|
Title: 2012-04-26 ars-technica: Coinlab gets $500,000 funding Post by: meanig on April 26, 2012, 12:28:34 AM http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars (http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars)
Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity :D Quote "Frankly, it makes no sense to me. But that doesn't mean its wrong, just that it makes no sense to me." wrote Ronald J. Mann, a law professor at Columbia University and an expert in payment systems, in a Wednesday e-mail sent to Ars. "The idea that they're going to get a VC-like return in bitcoin-based projects [is ludicrous]." Title: Re: 2012-04-26 ars-technica: Coinlab gets $500,000 funding Post by: SgtSpike on April 26, 2012, 12:43:28 AM http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars (http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars) Well, let's see.... if you have 100k users (who use the game an hour a day, on average), and 25% of them have a decent enough video card to mine on, then that's 25k mining individuals. Assume you get, on average, 100 MH/s per user, that's around 110 GH/s. 110 GH/s would net to around $350/day at today's difficulty and price.Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity :D Quote "Frankly, it makes no sense to me. But that doesn't mean its wrong, just that it makes no sense to me." wrote Ronald J. Mann, a law professor at Columbia University and an expert in payment systems, in a Wednesday e-mail sent to Ars. "The idea that they're going to get a VC-like return in bitcoin-based projects [is ludicrous]." 100k users being advertised to, on the other hand, would be something like 100 * $0.30 = $30/day. I can see it being more profitable than advertising, if done right. Title: Re: 2012-04-26 ars-technica: Coinlab gets $500,000 funding Post by: meanig on April 26, 2012, 12:58:51 AM Questioning the feasibility of the Coinlab venture is fair enough but dismissing the potential returns of every Bitcoin project is a ridiculous thing for the professor to say.
Imagine the buzz if SR did an IPO on the GLBSE. Title: Re: 2012-04-26 ars-technica: Coinlab gets $500,000 funding Post by: bbit on April 26, 2012, 01:12:47 AM I believe this is the first VC backed bitcoin start up ?
Title: Re: 2012-04-26 ars-technica: Coinlab gets $500,000 funding Post by: RaggedMonk on April 26, 2012, 01:30:48 AM A payment systems expert doesn't understand Bitcoin? Shocking! :P
|