Whilst we are discussing options though. What are the best options for bulk chip purchases. This would seem to be the the most cost effective way to vastly increase hash power. Do you have the mad skills to handle this yourself? Or would we need to bulk purchase and let a 3rd party perform the operation for us?
Do you have any thoughts on this direction? My electronic component building skills are rusty(high school), so I wouldn't trust myself to get that done in a timely fashion. As to the chips themselves I really don't see Avalon chips as a great play at this point. I'd consider clones built around BFL chips with their significant efficiency advantage. Does anyone know of a BFL clone project? Cheers. |
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Hi lunarboy. I know that some have received their batch 3 units. I have a 1300w platinum PSU and a dedicated circuit all set and waiting for our 4 module rig. Let the 1Th/s barrier fall!  |
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Hi AngelSky. We're not an investment fund...bASIC-Mining is a mining company and I have more than enough to do without morphing us into something we're not. I don't know anything at all about coinlenders, why should we should trust them? ...the exchange they're on? If we follow this course and these proposed investments go south(just as they've done with numerous other mining concerns) there's only one person that will be blamed for the lack of foresight. We invested in ASICMiner when we had next to zero mining revenue and I wasn't managing a minirig, four singles, four GPUs, three Avalons(with a fourth on the way), and all the power and cooling requirements that go along with dissipating 6500w.
Cheers.
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There aren't many investments in the BTC world that provide enough liquidity for us to rapidly re-deploy our funds if and when an opportunity presents. Then there are delays with exchanges to consider. Btct.co has always been quick to respond to manual transfer requests...I simply don't have much experience with bitfunder for comparison. Well Iam sure at least 1/2 of reserve is not going to be used anytime soon unless you find some "treasure"That's precisely what I seek. The equivalent price paid for the minirig was 991.25 and this has been an enormous boost to shareholder value...though obviously recent events have made that less clear from a price/share perspective our APY is nearly 14% again because of that deal. Had it been necessary for me to liquidate positions at a price that preserved our capital and then wait for transfers to clear that deal may not have happened at all. We gain much more from in hand hardware investments than we do from our other investments and perhaps more importantly the risk/reward ratio is much easier to assess in the case of hardware purchases because there are fewer points of failure. I'm an efficiency freak...I don't like our funds sitting there doing nothing either, but these forums are littered with the tales of mining companies that have been damaged or destroyed by investing surplus capital unwisely. Cheers. |
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There aren't many investments in the BTC world that provide enough liquidity for us to rapidly re-deploy our funds if and when an opportunity presents. Then there are delays with exchanges to consider. Btct.co has always been quick to respond to manual transfer requests...I simply don't have much experience with bitfunder for comparison.
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not sure if this is has been asked, but what happens with the LTC that is mined? It is automatically converted to BTC or are you hoarding/waiting for when Mt Gox implements it? These are converted and added daily whenever we're mining LTCs with our GPUs. Cheers. |
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While I'm obviously not pleased with the happenings of the last couple days I'd hardly describe my outlook as pessimistic or depressed. I'm simply trying to plot the best course through events I cannot directly influence.
Cheers.
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I don't have any more information about what will happen on the exchange than others have. I can assure virtual shareholders that I'll continue to do my job to the best of my abilities and that I'll continue to make decisions intended to protect and increase shareholder value. Obviously there are forces at work here that are beyond my control.
We all know here that you are doing your best to protect and increase shareholder value. What I'm suggesting is two or three things. 1) Make better announcements when something happens (new rig, new all-time-high, ...). I'm not asking you to make some Apple-like videos to communicate but small efforts here could give us some good rewards. 2) Even if things are beyond your control, make plans about what could happen. Per example, you are actually running BM under your own name. You can start asking yourself if it would be necessary to create a registred company to run your business and where you could locate your company to minimize the risks of some political changes that will come. Possibility to relocate your machines or not. etc.. 3) Get some legal advices of what is the best for you at the moment and for the future (what we can expect). I'm saying that because it seems to be always the same story. I think anticipation is the key to stay alive here. What do you think ? Patrick I think... 1) Many here overestimate the effect of news announcements. This IMO is largely because they see large movements in the share price of companies that have very little actual results to proclaim. This does not include us and our daily dividend payouts are showing up everyday on the same screen that many are getting their news from...no spam needed. One needn't be adept at math to compare our yield to our competitors. Despite the fact that btct.co software is slow to show increases in yield it's still obvious to anyone where the payouts are even at a casual glance. I updated the front page days ago and I update the spreadsheet daily to reflect our current status. Btct.co links directly to both. All this said, I will work on a detailed news post to explain clearly where we stand. As many have already received their batch 3 Avalons, I've been hoping to include that in my next update...particularly as it would push our hash rate over 1Th/s. 2 - 3) I spoke with a corporate attorney yesterday about my personal risk profile. While I'm not at liberty to discuss the specifics of that conversation at this time, I will say simply that I'm seeking additional informed legal opinions before I make a decision. Managing this virtual company is not now nor has it ever been intended to be the job that puts bread on my table. I'm a family man with a career. I'll not be relocating to another country to protect a virtual company from a government that's plainly out of control. Compliance is difficult and expensive by design. |
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maybe you can reassure your shareholders and try to get a plan of what could come next ? I don't have any more information about what will happen on the exchange than others have. I can assure virtual shareholders that I'll continue to do my job to the best of my abilities and that I'll continue to make decisions intended to protect and increase shareholder value. Obviously there are forces at work here that are beyond my control. |
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I wrote those words last year to ensure that I didn't end up contractually tied to a losing venture forever. A lot has changed since then, but I still don't want to be tied to an endeavor who's potential growth is limited by events beyond my control. 6k in market cap has been wiped out since that conversation began and all that's changed at bASIC is our dividend(and growth fund) reached an all time high.
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The seller is getting screwed over just like the rest of us large shareholders. We negotiated a price at .61/share so when people are panic selling down to .13 it's not good for him either.
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Hey thanks for your loyalty US guys...here's a gourmet sh1t sandwich for your troubles.
This conversation alone has cost me hundreds thousands of btc just in the last few hours. People are selling like lemmings and I'm not even sure they're the ones making the mistake.
Which stocks are being dropped exactly? The ones headed up by Americans with big red down arrows next to them and 9x.xx% sell traffic. http://coinflow.co/chart/BASIC-MININGhttp://coinflow.co/chart/COGNITIVEThese two for instance ^^. ...you know the two largest stocks that are native to btct.co. |
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In any case, basic has dropped by almost 50% while ASICminer and cognitive have been relatively stable. This can be directly linked to the minirig guy shedding shares. Pardon? Are we talking about the same cognitive that was 1BTC/share a couple days ago? 99.38% of share transfers are SELLS. That's even higher than bASIC. http://coinflow.co/chart/COGNITIVEhttp://coinflow.co/chart/BASIC-MINING |
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You guys really think the purchaser of the minirig is doing all this dumping? Burnside is currently having a conversation about blocking US investors from btct.co and litecoin global, which would include me. I suspect that has a bit more to do with it.
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Hey thanks for your loyalty US guys...here's a gourmet sh1t sandwich for your troubles.
This conversation alone has cost me hundreds thousands of btc just in the last few hours. People are selling like lemmings and I'm not even sure they're the ones making the mistake.
Seems likely Trendon gets off easy. Sure he'll end up in jail where he belongs, but us responsible and reliable asset issuers are risking similar consequences and at this rate I'll be in the poor house by tomorrow.
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Thanks for the kind words.
While I find Avalons to be the easiest to work with, I'm reluctant to put new funds into products that have significantly lower efficiency than the current state of the art.
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how much cash do we have in the treasury, or whatever, for purchases? and what else can be done with the shares? Hi stslimited. We have 1061.05BTC in reserve and this amount is growing rapidly with our hash rate. When the batch 3 arrives I'll get it settled in and look for more hardware sales that make sense now that I seem to have a handle on the power and cooling requirements. I don't understand your inquiry about the shares, can you explain? shares as compensation I don't intend to make a habit of requesting shareholder approval to use our shares as currency. Minirig SCs are still fairly rare out in the wild and I considered it a great opportunity for us to expand without draining our re-investment fund. Cheers. |
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how much cash do we have in the treasury, or whatever, for purchases? and what else can be done with the shares? Hi stslimited. We have 1061.05BTC in reserve and this amount is growing rapidly with our hash rate. When the batch 3 arrives I'll get it settled in and look for more hardware sales that make sense now that I seem to have a handle on the power and cooling requirements. I don't understand your inquiry about the shares, can you explain? Weren't the batch 3 avalons supposed to have shipped by last monday? How come they havn't been received yet? Hi FloatesMcgoates. My understanding was that they were to begin shipping last Monday and complete delivery within two weeks. There's at least one report of a batch 3 received by a customer in the US that I'm aware of so I don't think it'll be much longer. https://bitcointalk.org/index.php?topic=203745.msg2782713#msg2782713Cheers. |
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As we were heading for another day of below PPS dividends(and still are btw) I've shifted our BFL gear away from bitminter and aimed it at 50BTC.com, which seems to be working fine with our minirig and singles. I don't enjoy posting shortfalls day after day and worrying about whether we'll get anywhere near our expected dividend each day is beginning to wear on me.
Cheers.
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