Bitcoin Forum

      Hello let me first say my real name is Jason, I am a 16 year student who is currently in 10th grade. I am a current resident of the United States. I first got into BitCoin around Dec 4-5 2011, when I first learned about BitCoin I was very skeptical and even with what I would consider a high intelligence for my age bracket, I was astonished that someone could basically solve the worlds finical problems with this. For about the first month I did loads of reaurch and studding, being the type of person I am, I love learning and wanted to know everything their was to know about BitCoin (I still don't know everything :P). I was stupid and never made a BitCoin forum account. I soon got the current BitCoin client, and was amazed at the complexity of such program. Anywho, following Christmas of 2011 I finally got up the confidence to send $10 through Dwolla then to Mt.Gox which is from I know at the time to be the best, which in my opinion and many others still is the best. On December 31, 2011 me and my dad had been for about a year been talking about building a gaming computer, so I mentioned to him that we could do it and then we should put a very nice graphics card into it so that when its not in use we can mine "bitcoins" which confused my dad a little so I did my best to explain the whole Bitcoin thing to him. We ordered that computer and received parts the next weekend, at first we were so excited and we started one night around 6pm, we ended at 2am when a mother board was on fire, yes on fire :( We were able to return many parts and the company gave us a partial refund even when they knew we had caught it on fire. That ended my dream of being a BitCoin miner. Around such time I heard about a company called "Butterfly Labs" but among the community there was strong distrust with said company. Between the months of January to April, I sent a total of about $1,500 which let me say was hard earned money, including mowing lawns for cheap prices. My dad ask me why I choose to invest in what he calls "BitCoin" instead of investing in the stock market. I feel that while investing in bitcoin I am also investing in the future of our society. By the way I am big on the whole free internet, and wanting to go into politics later in life I look in sadness at how the people who are there to represent me, do the complete opposite. Who knows you may just be reading the post of a kid who is the future president of the United States.

      Ok so that brings me to this point, in the resent weeks with the full understanding that Butterfly labs is a real company I have looked into buying a Butterfly labs single and true me I have done days of crunching numbers to see if its the right path for me. As a guy who commented on my youtube videos said its better to invest in bitcoin mining than to day trade with the exchange between bitcoin and USD. I have been in lots of IRC chats and have read many post. I have looked into GLBSE, Mining Contracts, Shared Rigs, and many other options. The thing is someone like me who doesn't want to invest 1,000 or more in equipment is basically limited to either GLBSE (which don't get me wrong is a good option, and me myself has money invested in such) or Trading between BTC and USD :(

    So now I have a challenge for you, lets brain storm together and come up with something that can help both the small and large investor. Lets work on something to change bitcoin, lets work together and solve this problem and lets find a way to grab the average citizen and get them into BitCoin. I am usually a person who sits back and lets others figure out how to solve things that are "To Big For Me" I say its only to big if I let it be too big. P.S. I'll be editing this post to add your ideas :) Thanks for reading this :)

*Update 4/14/12 1:42AM
       Hello, first I want to say this is just one option of many but would be the easiest to get started. Below I am going to list the specs about if we bought the ButterFlyLabs Single.

$633 starting cost
Energy/month 4.088 (USD)
Energy/year 49.056 (USD)
832 Mh/s
First Year return needed 682.056 (USD)     *After first year and the box is paid off returns will greatly increase :)     *Prices have not been decided yet; hopping to get feedback about ideal prices :)

Options
1 Mh/s
5 Mh/s
10 Mh/s
20 Mh/s
25 Mh/s
50 Mh/s
100 Mh/s
250 Mh/s
500 Mh/s
Custom 1Mh/s-832 Mh/s (as of right now the higest is 832 Mh/s but could increase if we get more boxes)
Box (which is what ever the box produces, average is 832 Mh/s)

reserved*

reserved**

A couple things you neglected to mention/consider above.....

1) Network Hashing power is sure to increase (thanks to FPGA's, ASIC's etc), increasing difficulty as a result, lowering PPS rewards.
2) Overall Block Rewards will be cut in half (25BTC/block) later this year.

Good luck none the less.

Moore's law states basically that the network hash rate will double every 18 months.
Additionally, the reward cut can be seen as an additional doubling of global hash rate every 4 years.

Do the maths yourself and be amazed... ;)

Also, GLBSE is denominated in BTC, not USD but you (or your parents) pay your electricity and mining equipment in USD, not BTC.
Currently the trend seems to be to offer bonds for various hash rates (from 1 MH/s up to 5 MH/s or more) and promise to pay out indefinitely on a 100% PPS rate on them.

Anyways, I'm not even sure what the problem is, you're trying to solve here? Earning USD via a mining company that issues shares? Earning BTC doing the same?

It's nice that you want to start a business at a young age. The biggest error you can make is to never try. So try it  ;D

The biggest advantage you have is that you are still young, so you have a lot more time in front of you than older people, and time is money. Don't worry if something "fail", it's a way to learn and evolve your business projects.

Also, I see that you ask for advices or suggestions. It's not a bad thing, because it helps for brainstorming, but consider this:
The suggestions of people are based on their own perception, and are almost always linked to their own interests. It's not "bad", it's how things work. When somebody gives you an advice, always consider THEIR interests. If they fit with your own, that's fine, but if it's not, do what your instinct tells you. Of all the good advices you get, you can scrap 97% of them.

Like my post, only 3% is valuable in it, the rest is bullcrap to make a nice forum post and to look like I'm a brillant entrepreneur with a lot of experience. Can you find the 3%?  ;)

One question...



How come it was so hard for you to deposit $10 on Mt. Gox, but you can send $1,500 no problem like a month later?

Also you're gonna need a lot more than 1 BFL single to start a mining company.

Good luck to you though

So that's why you asked :)
https://bitcointalk.org/index.php?topic=76569.0

I don't really have much expertise to offer here, but kudos to you for jumping out there so young! Good luck, man!

Nice little pep talk, but didn't really inspire me. I'll give you props for the good intentions at a young age though.

Be careful, some of his verbiage isn't native to america. Second, cant even use spell check when he is so high tech. Smells of a scam, just cant see the end game yet.

Have you been in any American public schools lately? I don't think America HAS a public verbiage anymore.

But that being said, yes this seems a bit fishy, but mainly because of the lack of experience. What scammer would willingly admit they're 16? Seems a bit counter-intuitive.

Oh also, to the OP, good luck on your business! I wish I could offer advice, but mining is not my speciality. I would suggest you aim for a business with a smaller overhead. Try the $50-100 range before going big.

His command of language is above average for an HS student in my own experience, and many of the reputable members on these forums have neither flawless spelling nor perfect grammar. That said, caution is always advisable. Just don't jump to conclusions.

PanCakeKid, I would advise against BFL singles for the first-time miner. It's likely to be a few months at the least before you receive one, and the immediate profit in terms of MH/$ is not optimal. For a small-scale operation, better to simply add a GPU to an existing PCIe slot in your desktop (assuming you have one) solely for mining. The HD 5xxx series is generally the best value right now in terms of MH/$. If you have the requisite slot and power, a HD 5970 will give you nearly as much MH as a BFL single for around half the price.

agreed on his language, not sure about whether it's scam or not.

plus tons of spelling errors + spelling correct errors + weird caps, not to mention the number of holes/inconsistencies in the story.

Sounds like our good old MilkMan95 (or whatever his name was) to me..

My mommy taught me to never trust anyone with numbers after their username.

Now I'm questioning your age...  ;)

Well I'm fucked...

him? https://bitcointalk.org/index.php?action=profile;u=51326

Eh to flat out state that mining is more profitable than day trading is misleading.

Neither are profitable really and the fact remains: hardware gets ancient and stocks grow cold.

At best this venture will be a good way to generate some after school income.

That user claimed to be an adult (father), not a teenager, and he was asking for loans, not selling stocks/bonds. (And IIRC he didn't actually scam anyone, people just found him very suspicious.)

I state the similarity as they both have lengthy posts with a huge story to go with the request.

Fair enough.

plus tons of spelling errors + spelling correct errors + weird caps, not to mention the number of holes/inconsistencies in the story.

https://i.imgur.com/PgIVe.gif

+10

Very suspicious, avoid.

Well then... I guess all these accusations scared him off.

no he was gone way before

He was on last night - https://bitcointalk.org/index.php?action=profile;u=55511 (https://bitcointalk.org/index.php?action=profile;u=55511). ;)

For about the first month I did loads of reaurch and studding, being the type of person I am

Proof its a foreigner

Xenophobic and like to talk to yourself in several threads? Cool.

Xenophobic vs finding big holes in the story?

Honestly I doubt it is a scam.  That being said I wouldn't invest.  Many non-scam poorly planned and executed ventures lose money also.

What scam artist creates mistrusts by showing computer incompetence and destruction of mining hardware?
What scam artist makes it harder to convince investors by indicating age?

Also the idea that poor grammar = scam is just stupid.  I am sure Bernie Madoff prospectus had been through a spell check once or twice.

Scam?  I don't think so.
Someone who's plan/dream is larger than their ability to execute and deliver?  Probably.

Non usa native verbiage, horrific spelling (because english spell check dictionary is not loaded in nigeria)
Now launching a COMPANY like the title says, meaning YOU should become a customer
Finally, age is to ride coat tails of actual successful youngster, http://bitcoinica.com/

wow, ok i'm an American :P and no this isn't a scam and I've just decided not to do it. I've been busy studding for finals lately. And no offence but making fun of how someone spells is wrong, I've had trouble for a long time, I'll try not to take offence to how you blatantly attract me, if only you know how many problems I've had with spelling :( I never make fun of anyone, but its great to see you all will make fun of someone. Here I was thinking that people on here were nicer than the average person and actually a descent community :(

Unfortunately the bitcointalk forums tend to attract ravenous money grubbing types, and when people start to discuss finances they tend to get pretty nasty when provoked. So no, the overall tone of this community is quite a bit worse than many others. That being said, there are certainly excellent members that contribute often and well, and lend a positive note to what would otherwise become a stinking cesspool far worse than it actually is now. If you want a decent community that will be open an receptive to 'most anything that you want to offer and bring forward, you may wish to start elsewhere.

That isn't to say that you shouldn't start here or be discouraged from posting, but rather that you should know that you are being held to a very high standard of excellence that few achieve with good reliability and precision. You are expected to show up with a polished business plan, a solid reputation, (or create one first), and to be immediately available for the long run. It isn't conducive to a student lifestyle where the amount of free time may vary with the seasons, because when something happens, you are held accountable immediately.

No offense meant, and I hope you won't take any of it personally, but come back when you can stay a while. :)

Lol why are you taking it personally? Yes, you should be a good speller, aka, educated to start a "company". At least use spell check.

https://i.imgur.com/sqpXLl.jpg

So how'd it go?

Lol I'm sorry, I couldn't help myself.

Jason, it would be to your benefit in ANY text-based community to perhaps run flipping spell check once or to learn the correct way to spell a word that YOU use commonly. :)

hahaha