gigavps, did you actually call Sonny at the tail end of last year for info? You seem to have been 'in the know' for quite a while.
Called and emailed. He is a very nice guy. |
|
|
|
The most I can say is those who gambled with BFL and ordered blindly, won that gamble.
I wouldn't call it "ordered blindly". Anyone could have picked up the phone and called them, ask for references, visited them or any number of other things to do some due diligence before making their purchase. I recommended this to multiple people in the old threads regarding BFL. |
|
|
|
So it's a little hard to get a shot of the entire room because it is so small. The room most of the GPUs are in along with the singles is just 9x16 to make the most of the three tons of AC.   Here is a shot through the side door looking that the rack farthest away in the previous picture. You'll notice that the bottom rack is empty. This will be the home of the 4 mini rigs. If they are too big to fit on the rack, I will remove it and they will sit on the floor.  Here is a pic from outside of the room but still inside the warehouse. You can see the HVAC ducts to push all cooling into the room.  Since I only have three tons of AC at the moment, some rigs are still in the warehouse portion. With cgminer, they self regulate to 75c.  |
|
|
|
I think this is a great idea and will be buying as many shares as I can afford when you launch it. The main request I would have has nothing to do with the shares or IPO. I want to see more pictures of your setup. Nothing like hardware pr0n to pass the time haha.  Noted. I'll take some more pics today and post them to this thread. |
|
|
|
that's a very nice looking rig. I really like nice neat wiring and construction. It gives me confidence in your skillz  Thanks guruvan. If I'm going to do something, I try to do it right. I'll have more pics of the singles once a get the wiring completed for them. |
|
|
|
Quick question, where will you be pointing the hashing power (just to get an idea of the PPS value)? I'd ask you to pool hop but that probably won't go down too well (until the better than average dividends come through obviously  ). The bond will pay 100% PPS whether the equipment is down for an entire month or it makes 120% PPS. This is part of the risk that I take on with the bond. The bond guarantees the holder a set amount of BTC each week. No excuses. This is also why I have decided to have redundant hashing power in case the worst should happen. |
|
|
|
Don't quote me on this but I found Goat pretty flawless.
Oops Witnessed. |
|
|
|
I was trying to say at current, it would take ~300 days to earn back. I know about the half in December, but didn't take it into consideration seeing how it's still more than 6+ months of an investment. Not bashing on the idea, just 1 BTC per 5Mh/s is kinda harsh.  I don't know about you, but I'll be buying all I can get my hands on if they are that cheap. I think 1 BTC per bond is the sweet spot. |
|
|
|
The current difficulty will double in less than 300 days just because the block reward halves + it is likely that it grows naturally as well. Even if the Bitcoin net hash rate just follows Moore's law, we'd expect a doubling in hashrates every 18 months.
You're essentially betting that the network will stall for ~1 year or grow considerably slower than right now for ~1 year with this bond.
If you do the calculation again with doubling of hash rates every 18 months and additional doubling every 4 years (= splitting of block rewards) you get an increase of nearly 2% of hash rate per week (~1.763%) or if you want to have bi-weekly difficulty increases ~3.5% increase of hash rate every 2 weeks. Factor this in your equation and then the ~4.7 bitcents per 2 weeks you'd get at current difficulty (that will soon be over btw. and be even higher in May) about 1.38 BTC _ever_ from this contract.
If you take the difficulty in 200 blocks, you only get a little bit less than 1.3 BTC ever and after one year a bit less than 79 bitcents (after 2 years still not even 1.1 BTC).
Yes, it will not always grow exponentially etc. etc. - still it might be a wise thing to do (especially on such a longterm investment - in bitcoin mining relations even 3 months are kinda long term!) more calculations like mine if someone should think about buying in. Also one could just speculate on earning money by trading just the contracts of course.
I appreciate your feedback. Unfortunately (and you mentioned this) the network is not just going to keep growing and an ever increasing rate. There are competing forces at work including more efficient equipment, miners profit margins and the general mood of miners in the community. When the block reward halves, a good deal of GPU miners will become unprofitable and will stop mining. It is of course a possibility that the price rises sufficiently to keep miners profitable, but I would give this a 5% chance. A much more likely scenario is that the price bounces in a range where we are now and will stay that way after the subsidy halves. Please also note that I believe in my point of view enough to pull the trigger on close to 140Gh of mining power. |
|
|
|
There are the 9GH/s just in his BFL Singles.
Thanks NothinG. Here is the GPU farm when I won the "Rig builder of the year" award. Everything is a small room in the warehouse now with 3 tons of HVAC cooling it off. If we deem it necessary to see more pictures, I can snap some with the phone. I've been waiting a while to post these, but here we go. It's still not complete, but it good enough shape to share.   |
|
|
|
UpdateAfter a problematic migration we're now ready to fire back up the system and throw everything we can at it. It's now time to get back to inviting. To those that have patiently waited on the waiting list, I'm sorry for the delays and hope it will be worth the wait. Enjoy, So where is my invite?  Coming Soon! Chirp chirp. |
|
|
|
Quite bad, considering you didn't calculate for difficulty increases properly and also didn't account for the 25 BTC/block change in early december 2012.
After all, you're betting against(!) Moore's law, miner expansion, the 25 BTC/block "crash" and global hash rate. Anything more than 10-15 Bitcents per MH/s is quite insane in my opinion as a buyer.
I have made it through the price of BTC being $2 and we will make it through the halving of the block reward. The equipment this contract will run on is some of the best designed in our industry thus far. As for the price, Meni's bond is currently trading at 1.75 BTC for 5Mh/s. So 1 BTC for a similar bond it quite a deal. Also (as with Meni's same bond) I'd like to have the operator verify his hash rate by: Mining on P2Pool/solo/Eligius for at least 1 week continuously to a single BTC address and then signing a message with the key of this address as proof he is in possession of that hashing power.
It is VERY easy to go Ponzi on things like this otherwise, I would NEVER invest even a single bitcent unless I have very good proof (even pictures can be made elsewhere...) that the issuer really has this hash rate at hand.
I have no problems verifying my identity, hash rate, or anything else you would like to inquire about before the bond gets off the ground. I make no attempts to try and hide my identity and have done business with many people in the community. You can look at my past post history to see pictures of my equipment (GPUs and BFL singles) or if you like, I can re-post some images. I can understand your concerns as this is an offering "at scale" but if you looks at my -otc ratings and my business dealing in this forum, you can see for yourself whether I am legit or not. |
|
|
|
If I could read that web page, I might be interested. |
|
|
|
For now I THINK they require a host PC - which could be something like Raspberry Pi  Your likely right but it would be awesome to have a device with "internal host" and possibly a web interface for control and monitoring. +1 I do not see a need for this. Let's let BFL do what they are good at. Making FPGA chips hash like crazy. Plugging in a rig box (or two mini rig boxes) to a host PC adds at most 100w draw. You can use cgminer with BAMT or other monitoring tools to do this and they already exist. I can monitor all of my singles from the web, ssh, email and my phone. What more do you really need? |
|
|
|
There's been a sale and a few more btc contributed to the fund.
Great. what are we up to now? |
|
|
|
He suggest that he has high social value by using an avtar with a sexy woman lean to a man.
No it has to be gigavps. Oh and thanks for the warning... I'll... be on the lookout.  I've been outed.  |
|
|
|
If you have specific information or claims that should be made, then please make them. Otherwise, there is no reason for the drivel in the marketplace forums.
He's not talking about you. Unless the US is considered "exotic" now. The rest of the description fit more or less, but not the country. He's talking about Goat. Sorry if it sounded like I was trying to defend myself. I am not. It was pretty easy to figure out he is talking about Goat. This thread is still complete drivel until the OP make specific clams and backs them up with evidence. |
|
|
|
|
If you have specific information or claims that should be made, then please make them. Otherwise, there is no reason for the drivel in the marketplace forums.
|
|
|
|
The only realistic big lose scenario is if gigavps desides to buy back in say 6 months while manipulating the stock to be extremely cheaper (say 0.20btc + the promised 5%) than it was when you originally bought it. But I think Gigavps has a better reputation than that to pull a fast one.
I have a feeling that if this bond is initially offered at 1 BTC per coupon, the initial buyers will make out on both the coupon price increase and the full 100% PPS payments. That being said, I cannot predict the future. Each purchaser must do their due diligence to a) understand the mining business and the cycles it goes through, b) decided for themselves the value this bond offers and c) whether they would like to participate. |
|
|
|
|
Show Posts
