We ran short of M-boards due to the factory shortage of parts I mentioned. I had hoped they would pick up the slack in production, but the break in production was felt last week when the shipment finally arrived from AK customs with no M-boards. According to tracking, we only expect 12 tomorrow. Every starter kit we send out takes 16 slots from the mine. We have 54 starters left to ship. A cost analysis shows that we would lose over 20TH if we ship out of the mine - taking over 800 cards out of the picture, which does not work well from a financial perspective. The solution is to dedicate four rigs to a separate mining account and then send each customer their share of the coin once we ship. Of course the customer will not pay a hosting fee or their share of power. I have already repointed the hashpower to this dedicated account: https://www.btcguild.com/api.php?api_key=23fcc6a0f8292fe394b1706da8c0d304. As soon as we ship these units, we will distribute the coin accordingly. Thanks for your patience on this - please look for an email requesting your payment address before you send it to us. Best, Dave So your using the M-Boards that were allocated to our orders to maintain your mine (I am an share holder) and you have allocated 4 rigs at BTC Guild at the PPS rate (as per the API) with a 7.5% fee((1 / Network Difficulty * 25) - Pool Fee (7.5%) https://www.btcguild.com//index.php?page=support§ion=howamipaid one of the highest pool fees out there). Seems to me that your failing to walk your talk to ship out August orders before populating your mine. Let us not forget the rigs going to LabRatMining (which I am a shareholder also) which were purchased after most August orders were placed. A cost analysis shows that we would lose over 20TH if we ship out of the mine - taking over 800 cards out of the picture, which does not work well from a financial perspective.
This could be considered a grave financial impropriety. Please enlighten me as to how that is adventurous to us, seems like we are funding the operation of your mine with our equipment and getting paid way less than our own individual strategies. What advantage is that to us, are you sending extra h boards to compensate? Because the BTC payment based on your decisions seems way unfair and you are profiting way more by holding our equipment while the production errors are catching up. Even now, we will not be able to achieve any ROI http://mining.thegenesisblock.com/a/9373700bafYou apparently have the equipment as per your analysis. I know I paid the full overnight shipping fee for an August starter kit. If your taking 800 cards out of the picture by shipping out our paid for equipment, we are getting Avaloned and your decision to do this without asking those of us waiting for orders is a poor choice. You were doing so good, what happened to you. wow, you're right. The pool is PPS with 7.5% fees, which is absolutely insane. furthermore, the current hashrate looks to be around 18Ghash per starter kit (if there are 54 as claimed). I don't mind my order being hosted until more m-borads show up, but i feel like the choice of pool and bare minimum of hardware allocated to it (i saw it get as high as 27Ghash and less than 18Ghash, which indicates it is at a loss compared with the starter kits' extra EOL card that ensures 25-35Ghash for those already up and running at home) People who are mining with starter kits at home are producing almost 150% the bitcoins that this hosting does because of the >=25Ghash speeds and low fee pools available (seriously, 7.5%?) I respect everything you've done dave, but this is a pretty blatant mistake. Punin shipped every single august order within about 3 days using extra h-boards and V2 M-boards. Hopefully we can get an update soon Hi guys. I am working with Dave in some capacities. We do not want customers to feel slighted by the decision not to ship M-boards we had on hand. In this case, we were forced to consider the small impact of shipping M-boards to customers who we can compensate versus the very large impact on the other customer of MegaBigPower(100TH/s mine) who we could not compensate for the loss. I discussed these issues with him, and he has cleared the following: We will pay out based on the theoretical maximum hash rate that the boards would have produced at 25 GH/s, starting from the time we had the M-boards ready to ship, but decided not to ship them. We will calculate this based on the following formula: ( Number of 1-difficulty shares produced over the duration * per-block output ) divided by difficulty at the time they were produced. By my calculation, 25 GH/s should produce a theoretical 502,800 1-diff shares per day or 5.8194 1-diff shares per second. We will count the per-block output as 25.3125 BTC, where 0.3125 BTC is a good high estimate of the fees included on blocks today. We will not charge a fee or power cost on this. This is a short-term solution while we have a shortage of M-boards. As soon as the M-board shortage is rectified, which should be in a few weeks at the latest, we will ship the remaining orders to customers. We hope that this resolves the issue in your minds. We are focused on providing the best customer service we can, and that includes making smart decisions for the 100TH mine customer, who are also severely affected by these delays. In addition, Dave informed me that only 36 orders have not shipped, not the 54 he mentioned before. As Dave said, the team is working 14 hour days nearly 7 days a week to get these issues resolved. Even last weekend when the team went home for a weekend break, someone was working both Saturday and Sunday. We also have more people coming on board soon to continue making rapid progress on all of the difficulties that arise from this type of work. |
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We managed to put up 10TH in un-optimized rigs today. We fought networking gremlins early in the day, but still put together almost 50 rigs. Tomorrow we'll swap out bad cards and should see another 5TH (reaching 35TH total for the mine). More team members arrive tomorrow, so I hope to hit that 60TH mark.
Cheers,
Dave
Fist, do you realize how late we are ? And just now realizing capacity is being withed by lack or personnel... If there is not right now at least 10-15 people relaying each other 24/7 to do whatever repetitive tasks you've failed hard. We/You are loosing about 120 000$ per day this 200ths mine isn't at full capacity. Thanks for details though ! Edit : Shares now at 0.1 btc , some support at 0.06 ... then nothing. This isn't really a fair evaluation. It was only ~1 week ago that Dave got any boards at all, and those needed to be shipped to customers. The primary blockers are shipments and devices, not personnel. Even then, you are talking about a facility storing/running several million dollars of equipment, and you want him to hire 10-15 people off the street? I think that might be a bad idea. Discounting theft, just accidental breakage or damage would cost the mine more in delays. Hiring qualified & trustworthy people takes time, especially when you have only rough estimates on delivery volumes and timelines. |
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ANYONE concerned with how much money the company is PAYING in dividends is not thinking properly.
The amount the company PAYS in dividends is irrelevant to the value of the company. The relevant values are how much the company EARNS, and how the company is run/reinvests in itself.
(Unless you don't trust Friedcat, in which case you should not be investing at all).
Earnings aren't much lower than normal. All of us should be hoping that Friedcat will reinvest the lion's share of the capital in getting to the better chips faster. Because that is how the company will thrive long term. Dividends are just a perk and a distraction for any serious long term investor.
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psst... where be the dividends?  Will be paid out in 7-8 Hours when I get back to my hotel, Sorry for the delay! //DeaDTerra Dude don't get it the wrong way I really appreciate your work. But why this is not automated yet . That's alot of hassle for you that can be done much easier and automatically. I am discussing solutions with Ukyo, We will have a solution that makes all of this a lot smoother and easier for everyone rolling out soon  //DeaDTerra Hey DT, I know you are on vacation until the 28th, so no rush, just wanted to mention this. I started a transfer before the dividend this week, and Friedcat is delayed slightly on doing transfer updates anway. Just want to make sure the transfer goes through when you get a chance and the dividends get settled too. Thanks and hope you enjoyed Spain! |
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Would Friedcat consider approaching some of the smaller mining pools directly with the franchising deals?
For instance offering machines in that fashion to the likes of ozcoin, deepbit etc. and other pools in the 1-5% of network size. I imagine these operations are in a good position to be able to bring that kind of hardware online and run it, since they are large enough to handle the hardware and small enough that they are able to scale up.
I think you misunderstand what the pools do. They aren't mining(or generally not very much), they are providing an interface to pool the mining of other people together. Mining at asicminer scale is a big job with lots of problems and issues. |
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This is exactly the case for the ASIC miners. None of the companies have behaved in what would be considered a professional manner in any other industry and this is fact. I will say though in Avalon's defence they are by far the best of bad bunch.
Just curious, but in what way has Asicminer/Bitfountain acted unprofessional? High priced? Sure, I'll give you that, easy(Clearly not too high though, hence selling out). But unprofessional? I heard of one guy who emailed wanting to buy and didn't get a prompt response, right about when they sold out. That's the most unprofessional thing I've heard of from AM. Did I miss something? You are right I was probably a bit too broad there. My gripe with them is this - Bitcoin is about decentralisation and they are heading in the opposite direction. Part of the reason you me and everyone else is here is down to the current FIAT currency systems and the centralised control and generation of money. ASICMiner are establishing themselves as just that. This is not what Bitcoin was about - it was all about removing power from a few individual PRIVATE organisations (which central banks effectively are) and giving it to the people, so we won't have a repeat of 2008 as was stated in the white paper on Bitcoins. A further bit of speculation and it is just that - What would stop BFL or Avalon or any of the other manufactures creating another company (if they have not already) selling / giving their devices to the other company they own and then mining? That way you can plead innocence but the truth is quite the opposite. There have been so many delays when devices have been available for quite some time it rouses suspicion. ASICminer may have just been a great deal more honest in that respect but still does not help anyone else. I see your point from a mining perspective - Asicminer definitely has a massive share of the network mining power - But I think Asicminer is actually better than Avalon and BFL about removing power from a few individual private organizations. Asicminer is nearly 40% publicly owned, and pays its shareholders, thus distributing funds back to the masses. Avalon and BFL are both privately owned. 100% of their profits go directly to the owners, creating a new set of private organizations in control. |
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This is exactly the case for the ASIC miners. None of the companies have behaved in what would be considered a professional manner in any other industry and this is fact. I will say though in Avalon's defence they are by far the best of bad bunch.
Just curious, but in what way has Asicminer/Bitfountain acted unprofessional? High priced? Sure, I'll give you that, easy(Clearly not too high though, hence selling out). But unprofessional? I heard of one guy who emailed wanting to buy and didn't get a prompt response, right about when they sold out. That's the most unprofessional thing I've heard of from AM. Did I miss something? |
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Adding what I said in the other thread:
Ripple reminds me of Google wave. It was neat, it had lots of potential, it was geeky, the few people who got it were really excited, and it ended up being totally worthless.
I see it as a bunch of ad-hoc solutions hacked together, with no brilliancy at all. In fact, you can just modify the Bticoin code slightly to come up with something very similar to Ripple. The network effect of transfers, and the trust aspects of it are actually pretty clever. It has potential. But in being clever, they ruined everything that makes Bitcoin brilliant. Bitcoin is brilliant because it is the perfect game theory play. It motivates everyone to use it, intrinsically. Ripple motivates no one except OpenCoin. |
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To clarify my comment, the reason why I think this is because it seems like Ripple is trying to replicate some of the things Bitcoin can do and some of the things it can't. But in the process of designing it, they ruined everything that made Bitcoin ingenious. Bitcoin provides everyone, from the top to the bottom, everywhere, reasons and motivations to use it.
Ripple provides no motivations for anyone to use it until it reaches critical mass. Which it will never do, because people have no reason to start using it to push it to critical mass.
Just like Google wave. It *was* cool. It did lots of neat things. But no one was motivated to use it, at all. So it died.
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Ah, I see the problem of my example. When I send currency from Bitstamp into the Ripple system, it vanishes from my Bitstamp balance and appears in Ripple. To reappear, I have to send it from Ripple to Bitstamp. Forgot about that. So, if the Ripple account balances work fine, this is not an issue. I'll have to think about the ramifications. once again, licensed money transmitters or banks are the only ones that are going to be allowed to perform these activities. these are critical for the Ripple system to work. Why, how is it different from the licenses required for exchanges like MtGox? Do you mean that the people who do market arbitrage via the Ripple system need such a license? absent that, its inferior to Bitcoin as it won't even be able to function as it depends on trust. You forget that XRPs require no trust. misterbigg has been quoted as stating that gateways will probably need to be banks with the appropriate licensing to provide large enough trust centers to facilitate enough liquidity throughout the system. i think he's right about this need but fear it represents points of centralization. he's also criticized Bitcoin as not having an unlicensed bridge from BTC to fiat. well, neither does Ripple. but the negative consequences for Ripple are much greater. Adding what I said in the other thread: Ripple reminds me of Google wave. It was neat, it had lots of potential, it was geeky, the few people who got it were really excited, and it ended up being totally worthless. |
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<snip>
Ripple is definitely not trying to be Bitcoin. Instead, it is trying to take concepts that we are already familiar with like exchanges holding our fiat money and cryptocurrency for us, and make it more explicit and functional using a decentralized cryptographically secure accounting system.
You know what Ripple reminds me of? Google wave. It was neat, it had lots of potential, it was geeky, the few people who got it were really excited, and it ended up being totally worthless. |
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"Diversification is a protection for ignorance, It makes very little sense for those who know what they're doing." - Warren Buffet
Don't know if this is Warren Buffet supporting the idea of diversification, or sarcasm. Let's take a look at what Warren has as of Dec 21, 2012. 1.) Wells Fargo & Co ........ financial 2.) Coca Cola Co .... consumer 3.) International Business Machines .... tech company 4.) American Express Co .... financial 5.) Procter & Gamble Co .... consumer goods 6.) Wal Mart Stores Inc .... department stores 7.) U S Bancorp Del ... financial 8.) Directv ... cable tv service 9.) Davita Inc ... health care 10.) Phillips 66 ... oil and gas 11) KFT ... food 12) INTC .... tech 13) Viacom ... cable tv service 14) Ingersol Rand ... industrial goods 15) National Oil Well Varco ... oil and gas 16) Johnson and Johnson ... drug etc. His personal wealth is comparable to the market value of a lot of those companies. I'd say he diversifies partly because he's forced to. It's hard to buy a lot of shares even when you have the money, and when you try it's hard not to end up buying more expensive shares. Then it's also not easy to find a nice way to cash out when you hold lots of stock. Just to be clear... Buffet's net worth: ~53B Walmart's market cap: 256B Proctor and gamble: 216B Johnson & Johnson: 239B Wells fargo: 213B IBM: 230B To pretend like he is "forced" to diversify is to completely ignore the scale of those companies. Just adding those 5 up is an order of magnitude off from his net worth. I'm not taking a side or making any point other than that particular logic doesn't work here. |
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Someone will need to write a script that pulls the asicminer solo mined blocks and estimates hashpower from that at x difficulty. Anyone up for it?
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I really do not understand how you think a two-liner is sufficient as a weekly update.
Also I do not understand how other shareholders shut up all the time, and do not ask for more.
I myself have a considerable amount invested in ASICMINER. If this attitude of ASICMINER continues, I will sell it all off.
Dude, I don't know if you are an early stage investor or not - you don't sound like it. I'm not either, btw. But I have read everything friedcat has ever written on this forum. Go and read it and you'll know why the early stage investors don't harass him for information. I do not harrass friedcat at all. I have read it all. His work is unbelievably amazing. I could not be more thankful for his awesome work. My point is that at this scale he owes us a bit more than a few lines of update a week. How many shares do you own that you think you are enabled to speak up here? He doesn't owe you anything. Friedcat will provide information as information is available. In addition, any information that he posts publicly is information that the competition can use during their planning and strategy. Also, I assure you that there are a lot of people both reading and responding here that have a lot more shares than you. So get off your high horse and stop making demands. You think YOU own a lot of shares? Try the 240,000 that Friedcat & co owns. It is far more important for HIM to make good decisions and bring hashpower online, and be accountable to himself, than it is for him to answer to you. |
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All shares have been transferred. Just waiting on the escrow to release the funds for completion.
Thanks all.
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1 poll opened
[member opinion] auction off some BFL preorders and buy ASICMINER cards
I don't know if this poll is specific enough... If the question is "auction off one of the earliest-6 BFL preorders, my vote is an emphatic no. If the question is "auction off one of the later batches of BFL preorders" then that is something I could go for. I expect that the BFL preorder first hours people will see delivery very soon. The rest of the people are going to be waiting months more. BFL has not even ordered the volumes that they really need yet to meet more than their first week of preorders. Any orders not in the first week can safely be sold in my opinion. Another option is to wait until AM lowers their prices in response to the Avalon 39 TH/s shipping. For now, given the ambiguity, I'd have to vote no. |
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I think non-paying bidders should be revealed so they don't pull this off in another auction.
I'll give the bidders until the dividends this week are paid. At that point I'll reveal the status of all of the completed auctions and consider this auction closed. AM is doing awesome, I hold nothing against the the bidders if they fail to follow through(Their loss). As I mentioned, I sold more shares than I wanted to. |
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'I'm done' was said after I was pushed out of the winner's circle - if people did not pay I have a claim to re-entry: Auctions have nothing to do with people you like or what they say about you.
I'll let whoever reads this thread be the judge of me being an asshole (likely, but irrelevant) or you not honoring the next in line bet.
Like I said, I misread/added GIANNAT's bet, so mikeyyz and the other half of GIANNAT's bid never should have won. Because I made the mistake and I propagated the incorrect tallying, I honored their bids at my own loss, selling more shares than I intended or wanted. If 2 of the bidders don't follow through, GIANNAT and mikeyyz would have been next in line, not you. Since they are already being honored, the issue is a moot point no matter how you slice it. |
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JaredR26, it's been 4 days since the end of the auction and I am the next in line to get shares - If two bidders did not comply with the auction, I would like you to honor my bid. The price on btct.co is now 1.485/share. pierrejo, you can find more of my shares among the market depth > 1.5. Happy buying at a higher price.
2 of these haven't started yet. Please work out the transfer w/ an escrow or transfer directly so we can complete the deal before the next dividend.
Not to mention that you explicitly pulled out of the auction and drove people to buy shares elsewhere: Sounds right - I'm done with this auction. For everyone interested - Highly recommend https://btct.co/ for ASICMINER-PT shares. See you at the next auction, I'll stay clear of those "Adds an hour every new bid" in the future - where there's money, there's manipulation. |
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JaredR26, it's been 4 days since the end of the auction and I am the next in line to get shares - If two bidders did not comply with the auction, I would like you to honor my bid. The price on btct.co is now 1.485/share. pierrejo, you can find more of my shares among the market depth > 1.5. Happy buying at a higher price.
2 of these haven't started yet. Please work out the transfer w/ an escrow or transfer directly so we can complete the deal before the next dividend.
After the unfounded accusations you made without apologizing? Not a chance. GIANNAT already got extra shares because he bid 35 and I missed it and counted it as 10. The un-paid shares are only 25, so he would have been next in line anyway. |
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