Bitcoin Forum

Don't know if anyone has read this article but it says the Phoenix Fund is investing $200m in Avalon so they can get access to 20nm chip technology!?  :o

http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html

What about the 8 million worth of chips they should have already shipped?

I will never make ROI at this point

last time I checked it was at least $18 million USD in chips.


As far as $200m...thats a lot of money to invest.

To do 18-28nm it should cost a few to several million.  100-200m is quite a bit.

Its a vote of confidence for the bitcoin economy. Nobody is going to invest $200M in a mining company unless they think (a) each bitcoin is going to be worth a lot of money and (b) transaction income will substantially supplement (and eventually replace) new coin mining income.

I thought this had already been debunked as a hoax which suckered some lazy journalists on a sunday when facts are harder to validate.

It's BS. Andrew Laurus's twitter account, is a shill account spreading FUD about KnC in the third most recent post. Beyond that it is a 15-year old ranting. Also in the initial article it claims Kim Dotcom is following this 'Andrew Laurus', Kim Dotcom is not. Andrew Laurus does not exist and an ex Bond broker for the ill-fated Lehman's Bank that also acted as a supposed senior government advisor during the worst case of financial fraud and miss selling in history is not the right character to be handling the future of Bitcoin. Lehman's mis selling of pre packaged housing debt as bonds was the catalyst for Bitcoin's inception.

The website is a poor landing page registered on Friday, and no journalist has bothered to even google Avalon 200 million before running with the story.

The hoaxster must be pissing himself, and probably wants to flush out Yifu to deny the story...

I hope it's true, Joe Lewis has a net worth of $4.2bn, says Forbes, so $200m is pocket change to him.  ;)

He would do better to just buy $200M worth of bitcoin. That would 20% of the world's current supply, and over 10% of the worlds supply EVER.

In some ways it does show how fragile BTC is.

Anyone investing $200million of their personal fortune would not have our best interests at heart. They would be destroying any legitimate competition for their personal gain and the control of a future money supply.

Don't forget this is the currency trader, who along with George Sorros, broke the Bank of England and forced the country out of the ERM (Exchange Rate Mechanism / Joining the Euro).

Bitcoin seems right up his modus operandi. He's not afraid to make a bet against a nation and it's central bank!

FFS man google:

Avalon 200 million
Andrew Lauraus Twitter

Do a Whois search on Phoenixasic.com, look at the quality of the site.

Do any groundwork and you'll be doing more than the poor excuse for journalism you are witnessing.

You are just contributing to the promotion of this FUD if you are not behind it yourself!

Well the domain ownership is hidden through a 3rd party, never a good sign for a honest venture!

If it's a scam anyone using a .com domain will come under US jurisdiction for Mail and Wire fraud.

http://en.wikipedia.org/wiki/Mail_fraud

It does seem odd that they say a billionaire has investing $200m then if you go to the web site it asks you to invest in it!

I have no idea if it's genuine or not and I'm not connected to it in any way! 

I thought Wall Street Journal was a reliable source!  :o

Can we just let this hoax die already?

+1. Seriously, you guys are taking this way too... seriously. I could create a fake site titled Yifu's blog and say I'm investing $200m into BFL and you'd all believe me.

IMHO Fake. Why 200 millions... why not billons? How much need sell asics for make ROI > 1? My calculations between 400 and 1000 PH, so we can see first commercial project with 51% attack abilities. Also this hashpower can be used for isolate premained coins (mined in 2009) and blocking their transfer.

http://ewallstreeter.com/twitter-scottwapner-cnbc-spoke-to-joe-lewis-this-morning-who-says-of-reported-bitcoin-investment-completely-untrue-tells-me-he-s-never-heard-of-phoenix-fund-17367/

Actually, sir, I think there's a little to be gained by letting it run a little:  it's a great precautionary tale. 

Totally bullshit amount of money, totally bullshit recipient of the money, and then - the real story surfaces, and evident confusion of names is all too apparent. 

It just shows that in the world of instant "news," nobody and nothing can be believed initially.  Everybody really has to step back, take a deep breath, and see if things smell right.  If they smell funny, they probably are.

This is incorrect information. In fact, the article's title is now "Correction":

http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html

ok everybody

https://i.imgur.com/75ZJH0B.png

How would you suggest he do that?   There is no market to buy even $1M of bitcoin since most "exchanges" owe most of their volume to day trading.    This is like internet stocks in 99 when an institutional investor would take YHOO up 10% to buy 200,000 shares even though it was "trading" millions of shares per day.

The WSJ article was BS and has already been retracted, time to close the thread.

"Andrew Laurus ‏@frankieterrier 11h

received today communication from #joelewis lawyers Alston & Bird LLP Atlanta / re:Phoenix fund will postpone comment until matter settled."

I guess that phoenix fund does exist, and some kind of project is on going anyway

Let's see what Yifu has to say about it tomorrow. You never know, there could still be some truth to it. 

Which would be funny if the WSJ has to publish a correction to their correction!

I'm sure there is truth to it, the bit I don't like are the bankster connection Bitcoin was created to free us from.

http://www.independent.co.uk/news/business/analysis-and-features/crash-of-a-titan-the-inside-story-of-the-fall-of-lehman-brothers-1782714.html

http://www.ft.com/cms/s/0/1fed9c58-9085-11e1-9e2e-00144feab49a.html

http://www.ft.com/cms/s/0/e3b22a2a-a125-11de-a88d-00144feabdc0.html#slide0

http://www.newser.com/story/37459/lehman-crash-triggers-global-market-tumble.html

http://www.bankers-anonymous.com/wp-content/uploads/2012/06/monopoly-go-to-jail.jpg

The lehman is the victim of the current financial system since they could not get money from FED in crisis.

I guess anyone from Lehman will fully understand the current system is in the hand of a few money printers, they have the motivation to go for another system

On the other hand, all the central bank beneficiaries will continue as before like nothing happened

But Bitcoin was created in it's aftermath to escape from such fraudulent individuals as they had caused us to loose faith in the system.

Make no mistake government officials and central bankers were overseeing this cesspool of corruption, but Lehman's was the most instrumental in causing the financial crash and the reason they needed money was due to the misselling of sub-prime junk bonds and the inability to unload them. The fact they rewarded all their staff massively just before the collapse as well was the kicker.

Lehman was just the first domino to fall.  And I doubt this Andrew Laurus guy ever actually worked there anyway.

spending 200M on asics is ridiculous...

it costs a couple hundred thousand to a few million to make 1 million 65nm asics...

so 200m on this is just FUD.

No more like a tenth of that.

I asume Phoenix is not stupid. If they are, it's good for us.

If I were Phonix:
Tell everybody about 200 millions, but invest only 20 millions.
Buy some ASICS with a few millions and mine.
Push price with some other millions.
Sell mined Bitcoins on high price

Perhaps this works, if Bitcoin does not fail.

They know how to activate the PR machinery.

This is a completely debunked hoax.  Jesus, could we please just stop adding to this thread and let it die down off the front page?

Every hoax has a reason, why not speculate about it?

By lying?! That's a great start. How does lack of integrity from banksters help Bitcoin??

I have learned, that most of Bitcoin lovers are speculators, this making a lot of money through volatility.

As an anticylical trader, I can earn money from it. But this high volatility is against the most important thing, a stable and trustworthy investment alternative to fiat currrency. I yet don't know a crypto, that pays attention to this, for using by normal people.

Avalon has not fully denied the rumour.



Source: http://www.avalon-asics.com/

The update did not address anything, and I'm sorry I find the threat thing a little unbelievable, since Bitsyncom's design team has already left and publicly stated the fall out and their disdain for the remaining member(s).

There's been no mention of this internal break-up from Yifu that needed clearing.

Indeed customs hold-ups are easy to prove using evidence of official papers and tracking ID's so you can hold Yifu to that excuse.

Was totally correct about the new chips info. There was a meeting in Tuesday as mentioned in the press on Sunday. Some of that was bullshit almost certainly to hype the new investment which is why there will be no pre-orders. Yifu is in bed with Banksters. Your chips are unnecessarily delayed due to internal break-up of Bitsyncom. Almost certainly will be a minimum of 28nm gen 4 to compete with current new wave of competitors. Whether you lot will ever get to see any of those chips long before 'preferential' customers is unlikely.

Burnin' and Terrahash, he's knowingly screwed you over. No apology.

No mention or explanation of the 14.2 million chips photographed by Gridchip, almost certainly there has been dodgy dealing and backhanders as alluded to on this forum.

Is it still a hoax???

http://www.sbwire.com/press-releases/phoenix-technologies-announces-production-of-bitcoin-mining-hardware-302555.htm

EDIT: Very overpriced!

The power consumption is pretty high, it might be Avalon chips:

http://bitcoinminingcenter.com/products/

LOL @ 8-10 weeks. I'm sure we've heard that before.

That's a completely different company, although equally as scammy.