Litecoin will have its day. Unfortunately just not today.
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This question of "why dont you just mine instead of selling?" is answered by (paraphrasing) "we don't mine, we are hardware enthusiasts and this is what we do".
I will believe the product when I see it. And if I am wrong and they do deliver, then they are retarded for selling their secret.
Legitimately, these would need to be "burned in" by mining. So they can do a little of both -- mine some for themselves (while difficulty is low). Watch for shipments to be timed right at each difficulty adjustment. (e.g., mine before the difficulty change, then ship, then start the prep for the next batch for shipment 2,106 blocks later). But they probably could never get the investment funding necessary to design and build these if they weren't pre-selling. So even though this route does leave potential profit on the table (from not mining themselves), it does allow them to not just remain in the mining hardware vendor space but to remain the leader. Private funding allows for them to get these manufactured. less people in on the pie means bigger pie for you. I guess we should be "thankful" they are wanting to "share" their creation(s) with all of us. |
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That makes sense...but still getting private funding without making a public ruckus would still net them a HUGE advantage over the rest of the market.
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Butterfly labs are essentially doing the same thing that say day trading "get-rich-quick-schemes" do. They sell a product to help you make more money or in this case "mine more coins" with "1000 GH.s"...when they could easily use it to their advantage and keep a hold on the "secret". The same question gets asked about forex software trading robots/software that are going to make you a ton of money, yet the creator of the software is selling it to you instead of just using it themselves. BFL is doing the same. They have claimed to have created a product that can do "1000 GH/s" and are selling it for $30,000 when they could easily keep their secret to themselves and create just 5 rigs like that and make bank on bitcoins for the LONG-TERM! This question of "why dont you just mine instead of selling?" is answered by (paraphrasing) "we don't mine, we are hardware enthusiasts and this is what we do". I will believe the product when I see it. And if I am wrong and they do deliver, then they are retarded for selling their secret.  |
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1,000GH/s today at difficulty 1751454.53 = ฿574.27 or $4,019.91 per day So, if indeed these new ASICS come and do as they have been claimed to be able to do, any one who invests $30k into one of these rigs would have it paid off in about a week or so (give or take a few days). This to me is very bullish (if BFL delivers on their hash promises). If you don't get your order first (or have to wait while the deliveries come in)...I have a feeling the difficulty will shoot up quite quickly. Only 13 of these 1,000GH/s ASIC rigs would need to hit the market to keep the bitcoin network at its current speed. Uncanny! Thoughts? |
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I predict a price around $10-$20 by end of the year. This is not because the price "broke through" $7 just now, but because I know of certain developments in bitcoinworld that support such a price (and the above price target does not include speculative froth, but simply a reasonable market price given the fundamentals).
Let's also remember that any price increase anywhere below $32, if a bubble, is less of a bubble than we had last year, for the economy is far stronger now than it was a year ago. In other words, if we shoot up to $25, it might be a bubble, but it's a far smaller bubble than we had prior. The fundamentals are far more supportive of such a price now than prior.
Can you please eleborate on those fundamentals and certain developments in bitcoinworld. It would be good to know too Nope  To make a high stable price bitcoin needs a tripod of DRUGS, PORN AND GAMBLING to stand on. Porn needs some more attention, Drugs seems to be a run away success (SR) and Gambling is certainly taking off. You are right. I think either one of these three would suffice. It seems gambling is the main contender these days. I offer to sell bitcoins on craigslist and throw in the texas holdem aspect. Just started today we'll see what happens. I personally have gotten 3 people into playing texas holdem on seals with clubs who really weren't into bitcoin but are really into poker. Now they want to buy bitcoins. Interesting. Real life poker games with bitcoins. "World Series of Poker....with bitcoins!" Thats actually a good idea. I might try to make it happen. My friend plays with a bunch of guys every week. (poker that is) She brought up bitcoin and they didn't have good things to say about it. (mostly the same ignorant stuff you hear from people who know nothing about it). Working on it though Awesome let me know so I can join he he he |
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I have just one question: How can you know that your ASICS/rigs you are touting/preordering going to have as much hashing power as you claim on your website unless you have already created the ASICs and benchmarked them. This question I need answered. To claim a rig will have a hash rate and not be able to actually sell (more importantly, demonstrate its hashing capabilities), says that you likely don't have the technology at all. Otherwise why not just keep the hardware secret and mine happily for the rest of bitcoinity and make tons more profit? |
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I predict a price around $10-$20 by end of the year. This is not because the price "broke through" $7 just now, but because I know of certain developments in bitcoinworld that support such a price (and the above price target does not include speculative froth, but simply a reasonable market price given the fundamentals).
Let's also remember that any price increase anywhere below $32, if a bubble, is less of a bubble than we had last year, for the economy is far stronger now than it was a year ago. In other words, if we shoot up to $25, it might be a bubble, but it's a far smaller bubble than we had prior. The fundamentals are far more supportive of such a price now than prior.
Can you please eleborate on those fundamentals and certain developments in bitcoinworld. It would be good to know too Nope To make a high stable price bitcoin needs a tripod of DRUGS, PORN AND GAMBLING to stand on. Porn needs some more attention, Drugs seems to be a run away success (SR) and Gambling is certainly taking off. You are right. I think either one of these three would suffice. It seems gambling is the main contender these days. I offer to sell bitcoins on craigslist and throw in the texas holdem aspect. Just started today we'll see what happens. I personally have gotten 3 people into playing texas holdem on seals with clubs who really weren't into bitcoin but are really into poker. Now they want to buy bitcoins. Interesting. Real life poker games with bitcoins. "World Series of Poker....with bitcoins!" |
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I found the ones that can be merged-mined useful for testing mergedmining. I learned for example that the extremely short block time of GeistGeld was bad for merged mining along with all the other coins, so I had to drop GeistGeld from my merged-mining mix.
It would be handy to have more coins to try adding to the mix, however I expect that if they try to use block time as short as GeistGeld's they will prove unsuitable.
DeVCoin has been very useful for financing free open source stuff, which is its purpose.
I0coin has had problems, maybe once we get to the root of them there will be something to learn from them.
-MarkM-
I never was a fan of merged mining. Yes security is the big reason why. I call it inflation of cryptocurrencies. Freely produced as a byproduct of producing say bitcoins... |
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Considering....I need a new gaming pc Does it come ready to mine LTC ? I actually could set it up but I figured the person buying it would likely know how to set it up. Interested? Keep in mind the shipping cost when bidding. The 15k LTC start bid is not including the shipping (current price ~ $450 for 15k LTC) |
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Wow 21%? "You can type in the number of Bitcoins you need… and instantly see how many dollars you need. Or, type in the number of dollars you want to spend… and instantly see how many Bitcoins you’ll get. Our fee for Instant Bitcoin Purchase is only 21.49% of the total amount you send. So multiply the dollar amount you send… times 0.7851 …to get the number of dollars worth of Bitcoins you will receive. In other words, if you send $100, you will receive $78.51 worth of Bitcoins (as displayed in the Bitcoin Value Calculator). We absolutely guarantee that we have the most Excellent Personal Customer Service, 24 hours a day, 7 days a week, 365 days a year… via telephone, text message, and email."
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Insight into the testing of bitcoin code in different manners. Bitcoin is just an instance of an idea. Tweaking block rates, coin amounts, difficulty adjustments, proof-of-work...etc. That's why. |
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nmcontrol is designed to be simple, so building a gui that manage the daemon should be "simple" (rpc call + forms to fill required fields per namespace :p).
One thing i've added to my original post is that this GUI will not allow you to manage your coins, because a standard bitcoin GUI using RPC can already do that.
Also, pertinent remark from markm about the GUI :p
Windows support shouldn't be difficult too (because i've already coded with it in mind).
Other comments ?
If it is simple then where is it? |
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If as it sounds it does not actually do anything yet, having a GUI for it seems premature; might as well first have it able to actually do at least one thing, so that a GUI will actually have something it can tell it to do. DNS sounds good, then the GUI which, to have something to do (since there would be no point runnign the daemon if you didn't want to be able to look up .bit domains on the local machine), maybe make a GUI that will let you toggle whether to let other machines use that DNS, or even let you configure exactly which machines to permit to use it or something like that. Maybe I misunderstood, but I got a definite impression the thing doesn't actually do anything yet but is just a framework ready to have something to actually do added, so to me it seemed hiliarious how windows folks immediately jumped to the idea that most important thing to have would be a GUI that doesn't actually do anything. ("I know it doesn't actually *do* anything but the point is, it should not do things graphically instead of not doing things textually dammit!" ) -MarkM- When I say this I'm not talking about me: Not having a GUI limits its user base my like at least half on this forum. I'm sure most people dont want to be tinkering on the command line. Make it easy/simple!! |
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This will be a 2 week auction. Bidding will be in LTC. Starting Bid will be 25,000 LTC. Bid in increments of 500 please. Also bid with shipping costs included in your bid. Shipping pretty much anywhere in the world. Outside of the US will constitute likely higher shipping charges (postal office, not me). Original parts cost nearly $2000. I mined for about 5 months with this 6990. No overclocks and 100% fan all the time. Note: I realize the first picture is reused. I had two 6990's and took one picture. I can take another if that is an issue.Specs: 2.8 GHz Quad-Core Intel Core i7 processor 300GB Western Digital HDD 2GB Corsair Dominator DDR3 RAM (expandable) 4GB GDDRS MSI R6990 HD Radeon Afterburner Video Card 1500 watt power supply Silver Stone Strider Series Low noise Asus Xtreme Design motherboard P6X58D Premium Windows 7 Professional 64-bit OS (fresh install) Cooler Master HAF912 Black Computer Case NO CD/DVD drive installed. ** Video card drivers and afterburner software preinstalled            |
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Litecoin you did a good deed... Thanks for your business. I will likely be posting something else for sale soon for LTC. Check it out in the Alt-chain subforum... Smoothie |
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why not just drop the client somwhere and make it available to all of us? Here are a few people quite curious about its inner workings......
Because their is likely questionable code within RS's creation... |
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