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861  Bitcoin / Legal / Re: How to avoid getting my bank account locked/closed for trading bitcoins on: July 08, 2013, 01:09:47 PM
For personal trading it'll be fine.

You might still get flagged for the volumes you're putting through but if you can show how the money was legally earned (i.e. your take home pay goes into the same bank accoun) you'll be fine.

The discussions on this forum about accounts being closed down are for when people open business accounts and use it for transfer in/out of thousands of people's deposits/withdrawals.

http://www.reddit.com/r/Bitcoin/comments/1huw2a/sold_3_bitcoins_on_friday_got_this_lovely_letter/
https://i.imgur.com/9mLApNK.jpg

This might not be connected to the BTC sale, but at least serves as yet another reminder that banks can shut your personal account down whenever they feel like it, and keep all "your" money unless you can prove where it came from to their satisfaction, or are willing to tie yourself up in litigation to get it back.
862  Economy / Securities / Re: ASICMINER Speculation Thread on: July 07, 2013, 09:22:48 PM
Link?!
https://bitcointalk.org/index.php?topic=251851.0
863  Economy / Securities / Re: ASICMINER Speculation Thread on: July 07, 2013, 09:19:36 PM
Looks like Friedcat has a new improved batch of Erupter USBs in stock, already selling fast.
864  Economy / Securities / Re: ASICMINER Speculation Thread on: July 07, 2013, 10:49:28 AM
We seem to have stopped sliding and stabilized again on all exchanges. I'm reluctant to call the bottom, but it looks like the weak hands are out or have stopped panicking for a while.

In other news, looks like the hashrate is recovering and we're almost back in first place where we belong. Hope it stays that way!

http://www.asicminercharts.com/
http://blockchain.info/pools
865  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 07, 2013, 10:38:28 AM
Friedcat in the news.
866  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 06, 2013, 12:13:46 PM

With this picture nobody's gonna buy them...

$184 for a stick?    they are about $70 with the current bitcoin price....
1.79 MHash / sec / $ is also wrong, it's MUCH more...

If they've got their numbers wrong please leave a comment on http://bitcoinexaminer.org/asic-miner-infographic/ and tell them (http://bitcoinexaminer.org/contact/)
867  Alternate cryptocurrencies / Marketplace (Altcoins) / Re: ► ► ► [UPDATE] LEALANA PHYSICAL SILVER LITECOINS!! on: July 06, 2013, 11:43:33 AM
Are there still plans to be able to get them from a reseller in the EU?

"You won't have to pay Customs Duty if...buying, ordering or sending goods to the UK from the EU for your own use." I'd imagine this would be the same for all EU customers.

I sent an email to customs and excise ( in the uk ) asking how much import duty I would have to pay on 2 coins told them the weight 99.9% fine silver coin

and the reply was I would have to pay 20% vat on the price I paid including postage + 5% handling fee +£18.99 for shipping from the customs warehouse

I work out the total cost as

£100 for 2 coins  (50ltc)

£15 for shipping from the us

£23 for vat

£8 handling fee

£19 postage from customs

total price for 2 coins in the uk is £165

Also, as shipping 36ltc from US (zackclark70 above seems to have assumed 7.5ltc) so might be less to ship once to EU then out from there? Thanks.
868  Economy / Speculation / Re: Goomboo's Journal on: July 06, 2013, 09:51:22 AM
For those not waiting for the daily chart, he EMAs crossed back strongly a few hours ago. The price was around 69, it's now 75 already.

http://bitcoincharts.com/charts/mtgoxUSD#rg1ztgSza1gEMAzm1g10za2gEMAzm2g21zv

Edit: And this is why I don't day-trade BTC<->Fiat! Embarrassed It crossed back 8 hours later. Score one for the daily EMA charts over the hourly charts.
869  Economy / Service Discussion / Re: BitFunder.com has been hacked and IT IS BitFunder's fault on: July 06, 2013, 09:40:46 AM
Are you protected if you use BitFunder in a different browser?
870  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 05, 2013, 04:32:06 PM
Block Erupter infographic: http://bitcoinexaminer.org/asic-miner-infographic/
871  Economy / Securities / Re: ASICMINER Speculation Thread on: July 05, 2013, 03:37:40 PM
The hashrate's been lowish for a few days now. I wonder what Friedcat's up to.
872  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 04, 2013, 07:21:56 PM
Why should we encourage hoarding?
It's called saving, and it's not a dirty word, or at least it wasn't till it became so much in the interests of the government central bankers to justify them robbing savers blind as a side effect of their shenanigans.
873  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 04, 2013, 06:40:37 PM
I wonder why Friedcat still hasn't announced to his loyal shareholders yet some things he announced days ago in Shanghai. Undecided
874  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 04, 2013, 09:35:51 AM
So many weak hands, so much free money laying around and I have to be sleeping during all of that  Angry
Yeah, it's annoying. Angry

I'll have to start leaving low bids ready when there might be a noob trap coming. From the altcoin markets I've learned to fear that in case some real disaster happens and I catch the falling knife in my sleep, but that's a lot less likely to happen with ASICMiner.
875  Economy / Securities / Re: ASICMINER Speculation Thread on: July 04, 2013, 09:02:41 AM
So who panicked 2 hours ago and sold 9 shares on BitFunder at BTC3.0? Shocked
876  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 04, 2013, 08:19:57 AM
The Wonderful World of Wildcat Wednesdays!



Is it gonna be like this every week now?
877  Economy / Securities / Re: [BTC-TC] Community Exchange w/ Options, DRIP, 2FA, API, CSV, etc. on: July 04, 2013, 08:15:45 AM
Definitely a crazy day.  Just seen on the index page:

Last 24h Total    10,055.73 BTC

Thank you everyone for using BTC-TC!
Thank you for your valuable contribution to Wildcat Wednesdays. Smiley

Definitely becoming a victim of your own success, though. The "Excessive wait trying to get lock on ASICMINER-PT" messages were running amock yesterday. Embarrassed
878  Bitcoin / Hardware / Re: Butterfly Labs Mini Rig review on: July 03, 2013, 10:34:15 PM
[Edit: review is pasted below, as the following link is broken for some people]

Here is the review of the Butterfly Labs Mini Rig.

And here is where you can buy some ASICMiner shares.

Why on earth would you recommend people buy into the monopoly of BTC mining that ASICminer is / striving to be... thats fucking retarded dude!
People need to stop dealing w/ ASICminer period... its fucking apple of bitcoin mining.

See here: https://bitcointalk.org/index.php?topic=247168.msg2627059#msg2627059
879  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: July 03, 2013, 08:42:26 PM
In case you needed any more reasons to stock up on ASICMiner shares, here's the Butterfly Labs Mini Rig review. Grin
880  Bitcoin / Hardware / Re: Butterfly Labs Mini Rig review on: July 03, 2013, 08:20:56 PM
OK... to be clear: I didn't write this review, but as no-one seems to believe it's real, here's it is pasted from the site. To be fair, it's from a site that pokes fun at BTC so might be a tad biased on the negative side.

Edit: Indeed, BFL says some photos in the review were of the wrong machine (they've edited the review now, I've included their change below). Read for entertainment purposes only, don't take too seriously at least until reading the comments in the thread, BFL deserve right of reply.



The $22,484.00 Butterfly Labs Mini Rig bitcoin miner is a huge, broken, unstable piece of shit.

Butterfly Labs has a long and horrible history with their mining rigs. They started taking pre-orders over a year ago, with a ship time sometime in late July. After numerous delays in production, shipping problems and general incompetence, the only thing they’ve managed to get out the door are some of their tiniest miners, the Jalapenos. And those mainly ended up in the hands of reviewers and blogs in order to keep pumping the Butterfly Labs hype train and securing millions of dollars of pre-orders still in limbo.

Lucky BFL forums user Luke-JR however scored a sweet Mini Rig from Butterfly Labs (it’s just a coincidence he’s a driver developer for them I’m sure). This rig was originally promised to produce 1500 GH/s hashing power at 1500 watts for $30,000, but has since seen it’s hashing power slashed to a third of what was promised and it’s power consumption increased 75%, now just offer 500 GH/s at 2400 watts. They’ve promised to make good on pre-order buy sending out 3 rigs to match the initial hashing rate, so now it’s only 1500 GH/s at 6900 watts, a reduction in GH/Watt by a factor of 5.

 

So what does $22,484 buy you? Take a look!

    Minirig is here!

    Today, my Minirig arrived.

    

    FedEx apparently dropped it somewhere along the way, and the weakest part of the case, the thin metal part around the back of the PSU, broke.

    

    I’m not sure how sturdy the back side was supposed to be, but its two pieces aren’t quite together either.

    

    The power supplies (EVGA 1500W) also created havoc interfering with the neutral on the power line. This disrupted X10 communication significantly enough that the pool overflowed because the system controlling it was unable to turn off the pump. Workaround: This PSU supports 240V, so we rewired the outlet. 240V does not use neutral, so now all should be okay.

    Edit: 240V workaround is only partial. Still having problems

    But the good news is, it all seems to be working for the most part.

    Next up, installing it in the window so the heat goes outside

    

A twenty two thousand dollar box of electronics that is broken out of the box, that required the guy to do a sketchy electrical workaround to get partially working, that he is going to install in a window… and he’s happy about it?

In case you didn’t notice it, the delivered unit is different than the picture on the website. They had to install 2 power supplies instead of 1 and had to modify the case to fit. Also, if you didn’t notice, the LCD/Phone thingy in the front has been replaced by … a piece of cardboard spray painted black. Wonderful.

You could maybe chalk this up to a careless Fedex postman, but when you’re shipping something that costs as much as a mid-sized sedan, how bought putting a little more effort into packing? Dell and HP can ship bigger and heavier servers across the world without this kind of problem.

The unit had to hit its huge power draw increase by putting dual EVGA consumer grade power supplies in the unit. We’re talking almost a 75 amp load (6*1500/120), disregarding power factor. He could very well overload the circuit panel and trip the main breaker for the house.

Let’s take a look inside this guy. This is from an earlier version of the Minirig (note the single power supply) This is apparently from an earlier FPGA but it will give you a good glimpse at what kind of craftsmanship you can expect from a computer that is half the average household income in the United States.

Consumer grade PSU and cheap USB hubs glued to the inside case.



Electrical tape and random velcro glued to the insides



A closer look at the USB hubs. Plugs are hot glued to stay secured.



Electrical tape everywhere, splices and voided hardware are the theme.



You can view the entire album here: http://imgur.com/a/Uanjr#23

Despite all that, this thing can still mine bitcoins and it should be profitable. How much money can we expect from from a rig like this? If the difficulty didn’t change, they would make 37 bitcoins a day and recoup the initial investment in 124 days. Difficulty is jumping pretty much 20% every 12 days or so, so in the next week before adjustment, they’ll make 259, the next 12 days 369, the next 12 days 312, then 256, then 213, etc.

So by day 127, they’ll be halfway to breaking even, but by day 151 they’ll be making less than 5 bitcoins a day, and even if difficulty stopped rising at that point(which it won’t), it would take another 435 days for a total of 586 days to break even. If difficulty kept rising at the same pace, by day 200 they’d be making 2.4 bitcoins per day, and it would take 1024 days to break even with no difficulty increase. Assuming 25 cents per kw/h, and $100 a bitcoin, it would cost 0.43 of a bitcoin per day in electricity which means the unit would no longer be profitable on a power usage basis by day 307, at which point it will have produced 2620 bitcoins.

Bear in mind this is only for the first few units, and that’s running 24/7 pumping out around 24,000 BTU, so yes, medical bills from heat stroke will be on top of that.

But Alas, the chips don’t run nearly as well as they’re supposed to, frequently running too hot and giving multiple hardware failures. Coindesk noted in one of the first ever runs of the Minirig by hosting provide gigavps that it was running much too hot and erroring out.

    At the time of posting, gigavps warned that the unit would be repeatedly shut down while ckolivas, who was assisting, modified the machine’s software to optimise performance. After some tweaking, the device was said to have been left to run continuously for two hours, and was shown to have an average hash rate of 478.1 GH/s. As you can see in the table below, ASIC number four (of a total of eight hashing chips) ran significantly hotter (86 degrees) and consequently gave the highest hardware (HW) error rate.

    

 

So, what happens if you just decide you don’t want this, you don’t want to wait over a year to get a $22,000 broken piece of shit? Nothing, because BFL won’t let you cancel your preorder because they’re now “shipping”, i.e. they sent out one unit to their own company shill.



Which is of course illegal regardless of what Butterfly Labs may say.

So in summary: Don’t buy anything from Butterfly Labs … ever.



Edit: there's one comment on the site so far, which is worrying reading. Is there any truth to this?

Quote
This is incredibly dangerous since it is doing neutral line loading. If that is fucking with a dudes pool then it is sourcing current from neutral which is a big no no. It is a really easy way to start an electrical fire. I am actually wondering if this has to pass UL or CE testing to ship legally in the US or Canada because when it starts a fire in some dudes house and he finds out he can’t claim insurance because he was running this he will be unhappy as hell.
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