Nice to see the price on GOX go up and on HUGE volume/buys, but when there are crickets elsewhere, it is very very worrisome.
There were some large (relative) volume buys on BitStamp as well, so I wouldn't say "crickets". The gap is worrisome, but many are exaggerating the significance. I actually speculate that some are arbitraging the hell out of this, and want to keep doing so. It's worrisome to those holding GoxUSD and Gox themselves. The rest of us, not so much. Stamp has shown some strength recently. I'm happy about that. But, the big buys on Gox has really caught my attention. It seems like big pocketed people (very big) took us from $65 to here. When will they run out? I really would love to know how much money is in their bank ready for buys. I don't mean money we can see on the orderbook. These big market orders are always unexpected, though they seem spread out a day here and then two days later there. Let us not forget that Gox was often equal with Bitstamp. Money might be going into Stamp as we speak, though I suspect it might wait for a pullback, unless they have some inside info... |
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That's it?! One batch at a time to appease the mob, huh?  They've shipped 490K or 49 batches. Where does it say they have shipped 49 batches? Maybe I'm confused by the term "batch". |
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Man Barntech and guys, the chips are down fast! This is going to be closed in a week!
Good job,
IAS
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I was just wondering with the increasing difficulty why the demand is still there for some seemingly high priced (though somewhat readily available) miners that don't seem like they can break even.
Because emotion and greed appear to overpower rational thought and impair basic math skills. Bingo and now collectively we will see what happens and pay that price. I will repeat it again, we are in a zero-sum game inside of an ASIC arms-race. Well, nothing wrong with breaking even if you are helping the network, not to mention doing a hobby. For a lot of guys this is a hobby. Outside of metal detecting, I don't see many hobbies that can pay for themselves. And for many, I bet they can write off the miners and such as expenses. Not saying it still isn't a risky game to play, I agree. There are scams out there to boot. |
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Hi Barntech,
Could you just verify my second complete board purchase from yesterday (see my post 2 pages ago)? I didn't place the orders at the same time, but on the same day, so want them shipped together. Don't want to create any confusion. I'll send an email as well later on. I also wanted to be sure to get the backplane.
Question - Does shipping go up much for adding a second unit? Any ideas on adding units yet?
Thanks and good luck with the project,
IAS
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Some important info is expected to be revealed about the fed tapering issue tomorrow - what do you guys think the outcome will be? Will the fed effectively taper or not in september?
Let the crashing of the markets and currencies begin.  Seriously, they are between a rock and a hard place. We already have 10 year bond rates going up with all the printing (very bad sign), once they slow that down, things are likely to eventually implode. The markets are, of course, distorting a terrible economy and now the markets (without all that money coming in) will be hurt. Then what will he media say? Or is the slowdown of "asset" purchasing things that effects consumers more directly? That said, these people still have power and I wouldn't be surprised if they somehow manage to keep the ship afloat a bit longer. But I can't imagine more than 6 months to 18 months. We'll see... Yes, they'll keep it afloat as long as they like but i think George Soros knows where the markets are heading with a $1.25 billion put on the S&P 500. It certainly feels like a storm is brewing and i hope it will be a wild ride http://blogs.marketwatch.com/thetell/2013/08/15/soross-biggest-holding-a-bearish-call-on-the-sp-500/Thanks for the link! Wow, and as I read this Jimi Hendrix's "Are you experienced?" just started playing. "Trumpets and violins I can hear in distance / I think they're calling our names / Maybe now you can't hear them, but you will / If you just take hold of my hand." I don't believe in coincidence... Prophecy in action.. |
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Just made a payment on PayPal, do I need to send any email to confirm?
Here is what you need to do. Just basically send an email using the info from the first page. I'm quoting it below Purchase instructions
Email: drillbitsystem[at]gmail[dot]com with the subject “Chip Purchase”, and the following information in the body:
Forum Name:
First Name:
Last Name:
Street Address:
City:
State:
Zip Code:
Country:
Shipping type:
Phone Number:
Email Address:
Chip amount:
Payment amount: ... (incl. exchange rate used for conversion)
Assembly: none if you are choosing the chip only option, or number of DrillBit boards, and/or backplanes you will be desiring
Sending Address:
TX ID:
I thought that was only for BTC payments? Are you sure? If so thanks. IAS |
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burnin, I will have to ask you how much will you be able refund from an pending order?
no sign of chips, I have to ask that. if the chips dont show up soon, I will have to cancel my orders.
Just chill. Read below: From http://www.avalon-asics.comstory so far - 8/19 chips have arrived via other routes as previously announced, we are shipping them out at the rate of 40-50k on a daily basis at the moment, in addition to the ~150k or so that went out, another 40k was shipped today. There is multiple channel which the chips are arriving from various packaging facility to minimize downtime. Please bare this in mind: while we had backup/multiple packaging companies and various delivery routes, things still will go wrong. There is also testing that must be done, then they can split, packed and sent to the EZP coupled with their CN-22 and be on their way. We will provide more update as they come. In addition, the trade-in and refunds are being processed. "There is also testing that must be done, then they can split, packed and sent to the EZP coupled with their CN-22 and be on their way" In other words: The chips are not yet cut out of their wafer, not yet testet and not yet packed into their solder package... I think forum orders are around 200k. I may be wrong so please correct me. So if 190k are already shipped then i'm happy. Unfortunately Zefir (who by my understanding has the earliest chip orders on the forum) just posted that he has no news/updates on delivery. This means that Avalon, if they are actually shipping this time, aren't bothering to send notice and/or tracking numbers. I guess best case scenario is that they just show up all of a sudden at the organizers' doors. Some developers received sample chips without any notice or any change in their web shop. If the 150k chips were shipped at the end of the week why don't you people allow at least a week for some news? Too much FUD. The good news being that once they do get that far that many forum chip buys will start arriving. (again, assuming this is accurate) And who says they are going in order? 40-50k a day with a waiting list of just under 1 million? That is 22 days if they are shipping 45k a day. But I'm sure it will be more like 2.2 months... |
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Just sent $310 via paypal for one complete system - ID 3F017843PT660442P
Please check.
Good luck with the GB!
IAS
Got it. Thanks IAS. :-) Put me down for another one. So, of course, just see I placed the 2 orders the same day so I get the backpane included and shipped in the same box. Conf - 8AR38252L7183463B Thanks again IAS ps - Had problems with pay pal last time through, a few failed transactions, just make sure there were no double or triple charges! |
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You're on a roll! Next prediction (up) please ;-) I had already promised not to make any more BTCUSD calls. Even Shroomskit criticized me for posting them  If you were in my shoes would you post any calls after having being criticized by him? But I will be watching BTCUSD with great interest. Are you kidding me? I would post BECAUSE OF HIM! The guy needs to take some shrooms under shamanistic supervision. He basically criticizes people who's viewpoint is outside of his... People who have dark ignore buttons should not be on your list of "people to highly respect" |
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Some important info is expected to be revealed about the fed tapering issue tomorrow - what do you guys think the outcome will be? Will the fed effectively taper or not in september?
Let the crashing of the markets and currencies begin. Seriously, they are between a rock and a hard place. We already have 10 year bond rates going up with all the printing (very bad sign), once they slow that down, things are likely to eventually implode. The markets are, of course, distorting a terrible economy and now the markets (without all that money coming in) will be hurt. Then what will he media say? Or is the slowdown of "asset" purchasing things that effects consumers more directly? That said, these people still have power and I wouldn't be surprised if they somehow manage to keep the ship afloat a bit longer. But I can't imagine more than 6 months to 18 months. We'll see... |
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I think a partial refund while shipping the ordered chips would be the best outcome for everyone.
What do you think how much their mark up is on the chips?
They charged us ~ $10 a chip, while cost to manufacture them is probably around $1 per chip.
They could cover the costs for manufacturing and handling, and even keep some profit (lets say 10%), and refunds the rest. They would not be in minus and group buys would have more than inadequate chips for the upcoming difficulty raises.,
I doubt that he pays too. I mean all the screaming and hate against avalon, threats of sueing and so on... Yifu most probably will think its lost anyway. He wont get back his reputation. While he still will find customers when he have chips in stock. So he wont have much reason to refund partly. But maybe he surprises us? I think you guys saw this? At least there is some hope from the criminals. http://www.avalon-asics.comstory so far - 8/19
chips have arrived via other routes as previously announced, we are shipping them out at the rate of 40-50k on a daily basis at the moment, in addition to the ~150k or so that went out, another 40k was shipped today. There is multiple channel which the chips are arriving from various packaging facility to minimize downtime. Please bare this in mind: while we had backup/multiple packaging companies and various delivery routes, things still will go wrong. There is also testing that must be done, then they can split, packed and sent to the EZP coupled with their CN-22 and be on their way. We will provide more update as they come. In addition, the trade-in and refunds are being processed.
If this is true, many folks on this forum should start receiving chips in the next week or two. |
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Just sent $310 via paypal for one complete system - ID 3F017843PT660442P
Please check.
Good luck with the GB!
IAS
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And what happens as bigger and bigger money gets into mining and doesn't need to sell coins? And what happens when they re-invest into purchasing actual BTC's.
Seems like the future market could actually get cornered. In other words, lots of the remaining coins to be mined, might, NOT be sold for a while (till the price is where they want it).
Over 60% of all coins have already been mined. Daily minting rate is down to 0.03% of total supply (and falling). The amount of coins traded daily is a magnitude more than minting. Simply put newly minted coins are a small and shrinking portion of the total supply. roughly 1800 coins are mined at a day. At a current cost o $120 we are talking $216,000 per day or $1,512,000 per week or $6,552,000 per month. That is a pretty damn big number and think about when BTC hits higher values. Those few coins become more valuable, if BTC is becoming more valuable. What will be cheaper, mining a coin or buying one? Gamble? Etc. So, if we are talking a finite supply, we can see how the value of those coins might come at a premium - at some point in time. Sort of like gold mining. When, or rather if, the price of BTC's are exceedingly high, then mining even fewer BTC's will still hold lots of value. Perhaps a fraction will hold much more value than whole BTC today. great value. Really, if BTC is successful, it is just a matter or time. This year, next year, etc? I get the feeling we have lots of growth in store for us... We are still in the early adoption phase... |
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If everyone stop mining and start buying BTC instead of investing in mining, price will skyrocket. Maybe this is one of the reasons for the late spike.
If everyone stops mining, the network will collapse and the price will plummet. Sadly, behind the veil of greed, people forget that the primary function of mining is transaction processing and securing of the network. This. But also, say Moebius327 just mean "lots of people" and not literally everyone. It doesn't matter whether the network hashrate is cut to 10% or skyrockets to 100x what it is now. Either way the same number of Bitcoin get created. Sure, he's saying more people would be buying so I suppose demand increases some, but I'm not sure I'd call that a skyrocket. Same number of Bitcoin will ultimately get created true. However, it's the amount of time that its going to take to create that finite amount of bitcoin that is going to be seriously reduced by exponentially increasing network hashrate. I too would agree that the money seems to be starting to flow into actual BTC value now that large mining players have already dumped large amounts of cash into 1st and 2nd gen ASIC pre-orders. And what happens as bigger and bigger money gets into mining and doesn't need to sell coins? And what happens when they re-invest into purchasing actual BTC's. Seems like the future market could actually get cornered. In other words, lots of the remaining coins to be mined, might, NOT be sold for a while (till the price is where they want it). |
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You're on a roll! Next prediction (up) please ;-) |
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That is nice to see, thanks for the post. Has Gox addressed this publicly though? Why just in a thread (and who are those characters? Any Gox affiliation?) MagicalTux is Mark Karpeles if that is what you are asking. Yeah, that was my question. I still don't understand something - Why would Gox have said "No withdrawls for 2 weeks." and then say "We need another 2 weeks to catch up" around 1.5 months ago or so? I get they don't want to panic people, but something isn't right with this. We don't hear about this same problem anywhere else, and though the volume of Gox is not on Stamp, one would think withdrawal problems wouldn't be exclusive to Gox. Note, in the chat he says "14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)" |
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That is nice to see, thanks for the post. Has Gox addressed this publicly though? Why just in a thread (and who are those characters? Any Gox affiliation?) |
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I suspect people are more concerned about getting their money out at all, than just waiting a month. Why else would you pay a 20% premium?
If you were buying coins now, you wouldn't be wiring funds to Gox and paying a 20% premium. The only people who would pay that are those who (unfortunately) have fiat funds there waiting already.
Also, Gox would be for traders. Try trading on Stamp, it is hard. You could keep your coins on Stamp and trade with some on Gox as there is the action. I trade regularly on Stamp, without any major issues. TBH, it tends to be a bit less erratic, IMO. I take your point though that traders are looking at relative prices, rather than absolute prices. I'd still be a bit concerned about Gox's future, considering the way the market is pricing the risk already. Yeah, the price movement is on Gox (and originates there). Look at this last movement. Nothing happened on Stamp for a while, then suddenly a $4 movement and then it backed off. I am also really worried about Gox. It might end up being nothing, but how long ago did that 2 week freeze on wiring money end? About 2 months ago or so? And it was only supposed to take a few weeks to get back to speed (backlog as Gox said). Now - NO WORD, zero... |
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Something that I've added elsewhere that warrants a mention here:
I have the feeling, and it makes sense, that companies and large money getting into or already into mining, are going to (or have already started) rolling money in purchasing BTC's. They are supporting their mining investment. They may then hold coins that are mined and "invest" in BTC's via purchasing them outright. It is a very small market, all considered, so they can theoretically prop it up and start some buying. Greed takes place when the price starts moving away. They only need get it started, here an there.
So, they are supporting a new business in a similar way that many businesses do. E.g. - Amazon sold books at no profit to even a loss, in building up their business.
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