's how I would do a pre-order nowadays in bitcoin land.

buyer is the one who pays for working unit which is ready to be picked up. what you selling is promises. nothing more.

Hi Ben,

Thanks for your input.

Strictly speaking you're buyers, not investors. We promise you delivery of an item at a future date in return for your payment. I can see why you might think that though, your 'investment' , as it were, is to give you a commercial advantage when your item gets delivered.

As a company we will use virtually all the money we get in orders to fund system development, satisfy those orders and stay afloat while doing so. After that we have to try to solicit more orders to keep the company going and invest in R&D for new products.