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Avalon,
If you are watching... might I make a suggestion.. It would be nice if you would limit the orders to 1 per customer for like the first hour or two when batch 2 opens up... If there are still units outstanding in the batch after everyone who wants one has ordered, then go ahead and open the gates for multiple units...
Regards,
Sigg
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It'd seem irresponsible not to hedge if one's running a farm, and it'd also seem trivial to calculate both how much to sell and for what price based on the known operational costs etc. So I'm curious, what's the friction point?
I'm curious.. where can one buy/sell futures on BTC (serious question here)? Sigg |
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OK.. I'm one of those silent types who doesn't normally post. I do, however have bitcoins burning a hole in my wallet waiting to pull the trigger and purchase some asics.. Bitcoin only - No Problem.. I have to agree here "No Refunds, No Proof" Umm yeah.. "No Way" .. sorry, but you just lost me (and probably a lot of others) as potential customers. Sigg. [/list][/list] |
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Not going to be true, because if price goes down...
risk, risk, risk!
just make your refund policy sufficiently vague that if someone pays in bitcions, you can either refund them in a "like amount of bitcoins, or USD equivilent to purchase price" ... bitcoin goes up, refund in $$... Profit bitcoin goes down, refund in BTC.. no profit, but no loss |
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I'm the opposite! I've been in Bitcoin for quite some time now, and only started on the silver market 4-5 months ago
Same here.. BTC ~2 years.. silver just recently about 2 months ago... How's that work guys? One day you're like "I wish there was something like bitcoin but slower, heavier and could tarnish..." I kid, I have some metals. something along the lines of "I now have .1% of 1% of all bitcoins that will ever exist... hrmm.. maybe I should diversify just a bit" fiat (401k) .. check property (land).. check bitcoins .. check PM's .. not so much yet (could you just imagine having .1% of 1% of all the gold or silver ever mined?) copper & lead .. wife is starting to come around doomer preps .. will broach subject with wife once she's comfy with copper & lead  besides.. after 2 years, the wife still does not understand bitcoins beyond "they have something to do with that annoyingly loud rack of computers in the laundry room" |
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I'm the opposite! I've been in Bitcoin for quite some time now, and only started on the silver market 4-5 months ago
Same here.. BTC ~2 years.. silver just recently about 2 months ago... |
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OK.. maybe I'm missing something... can someone point me to one of his posts where he actually adds BTC to the gold/silver/oil triad? from looking at his site, all I'm seeing is that he has a bitcoin donation address... Sill a plus, but not exactly the ringing endorsement I was hoping to see... |
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What kind of bitcoins goes on those 'Casascius coins'. The ones you use to purchase them or something else because it'd be good if you could get whole virgin BTC25.00 blocks on them  That is definitely an interesting idea. Although, it would probably be over 25 coins with the transaction fees in there. Being kinda anal... I'd want my "25-coin" to be exactly 25.000... bitcoins. Is it possible for a miner to split the 25 bounty into one address and put the fees into a different address? Sigg |
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I've pondered this question on an off for a good year now... My thinking is that at the moment, a 50 or 25 virgin block is worth about 50.1 / 25 coins .. in 20 years however, the Numismic value of a virgin block (technically the private key for said block) will be off the charts ...This is simply because of the rarity and the fact that from now till the end of eternity, nevermore will a 50 virgin coin block be minted. Just take a look here: http://cointrackers.com/blog/13/most-valuable-pennies/ ... there a lowly pennies out there worth $100,000 Soo.. anyone out there with virgin 50 coin keys they wanna sell? Sigg |
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Yes a GPU can do tons of things and i partecipate in several BOINC projects where my graphic card is used. But if they start paying me for crunching their work... then why can't they simply use that money in a MUCH MORE efficient way, like paying for a supercomputer or whatelse?
Coinlab (or whoever) will be abe to offer a network of literally thousands of GPU's nearly on-demand. If you have only an occasional need to solve massively complex problems, you would much rather pay to outsource your number crunching, than pay a premium to buy a "supercomputer or whatelse" and have it sit idle for 28 days a month. Its only MUCH MORE efficient to own your own hardware if you are using it 24/7. Sigg |
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Yes, you are thinking correctly. The significance of increased stale shares depends on the individual miner's hashrate compared to share difficulty.
I have yet to see a comprehensive study of stales at varying difficulty. Though, it has been said that difficulty of 5 performs well for BFL mini rigs.
Interesting.. I did not know that there was already a mechanism in place for increased difficulty shares. Do all the common miners already support this? I don't see how an increased difficulty would really have that much of an effect on stales. Stales should only occur when a new block is started right? As pretty much everybody already uses long-polling, I don't see how the difficulty of a share would affect how long it takes between the new block event on the server and the long-poll/new block recieve event on the miner client. All things besides share difficulty being the same, you are going to waste just as much electricity between the two. Sigg |
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I am also worried about the massive increase in power bringing pools down. Eclipse, which I'm a member of, is already having load issues. If hashing power goes up exponentially, it will kill the pool.
Ah, good point. I didn't even consider bandwidth. Does anybody know how much bandwidth it takes to run a good sized pool (400-500GH/s) as is? I've been pondering this.. Everyone is saying ASICs are going to cause even more centralization of mining... I'm thinking just the oposite.. Not only is a 10-fold increase in hash rate going to play havoc on the pools, but even on the miner side, it will not be pretty. At approx 10 Ghash, I'm running a constant 30 Kbps. Currently my ISP still considers that residential.. However, up that 10x to 300, and I'm not so sure.. and that just gets to 100 Ghash.. Once you get to the Thash level, you are talking constant megabit traffic. At this point, bandwidth is no longer not-insignificant. Serious miners will to have to decide: Stay in the mining pools for no-variance VS. Going back to mining on your own to save bandwidth. Sigg |
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Where do I sign up? And for the hell of it, can we provide our own vanity keypairs?
I would LOVE a vanity keypair on my BitInstant card. OK.. I was on the fence till I saw this.. Vanity Kepairs would be awsome. (not just for the awsome novelty factor) but for simple usability/tracking of family/business finances.. Being able to see at a glance where money goes out from the family wallet would be nice. compare: "1cYtvxxxxx...." to "1Wifexxxxx" .. Sigg. |
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To use ACH into Bitfloor, you need an ING account. It allows you to send ACH payments to people's checking accounts without them giving you their account number.
I have a US Bank checking account and my ACH withdrawls are running around 48 hours from request at bitfloor to avaliable in my checking account. I can't comment on ING deposits, as I'm primarily a miner/seller. But withdrawls are awsome, and not dependant on an ING account. (just clarifying in case someone other than me misses that all important "into" in the above quoted statement.) Sigg |
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First you say.... We've always been using ASICs. A CPU is an ASIC, a GPU is and an FPGA is. The reason the great leap (much more than 10x) with regards to cost per hash takes place is because instead of us buying pre-manufactures ASICs (CPUs, GPUs, FPGAs) from someone else, we'll be making them ourselves. That's like the difference between buying apples in a store and planting your own tree in your garden, the costs are several order of magnitudes less in the latter case.
Then you say.... With that being said, it's obvious that the efficiency figure will become increasingly unimportant as we reach these levels. No one is going to be spending a fraction of their investment on power with custom SHA256 ASICs, practically all the cost will be from the hardware. Or to re-iterate.. your point one: ASIC hardware is going to be dirt cheap. your point two: ASIC hardware is going to be the majority of ROI when compared to electricity... Does anyone except me see the disconnect here? Sure, in the short term immediately after the introduction of ASICs, the cost of hardware will drown out the cost of electricity (ASIC hardware is NOT dirt cheap at this point).. However, as more and more ASIC units come online, the difficulty will sky-rocket. As even more ASICs come up for sale, the ASIC manufacturers will need to start dropping the price or their market will dry up (assuming most miners can do simple ROI calculations). The manufacturers will need to keep droping prices as difficulty incresses.. This will continue till we get to the point where hardware really IS dirt cheap. At this point difficulty will be so astronomically high, ROI will no longer be so much dependant on hardware but once again, will be majorly based upon the cost of electricity. Historically (during the golden age of GPU's) the pain point has been around 20 cents per KWh. If you pay more than that, it is generally a losing proposition to buy GPU's for the sole purpose of mining. I predict that a year after ASICs go into full bore production, the pain point will be around 20 cents per KWh. If you pay more than that, it will be generally a losing proposition to buy ASICs for the sole purpose of mining. Since bitcoin ASICs will be Application Specific, this applies even more to ASICs than GPU's. Sigg |
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Fast, free ACH transfers.
THIS !!! and just to add to it.. Fast, free 48 hours funds avaliable in my account ACH transfers  AAA+ Sigg |
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Please do report back , very pleased with bitfloor so far but have not tried to withdraw USD. So far I've done 3 ACH withdrawls from Bitfloor .. all 3 have taken approximate 48 hours from time of request to money avaliable in my bank account. Sigg |
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OK.. so I have kind of a different take on where difficulty post-asic will wind up....
I have no idea in hard numbers / actual terms... but in relative terms, it will wind up wherever it needs to be for the break-even running costs point to be around 10 cents per Kw/hr.. (this will of course vary based upon the USD/BTC exchange rate)
So.. if your electric costs more than 10 cents, don't even bother getting on the waiting list.. you'll never get your money back.
If you pay between 5 and 10 cents.. your break even (initial purchase + running costs) will be 1 to several years... Up to your individual confidince in bitcoin if you wanna play.....
If you pay less than 5 cents.. Time to beg/borrow/mortgage-the-farm and buy as many ASICs as you can. You will be in the select few who will still be able to mint money mining.
If you happen to live in the arctic circle, and heat with electric.. well then you might wanna consider robbing a few banks.... Just buy the company outright.
And one last thought... just like the gold rush, ultimately the ones who make the most money will be those that provide the picks & shovels (errr ASICs).. not the miners.
Sigg
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Do you have a website yet? or is this still just by PM?
thanks,
Sigg
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Has pirate made any progress on trying to get leased work for other applications beside bitcoin mining?
I really believe gpumax would take off if there was leased work for things like rendering, password cracking, scientific research, etc. it would also help people with large farms hedge if bitcoin ever had any issues.
I've long thought this is really where GPUMAX needs to go.. even made a post about it a couple months ago.. https://bitcointalk.org/index.php?topic=60511.msg717568#msg717568 there is demand out there for it ( www.hoopoe-cloud.com, amazon ec2 GPU clusters, etc..) .. I also think there is already a secure method of implimenting a distributed GPU cloud -- I think it is http://boinc.berkeley.edu/ Currently Pirate gets ~10% margin on leased shares.. I'd wager that would be a pittance compared to what he could bring in re-leasing GPU time .. just for comparison.. a 7970 at current BTC prices and difficulty will bring in (very roughly) about 10 cents per hour. the on demand price for GPU's on an amazon ec2 cluster is 52 cents per hour per GPU ($2.10 per hour on a quadruple rig) .. Heck, pirate could double his take to 20% margin, and we'd all still be maxing out the newegg credit lines trying to bring more power online. Just my 2 cents.. Sigg |
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