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Title: A bitcoin for a $25 indiegogo Post by: nexus99 on August 25, 2013, 09:45:20 PM Saw this one over at Indiegogo.com (which is like the lamer version of Kickstarter.com)
http://www.indiegogo.com/projects/help-build-the-bitcoin-network/ One of the funding levels is $25 and supposedly returns 1 bitcoin early next year. Worth trying out? Title: Re: $25 Bitcoin? Post by: zeraTunerse on August 25, 2013, 09:48:06 PM Saw this one over at Indiegogo.com (which is like the lamer version of Kickstarter.com) http://www.indiegogo.com/projects/help-build-the-bitcoin-network/ One of the funding levels is $25 and supposedly returns 1 bitcoin early next year. Worth trying out? Seems pretty risky Title: Re: $25 Bitcoin? Post by: grue on August 25, 2013, 09:50:36 PM Quote [...]And now the next generation of Bitcoin processing power has arrived in the form of ASIC (Application-Specific Integrated Circuits). This is the technology we will use in our Bitcoin servers. Nothing about what chips they're going to use. Nothing about what manufacturing technology they'll use. Not even hashrate estimates. This is worse than BFL.Title: Re: $25 Bitcoin? Post by: Kyle91 on August 25, 2013, 09:50:58 PM fake, ignore it
Title: Re: $25 Bitcoin? Post by: Rannasha on August 25, 2013, 09:54:07 PM Saw this one over at Indiegogo.com (which is like the lamer version of Kickstarter.com) http://www.indiegogo.com/projects/help-build-the-bitcoin-network/ One of the funding levels is $25 and supposedly returns 1 bitcoin early next year. Worth trying out? They don't specify what hardware they will buy. And to make good on their promise of 1 BTC for $25, they need to make 5 times their investment at current rates (if you add some overhead costs). With difficulty going to the moon right now, there's no mining operation that can make such amazing claims with a straight face. Title: Re: $25 Bitcoin? Post by: nexus99 on August 25, 2013, 10:05:05 PM Looks like one person is in on the deal.
Title: Re: $25 Bitcoin? Post by: DaFool on August 25, 2013, 10:39:33 PM $2,500 to start mining with their own chips?
If they haven't figured out a way to get a master chip virtually for free this is a SCAM... Title: Re: $25 Bitcoin? Post by: nexus99 on August 25, 2013, 10:44:03 PM $2,500 to start mining with their own chips? If they haven't figured out a way to get a master chip virtually for free this is a SCAM... I don't think this is a chip thing. There are some details in the update section. Title: Re: $25 Bitcoin? Post by: franky1 on August 25, 2013, 11:18:05 PM this image alone should show they are not going to use new tech, which should to many people instantly spot it as a scam
http://images.indiegogo.com/file_attachments/31754/files/20130824144223-server.jpg?1377380543 let alone all of the over promises and lack of information Title: Re: $25 Bitcoin? Post by: nexus99 on August 25, 2013, 11:31:15 PM this image alone should show they are not going to use new tech, which should to many people instantly spot it as a scam http://images.indiegogo.com/file_attachments/31754/files/20130824144223-server.jpg?1377380543 let alone all of the over promises and lack of information I bet that case indicates they plan to use monarch in 1x pcie slots. I Title: Re: $25 Bitcoin? Post by: CobaltBlueD on August 25, 2013, 11:35:26 PM I love the floppy drive on that thing.
Title: Re: $25 Bitcoin? Post by: Mike Christ on August 25, 2013, 11:41:03 PM It's basically a loan, with all the risks involved.
Title: Re: $25 Bitcoin? Post by: coderjeff on August 26, 2013, 12:21:59 AM I agree that it sounds like they plan to buy BFL Monarch cards to plug in.
Quote We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device. Title: Re: $25 Bitcoin? Post by: Littleshop on August 26, 2013, 12:39:38 AM I love the floppy drive on that thing. And the large row of 16 bit ISA slots. Title: Re: $25 Bitcoin? Post by: nexus99 on August 26, 2013, 12:51:55 AM It's basically a loan, with all the risks involved. Maybe more of an investment than a loan. Title: Re: $25 Bitcoin? Post by: prophetx on August 26, 2013, 12:56:29 AM It's basically a loan, with all the risks involved. Maybe more of an investment than a loan. more like throwing money into a hole in the ground Title: Re: $25 Bitcoin? Post by: nexus99 on August 26, 2013, 01:03:35 AM Quote Some details for the technical folks: We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device. Each node will consist of 3 ASIC mining devices. The quick math: At today's difficulty 1 GH/S will produce about .1 BTC/day. This puts us being able to provide the 1 BTC reward for each contributor in about 43 days from the start of operations. Since it will take time to get the environment up and running difficulty will be higher when operations commence. At double the difficulty the time frame jumps to only 86 days. And at triple the difficulty the time frame is 129 days. This time frame will scale to however large the environment grows. So no matter how many processing nodes come up the reward will come at approximately the same time. And the great thing is that the reward is in BTC. If BTC jumps from $115 to $250 over the next several months our contributors still get the full Bitcoin! Title: Re: $25 Bitcoin? Post by: Phinnaeus Gage on August 26, 2013, 01:16:49 AM http://www.cyberresearch.com/store/industrial-computers-rugged-pcs/rackmount-rack-mount-chassis-pcs/RDS_14_4100.2.htm
Title: Re: $25 Bitcoin? Post by: nexus99 on August 26, 2013, 01:44:26 AM They would need to stick a 1500 watt PSU in there.
Title: Re: $25 Bitcoin? Post by: Xyver on August 26, 2013, 08:08:57 AM I don't really see the downside here.... I'm guessing that they have a stock of bitcoins that they're wanting to give out, not planning on mining them to give them out.
Besides, isn't IndieGogo one of those sites that doesn't take your money unless the campaign is successful? So by backing, you just say "if you raise enough money, then you can charge my credit card for 25$". So, it's not even a risky investment. You offer them 25$, they fail their campaign, and nothing is lost, or else they succeed, and have to give you a bitcoin. If they don't, they get in trouble for not fullfilling their rewards. EDIT:: About them already having the coins, I take that back. If they get $6500 in 25$ increments, it takes 260 coins. So if they had the 260 coins, they'd just use that $26 000 to fund their project. Title: Re: $25 Bitcoin? Post by: nexus99 on August 26, 2013, 08:48:08 AM Doing the rough math... 6500/25 = 260 needed BTC.
A Monarch starting today would take about 69 days to mine out the needed bitcoin for rewards. Double the difficulty (just guessing what it might be at shipping time) and the time approximately doubles. So maybe 4 months to get everyone all paid up from the time things start for them? Even if it took 6 months turning 25 bucks into 115 or higher isn't bad. Title: Re: $25 Bitcoin? Post by: vnvizow on August 26, 2013, 09:33:59 AM It's a trap!
Title: Re: $25 Bitcoin? Post by: Endgame on August 26, 2013, 12:26:02 PM Claiming to be able to build a 'prototype' ASIC for $6,500 indicates that this is probably an outright scam - buyer beware.
Title: Re: $25 Bitcoin? Post by: Viceroy on August 26, 2013, 03:20:14 PM They are intending to buy an imaginary BFL monarch and mine with it. Quote Centernix Inc posted an announcement 3 hours ago We have launched! Some details for the technical folks: We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device. Each node will consist of 3 ASIC mining devices. The quick math: At today's difficulty 1 GH/S will produce about .1 BTC/day. This puts us being able to provide the 1 BTC reward for each contributor in about 43 days from the start of operations. Since it will take time to get the environment up and running difficulty will be higher when operations commence. At double the difficulty the time frame jumps to only 86 days. And at triple the difficulty the time frame is 129 days. This time frame will scale to however large the environment grows. So no matter how many processing nodes come up the reward will come at approximately the same time. And the great thing is that the reward is in BTC. If BTC jumps from $115 to $250 over the next several months our contributors still get the full Bitcoin! http://www.indiegogo.com/projects/help-build-the-bitcoin-network?c=activity run away, screaming Title: Re: $25 Bitcoin? Post by: nexus99 on August 26, 2013, 04:46:08 PM Claiming to be able to build a 'prototype' ASIC for $6,500 indicates that this is probably an outright scam - buyer beware. Doesn't look like a 'we are making a chip' thing. Looks like a 'we are building miners and need start up money' thing. Title: Re: A bitcoin for a $25 indiegogo Post by: Bitcoinorama on August 26, 2013, 07:53:50 PM D'ya have any idea what rhymes with gogo?
No no. Title: Re: A bitcoin for a $25 indiegogo Post by: Zeek_W on September 15, 2013, 10:43:15 PM $65 for international post on a casasius coin? haha
Title: Re: A bitcoin for a $25 indiegogo Post by: Viceroy on September 16, 2013, 01:01:55 AM Th OP reported my posts as off topic. Almost like he wants to hide the fact that his entire business model is based on a non existent piece of vaporware AKA the BFL Monarch.
How is this off topic,mr administrator? (BFL is the largest advertiser on this site,maybe that has something to do with this attempted coverup). Title: Re: A bitcoin for a $25 indiegogo Post by: nexus99 on September 16, 2013, 01:34:50 AM Th OP reported my posts as off topic. Almost like he wants to hide the fact that his entire business model is based on a non existent piece of vaporware AKA the BFL Monarch. How is this off topic,mr administrator? (BFL is the largest advertiser on this site,maybe that has something to do with this attempted coverup). What are you talking about? Again, you are off topic in the most trollish of ways. |
