Topic: Why are people cheering that ASICMINER will bring 800-1000TH online this year? - page 8. (Read 9200 times)

Well that's going a bit far, probably best to just look from space at the giant glowing building

But in all seriousness, he's putting a massive target on his back for people who have alternate investments in deals we have no idea about, risking fortunes we can only dream about. People bothered to sabotage a few 66GH Avalon units, imagine what they'll conjure up for 200TH.

If I were him I'd have kept my hash rate reasonable, my head down low and sold hardware.

I do have to say, it's refreshing seeing a thread full of this much negativity that is not directed towards BFL.

Disclaimer- I own shares of ASICMiner and fully support them and think they are awesome. I also am not a big fan of BFL.

may be someone need to report to the authorities in China about this illegal thing, AM is doing or get someone to shut down or destroyed his mining farm is doable for sure. Does anyone has the IP Address, that can be track.?

I have good contacts in the Central Committee in the CP of China. and also know those mayors in Guangdong province pretty well. Just a phone call would do the Job. Maybe he will run to the US Embassy.

Well that's a little better but 200TH is still too damn much for one person.

Do you forget why we like Bitcoin in the first place?  It was to escape fiat.  By him reissuing shares to infinity via an ever-growing mining operation he basically created his own central bank.

It's amazing the defenders can't figure this out.  I guess they were never libertarians to begin with and don't care when the money supply increases anyway in their own country.

Pursuit for benefit is quite normal for a company. Monopolized by several big mining companies will be the trend of BTC mining industry.

I can't believe people are STILL misreading friedcats comment and getting worked up about it.

He says he projects "The" networks total hash to be 800-1000TH by year end, "The" meaning the whole bitcoin network, not his network, and then goes on to tell of plans to bring AM up to 200TH.



Or, whoops, sorry did I butt in on one of those long cons to make noobs think mining is hopeless so you trolls can buy their gear dirt cheap?

And the difficulty will keep raising much faster than anticipated because of it since he is constantly reinvesting in more hardware for himself.

This really does suck.  It is turning mining into a stock market with digital paper promises at the benefit of the Chinese.

Now we have somebody who will keep issuing "shares" to infinity.  You just created a new central bank.

Yes, he issued 200k shares to the public, kept 200k shares for himself. He has since sold another 40k shares into the wild which generated him pure cash.

http://www.asicminer.co/about.html

The questions is who bought all these Over Price Hardware from him? Especially the USB AsicMiner? Who is help by a group of co-hots namely those who started the group buys and those middle men who go for the Quick Buck. It is the Westerners who bought all of these over price stuffs from him. Who to blame? Avalon may go big time into mining nobody knows. If all the Westerners boycott Chinese Mining Hardware from China that may slow down the growth of AM and those from China.

How does 1 person/company controlling the entire network secure the network? Even at 30-40%, if he wanted to he could cripple everything by forcing short lived forks.

You seem to think he keeps 20% hash rate and sells the rest of the hardware. WRONG. He only ever sold hardware because he had difficulties powering and cooling such extreme amounts. He has sold what... 500 blades? 5TH.

Look at May when he started selling. He had 20TH deployed, struggling for heat and power. Once sorted by the end of May, he has nearly 50TH and 35% of the market. Do you think he will stop there? Of course he won't - his previous estimates were to deploy 60TH by the end of July for that generation.

And now his new generation, arriving in the next 7-14 days.... As he said himself, he's going to put 10-15x that amount down in the next 6 months.

ASICMINER is just taking advantage of the stupidity.  I can't blame them for trying.  Ventures like this will turn mining into a scammy TV infomercial if they continue to be supported.

Actually, he issued 200,000 shares, which raised a little above $100K at the time (approximately one year ago). But the company has grown since then.

I agree that BFL's delays have benefited ASICMINER, but that can hardly be blamed on ASICMINER.

The people that started the Federal Reserve also sounded cute and innocent in the beginning too.

This is a fuckin' ponzi that will benefit them most in the end.


This is the worst part that you mentioned.  Don't shrug it off like no big deal.

Wow I didn't know they raked in that much money.

Too many people involved with Bitcoin don't understand economics.

Yeah I'd say it is too late.  You can slow the growth by not giving them any more money I suppose...only buy used eruptors and blades not directly from them.

If ASICMiner gains too large a share, they will kill the golden goose. They have no plans to do so.
The current ASICMiner equipment is first generation bitcoin ASICs. KNCMiner will be far more efficient and much cheaper.
Follow on offerings of third and fourth generation ASICs will be even more efficient and cheaper.
ASICMiners current hardware will eventually be as outdated as GPUs are today.  

The transition to ASICs is a bumpy one, but so was the transition to GPU mining.

Time for someone to step up and defend ASICMINER here, I guess it will be me.

First of all, friedcat has been an outstandingly honest and upright member of this community for a long time, and the interests of ASICMINER are clearly aligned with most of this community. Greater network hash rate contributes to the security of Bitcoin and is good for all users - possibly with the exception of competing miners and hardware manufacturers. The transparency of their operation, such as signing each block they find, clearly demonstrates their good intentions.

Secondly, ASICMINER's pricing policy has been pertinent: ASICMINER has an obligation to maximize value for shareholders, and selling hardware below what the market is willing to pay does not achieve this. If they set a lower price point, they would only achieve being sold out quicker and the lucky few who managed to buy would simply sell their hardware on eBay at twice the price. That would hardly be a responsible way to run a company. ASICMINER has no obligation to sell hardware at charity prices so miners can net a big profit quickly - in that case they would be better off mining with their own hardware.

Thirdly, developing your own mining hardware and subsequently mining with it is not "evil". ASICMINER is a clever bunch, but they have used no unfair business tactics to achieve their current advantage and there is no reason any other sufficiently talented group of people could not compete on equal terms.

Fourthly, ASICMINER is clearly aware of the dangers of having too large share of the network hashing power and sell hardware in great enough quantities to avoid the possibility [although not at charity prices].

I have more points too, but that should be a start.

Disclaimer: I have a horse in this race, and I have a man-crush on friedcat and ASICMINER.

How, we have no influence on him now. We let him issue 400,000 shares and value his company at $140m. We gave him $57m of capital, we bought $m's of hardware from him at a 95% markup, we [BFL] let him take such a large part of the network that no one can stop him.

We could raise $1b tomorrow and we wouldn't be able to catch him for 2 years, by which point the damage is done.

We lost the game, the greedy man ruined it for us all.

Dude you should sell and get KNC instead.

Nobody should be supporting these assholes.  It would be a different story if they weren't mining with what they produce, but they are.

We really need a sticky or something explaining how this will kill the small miner.  It still isn't too late to apply the brakes to this if an information campaign is started.

Common Friedcat where is your spirit of sharing, you don't have to be so greedy ya, give others some space to breath on.

请体谅，给别人一个机会来挖掘

Friedcat has destroyed the entire infrastructure, everything. There will be no more bitcoin as we know it.

Edit: I just thought of something... any of the major hacking groups which support bitcoin will now see him as the enemy. Everything he owns is now in someone's digital crosshair somewhere. Or some idiot's. Imagine the affect on the hash rate if that PB of hardware burnt down.

Greed comes before pride come before a fire.