The supplier is now sending us two Rev4 boards with these heatsinks and fans attached - http://www.newegg.com/Product/Product.aspx?Item=N82E16835119079 - So no need to buy any fans now  As these heatsinks and fans will dissipate 25W each and the Sparten6's only use 10W each. So the chips should stay nice and cool and hash harder for longer. On receipt of these two boards I will be sending our first Rev1 board back. I'm hoping he can send us the two Rev4 boards by the end of next week hopefully so look out for the dividends soon increasing. All we need now is to sell enough shares to purchase board #3 to take the weekly dividend to over 0.0044BTC per share. The second weekly dividend will be paid by tomorrow 00:00am GMT/UTC Friday (2012-05-12). Looks like the dividend will be 3.41549576BTC over 1652 shares unless another block is found before 02:00am GMT/UTC tonight or we sell some more shares towards board #3. |
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BFL-Singles may even be using second-hand used chips explaining there six month only warranty. Also I've thought about green electricity for Red Star Mining. I can get 100% green sourced renewable electricity supplied for around £0.134kWh. a) Holy shit, thats 0.2166 USD kwh. You are getting raped over there. b) Thats not quite the same as generating your own power and selling the excess to make your investors more money. No that price is for 100% green sourced renewable electricity. I'm currently paying £0.11125 kWh (and yes there is cheaper suppliers) and yes electricity in the UK is generally dearer than the US tho cheaper then many places in Europe and elsewhere. In running the Modminer development board I currently have I get at least >3.6BTC a week that costs me £0.76 for the ModMiner development board I'm currently using. |
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BFL-Singles may even be using second-hand used chips explaining there six month only warranty. Also I've thought about green electricity for Red Star Mining. I can get 100% green sourced renewable electricity supplied for around £0.134kWh. |
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Having an idea and using it as a world view are two different things.
The people who make predictions on a time period where that should occur have no academic relevance.
OP has been thoroughly answered above, don't pussy out of it now.
"Pussy out" of what trying to prove I'm right and your wrong? Or should I just bow down to your genius  idk here you go knock yourself out: http://humanityplus.org/I've bookmarked it but on the Pilsner at the moment and not into heavy reading. Thanks. |
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Having an idea and using it as a world view are two different things.
The people who make predictions on a time period where that should occur have no academic relevance.
OP has been thoroughly answered above, don't pussy out of it now.
"Pussy out" of what trying to prove I'm right and your wrong? Or should I just bow down to your genius |
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Yes I see after infinite amount of time it will only get closer and closer to 21million. The main point of the OP is the block reward never ending even after a block reward of only 1 satoshi and bitcoin value ever increasing. Therefore no hyper-deflation.
Edit: As a valuable amount of new bitcoins/satoshis always entering the market.
Only if there were an infinite number of bits available for storage. When the block reward is 1 satoshi; then after 210000 blocks, that 1 will be shifted right and the reward will become zero. Perhaps by then the developers will allocate more bits, but it's still not infinite. All that being said: I completely agree, this still doesn't equal deflation or inflation. There will be, near as makes no difference, a fixed number of bitcoins in the economy. If the economy becomes more productive, then (unlike now) that productivity increase will be reflected in lower prices, as everybody's supplier will be able to supply more for less. Yes but I think people have said that the processing and storage needs of the blockchain will be able to keep increasing due to Moore's Law. Although I don't think Moore's Law can continue as it is and will inflex (excuse my terminology) during the Technological Singularity ( https://en.wikipedia.org/wiki/Technological_singularity) predicted sometime after 2030-2040. This has been predicted numerous times and revised. It's not gonna happen and is more of a pseudoscientifc joke to anyone involved in natural sciences or cybernetics. If you wanna have a entertaining read look up The Omega Point, aka The Singularity. The idea originates in the transhumanist movement, a circle jerk of wanna-be elitists who couldn't make it in academia. Alan Turing who invented the modern computer was no failed academic and was probably the first person to come up with the idea. Anyway I don't want to get too off-topic talking just about the Technological Singularity. |
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Yes I see after infinite amount of time it will only get closer and closer to 21million. The main point of the OP is the block reward never ending even after a block reward of only 1 satoshi and bitcoin value ever increasing. Therefore no hyper-deflation.
Edit: As a valuable amount of new bitcoins/satoshis always entering the market.
Only if there were an infinite number of bits available for storage. When the block reward is 1 satoshi; then after 210000 blocks, that 1 will be shifted right and the reward will become zero. Perhaps by then the developers will allocate more bits, but it's still not infinite. All that being said: I completely agree, this still doesn't equal deflation or inflation. There will be, near as makes no difference, a fixed number of bitcoins in the economy. If the economy becomes more productive, then (unlike now) that productivity increase will be reflected in lower prices, as everybody's supplier will be able to supply more for less. Yes but I think people have said that the processing and storage needs of the blockchain will be able to keep increasing due to Moore's Law. Although I don't think Moore's Law can continue as it is and will inflex (excuse my terminology[tho could be correct long time since I did any maths]) during the Technological Singularity ( https://en.wikipedia.org/wiki/Technological_singularity) predicted sometime after 2030-2040. |
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The main point I made this thread as at first glance it seemed to me and many others have had a similar view that as the block reward gets very small that it equals no new bitcoins therefore hyper-inflationary spiral. The other point being as long as bitcoins value keeps increasing (maybe like gold circa up to 1918AD [start of then end of the gold standard]) then a valuable amount of new bitcoins will keep entering the market. Therefore killing of the idea of hyper-inflationary spiral once the block reward is very small.
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If Satoshi had wanted it to be an even number the starting block reward should have been a multiple of 2. For example is the first block reward had been 2^32 satoshis (~42.94 BTC) then we would have had 32 perfect halvings of the reward. 2^32 down to 2^0. A bit of trivia. The "21M" appears nowhere in the code. The entire subsidy calculation is just a handful of lines.
Absolutely right. The 21M comes from summing the geometric series I mentioned above. http://en.wikipedia.org/wiki/Geometric_series1/2 + 1/4 + 1/8 + 1/16 + ... + 1/2^i + ... = 1 = S Each term in this series maps to one block reward period. i.e. 210000 blocks. Now that first term 1/2 maps to the 50 coin reward, so we want to multiply by 100 as well. Therefore we get S*210000*100 = 21M. Being that S is the sum of an infinite series, we will never quite reach 21M as we will never have an infinite number of terms. Yes I see after infinite amount of time it will only get closer and closer to 21million. The main point of the OP is the block reward never ending even after a block reward of only 1 satoshi and bitcoin value ever increasing. Therefore no hyper-deflation. Edit: As a valuable amount of new bitcoins/satoshis always entering the market. |
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Well no none of that is true.
I don't think deflation will be a problem but your reasons don't make sense. Adding decimal places isn't increasing the money supply. Deflation WILL occur I just don't think the deflationary death spiral idea has ever been proven.
The only reason I mention adding more decimal places is for when the block reward is less then 1 satoshi (edit: and as bitcoin becomes more valuable) and yes its the deflationary spiral I'm on about not general deflation. |
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In the future if 1 satoshis is as valuable as 1 bitcoin now then the block reward will still be valuable when the block reward is only 50 satoshis. The point of the OP was as long a bitcoin keeps increasing in value and more decimals keeping getting added then deflation will never be a problem.
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what?
You said some things that don't have any thing to do with the protocol. I fail to see the importance of decimal places.
Is easy. reward is 50BTC, 25BTC, 12.5BTC, 6.25BTC...., not exactly 21 million total but very close.
The only way this will not happen is if bitcoin dies or community decides to change the rules (not gonna happen with this rule because it can lead to abandon of this currency)
If more deciamal places keep getting added in an infinite amount of time an infinite (edit): closer amount of bitcoins to 21 million would be created. What my main point is there is no need to worry about the 21million bitcoin limit being reached. No bitcoin will just resemble the gold or a very rare earth mineral market. So no need to worry about bitcoins stopping being created and a hyper-deflationary spiral. |
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How many watts will the new boards with fans use?
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I don't think there is anything in the bitcoin protocol that states on exactly 21Million bitcoin will ever be made. No just that the block reward will keep half'ing. So if bitcoins value goes up and more decimal places are and keep getting added as the value of bitcoin goes up then the block reward can keep getting paid. Even if the block reward gets really small as long as the value of bitcoin keeps rising and more decimal places are added then a valuable block reward can keep being paid. At some point in the future the amount of newly created bitcoins entering the market will be similar to the amount of gold entering the gold market. As where we are at now with such a high block reward is like a gold-rush.
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If you think about it the 21Million hard limit will never be reached as the block reward keeps half'ing the block reward will just keep getting exponentiation'ly smaller and smaller. So at some point in the future the supply of bitcoins will be like the supply of gold into the current gold market and for quite some time. That where we are now with the block reward is like a gold-rush.
So if more and more digits keep getting added to bitcoin then the reward will keep on going just getting smaller and smaller as bitcoins value hopefully keeps going up and up. |
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The very wealthy pay less tax by a percentage of their income than the workers. The main tax that effects the rich is capital gains tax and which is much lower than income tax.
People generally pay a payroll tax and an income tax in USA. Romney pays payroll tax, corporate tax and dividend/cg tax. You can eliminate the corporate tax, because corporations are not people. But, if you look at your mining stock, if the laws apply to it like stocks on the NYSE. Your dividend would be 35% smaller due to corporate tax. Calling corporate profits a bond would not pass by the SEC. The reality is the corporate tax is just a way for government to divide the business income tax such that it does not look like too big of a number. They could lower the business income tax to 15% and raise Romneys tax to 35% and everyone would be happy. Yes but bitcoins like gold are not taxed in the UK or the EU. So as long as the dividend is in bitcoins or gold no tax on it. |
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If you think about it the 21Million hard limit will never be reached as the block reward keeps half'ing the block reward will just keep getting exponentiation'ly smaller and smaller. So at some point in the future the supply of bitcoins will be like the supply of gold into the current gold market and for quite some time. That where we are now with the block reward is like a gold-rush.
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Eventually shit will hit the fan in one way or another. There are several outcomes I can think of:
1. It gets shut down.
2. It continues to operate on a semi-illegal basis being constantly bombarded by legal bullshit. (similar to thepiratebay)
3. It transitions to a TOR hidden service and fully embraces illegality. Invest in cannabis grow operations today!
I hope for point 2, but 3 would be entertaining to watch as well.
I've already asked Nefario for an I2P "eepSite" and a Tor ".onion" site and he was up for it. |
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Summary
1.043478261MH/s@0.054347826W per share paid per share
2.608695652MH/s@0.135869565W per 1BTC invested
A new FPGA company with an aggressive growth strategy the first round of the IPO consisted of 1600 shares at 0.3BTC each to purchase two ~800MH/s@~40W FPGA boards the second round consists off 700 shares at 0.4BTC to purchase FPGA board #3 to take the weekly dividend to over 0.0040000BTC
Once we have board #3 2.4GH/s@125W over 2300 shares the weekly dividend will be over 0.00400000BTC per shares even tho I stated that after we are operating over 2.4GH/s 2% of profits or 1BTC a month [whichever is greater] is going to be used by RSM to buy back its own shares to increase the price and help expand the company. Apart from that move to expand the company once 2300 shares have sold and we have board #3 I plan on putting forward the motion to issue more shares to purchase board #4 to increase the weekly dividend again. After that I plan then to put forward the motion for board #5, then #6 and so on each time to increase the weekly dividend.
Can I assure you your investment is fully protected unlike some of our competitors. In the event of the company folding all the hardware will be sold and paid in one big dividend to all shareholders.
The first weekly dividend of 0.00209389BTC per share has been paid. 3.42560434BTC over 1636 shares. They are 664 shares left to sell at 0.40BTC as the second part of the IPO to pay for board #3. Board #2 should ship within the next two weeks. Expect your next weekly dividend by 00:00am 2012-05-11.
Only ~600 shares remain at 0.40BTC each after they have sold I will be putting forward the motion to issue 600 more shares at an inflated price of a minimum of 0.46BTC per share for the purchase of board #4 to raise the weekly dividend again to a minimum of 0.0047BTC per share a week.
Another miner update. Also added this to the company's CoinConnect group - http://www.coinconnect.org/groups/profile/13713/red-star-mining - and the company blog - http://redstarmining.blogspot.co.uk/ - Please join and follow one or both as all company updates go there first plus I can promise the CoinConnect group and blog will last as long as Red Star Mining does. |
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Summary
1.043478261MH/s@0.05W per share
A new FPGA company with an aggressive growth strategy the first round of the IPO consisted of 1600 shares at 0.3BTC each to purchase two ~800MH/s@~40W FPGA boards the second round consists off 700 shares at 0.4BTC to purchase FPGA board #3 to take the weekly dividend to over 0.0040000BTC
Once we have board #3 2.4GH/s@125W over 2300 shares the weekly dividend will be over 0.00400000BTC per shares even tho I stated that after we are operating over 2.4GH/s 2% of profits or 1BTC a month [whichever is greater] is going to be used by RSM to buy back its own shares to increase the price and help expand the company. Apart from that move to expand the company once 2300 shares have sold and we have board #3 I plan on putting forward the motion to issue more shares to purchase board #4 to increase the weekly dividend again. After that I plan then to put forward the motion for board #5, then #6 and so on each time to increase the weekly dividend.
Can I assure you your investment is fully protected unlike some of our competitors. In the event of the company folding all the hardware will be sold and paid in one big dividend to all shareholders.
The first weekly dividend of 0.00209389BTC per share has been paid. 3.42560434BTC over 1636 shares. They are 664 shares left to sell at 0.40BTC as the second part of the IPO to pay for board #3. Board #2 should ship within the next two weeks. Expect your next weekly dividend by 00:00am 2012-05-11.
Only ~600 shares remain at 0.40BTC each after they have sold I will be putting forward the motion to issue 600 more shares at an inflated price of a minimum of 0.46BTC per share for the purchase of board #4 to raise the weekly dividend again to a minimum of 0.0047BTC per share a week.
Updated the OP again. |
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