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It's only a bad business model if the products don't sell out again and again. The market has spoken.
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I think 50% is reasonable, but 75% would be better at the moment. Yes, the hardware delivery concern is an issue, but observe how the difficulty rise is slowing. There will certainly be another bump as new hardware comes online, and efficiency will be the determining factor in which operations will remain profitable and which will fail. As the larger leaps in capability decrease, having a sizable reserve will allow for latest-generation equipment acquisition. The only suggestion is that from now on there should be no more pre-orders.
Both Og and nonnakip have demonstrated dependability, long-term focus, and a community-oriented perspective. We still have a long way to go until transaction fees comprise the bulk of mining returns (the soonest I'm estimating is in the late 2020s), and any operation to last that long will be able to persist as a foundation of the system. With debt cleared, it will show reliable repayment and reputation; lenders will be more likely to re-issue loans, allowing for more rapid growth. Consider Amazon, which put virtually all profits back into the company during growth - it might be wise to keep the rate between 50-75% for the foreseeable future.
Hear hear! Getting the debt paid and btc banked before a steep vertical in the overall "s" curve of bitcoin's valuation is paramount and we are getting closer and closer to that all the time considering recent developments. Growth, reputation, and providing value is what will build share value and eventually give us handsome donations. This author is long btc and nastyfans. Decisiveness at this time would be prudent for seat holders. |
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1 poll opened
[member opinion] increase percentage of donations for fundraising
I would like to stress that going to 100% debt repayment would end our weekly streak of distributions to fans, which I would like to continue. It would also cut off any ability for me to pay electricity costs using my personal donation distributions and potentially put the operation at risk as we know it. I highly recommend that people DO NOT vote for the 100% option. Can the bills be paid at 75%? This debt could really get out of hand depending on what happens with price and difficulty over the mid term. We are already hedged fully on a lower BTC value by having mining equipment and pre orders. I am not too concerned about theoretical share value in the short term. Hell, might be a good time to buy for many of us. Glad to see there are other nastyfans who are thinking long term here and really believe in this endeavour and the people behind it. I'll be getting a nice big miner up soon and pointing it for the pool. |
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Friedcat is the brainchild of the most successful bitcoin venture to date. He put together a business plan and executed it perfectly when everyone else was scratching their heads. I bought at ipo and have only been increasing my position since then.
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I want to bring up a suggestion for the future of Nasty Mining in terms of broad policy for equipment purchase. It seems that with a deflationary unit like bitcoin that we would be much better off saving than borrowing for new equipment. I understand that it may have been in our best interest at times in the past to borrow for hardware in certain cases but once these loans are paid off, wouldn't it make sense to only save for immediately deliverable goods? Also, I would like to suggest raising another motion to increase our retained portion of BTC to 50%. This would help us pay off our loans faster and start saving for what is only going to be a more competitive environment for hardware going forward. Thanks to both yourself and nonnakip for your hard work and dedication!
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Hi all,
An additional 53 sharehoders' shares have been claimed, bringing our total up from ~2000 to ~7000 shares claimed!
COG.F and COG.F2 will be listed next week, and will be tradable.
FIMB (Not related to Cognitive) Will most likely be listed on another exchange in 1-2 weeks and all back-dividends will be paid at that time.
Cheers, and I'm glad everything is moving along so smoothly now that we're relisted and well on our way to having all the shares claimed.
--Garrett
Thanks Garrett! |
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Repost from Speculation Thread: That is interesting. Thanks |
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Should we raise a motion to vote on using the current unpaid dividends to add to the 50% retained BTC for another Cointerra purchase once we are 100% sure they are on track to deliver as promised?
Great idea, the profit come from the increase in share value on the exchange. The share value come from the mining hardware. It also means that Garrett doesn't have spend a lot of time to do manual div payments, just proper share distribution. The divs will be dust for most small holders but combined at the currently rising price, could buy a significant amount of hardware. |
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Should we raise a motion to vote on using the current unpaid dividends to add to the 50% retained BTC for another Cointerra purchase once we are 100% sure they are on track to deliver as promised?
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I believe CogF shares were to raise funds for an Avalon chip buy, not more BFL equipment. The refund from Avalon was to go towards the Cointerra purchase along with CogF2. There seems to be some confusion concerning that.
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Thanks Garr. This is the second exchange migration I've been through so I'm sure it will go smoothly. Cognitive is still one of my top picks going forward.
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No kidding, I tried to withdraw btc already and it says money hold. Although the "time of the hold" is decreasing (it started at around 40000 minutes), I got a message from the support team stating that the bank is asking for documents in order to release the hold.
I was under the impression that they only require id verification if you have loaded your account by wire transfer. If you have deposited Bitcoin and want to withdraw again you can without providing id. Well, that is what their terms & conditions state: Identity verification
Required in case you choose to load your account by wire transfer.To comply with AML/CTF recommendations, we require our clients to verify identity by providing scanned copy of ID and scanned copy of utility bill or a bank statement which should not be older then 6 month. Copy should be in good resolution and colored.
Please note the funds will be on hold untill the identity is verified. I can confirm that withdrawals are o.k. without i.d. when only dealing with crypto-currency. |
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Given this long delay, I can almost guarantee if we ever do get moved to another exchange, everyone will immediately sell all their shares and the value will dwindle down to nothing. This transition should have happened weeks ago, like other securities did.
Good, I'll be snapping them up. |
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After trying multiple times and reading through more pages of this thread than I cared to, I still cannot figure out where to put in the authenticator code when logging in. There are only two fields to enter data into. So how do I log in? User name or email for the first box? Password or authenticator code or something else for the second??  I've tried almost every combination and keep getting locked out after three attempts. Um, first field (like the placeholder says) email, second password. After you submit you will be asked for the OTP. Yes, when I put in the proper email and password I get a button that pops up and says "enter one time password". Do I enter it before clicking "ok" (there is no field to enter it into there) or click "ok" then enter OTP in a field (I see no field other than the email and password fields)? I know I set up 2fa properly and have used 2fa before many times on other sites without problem. If someone can help me successfully get into my account I offer a .05 BTC bounty. EDIT I finally got it by trying to log in with another browser. For some reason my browser was blocking the javascript and the OTP field was not appearing. |
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Received all my coins yesterday.
Thanks for letting us know - I guess you didn't have any transactions pending like the others who have received funds recently? It looks like those that were trading at the time are the real headache, but it's reassuring to see money still coming out of the exchange. Yes, luckily I had no open orders at the time. Hopefully everyone will eventually be made whole. |
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new ATH at bitstamp 266.0
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Received all my coins yesterday.
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In the coming months, anyone with 65nm BFL ASICs will start making less and less return for the same energy consumption, but avalons will hit that point first. Will be a similar case for anyone with the less efficient 28nm ASICs. KNC miners are pretty inefficient as far as 28nm process bitcoin ASICs are concerned, and they will be phased out long before BFL Monarch. This will give OGNasty more time to contemplate the 3rd / 4th generation bitcoin ASICs
Yup. Difficulty jumps are going to slow down because: 1) older ASICs are going to get shut down, 2) the transition to ASICs is largely over, 3) perpetual exponential growth is impossible, and 4) there is nothing "after ASICs," just better ASICs. From here on out it is going to be closer to Moore's Law, which is (very roughly) 100% per year not 100% per month. Most of the ROI calculators assume a fixed percentage difficulty growth per month. That's wrong. Keep an eye out because I think there are going to be some good deals on the secondary market when people do not understand this and are dumping their miners or their pre-orders. I'm very optimistic about the future of mining, but it is a competitive market where success comes from being smart about it, not getting ripped off, buying the right products and operating efficiently. +1 |
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After trying multiple times and reading through more pages of this thread than I cared to, I still cannot figure out where to put in the authenticator code when logging in. There are only two fields to enter data into. So how do I log in? User name or email for the first box? Password or authenticator code or something else for the second?? I've tried almost every combination and keep getting locked out after three attempts. |
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