Purchasing bitcoin ASICs - The Manual

Unacceptable

legendary

Activity: 2212

Merit: 1001

Quote from: becoin on January 22, 2013, 08:35:17 AM

The thread about BFL failing to honor full bitcoin refunds is locked? https://bitcointalksearch.org/topic/wow-becoin-failed-to-read-and-comprehend-bfls-policy-on-btc-refunds-137026
Any explanation by gmaxwell? Will he apologize if there is a case and I am right?

Bicknellski

hero member

Activity: 924

Merit: 1000

Quote from: becoin on January 22, 2013, 08:35:17 AM

The thread about BFL failing to honor full bitcoin refunds is locked? https://bitcointalksearch.org/topic/wow-becoin-failed-to-read-and-comprehend-bfls-policy-on-btc-refunds-137026
Any explanation by gmaxwell? Will he apologize if there is a case and I am right?

-1

BR0KK

hero member

Activity: 784

Merit: 500

Quote from: becoin on January 22, 2013, 08:35:17 AM

The thread about BFL failing to honor full bitcoin refunds is locked? https://bitcointalksearch.org/topic/wow-becoin-failed-to-read-and-comprehend-bfls-policy-on-btc-refunds-137026
Any explanation by gmaxwell? Will he apologize if there is a case and I am right?

No he won't... You still don't get it?

How's the lawyer thing going?

becoin

legendary

Activity: 3431

Merit: 1233

The thread about BFL failing to honor full bitcoin refunds is locked? https://bitcointalksearch.org/topic/wow-becoin-failed-to-read-and-comprehend-bfls-policy-on-btc-refunds-137026
Any explanation by gmaxwell? Will he apologize if there is a case and I am right?

Bicknellski

hero member

Activity: 924

Merit: 1000

Quote from: nathanrees19 on January 16, 2013, 08:48:45 AM

Your steps are too complicated.

1. Wait until they have stock
2. Order

Exactly what I will do.

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: meowmeowbrowncow on January 16, 2013, 08:53:35 AM

Yep, one of the only good plays right now is waiting for the price drops and re-evaluating.

Experienced traders know what does happen when everybody hopes for a price drop to bail out? It happened today. Will continue tomorrow. And day after tomorrow...

jermwerty

sr. member

Activity: 472

Merit: 250

Quote from: nathanrees19 on January 16, 2013, 08:48:45 AM

Your steps are too complicated.

1. Wait until they have stock
2. Order

This is my plan. Safe bets make less profit though.

sounds

full member

Activity: 140

Merit: 100

1221iZanNi5igK7oAA7AWmYjpsyjsRbLLZ

Ok, tell me if I got this right –

Your existing mining operations have paid for themselves and are now paying rent, utilities and gas. Also, since your business is computer repair it's likely you have all you need to plug in a few GPUs and generate some coins.

So as long as the difficulty doesn't make it unprofitable to pay the electricity and hopefully if the exchange rate goes up, you'll make some money.

Makes sense to me

Miner99er

sr. member

Activity: 310

Merit: 250

Quote from: sounds on January 16, 2013, 05:40:28 AM

Quote from: Miner99er on January 16, 2013, 01:32:38 AM

I shouldn't have.

I should have sold the GPU's I had and replaced them with 7970's and then I'd be making as I was before the reward split. Now it doesn't make sense to do that.

Unless... there are no ASICs.

Then I'm fine, and I'll be buying 7k and 8k cards to replace the aging 5k's I have. Total BTC out, 25.4112 for a $150 preorder, and a chargeback on the mini single upgrade.

I may be the newbie here but how do you figure?

Even underclocking a 7970 to make it more efficient will pay the electricity to run it, but won't make a lot of profit. Unless a new 8k-series card can hash like crazy without using much power it's just a way to move dollars to bitcoins until the block reward halves again. (Well it protects the network I guess.)

Why not just buy the coins at an exchange?

1) I'm a miner.
2) I am currently self employed.

Which means, I only make enough to pay rent, utilities and gas in my car with my hash rate and the current conversion rate. What I do on the side (computer repair) keeps the doors open, and allows me to save a few coins, but the economy and a shift away from PC's toward tables has hurt business.

meowmeowbrowncow

sr. member

Activity: 322

Merit: 250

Quote from: tvbcof on January 16, 2013, 05:11:08 AM

Quote from: Odi on January 15, 2013, 10:49:40 PM

I preordered the bASIC because of these reasons, from most important to least:

All the good words about cablepair's transparency in the forums
...

I kinda remembered ~cablepair being something of a dick a long time ago before he became mister salt-of-the-earth in running his 'business'. The benefit of having been around for a while I guess. Not that it mattered much because I never was even close to buying any ASIC from anyone until I see one working and working well. Even then, if I buy any 1st generation stuff it'll be because the next gen made it a bargin.

Yep, one of the only good plays right now is waiting for the price drops and re-evaluating.

nathanrees19

full member

Activity: 196

Merit: 100

Your steps are too complicated.

1. Wait until they have stock
2. Order

BR0KK

hero member

Activity: 784

Merit: 500

Some people like mining more than speculating

The humming sound of a rig nearby keeps us from feeling lost and alone :d

sounds

full member

Activity: 140

Merit: 100

1221iZanNi5igK7oAA7AWmYjpsyjsRbLLZ

Quote from: Miner99er on January 16, 2013, 01:32:38 AM

I shouldn't have.

I should have sold the GPU's I had and replaced them with 7970's and then I'd be making as I was before the reward split. Now it doesn't make sense to do that.

Unless... there are no ASICs.

Then I'm fine, and I'll be buying 7k and 8k cards to replace the aging 5k's I have. Total BTC out, 25.4112 for a $150 preorder, and a chargeback on the mini single upgrade.

I may be the newbie here but how do you figure?

Even underclocking a 7970 to make it more efficient will pay the electricity to run it, but won't make a lot of profit. Unless a new 8k-series card can hash like crazy without using much power it's just a way to move dollars to bitcoins until the block reward halves again. (Well it protects the network I guess.)

Why not just buy the coins at an exchange?

tvbcof

legendary

Activity: 4760

Merit: 1283

Quote from: Odi on January 15, 2013, 10:49:40 PM

I preordered the bASIC because of these reasons, from most important to least:

All the good words about cablepair's transparency in the forums
...

I kinda remembered ~cablepair being something of a dick a long time ago before he became mister salt-of-the-earth in running his 'business'. The benefit of having been around for a while I guess. Not that it mattered much because I never was even close to buying any ASIC from anyone until I see one working and working well. Even then, if I buy any 1st generation stuff it'll be because the next gen made it a bargin.

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: Miner99er on January 16, 2013, 01:32:38 AM

It's unfortunate that bASIC went tits up, and you lost money on the deal. but it has to be said again and again...

"Never invest more than you can afford to loose."

Absolutely. I've said it on rule No. 1:

Quote

1. There is nothing wrong with investing in ASIC startups as soon as you understand that you are investor, not customer!

Miner99er

sr. member

Activity: 310

Merit: 250

Odi, all good points... and you're right, hindsight is 20/20.

I took the plunge for BFL jalapeno Preorder cause I had the BTC for it, and I was eagerly awaiting when it was announced. Ended up being in the first #300 cause a guy has to sleep, lol.

But I jumped into the GPU game late, after the Crash from $32. For some reason tho I've stuck through all the way down to $2.05 buying 5xx0 series and profiting off people getting out of the game with cheap hardware buys.

What I did wrong, I'll admit was knowing they were going to miss the October date. That was obvious... but I thought they would have a quick turn around and would release something close, or just after the reward split. and so I stop buying hardware.

I shouldn't have.

I should have sold the GPU's I had and replaced them with 7970's and then I'd be making as I was before the reward split. Now it doesn't make sense to do that.

Unless... there are no ASICs.

Then I'm fine, and I'll be buying 7k and 8k cards to replace the aging 5k's I have. Total BTC out, 25.4112 for a $150 preorder, and a chargeback on the mini single upgrade.

It's unfortunate that bASIC went tits up, and you lost money on the deal. but it has to be said again and again...

"Never invest more than you can afford to loose."

Odi

member

Activity: 73

Merit: 10

I preordered the bASIC because of these reasons, from most important to least:

All the good words about cablepair's transparency in the forums
They were the only one with batch 1 pre-orders remaining when I discovered ASICs
BTC was continuously getting weaker in October and I wanted to lock in a higher price for my BTC
If I was scammed, I would just forget about bitcoin completely, since the BTC I paid with were from mining on a $200 initial investment

I should have refunded earlier when the transparency stopped around December, but I was blinded by the "place in line" concept. Hindsight is always 20/20.

I finally asked for a refund on his drunken post (I got it last Friday). I will still buy a bASIC if it is realized, but not a pre-order anymore.

I do not blame them for refunding USD equivalent instead of the BTC I paid. I lost the bet that BTC prices would keep declining. It was entirely up to cablepair whether to risk holding the BTC or convert them to USD immediately, and is completely unrelated to the customer. I certainly would not expect them to ask me for more BTC if BTC kept on declining. Likewise, I did not expect them to refund me the original BTC amount if BTC strengthened. (I guess we will never know if he would have refunded more BTC if it had kept on declining.)

Luke-Jr

legendary

Activity: 2576

Merit: 1186

Quote from: Miner99er on January 15, 2013, 08:49:31 PM

I figure...

the Jump from CPU to GPU mining

Difficulty jumped 2000 times higher (1500+ to 3200000+ difficulty, has been higher)

Price jumped over 250 times higher (0.06c to $14.30, has been much higher)

over 15 months (October 1st to today)

We're going to see another jump like that moving from GPU to ASIC.

Plan for it.

Difficulty does not influence Bitcoin price.

Miner99er

sr. member

Activity: 310

Merit: 250

I figure...

the Jump from CPU to GPU mining

Difficulty jumped 2000 times higher (1500+ to 3200000+ difficulty, has been higher)

Price jumped over 250 times higher (0.06c to $14.30, has been much higher)

over 15 months (October 1st to today)

We're going to see another jump like that moving from GPU to ASIC.

Plan for it.

Luke-Jr

legendary

Activity: 2576

Merit: 1186

Quote from: Miner99er on January 15, 2013, 04:52:09 PM

I'm sitting here thinking we're going to see another round of 5830's-paying-themselves-off-in-a-week-like profitability.

Almost missed the boat last time.

This time I'm at the front of the line.

Hope so, because there will probably only be 1 or 2 of those weeks Wink

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