I'm going to have to postpone this announcement until later today or this weekend. Stay tuned.
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Don't even wanna know the reward for returning the stapler...
As long as he doesn't burn it down baby. |
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Does LR have a estimated time line when the asics will be produced. Like ive said before, I believe thats the only way for us to keep up with the difficulty, At first, i was on the fence about it, but I dont think we have a choice, no way in hell we will be able to keep up with only adding a few percent of our mining to keep up. Plus, I think its going to make our bonds much more valuable.
so, if LR could keep us updated on how that process is going, would be great..
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While I understand the points, and everyone's frustration about GHash.io and CEX.io... just as Lab_Rat confirmed our Bitfury gear is nearly here, would you not agree others have gotten theirs just recently? Are we really freaking out because CEX probably got a shit ton of Bitfury gear and put it all online faster than the public can get theirs online? I get it, they are the biggest pool right now... but there is a finite amount of hardware that they can add due to supply and this is likely a spike and will be countered shortly by others putting gear online at other pools.
I feel like the FUD is hysterically spreading... and should GHash.io do something stupid, the external miners will leave and there won't be an issue anymore.
For right now though... who else has a pool for external miners with zero fees and triple merge mining AND a consistent uptime? Add the internal exchange and the fact you can send LTC to trade for BTC and buy GHashes... it is easy to see why most want to be there.
Maybe, instead of boycotting GHash.io, the community needs to challenge the other pools to step it up? If they were as attractive as GHash.io, we would again not have a problem.
Agreed - its like Bata going to Africa and seeing a market rather than a place where nobody buys shoes..... CEX / Ghash needs a viable competitor. The model is clearly successful. Its an opportunity. In the meantime, they are about as likely to roast the goose that lays the golden egg as they are to screw up the very thing that makes them successful. I predict that they will announce shortly, much like Slush or BTCGuild (if I recall correctly) did a while back, that they will throttle the join rate to limit the % growth. |
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Buying GH on CEX is a bad idea, imo.
A better idea would be for LR to buy LRM bonds from people selling them. And deleting the acquired amount from the list of outstanding bonds.
Good point This is a tried and true strategy for companies which feel their share (bonds) are undervalued. It is also a huge confidence statement on the part of management. |
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Interesting Fact.... it would appear that the aggregate hashrate at CEX.IO is 50Th/s - hmmmmm.... hmmmmm.... Am I wrong? https://www.cex.io/redeem appears to list all the hardware and the amount hashing. Perhaps this would represent a pivot opportunity for LRM to offer up some competition. I know for a fact that we have some pretty heavy hitters from a coding and business perspective on the LRM bondholder team now..... |
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If I have BTC sitting in a wallet doing nothing versus the opportunity to participate in a marketplace that has proven liquidity and a track record of performance along with mining proceeds it would seem rational to put it into the marketplace. Of course, I would need to have a reasonable expectation that the aggregate return from mining and subsequent disposal of the GH/s will exceed my total investment. Price paid for the GH/s becomes less important than total return on invested capital. It amounts to a timing issue and you better know what you are doing if you are trying to time a market.
One would think that the price trajectory of GH/s on CEX.io would be deterministic and downward as a function of the increase in difficulty but it seems that this is not strictly the case. Other forces are at play
Say what you like about CEX.IO but it appears that they have done a good job and provide a service the community values. And, now I have another ticker to watch......
As did Bitcoinica, until they didn't. Then GLBSE, Inputs.io... I'm not saying CEX.io are a bunch of scammers, but there are some red flags. Even if there weren't, buying 500GH/s on CEX.io simply isn't comparable to having a KNC Jupiter or similar in your possession. Ignoring the counterparty risk that's introduced with using such a service is bad business. I agree wholeheartedly - apologies if I was not sufficiently clear in my point.... Simply put, it makes more sense to put ones reserve BTC into something like CEX.IO as long as you are willing to monitor the account to ensure the total position does not drop below an acceptable rate of return for the risk. If LRM were to do it is my opinion that it be done solely on this basis in order to maximize returns on BTC held for future use. Once analysis indicates that a better return from investment can be derived from buying new gear then, based on its track record, CEX.IO provides sufficient liquidity to transition out of the position in a timely fashion. Clearly we would not want to hold a too large a position for the market to absorb a rapid liquidation. My estimation based on recent volumes is that such position should not exceed more than 5% - 10% of daily volume which would presently indicate not more than BTC78 - BTC156. The range would of course be contingent on the timeline for liquidation. The more time to liquidate the larger the position. Clearly we have no insight as to the BTC reserves held by LRM if any and the pipeline of gear inbound. Without this information we can only speculate as to an optimal strategy.... hopefully such musings add value to the ongoing discussion. |
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Use the NMC you generate and buy GHashes... everything you buy makes 3% of that amount get added to LRM.
Only a complete n00b with no grasp of math would think the gigahash prices on there remotely good compared to what our noble friend FriedRat can negotiate. Never said they were... but instant delivery compared to TWO WEEKS!!! is a big factor... especially when it is just merge mined coins that we were not earning before. You're also adding another layer of disambiguation by doing that though. You are already trusting that LabRat will honor his agreement and continue to work for the best of his investors, him buying "hashrate" that he doesn't control now forces his investors to trust that gigahash.io won't run with the money. Given some of the concerning issues raised about GH.io attempting some bad actor test attacks, I would say there's no real way to directly compare the price of 1GH/s on that site with 1GH/s sitting on a rack in a facility you control. If I have BTC sitting in a wallet doing nothing versus the opportunity to participate in a marketplace that has proven liquidity and a track record of performance along with mining proceeds it would seem rational to put it into the marketplace. Of course, I would need to have a reasonable expectation that the aggregate return from mining and subsequent disposal of the GH/s will exceed my total investment. Price paid for the GH/s becomes less important than total return on invested capital. It amounts to a timing issue and you better know what you are doing if you are trying to time a market. One would think that the price trajectory of GH/s on CEX.io would be deterministic and downward as a function of the increase in difficulty but it seems that this is not strictly the case. Other forces are at play Say what you like about CEX.IO but it appears that they have done a good job and provide a service the community values. And, now I have another ticker to watch...... |
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Hmmm....
BFL have announced half price Monarchs for new orders with existing pre-order customers having to swallow full price for early ASIC fabrication.
Though there will not be any offer of redress coming from BFL for existing (I don't know if LRM has any 'special relations' with BFL) would it be worth putting in an order for half price cards knowing that they will offer the same return (ish) taking increase in difficulty into account?
BFL have stated that thousands of wafers will be available in order to drive their GH/s contracts so new Monarch orders should turn around relatively quickly (4 - 6 weeks?) once chips are available from the foundry.
Thoughts (keep them constructive!!!) ?
The only constructive feedback is to literally never do business with BFL again. BFL excised their hubris muscle to their long term detriment. But, hey, who said Sonny was in it for the long game. Each person involved in the founding of BFL is now very wealthy. I predict that they will sell the company after the big Monarch push is done and retire to some other private venture - which is undoubtedly the operation and maintenance of one of the largest private pools of hashing power in the world. |
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A Happy New Year to all the LRM'ers out there.
Here's hoping all your expectations are met or exceeded!
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Yes, this is a very interesting clarification from FINCEN. Apparently if we were shareholders we would be fine because we are collectively mining for ourselves. As bondholders we do not "own" anything other than the right to receive a dividend. In its current configuration it is possible LRM needs to restructure the bonds into shares or become a MSB. |
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a little late, but merry christmas and happy holidays to everyone  And to you as well. *Trying* not to work today haha Ho Ho Ho...... a merry mining yuletide |
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Let me know if you have contacted habilis, garwaybeast, or mmmerlin and haven't received a reply in 72 hours. I will remove inactive bids/asks if anyone provides me with evidence of non-response. You can foward me a PM showing the timestamp.
It's understandable folks will be busy with the holidays, but I want to keep this thread up to date. Folks can always re-add bid/asks when they are ready to buy/sell.
Thanks for being on top of this Mike..... any market functions best with current info |
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The link fractal posted for me is correct, but if you click the stats bar for the hashrate it will bring you there under my ref link. Finished working on the website and updating spreadsheets for years end at ~3:30AM, 7:45AM back up and working... Get the Keurig joke now?  You work like you drive - non stop.... The verifcation sheet is still up but there have been a number of trades and bonds issued since. Will there be an updated spreadsheet prior to the new trading platform? No problem waiting if the platform is keurig powered imminent. |
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Fun Fact of the day, LRM has now paid out BTC962.90818330. Next week we'll break 1000.
Much fun so money wow.  Sounds like you have decided on a solution for the trading platform. Any hints? That will be very exciting in addition to the rest. Keep up the good work! |
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I ordered a total of 12 SC60's in March 2013 and then snapped at the end of September and initiated a chargeback with my credit card company. The chargeback was initiated only after I provided BFL notice they had 10 days to ship my gear or my order was canceled. Little did I know that the credit card company had no recourse and were just trying to be nice to a good customer. They were going to try and "work it out" with the vendor... an obvious fail that had I known was the case I would never have gone there.
Over two months passed for the credit card process to fail as it was doomed to. In the meantime BFL shipped my miners. In consultation with the credit card company I refused the shipments..... sigh.
After the chargeback failed in December I was back at BFL with my (ass)hat in hand and begging for my gear. Fortunately I was well received by customer service most likely due to my history as a positive and regular contributor on the BFL forums and shoutbox (at least until September).
Gentleman Jonathon and the lovely Emily were helpful and prompt in working out a solution: pay $420 in shipping and your miners would arrive Monday December 16th. Cool. Paid the $420 in BTC and then...... 12 miners arrived as promised although I received no tracking or other indication on my account orders that anything had happened. Open the boxes and: 12 x 50's instead of my 60's. WTF?!?! So, I emailed a polite and reasonable solution: send me a couple more 60's or 2 x 50's plus a 25 and we are done.
Can you guess what BFL's response was? "We guarantee 60 gh/s + or - 10%. Your overall hashrate is within the specified variance." Errrr..... no it is not (they range from 47 - 56 with most under 54). BUT THAT IS NOT THE POINT BFL!!!! I ordered shit and you sent me shinola. I know the difference.
I ordered 720 GH/s +/- 10% NOT 600 GH/s +/- 10%. I ordered equipment called SC60 not 50..... and you sent me unsolicited without prior agreement something I did not order..... and there is no record on my account of what was done. Now what? How about you send me the rest of what I ordered? Please.
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