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1801  Bitcoin / Hardware / Re: [ANN] OpenBitASIC : The Open Source Bitcoin ASIC Initiative on: June 18, 2012, 02:36:20 PM
We are negotiating with 3 different ASIC's fabs at this moment, we expect to have the figures for a full ASIC implementation anytime soon. Right after that, we will come with an adapted plan to finance it. 

I personally see BFL's announce strategy only designed to make actual competition the highest possible damage.
So I will love to beat them both in price and time to market. 



I think you should follow the method of the Bitcoin(card) Fund - https://bitcointalk.org/index.php?topic=86083.0 - but also add a GLBSE way to invest.
1802  Economy / Economics / Graphs/Charts for total amount of fiat funds(value) going in/out of bitcoin on: June 18, 2012, 01:45:03 PM
Is there any graphs/charts to show the flow of fiat funds(value) going in/out of the bitcoin economy.  What I mean is a charts/graphs that shows how much fiat cash is being turned in/out of bitcoins and whether and when the value is increasing linearly or exponentially?  The nearest I could find is bitcoincharts market cap?  Maybe a graph/chart of the market cap over time would be suitable?  Does anyone know if there is such a chart/graph.  Thanks.
 
1803  Other / Politics & Society / London Metal Exchange taken over by China on: June 18, 2012, 11:50:24 AM
http://alternatenewsmedia2012.wordpress.com/2012/06/18/china-taking-over-london-metal-exchange/



The HKEx, which has the Chinese government as its largest shareholder, beat off competition from the US-listed Intercontinental Exchange (ICE) in a closely fought battle.
The takeover will provide a significant boost to the LME’s plans to expand in China if the deal is completed during the fourth quarter of the year, as anticipated.
However, fears have been raised that placing the entity that sets prices for industrial metals globally in the hands of the biggest consumer of industrial metals globally may not be a sensible move for the rest of the world. The Chinese government chooses the chairman and chief executive of the Hong Kong Exchanges and Clearing, as its largest shareholder.
Some analysts have also expressed concerns that the HKEx may be over-paying for the LME.
Martin Abbott, chief executive of the LME said: “This proposed combination will secure the future of the LME for its next 135 years. The LME’s global benchmarks plus HKEx’s pre-eminent market position in Asia, its IT and trading resources and clearing expertise will cement the LME’s position as the world’s foremost base metals trading venue.”
The LME, which was established in 1877 above a London hat shop, accounts for 80pc of traded volume in global metal futures transactions. Its building on Leadenhall Street in the City financial district is one of the last bastions of open outcry, with futures in metals including copper, aluminium, zinc, lead, tin and nickel still changing hands in so-called ring trading, as well as electronically and over the telephone.
HKEx will part finance the acquisition through a £1.1bn pound bank loan. Any deal would have to be accepted by 75pc of its shareholders including JP Morgan, which could receive £151m and the Bagri family, owners of Metdist, who could be handed £130m.
“This is a transformational milestone for Hong Kong,” Charles Li, chief executive of the HKEx added. “You have the biggest exchange, the biggest market and a lot of inefficiency.”

China is the world’s leading consumer of commodities so gaining influence over the pricing and warehousing of those commodities is crucial to China and owning the LME would deliver that. The advantages to Chinese industry, over rivals, are obvious. It is therefore very surprising that no one in Europe, or the UK, has realised the importance of this putative deal.
The LME doesn’t physically own the warehouses but it does regulate them – thus dictating terms to the site owners. The LME is a hugely strategic piece of market infrastructure which should not fall into the hands of any one government. But it is a “must have” asset for China which is bidding for it through the state controlled Hong Kong Exchanges and Clearing. That’s why it’s willing to pay more than £1bn for it, even though the LME makes only about £10m in profit – a multiple that even Facebook couldn’t command in its over priced IPO.
It’s not at all clear what Hong Kong Exchanges and Clearing would do with the future of metals trading in the UK but if activity moved away from London to Hong Kong allied activity in the City of London would likely follow.
Given the LME’s dominant position in the trading and price discovery of industrial metals it would be impossible for a rival exchange to develop. Once infrastructure such as the LME has gone, it’s gone forever.

http://alternatenewsmedia2012.wordpress.com/2012/06/18/china-taking-over-london-metal-exchange/
1804  Bitcoin / Hardware / Re: [ANN] OpenBitASIC : The Open Source Bitcoin ASIC Initiative on: June 18, 2012, 09:37:00 AM
It seems to be some form of the model I proposed benefits everyone and would have considerable interest. If we could put something together quickly I believe we could also beat BFL to the punch given their previous track record. We would also likely take tremendous market share from them as most people in spite of their ability to do so, cannot be happy acting as BFL's creditor while they wait for their products.

With some more input and time, I could put together a very professional outline of how we could get this done, but I have yet to hear from the original developers of this thread/venture.

If anyone else has the contacts/technical expertise to pull this off, I am more than willing to develop the business side of it and believe we could get this off the ground very rapidly. The community really needs this and if BFL saturates the market first this project will become increasingly more difficult to pull off and any miners who buy from them initially are going to get screwed bigtime.

A co-operative, decentralized business model which engages as many members/supporters of bitcoin as possible will not only make the ASIC leap viable for everyone, but will also align itself with bitcoin's philosophy of decentralization. I also believe it does not have to marginalize the FPGA miners and producers if we proceed in a co-operative and well thought out manner.

Anyone who is interested in making this happen, please feel free to PM me.

I'd like to see an opportunity for bitcoiners to invest in your project directly. Create a stock sale with legitimate stock restriction contracts and allow people to buy stock in the company and/or bonds. Maybe those who have interest in mining could participate in a hybrid pre-order/stock purchase.

For example:

Someone who wants to simply invest: They can purchase shares at a sort of IPO for people who support bitcoin. Don't initially allow people to buy more than X number of shares for a specific time period, say 30 days. Maybe you issue 10000 shares at $100.

So in the initial thirty day phase you only allow individuals or mining companies to purchase 10 shares. After the thirty day period you allow existing investors to have a first crack at whatever shares are left, then open it to anyone if there are any shares leftover. These shares of course pay dividends also.

This would allow you to raise capital of $1M to develop the ASIC. It would hopefully allow small time and big time bitcoiners to participate in the project. Ideally 1000 people buy ten shares in the initial thirty days, if not, well people had their chance.

Then create another stock purchase which includes one unit as part of the deal. So say these shares are preferred stock subject to dividends and you release 1000 shares at initial ASIC purchase price. These folks get to hedge against future units being sold at lower rates by knowing they will profit from these shares. If these units sell at $1000 you have raised an additional $1M.

I am a client of one of the top 50 law firms in the world and they have an office in Beijing. I would love to be involved in this project directly or as an advisor. I am a successful small business owner and I am currently two years into an MBA program.

PM me if you have interest in direct involvement or I will certainly try to contribute ideas through this thread.

My purpose would be to help spread ASIC technology in the bitcoin community in a way that does not consolidate mining power while also providing a reasonable profit for the ASIC producer.

+1

I would love to see the distributed model continue. I think the healthiest model is for the users and miners of bitcoin to invest together in ASIC development and own the company that produces them, as it secures our interests if done correctly. It could be a private company that issues an IPO for the development (most income from IPO to be held in escrow for payment for masks), or a co-op, or maybe even kickstart? Finland has many successful co-op models, where everyone can join, and they get a share of the company, if they agree to the rules of the co-op. The share could be 200$ or so, and would entitle you to one ASIC miner (depending on the price) or a good discount on purchases, when the board is done. Whatever the model, I'd like to see it form as owned by the core community, not some privately held company with a track record of dodgy business conduct.

+1TH  Grin

+1  I think the original developers of this project should take in some of these ideas to make the project stronger financially and stronger in the whole bitcoin community by reaching out to more bitcoiner's. 
1805  Economy / Securities / About BFL's ASIC announcement on: June 17, 2012, 09:02:20 PM
BFL's ASIC hardware will probably be three times the price and 300% lower specs when there finally released in twelve months.  BFL are just offering the trade in option to suck more buyers in for there FPGA's.  We have been buying Sparten6 hardware not BFL and as for upgrading to ASIC's were probably going to wait for OpenBitASIC - (https://bitcointalk.org/index.php?topic=76351.0) - as it's opensource-hardware therefore should be much cheaper than BFL's ASIC's.  We will continue buying more FPGA's for now probably the ModMiner >1GH/s@50W (with the new ET bitstream) for $1069.  If BFL-Single shipping lead time improves drastically then we may purchase them.  RSM is different then the mining bonds on offer.  We do not offer a bond you buy an actual share in the company, a share in all the hardware we own and a share of all profits.

I don't think ASIC's will be on the market for twelve months yet and I expect FPGA's to be profitable for over two years to come yet at least.  Once ASIC hardware is available for pre-order we will be moving into ASIC hardware but only very slowly and very carefully.  As I expect after the initial release of ASIC hardware I expect there prices to drop drastically and there hardware spec's to improve dramatically.  Also all the FPGA hardware we are buying has quite a high resale price as it can be reprogrammed for other uses.  The ASIC hardware being produced will probably have a very low resale price and even the slightest change to the bitcoin protocol will make them obsolete.  That is why we are thinking of going into opensource-hardware due to the logic its production costs will be a race to the bottom and therefore in the long term more major adoption.  So then less chance of them being made obsolete.
1806  Bitcoin / Hardware / Re: BitForce SC - full custom ASIC on: June 15, 2012, 11:49:12 PM
Relax, cheap ASICs will be available soon for everyone Tongue



 Roll Eyes

LoL totally forgot about that brand  Grin  But I think BFL's ASIC's are going to be VERY expensive with a VERY long lead/loan time until there delivered and then OpenBitASIC (https://bitcointalk.org/index.php?topic=76351.0) coming on the scene with opensource hardware.
1807  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: June 15, 2012, 11:33:19 PM
$6.222 WTF  Shocked

Well Intersango GBP/BTC is at £4.06 and that's $6.38  Shocked

£4.25434 now on Intersango  MtGox doesn't lead the market anymore it follows it  Huh

It looks like things are going that direction.  £4.25434 = $6.67.

Intersango GBP is always dearer than MtGox GBP which is always a bit dearer than MtGox USD because it's easier and quicker to buy BTC in the UK that way and the UK is net buyer of BTC rather than seller/miner?
1808  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: June 15, 2012, 11:27:25 PM
$6.222 WTF  Shocked

Well Intersango GBP/BTC is at £4.06 and that's $6.38  Shocked

£4.25434 now on Intersango  MtGox doesn't lead the market anymore it follows it  Huh
1809  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: June 15, 2012, 11:19:34 PM
Don't forget to change the size for our small screened brethren.

I'm on a 1920x1080p HDTV and it still looks ugly?

Open image in new tab. 1080p. (Minus some cropping) Wink

Some people don't have as high resolution displays.

Well they shouldn't have bitcoins either  Tongue
1810  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: June 15, 2012, 11:14:52 PM
Don't forget to change the size for our small screened brethren.

I'm on a 1920x1080p HDTV and it still looks ugly?
1811  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: June 15, 2012, 10:57:08 PM
It's starting to feel like spring 2011 around here again.

Summer bubble incoming.

Its just correction of 2 month stall.

Hopefully but for it to rally an extra $0.10 at 22:00GMT/UTC on a Friday in a matter of minutes makes me think its a bubble.  Maybe some last minute trading before the weekend but looks like the only way is up.
1812  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: June 15, 2012, 10:52:08 PM
$6.222 WTF  Shocked

Well Intersango GBP/BTC is at £4.06 and that's $6.38  Shocked
1813  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker on: June 15, 2012, 10:49:49 PM
$6.222 WTF  Shocked
1814  Other / Off-topic / Re: this is crazy on: June 15, 2012, 08:05:14 PM
Well codes have been knitted and woven into fabrics for over a millennium.  Think of sailors jumpers and Scottish kilts.
1815  Bitcoin / Development & Technical Discussion / Re: Bitcoin.org blocked by a domain filtering list? on: June 15, 2012, 07:42:57 PM
Yes I read recently in another post on the boards somewhere who said their dads router had blocked bitcoin sites and that they didn't think he added them manually?
1816  Other / Off-topic / Re: Do you take drugs; or buy them on silk road? Or sell them for that matter? on: June 15, 2012, 06:45:05 PM
The Silk Road has done a lot for bringing attention to bitcoin and making new bitcoiner's.  I'd never even heard about bitcoin until I read that infamous article last year about The Silk Road where it mentioned bitcoin.  As for drug use yes caffeine, alcohol, tobacco and went to Amsterdam when they still used Guilders  Tongue  Also The Silk Road may be a better way of selling drugs then dealers with guns or drug pushers pushing smack and crack on vulnerable people.   A selection of society are always going to want to use drugs and prohibition with the War on Drugs is obviously failing.  Look at the prohibition of booze in America about a century ago that can arguably be stated as the cause of the formation of major organized crime in the US like the American Mafia!   As for using The Silk Road well I live in area with a big hard drugs problem and cannabis is smoked openly outside pubs and on the streets.  All the pubs put greese on top of toilet seats covers and the mirrors have all be broken of the walls.  So if I wanted to to buy some drugs I'd probably find it easy and quicker just asking one of the local smack/crackheads or a random smoking a spliff  Roll Eyes
1817  Other / Off-topic / Re: Help pirateat40 find love! on: June 15, 2012, 06:17:05 PM
The last post I read by him he stated he had no business involved with The Silk Road or his wife would leave him and that post was in the last two months?  So his wife has left him?  What does this mean for his investment scheme future?
1818  Economy / Speculation / Re: Making my weekly purchase of bitcoins. Should I hold off a while? on: June 15, 2012, 05:21:17 PM
I hope you bought.

Thought I'd try a bit of trading following Bollinger extremes so bought and sold for a small profit.  Have an order in now to buy at £3.91 with the extra money I made current lowest bid £3.97001.  Think I'll leave that order at £3.89 in until it sells and then just buy what I usually buy next week.
1819  Alternate cryptocurrencies / Altcoin Discussion / Re: BIBOCURRENCY anti bitcoin currency on: June 15, 2012, 12:44:11 PM
Ripple would be great as a facebook app Smiley

Good idea.
1820  Bitcoin / Bitcoin Technical Support / Re: Blockchain.info wallet and email wallet backups? on: June 14, 2012, 10:51:07 PM
Hi the blockchain.info wallet offers automatic email wallet backups.  As emails are just sent in plain text does this mean anyone sniffing your internet traffic could intercept the email backup easily and steal your wallet?  If so is the GoogleDrive backup option a better idea then email backups?
The email backups are sent AES encrypted with your password as the decryption key. It is no easier to get into the email backup of the wallet than it is to login to the website, assuming you have a good password.

Thanks  Smiley
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