Topic: Wall Observer BTC/USD - Bitcoin price movement tracking &amp; discussion - page 372. (Read 26465212 times)

Quote from: heslo on May 31, 2024, 03:34:02 PM

https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Good read indeed, thank you.
Especially considering that I just at this very moment when you posted wondered why block 845,948 that got mined a few minutes ago happened to be empty..

Own quite a bunch of their miners but really starting to hate them.

Unfortunately they have quite the monopoly on the hardware ecosystem and used that monopoly to actively fuck over their competition too

Yes, but why? Why do they have a monopoly at all?

With all the chip making capacity in the world, especially in places like Taiwan, and cheap labor worldwide, there should be hundreds of Bitmain competitors by now.

Doesn't compute with me.

Enlighten me.

I don't think a lot of the main cost is the manufacture of the chips but the R&D in designing them (I stand to be corrected here if I'm wrong)

I seem to remember seeing an invoice from one of the fab shops asking for $200+million to produce another generation of ASICS for friedcat and Asicminer didn't have the funds and I believe he was reluctant to do another pre-order (that's a lot of money to raise). Wish I had saved screen shots - most links I can find are dead.

Yeah fab space too is costly, forgot about that. Especially these days competing with AMD, nVidia, etc

jojo69

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ChartBuddy

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Explanation
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xhomerx10

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Quote from: Torque on May 31, 2024, 03:18:22 PM

https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Good read indeed, thank you.
Especially considering that I just at this very moment when you posted wondered why block 845,948 that got mined a few minutes ago happened to be empty..

Own quite a bunch of their miners but really starting to hate them.

Unfortunately they have quite the monopoly on the hardware ecosystem and used that monopoly to actively fuck over their competition too

Yes, but why? Why do they have a monopoly at all?

With all the chip making capacity in the world, especially in places like Taiwan, and cheap labor worldwide, there should be hundreds of Bitmain competitors by now.

Doesn't compute with me.

Enlighten me.

I don't think a lot of the main cost is the manufacture of the chips but the R&D in designing them (I stand to be corrected here if I'm wrong)

I seem to remember seeing an invoice from one of the fab shops asking for $200+million to produce another generation of ASICS for friedcat and Asicminer didn't have the funds and I believe he was reluctant to do another pre-order (that's a lot of money to raise). Wish I had saved screen shots - most links I can find are dead.

Hueristic

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Doomed to see the future and unable to prevent it

Quote from: Torque on May 31, 2024, 03:18:22 PM

https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

https://www.youtube.com/watch?v=4BkyhdxnDrM

heslo

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Quote from: Biodom on May 31, 2024, 03:23:31 PM

https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Good read indeed, thank you.
Especially considering that I just at this very moment when you posted wondered why block 845,948 that got mined a few minutes ago happened to be empty..

Own quite a bunch of their miners but really starting to hate them.

Unfortunately they have quite the monopoly on the hardware ecosystem and used that monopoly to actively fuck over their competition too

Yes, but why? Why do they have a monopoly at all?

With all the chip making capacity in the world, especially in places like Taiwan, and cheap labor worldwide, there should be hundreds of Bitmain competitors by now.

Doesn't compute with me.

Enlighten me.

I don't think a lot of the main cost is the manufacture of the chips but the R&D in designing them (I stand to be corrected here if I'm wrong)

heslo

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Activity: 1162

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https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Good read indeed, thank you.
Especially considering that I just at this very moment when you posted wondered why block 845,948 that got mined a few minutes ago happened to be empty..

Own quite a bunch of their miners but really starting to hate them.

Unfortunately they have quite the monopoly on the hardware ecosystem and used that monopoly to actively fuck over their competition too

A question arises: why none of other "silicon" companies ever made an ASIC: the likes of Nvidia, AMD, etc.?
Bitfury did, but ONLY for their own "consumption".

Most likely because they could not make it cheap enough. No one would pay 100K for a miner if it can only produce $10K worth of bitcoin right now, even though this bitcoin could be worth a $1 million sometime later. I distinctly recall people bristling at mining with a "loss" in 2015, then in 2018 and 2020.
Those "losses" became huge gains (if miners would have kept the coins).
In fact, the best model would have been to borrow cash at low interest, buy miners, then keep the coins and pay back the loan from an alternative cash source.

Yeah I'd assume cost. Bitmain has been doing it for so long now they've got quite an advantage/head start. I think as the years go on other, bigger manufacturers will eventually come in the space but that's something I don't have real knowledge about

Biodom

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https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Good read indeed, thank you.
Especially considering that I just at this very moment when you posted wondered why block 845,948 that got mined a few minutes ago happened to be empty..

Own quite a bunch of their miners but really starting to hate them.

Unfortunately they have quite the monopoly on the hardware ecosystem and used that monopoly to actively fuck over their competition too

A question arises: why none of other "silicon" companies ever made an ASIC: the likes of Nvidia, AMD, etc.?
Bitfury did, but ONLY for their own "consumption".

Most likely because they could not make it cheap enough. No one would pay 100K for a miner if it can only produce $10K worth of bitcoin right now, even though this bitcoin could be worth a $1 million sometime later. I distinctly recall people bristling at mining with a "loss" in 2015, then in 2018 and 2020.
Those "losses" became huge gains (if miners would have kept the coins).
In fact, the best model would have been to borrow cash at low interest, buy miners, then keep the coins and pay back the loan from an alternative cash source.
EDIT: I am amazed that bitcoin was able to survive and thrive even in these conditions: shows the power of a great idea.

Torque

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Quote from: xhomerx10 on May 31, 2024, 03:03:28 PM

https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Good read indeed, thank you.
Especially considering that I just at this very moment when you posted wondered why block 845,948 that got mined a few minutes ago happened to be empty..

Own quite a bunch of their miners but really starting to hate them.

Unfortunately they have quite the monopoly on the hardware ecosystem and used that monopoly to actively fuck over their competition too

Yes, but why? Why do they have a monopoly at all?

With all the chip making capacity in the world, especially in places like Taiwan, and cheap labor worldwide, there should be hundreds of Bitmain competitors by now.

Doesn't compute with me.

Enlighten me.

heslo

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What ever happened to friedcat? Just fell off the face of the earth

vapourminer

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what is this "brake pedal" you speak of?

https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Thanks. I read it as well, and I don't give a shit about Sam Cole going out of business due to an unfair advantage that Bitmain may or may not have had. That bastard (and his buddy Kennemar) posted an FAQ in which they stated that they will never mine with more than 5% of the hashrate they sell. That was a lie - they filled an old helicopter hangar with miners as far as the eye could see. They drove up the difficulty for everyone, and while Bitmain may have had an unfair advantage over KNC wrt asicboost, the schmucks who purchased miners for home-based businesses or hobbies got screwed over by both companies. I believe they also mined with the 2nd generation of KNC miners rather than ship them when produced to those who prepaid for devices and then tried to swap them out for the equivalent hashrate in less efficient previous models (get your hashrate earlier, they said). If KNC had simply sold their machines for profit and honoured their word instead of getting greedy and trying to compete with Bitmain while driving the diff skyward, they wouldn't have had to worry about the unfairness of it all. Fuck either company if you want fuck.... what the hell, I'm on a roll; fuck friedcat too, though I feel he was probably the most honest of the lot.

BFL enters the chat

..so the alternative timelines may of been even worse

xhomerx10

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https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Thanks. I read it as well, and I don't give a shit about Sam Cole going out of business due to an unfair advantage that Bitmain may or may not have had. That bastard (and his buddy Kennemar) posted an FAQ in which they stated that they will never mine with more than 5% of the hashrate they sell. That was a lie - they filled an old helicopter hangar with miners as far as the eye could see. They drove up the difficulty for everyone, and while Bitmain may have had an unfair advantage over KNC wrt asicboost, the schmucks who purchased miners for home-based businesses or hobbies got screwed over by both companies. I believe they also mined with the 2nd generation of KNC miners rather than ship them when produced to those who prepaid for devices and then tried to swap them out for the equivalent hashrate in less efficient previous models (get your hashrate earlier, they said). If KNC had simply sold their machines for profit and honoured their word instead of getting greedy and trying to compete with Bitmain while driving the diff skyward, they wouldn't have had to worry about the unfairness of it all. Fuck either company if you want fuck.... what the hell, I'm on a roll; fuck friedcat too, though I feel he was probably the most honest of the lot.

ChartBuddy

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Explanation
Chartbuddy thanks talkimg.com

heslo

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https://x.com/GrassFedBitcoin/status/1796311998466003418

Very, VERY good read!

In short, fuck Bitmain if you want fuck

Good read indeed, thank you.
Especially considering that I just at this very moment when you posted wondered why block 845,948 that got mined a few minutes ago happened to be empty..

Own quite a bunch of their miners but really starting to hate them.

Unfortunately they have quite the monopoly on the hardware ecosystem and used that monopoly to actively fuck over their competition too

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