thoughts on the seat price going down? Is it scarce trust in the decision to get more invested in BFL?
Borrowing some investment phrases, you could say we're shaking out weak hands, or this is the baby being thrown out with the bathwater.
As someone who has been around and mining for more than 2 years now, let me tell you what I've seen, and what I see now. Each time a new technology comes out, there are great investment opportunities. A new asset manager can jump up, say I'm starting a company now, and buy nothing but the latest and the cheapest equipment. This is a huge opportunity for investors to increase yields by always jumping to the latest offering. There are problems with this line of thinking though. Mainly in that not everyone is here for the good of Bitcoin and to become a larger and more involved member of the community like myself (see:
me becoming a treasurer and holding 500 BTC for the forum). Any teenager with a computer can start up an asset make a ton of promises, and watch their bank account rise until they decide to disappear. This has happened many times in the past, and I'm certain that with all the bitfury and kncminer offerings out there, some of them are bound to be scams that are just black holes with promises for your BTC. We may see some ponzi attempts once equipment starts shipping, but when I see people with 3 month old accounts and no trading record that have raised hundreds of thousands of dollars, it makes me nervous. Others see opportunity, and that is great if it works out for you. I was nearly certain ASICminer was a scam in the beginning and I turned out to be dead wrong, so perhaps I am overly cautious. This comes from steering clear of the mybitcoin & bitcoinica nightmares. So while others are jumping to the latest thing and getting burned (see:
0.15 BTC purchases of IceDrill.ASIC that were almost immediately sold at a loss) you can hopefully believe that NastyFans will continue to be a best in class operation.
So what makes NASTY MINING a best in class operation that deserves a premium to other offerings? Here are my perhaps overly generous reasons. Firstly, I have basically dedicated my life to this project at this time. My home has been wired with dedicated electrical circuits to provide the power we need to operate all of this stuff and specialized exhaust and air conditioning equipment has been installed to remove heat. A newbie might place a ton of orders without realizing that there is a huge difference between operating a single miner and operating a dozen. I can tell you that the heat and power needs are insane. My electric bill is nearing $850/month now. This doesn't effect NastyFans distributions at all. I pay this out of pocket, and always have. I am considering asking for donations to "go green" with some solar power, but I don't see me requiring any help on that front from fans. I am also not new to running companies online (I have successfully operated an online website since 2001) and I also have a lot of experience in the finance world (10+ years experience as a Financial Analyst for a Fortune 250 company & 10+ years experience trading public assets in 4 different currencies). In addition, I am donating my time and funds to create products and services that will benefit NastyFans (see:
1g silver coins I'm selling, with more products/services in the works). Once our pool goes live officially, it will also bring in donations for NastyFans, as opposed to generating funds for myself or nonnakip, or even being a standalone new asset offering. We are also the only mining company I'm aware of with exposure to LTC & NVC as well as the other merged mined coins and the diversity of our growing holdings on BitFunder. Not to mention the transparency and the fact that our automated stats on the OP of this thread absolutely blow away anything I've seen from any other asset manager, and we've still got so much more planned to bring to you... It should be clear at this point that my goal is not to get as much money as I can from NASTY MINING, but to grow it into something amazing that we can all be proud of.
Some reasons why the price may be dropping... We have members who were upset about me diversifying away from mining and didn't like that we are now getting interest on our BitFunder holdings. New offerings are popping up so fast with everyone and their brother making promises that they won't be able to keep. The network is speeding up extremely fast and we're in somewhat of a holding pattern with only 1 more ASIC due to be received in the next month. People may not have faith in my ability to market and sell new products to donate proceeds to NastyFans. People may not believe that our pool is going to be awesome. People might have faith in new asset managers. People may be selling assets to take advantage of the recent rise in BTC price to cash out. People may be nervous that we're now sitting on debt. People may be emotional due to not receiving their BFL orders yet and are unhappy that I continue to support them by placing orders so quickly into their queue.
However, I still believe that this is the most honest, transparent, longest running, and successful mining operation there is. It will continue to grow, and NastyFans will continue to benefit without me requiring more capital injections or changing terms (see:
gigamining). I hope you will all have faith and grow with us. I grabbed a couple more seats this morning, and if I wasn't in need of funds for a large top secret project, I would be grabbing a lot more. I've also now got my personal miners pointed at our pool, and hope you will all join me.
As for why you should want to buy more NastyFans seats instead of an asset with bigger promises and higher yields... In the end it comes down to one thing. Some invest in this for profit, some because they like the ideals, some because of the transparency. Ultimately though, this line from the classic movie Scarface says it best.
"Who else can you trust? That's why you pay us what you do. You trust us."
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Thanks!
