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Yeah I wasn't clear, I meant 230ish each. Sorry to dwell on this but I don't see how you're so calm about it. The only real advantage left was their huge power efficiency advantage estimate and that's turning out to be inaccurate as well. I'm certain I'd have cancelled when that first Avalon showed up and began dropping my expected returns if not sooner. Doing so whould've given you resources to invest in Avalon's batch 2, which is looking like the ASIC bargain of the year at this point. You seem like a pleasant enough fellow, hope this works out in your favor.
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Then you deserve a scammer tag, cause that is bitcoins, you know it could do that, you accepted that risk when you took out a loan. This also takes away from the people that are paying on time, all my loans are coming in no issues.
I think the scammer tag would only apply if the borrower and lenders didn't come together and agree on how to resolve the issue. If the lenders decided to take a cut on this and accept the borrower repaying a lower amount, that won't automatically make the borrower a scammer. Hopefully that will also incentivize the borrower to actually talk to the lenders, instead of just frieze up and try to disappear, which is a rather big problem out in the non-bitcoin lending world, too. But he obviously hasn't thought of the risk of accepting bitcoins as a loan medium. I think that deserve some kinda of special tag, not knowing the risk is just as bad as scamming in my opinion. It also makes it unfair to people that actually did pay back their loans. There's a right way and a wrong way to handle it if you get in over your head. If a borrower posts as says "look I fukked up, I'm sorry and can we please work something out" I got no problem with that. Doubling the duration of the loan or cutting the interest are possibilities. Just walking away is bs scammer behavior, but that's what most are doing. |
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People need to stop turning to this forum's scammer tag as the end-all be-all of Bitcoin justice. Blasphemy! |
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+1 This bet should've been paid to the agree bettors. BFL did not ship anything.
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Ok, what kind of collateral do you have for the margin I will extend to you?
it for daytrading and another trade strategies  ps: margin call - not for me  Free unsecured credit then? Please call the bernanke.  |
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Not yet updated in the spreadsheet <fixed> 'cept I switched to coinotron for stratum. I was getting a very high stale rate.  |
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Bet placed, I'm betting on BFL shipping before July. Hey why not, July is only 13 months after they began taking money for the product. |
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This video recently came out: https://www.youtube.com/watch?v=4C4bgho5JSIand it's basically getting laughed at for the power consumption (i mean, the lights literally flicker at :17 as iCEBREAKER noticed 1st) and all my bets state 350 Mh/J. So in short yes, I expect to win all bets. For the record, I still expect to win my bet against Micon. (Though the deadline of June 30 is currently my biggest uncertainty - I did expect BFL to be late, but not that late.) The reason is simple: ASICMINER achieves 167 Mh/J at 130nm. Therefore merely scaling down their design to 65nm (which is BFL's process) should lead to 670 Mh/J, and my bet stipulates 350+ Mh/J. The BFL video shows a device doing 140 Mh/J, but that includes the inefficiency of the AC/DC power adapter (which is excluded from the bet), and it is affected by the believable explanation of the crappy DC/DC converter (which will be fixed per BFL), and this does not take into account the Jalapeno (which will likely be undervolted to increase power efficiency to fit under the 500mA limit per USB link - remember my bet specifies that only one of BFL's product lines has to beat 350 Mhash/J, not all of them.) If anybody disagree with me, feel free to bet on http://betsofbitco.in/item?id=665 where I also have 50 BTC on BFL's side  WOW Didn't you pay them over 230BTCs for two singles nine months ago? You realize that if they ship on 6/30/2013 and the power consumption is anywhere near 10w/Gh you'll never even get your money back right? |
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Seems like the soaring exchange rate has encouraged many to "forget" to make payments. I'm done with unsecured loans.
Understood - but for some people who borrowed and used the money in real economic endevours, the rates now on repayment exceed loan sharks. More specifically, when pegged to real currency, the loan violate many jurisdictions usuary laws since given the currency exchange the "interest" is now in excess of 400%. At the same time I can understand the argument that these are pure BTC loans and no reference to local currency should be made. I think that ignores the real world of getting BTC to fund real world tasks which often requires the conversion. I understand all too well. I borrowed 50BTC @ 5.xx% for six months on btcjam when the exchange rate was $12ish. In dollar terms the interest rate is probably in the thousands of %. I have one payment remaining. Excuses are meh...you borrow it, you repay it. Obviously others disagree. |
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Umm...   All GPUs are mining LTC @ kattare.com. That's one way to boost our dividends. |
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Oh well, as long as the overall default rate only rose .5%. That makes me feel a lot better about my first four defaulters all within the last month.
People cannot or will not repay at these exchange rates. If you don't believe me we can PM Ian Bakewell and request his input...
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Of course they're a scam. Six months late with a short video of a little single SC modded prototype doing less than advertised hashes @ 6x advertised power consumption? ...and what's with the HW errors? ...wanna buy a solar powered clothes dryer...only $1299! Run away if you haven't already. At this point they should be using some of that pre-order money to lure someone from the Avalon or ASICMiner teams to help them...they're plainly in way over their heads. |
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So I just found this thread and all I can say to OP is.....LOL Really, that's the best you can do smoothzzz? Where is Frizz and creativex when you need them. Right here. Whoever smoothzzz is...he/she is on his/her own.  BFL is full of shite btw...if you ordered from them, you have my sympathy. |
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Easy.
Any mining stock that does not currently have ASICs in hand today is a short to zero.
I liked that one, and hard to disagree. I disagree, and find it easy to do so. One could mine profitably with Radeon 48xx GPUs at this difficulty & exchange rate.  ...but short away fellas. Just because it's profitable to GPU-mine, doesn't mean that it's a good investment to buy into any GPU-mining fund at any old price. Of course not, but that's not what my comment implied either, it was about shorting. Anyone serious about mining that doesn't have a plan to move to ASICs at this point is behind the curve, but GPU mining is still very much profitable at this time. The other problem is the switching back and forth between btc-profit and fiat-profit. Any BTC I invest better pay for itself in BTC. Just because BTC goes to US$10k in the next 5 years which means your overpriced mining fund that returns 1 uBTC per day is still "profitable" doesn't mean you wouldn't have been better off doing something else with your BTC. Electric bill = fiat, this is still inescapable. If this theoretical fund returns "1 u BTC per day" and retains it's unit price then it's soundly beaten the performance of a pure BTC investment. This is the compensation for the greater risk of investing BTC rather than just holding them. One of the funds I looked at was an order of magnitude more expensive based on a GH/sec per share basis compared to ASICMINER. And even adding in their future delivery of Avalons, they were still 50% more expensive on that metric when compared to ASICMINER and its future delivery of 50TH/sec.
Which is a shame - I was looking for a good way to get exposure to a batch 2 avalon... I guess I'll keep looking. Is it possible that the price of the ASIC order or orders were already accounted for in the unit price or that others value them differently than you? Why should someone invest their hard won BTC in hardware and then share the proceeds with others for nothing? Avalons are again unavailable for purchase from the manufacturer, ASICMiner has been stuck at 6.5Th for a couple weeks, BFL isn't shipping. How does one properly value a batch 1 or even batch 2 Avalon order? |
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I wouldn't, because I think they're a long way from shipping a finished product and a lot can change, but it's your money. I have orders with their competition, because I question their competence.
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is it a good idea to preorder from BFL right now? In my opinion, it's an awful idea, buy YMMV. Six months late and miles from their performance specs even now. I won't send them a penny till they can prove competent at doing something. paypal? 45 days to get money back Paypal payment for a BTC mining unit. LOL It's unlikely anyone will get any finished products from BFL within 45 days. There's ZERO chance you'll get your order from BFL in 45 days if placed today. https://bitcointalk.org/index.php?topic=89685.0BFL reps are telling people July(bs) for orders placed now. |
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is it a good idea to preorder from BFL right now? In my opinion, it's an awful idea, buy YMMV. Six months late and miles from their performance specs even now. I won't send them a penny till they can prove competent at doing something. |
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Indeed!  |
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YAY!
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