Fortunately for us, ensuring the continued success of Bitcoin is exactly what WILL maximize BFL's bottom line, and they know that. They wouldn't do anything that would harm confidence in Bitcoin or cause it to die. BFL will only continue selling miners so long as mining is profitable, which means they should and will do everything in their power to maximize miners' revenue.
Sounds like someone is starting to make some sense around here. Pity all the naysayers don't just do their due diligence (I've said this multiple times and I'll keep saying it) and get to know the guys over at BFL. I have, and they are some pretty smart guys who believe in Bitcoin's potential. |
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The folks that are making large wire transfers to them should understand that they risk receiving nothing in exchange for their money.
Good thing you are here to worry for the rest of us. It would be a shame if they had to worry for themselves. |
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Even recovering the initial $1M would only take a few months. Wouldnt be so sure. Have you tried selling $1M worth of bitcoins lately? Mt. Gox is exchanging around $2M per month in bitcoin versus only $1M in newly mined bitcoin. So there is apparent depth. The actual depth would depend on what percentage of miners are hoarding bitcoin versus spending. A change in this ratio at a rate greater than new participants in the Bitcoin economy would swing rates. Given the vast profit margins of internally mining you could afford to swing the market down quite a bit. I would set a threshold of around $4 / bitcoin and move to the selling hardware to miners model if selling 100% of bitcoin output was moving the market. Of course, if the market can't absorb 100% of miner output then buying single purpose hardware for mining is a very bad investment. Paying in advance to fund the development costs of a company that doesn't have confidence in Bitcoin is an even worse decision. I'm not quite sure why BFL would take on MORE RISK after funding the development of an ASIC chip. Good business managers know that risk mitigation is way more important than quick profits. |
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So I have tried the 896 firmware on every single I have upgraded so far and it has only worked on one. 864 seems to be the sweet spot for my singles. YMMV
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Notify is not the same as subscribe. Notify sucks giant balls.
+1 You may now continue with the on topic banter. |
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If/when BFL comes with the ASIC and your singles/mini rigs will be swapped for something much faster, like 10 times faster.
Will you keep the bonds 5Mhash/s or will you upgrade them to a higher speed?
Hi pieppiep, I am working hard to make sure gigaminers have one of the best mining bonds. Part of this is the move to a new location. More news will come once I have solid details / numbers / etc. Best, gigavps |
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1) Why would BFL kill the very project that is giving them almost all of their income? They have no reason or motive to kill Bitcoin or stage a 51% attack on it.
The profit motive is a very powerful one. I agree with SgtSpike and think BFL is here to do the right thing which is to support the network and make some money. |
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Apparently, pirateat14 and you, ARE Bitcoin.  Now that's just silly. |
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Glad to see so much speculation in the bitcoin discussion sub forum.
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To all gigaminers:
Coupon payments are out for the week.
Enjoy the memorial day holiday if you are in the US!
Best,
gigavps
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Care to clue us in to which state you've moved to?
All in due time.  |
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To all gigaminers,
Most of gigamining's GPU infrastructure is now in the capable hands of fedex. I will be meeting up with the equipment next weekend to get everything setup at the new gigamining DC. The mini rigs will also be meeting me that the new location so you can expect pictures and video to come shortly after their arrival.
Best,
gigavps
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Do defaults concern you?
I do not think default would be a concern if one had already earn their investment back in interest payments. |
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I am in complete agreement with both of you too. With one caveat: past performance does not guarantee future results
Let's just wait and see how this market will react on demise of MMM and on BTC volatility, specifically on upside.
Well, looking at current interest rates, it would seem some of this is priced in. A month is a long time in BTC land. Not that long ago we were having 20% moves in a single day As for your MMM theories, put you coin where you mouth is -> http://betsofbitco.in/item?id=349 |
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I'm curious who takes on BTC debt? Obviously Pirate does, but who else, and for what purposes?
Mostly miners who have incomes denominated in bitcoin. |
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I'm a lazy starfish, and I know where my talents are. And while I know of ways to use bitcoin to make higher returns, that's simply not my best field of operation. I'll stick to 200% to 300% per year.
I am in complete agreeement with Patrick. The bitcoin lending scene is highly profitable. |
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(In fairness - there's probably not much choice for a serious bitcoin startup. Patents probably need to be held at least for defensive purposes)
So if we stop the religious war on patents for a minute and examine your statement above, it is absolutely correct. It is easily one of the top 3 questions first asked by investors these days. If bitpay wants to survive in todays business climate, patents are a necessary evil. Don't hate the player, hate the game.... |
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blah blah blah blah
Good thing most of the forum has you on ignore. |
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So besides this video being TOTALLY AWESOME for bitpay and more importantly bitcoin in general, you've decided to pick on the patent? There were 4 VC groups and over 200 attendees at this conference. All with investment $$$ and hearing about the potential opportunities bitcoin brings to the payments space. I would rather like to thanks Tony for taking the time to submit his business and win a spot to present at this conference. Your bitcoins may be just a little bit more valuable tomorrow. |
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gigavps, hmm, interesting, thanks.
You are quite welcome. These facts are well known to bitcoin lenders. I will even save you the scolding for banishing yourself from the bitcointalk forums. Lending bitcoins is quite a profitable business. There are a number of big lenders who have distinguished themselves and are doing quite well. |
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