Is there anything wrong with me setting my donation address to the coin?
There is nothing wrong with that. But if you send BTC to the coin and later decide you need that BTC you must peel off hologram to get the private key. Something to be aware of. Hmm.. Good point. I'll have to think it through a little more.. Thanks for pointing that out Nonnakip, I think I'll just send some to it manually until I get it where I want it. |
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Is there anything wrong with me setting my donation address to the coin?
There is nothing wrong with that. But if you send BTC to the coin and later decide you need that BTC you must peel off hologram to get the private key. Something to be aware of. Hmm.. Good point. I'll have to think it through a little more.. |
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So I just received my coin! It's awesome (too bad the mail system broke the plastic seal slightly.. I'm not too worried about that..
Anyway, just double checking... Is there anything wrong with me setting my donation address to the coin?
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Is only the 30% covered with alt coins, or the total value?
Only the 30% has been paid so far. We still have ~0.5 BTC and ~$2,000 left from the alt coin proceeds. This will most likely not cover the entire remaining amount for the scrypt miner when it comes due, but we have already started rebuilding our alt coin stash for this purpose. Awesome! I have to say, I love the flexibility and forward thinking you all show! |
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Why not purchase scrypt hardware along side of BTC??? My 360GH of ASIC is getting close to useless... mean while my 75MH of GPU is killing it.
Did you mean 75 KH/s, cause I'd be interested in hearing more about your setup if it wasn't a typo! |
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Why not purchase scrypt hardware along side of BTC??? My 360GH of ASIC is getting close to useless... mean while my 75MH of GPU is killing it.
That's really not that bad of an idea depending on the price of the hardware. I did a quick little experiment the other day mining litecoin and it looks like that is currently a bit more profitable than BTC mining.. For myself, I'm only using my GPU for LTC which is basically nothing but my plan is to trade that for BTC at some point.. I don't know anything about Scrypt hardware though.. Ok, NOW I'll go crawl back into my hole and be quite for a while! |
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That being said, I am the last lender to be repaid and do have a personal interest in this debt being repaid while I am still alive.
LOL! I hear ya there! So is our debt a big deal? Yes and no. It's a large number, but it represents only a 25% share of our mining income.
Great points and I agree on all (including wanting to be repaid while I'm still alive! lol). My main thing is that I'd like to see a bank built up so that when options to move on new equipment you, OG Nasty, can move swiftly without having to put together a loan request, collect, etc. Yes, I'd ike to see the debt paid off more quickly than the 25% as I think that'll help potential new Fans have some fun, but I just want Nasty to be poised in a great position to move forward quickly. In fact, I'd probably vote for some percentage going to the holdings account and maybe an additonal amount (> than 25%) to go toward the debt. If the 75% goes through then maybe something like 40% to holdings and 35% to debt repayment.. Either way.. That's just my voice and I'm going to keep it shut for a while again! lol |
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You and me like to think in terms of BTC only, but unfortunately the whole world doesn't. I've already seen this scenario play out twice now. Once in the price jump from the 10's to the hundreds in March, then again from the hundreds to the thousands.
I hear you, and I basically agree, however that jump applies to everything (including the donations we receive and or / have received if we haven't spent them.) The evil fiat price rises and the whole world notices. A bunch of new miner come online to take advantage of the profit to be made from the higher BTC price. Difficulty rises. Existing miners get either squeezed out or must re-invest to keep up the mining arms-race to stay profitable, but are never able to mine the same amount of coins as they were in the past. We are in a risky situation. If we get another 10 bagger in the next 6-12 months, the 315 Bitcoins owing will be millions in fiat.  What's the seat price going to do when NastyFanClub owes 1.6 million in Bitcoins?What do I know? Honestly, I really don't know much, so these are just my own thoughts on the topic and I'm only sharing because I enjoy speculating and hearing others opinions / observations etc. Personally, I don't think that will affect it too much (some emotions will likely come into play so I think it will affect prices some). The higher the fiat price of BTC means that the donations are worth that much more so it really shouldn't matter very much at all. Also, because the seat price is dictated primarily by current holders of seats who probably think in terms of BTC being BTC like you and me that won't affect them too much. (It hasn't affected me to date and I bought in late in the game (at higher seat prices)) Of course if no-one is willing to buy then the current owners are likely to reduce the price by however badly they want / need to liquidate their seats. And that, I think is where the main impact would be.. So new, potential investors may be scared away from a debt of 1.6 million in BTC, but if they look at the donation page and see that they are getting a good, per-share donation (times that same fiat price) then they should feel much better - no? NastyFan seat fair price has really only changed for the following reasons as far as I can gather: - Network difficulty going through the roof = tends to cause seat price to drop (donations less and less)
- Equipment delivered = tends to cause seat price to jump (donations become more)
- Increase in BTC to fiat prices - should cause the seat price to rise as the donations would now be worth more fiat
- People who didn't like the BFL order want to liquidate and are willing to accept less than they really think it's worth - Seat price drop as much as the owners are desparate to liquidate
- Other fans just wanting / needing to liquidate for who knows, some extra BTC or fiat over the holidays - Seat price drop as much as the owners are desparate to liquidate
- The new silver coins - should cause the seat price to go up some
- The pool incentives - tend to cause seat prices to go up some
- All of the other tricks OG Nasty and Nonnakip have up their sleeves - tend to cause seat prices to go up some
(I'm curious to see what others think that I've missed on the above list) However, (and this is only speculation) I have a strong feeling that most of the Nasty Fans are more long term owners and tend to think in terms of BTC being BTC like you and me and are not all that willing to part with their seats for a while. Either way, I want to see the debt paid off. I think that would be best for NastyFans in the short term as well as the long term. I for one would not have loaned the 5 BTC that I did in fiat because I believe in BTC and "knew" that the BTC, fiat value would increase. My loan didn't include any interest - only 2 .1 BTC tips so .2 BTC. And I'm quite happy with that deal. I mean if BTC starts going for $20,000 USD then that means I got $4,000 USD for helping out and for "saving" my 5 btc so that I didn't spend or invest somewhere else. But in order to get lenders interested in loaning fiat, then some other deal would have to be struck - interest or something else. And whatever that deal would be, then it's likely to be less economically beneficial to NastyFans than straight up fiat loan (w / no interest). |
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We have already seen a taste, the past fall with the price moving 10x, and now all of a sudden, we owe 10x more, when valued against fiat.
That's the thing.. When valued against fiat. If borrowed in BTC, then 1 BTC is always going to be 1 BTC. True, it's economically beneficial for Nasty to borrow in Fiat and owe in Fiat and pay back in fiat, but that takes away any kind of incentive for the loaners. Bottom line, I'm looking forward to seeing the debt repaid (partially because I've got a little out there  ) but also because potential investors may shy away from us having debt vs. being drawn to us when seeing that we're poised to act fast when a new generation of mining hardware comes available. And yes, we've been able to move fairly quick in the past when placing orders with loans, but if we have funds ready to go, then we can move that much quicker and that could mean being included in a bullet run or not. Bottom line, I don't think debt is ever good, it may be necessary and the debt ratio we have isn't that terrible. This is how I see it: No Debt = less risk = more appealing opportunity for potential investorsPaid off previous debt = better credibility = greater chance for future loans if needed = more appealing opportunity for potential investorsSavings dedicated for growth = more appealing opportunity for potential investorsAll of the above should affect seat value in a positive way (although, not entirely true if someone just needs to liquidate quickly.) So let me say it this way instead, all of that should positively impact fair value. |
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OGNasty, be sure to check your smoke alarms regularly! Only you can prevent mine fires!
That actually isn't a bad idea. I wonder if there's an easy way to rig a smoke alarm to a circuit breaker... Hmm.. Sounds like a job for Arduino! |
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I was actually very surprised and a bit impressed to see that the miner was mining away at full speed while the PSU was in flames.
Nice! |
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Maybe odd question.
Beside having lot's of fun is anybody making money from investment in Nasty seats?
To be completely honest, I bought in late in the game so if I had held onto my BTC instead of buying seats, I'd be a lot more ahead. However, in terms of USD, yes, I'm making money, just not as much as if I held onto my BTC. But bottom line, I am in this for the longer haul. And I believe in what Nasty and Nonnakip are doing and I believe that seat price will go back up - maybe not to where it was when I bought but the donations will still come - sure they are a bit on the low side right now, but that's about to change (hopefully soon.) And there are other things they have in the works outside of mining that stand to help as well.. For those that bought in early with Nasty - well, they can speak for themselves but my understanding is that yes, they have made a lot of money and still are way in the black! |
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With BFL possibly delayed and CoinTerra not having shipped their first batch yet, I am getting a bit antsy. I was hoping that KnC would have allowed us to order their next get rig, but by refusing to take orders from new customers, that puts us in a wait for the end of the line with them. For that reason, I'm considering placing an order for this: http://www.blackarrowsoftware.com/store/prospero-x-3.htmlI've cashed out our alt coins and donated around 1/2 the funds to our holdings address to help repay debt. The other 1/2 I currently have sitting in USD. I was planning to wait for an LTC ASIC to become available, but I think we could have enough funds to place an order with Black Arrow and still be able to afford an LTC ASIC without taking on any more debt. Thoughts? Just curious - I'm at work right now so I'm being lazy... What are the main differences between this Black Arrow and the CoinTerra one that was ordered? Sorry, I'd look but I'm at work and really busy - shouldn't be on here right now anyway - but hey, we all need a brake from time to time!!! |
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I think discussions about BFL is a sore spot for many, many forum members. Sorry - didn't mean to upset anyone. The fact is that we ordered more products from them and I just wanted to find out if we had been included in the "first customers" notification that BFL Josh "said" went out. Just as an indication of whether we made it in the bullet run or not.. No, I received no notification, which is disturbing. Looking around the forum, I can't seem to find anyone who did receive a notification... Given the history of BFL Josh, I'm not all that concerned that you didn't receive a notification. I would have been very happy to hear that you did, but BFL hasn't shown ME that they are very good with communication - even recently with a couple of products that a buddy of mine and I bought through them.. |
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I think discussions about BFL is a sore spot for many, many forum members. Sorry - didn't mean to upset anyone. The fact is that we ordered more products from them and I just wanted to find out if we had been included in the "first customers" notification that BFL Josh "said" went out. Just as an indication of whether we made it in the bullet run or not.. |
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Odd that the donation dropped almost in half this week, since the last difficulty change wasn't very big. Some of the equipment not working maybe?
Last week we had something like a 3 BTC donation from the other silver coins. |
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I did want to leave this render here for your viewing pleasure.
Awesome! So I imagine you'll post the details soon (how much they cost and such!) |
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