There are plenty of people besides the Cypriots and Spaniards (who ARE buying Bitcoin, as we have heard in first hand accounts) who want to use Bitcoin as a store of value to protect them against theft through confiscation and hyper-inflation. Increased demand for this utility of Bitcoin has and will continue to increase the price.
What do you think these people will do when they see the bitcoin price drop like a rock through their buying price? Look at the 2011 bubble. As for the rest of the statement, I'm not going to hold your hand through the last year's worth of developments and stories. But you must have been living under a rock if you think "real-world use" of Bitcoin hasn't significantly increased. That is just plain ludicrous.
Where do you see any evidence for that? I could just barely believe a doubling of real-world use, but please tell me who buys which goods or services for bitcoin? namecheap.com or wordpress.com? Reddit Gold? Have you ever heard of anybody paying a bitcoin there? I am actually a namecheap.com customer. I just filled up my account there from my credit card. That was before they started accepting bitcoin. Then I actually paid Ƀ1 to them, just to try it out. But I doubt that even I will do that again, because it needlessly complicates my bookkeeping. Say if this is all true and there is a huge excess bubble of speculation on top of the trade for goods/services, the bubble can get massively bigger, it can keep growing for years, most of the world still doesn't know about bitcoin. |
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Even if the financial Armageddon is post-poned or avoided somehow for 50 years, Bitcoin (or alternate successful cryptocurrency) will become seen as 'the ethical currency', rather ironic given it's origins; but there is more to the to the financial crisis than just finance. The problem is with governments controlled by banks having power to send nations to war and to oppress their own people with oppressive laws such as the warn on drugs, which have tragic and unnecessary costs. Bitcoin has the power to help with many of these huge problems.
Bitcoin takes power away from the banks and long term I actually propose it actually takes money away from drug cartels by resulting in their eventual legalization, regulation and taxation. It shifts the balance of power in a favourable direction, therefore it will succeed.
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No I'm already all in, but if I had more money to put in I would buy more BTC even at this price as well as some LTC.
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How about SEV-ALON for group name ?  How about Pediatric Hospice? Something lighthearted and fun....  Perhaps CoinHoarder's house should be called "Moria", ("and they call it a mine!" - Gimli) which would make us the dwarfs. Someone else earlier said we should be called the 7 dwarfs, so I'm therefore in favor of fantasy dwarf related names. We could always outsource the naming, it's too important to screw up  |
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We'll continue to hold roughly steady in the $90s over this weekend then have a big rally next week, and possibly pull back into the 90$ again by the end of the week.
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Lots of topics here. As one of the original investors I'd like to weigh in a bit on machine allocation. I'm ok with the plan to distribute investments evenly across all machines. It egalitarian and greatly simplifies accounting. None of this machine-labeling nonsense. Early investors will feel, though, like their investment has been diluted by later investments, (and that was one of the reasons that I kept adding shares ... to offset that dilution a bit).
CoinHoarder, I'm happy with the Ownership Percentages that you came up with for the mining pool ... once you have all 7 miners. Now here's the kicker. How would you feel about doing that 6 more times. Actually I'd be happy to help with this. As I see it people should be added to the pool with the skin they had at the time of EACH purchase. As you begin receiving shipment, shares from the group of investors that enabled you to buy that miner are added to the ownership roster. This gives early investors their "premium" for having skin in the game early on, and it allows later investors to share the risk of any one miner going down.
Any thoughts in this regard would be much appreciated. Thanks
I also feel this way. I'm not sure how to solve the problem. My money was invested in the first unit. I had a 10%~ investment on it. I was very likely to get my ROI in the first month. Now I have roughly 1% share. I'm not likely to see my ROI until the very last unit is received and mining. Depending on how avalon ships, it could be less then a few weeks from the first to the last unit. But its likely going to be much longer. If you had a 10% investment when there was 1 avalon you should have a 1.428% share of 7 Avalons. They won't necessarily arrive in the order they were bought in anyway, what if the first one arrives a month late? Isn't it better for all of us to spread the risk across all of them? Also it did say in the OP that more machines would be ordered if there was enough money for it with nothing about assigning investors to specific machines. |
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I did a group buy in with 30BTC with the 7 avalon group buy organized by Coinhoarder.
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This is massive news! Really good news for bitcoin. nice work!  |
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That's another good sign!
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Wow, this looks big, more great news for bitcoin! |
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I would use it to buy some recording studio soundproofing material to make my musical creations sound more professional. I have great quality mics but poor room acoustics.
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I'm making 7BTC per day with my avalons now. Next difficulty jump it will drop. By end of April or early may I'd bet its only 2-3 a day or less.
It may be a long time to "payoff" an Avalon batch 3 order.
Even at 1btc a day mined thats less than 3 months back of the 75btc, even 0.5btc a day is a good deal. Or are you talking about the reward with mining with more than 1 avalon? |
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Thanks for the replies, I ended up going with 30btc into Coinhoarder's 'group buy' instead of buying one for myself.
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I just want to point out potential issues that may be worth paying attention to.
What if you die? (I sincerely hope that doesn't happen, but it's possible, and we would presumably lose our investment). What if you get robbed or your house burns down? Someone earlier mentioned insurance, I'd be interested in this or at the very least finding out how much this would cost. Can't be that much split over so many people!
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I've sent 30BTC from 1KReqRG7weufdm8fM3prEAU7eLuCpxqdYp  |
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Hi, I'm about to buy in. Will you update this thread when the asics arrive? Seeing as you haven't asked for our email addresses this website is the only way you have to contact us...
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Like many others I'm very tempted to order a batch 3, but it would use up almost all of my BTC... I expect BTC to rise a lot more in the months it will take for the machine to arrive... so is that a reason to order or not? If it goes up a lot and I keep the BTC they will be worth a lot more, but if it goes up a lot and I've spent the BTC on the miner then the miner will be worth a lot more too!
I'm leaning away from the purchase because I've never done any mining before and I'm bit nervous about working out how to get it running...
if you never mine before then it may not wise to buy avalon since it is not user friendly and even Avalon put it in their disclaimer . Yes thanks I've started a thread about whether I'm too noob to do it. |
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The Avalon is completely standalone. It just needs an Ethernet or WiFi connection.
You Mac laptop will work fine to do the initial configuration. All you need is a web browser.
Ok thanks. I've edited the OP with some better questions... |
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Hi all, I'm a long time lurker and dreamy bitcoin idealist but never done any mining. I'm very tempted to buy an avalon batch 3 but it would use up almost all of my coins... if I was sure I could get it working I would probably go for it, but I'm a bit nervous that I won't be able to, so tell me, how hard is it really? From the Avalon user guide: https://en.bitcoin.it/wiki/Avalon#User_Guide'Connect your laptop to the eithernet port of the Avalon - I can do that lol Setup your laptop IP address 192.168.0.101 - I can do thatOpen http://192.168.0.100 - I can do thatMake sure WR703N can access Internet, Configure WiFi: Network -> WIFI -> Scan(select your WIFI network) -> Join Network -> Don't know what WR703n is, is this just a case it getting it online?WPA passphrase -> Submit -> Save & Apply for connect to WIFI Internet - I can probably do that setup your mining worker: Status -> Cgminer Configuration. Don't know what this meansRestart the cgminer service: System -> Startup, Check your avalon status: Status -> Cgminer Status Setup password/using ssh not sure about 'ssh'ssh root@192.168.0.100 # Once you setup the password the telnet service will be stop. use ssh instead. Don't know what telnet isIf your avalon does not mine properly, please run Cgminer in debug mode with -D --verbose option. For example: # cgminer -S /dev/ttyUSB0 -o stratum.btcguild.com:3333 -O xxxx:yyyy -D --verbose --avalon-options 115200:24:10:45:282 --api-allow "W:0/0" --api-listen 2>/tmp/cgminer-debug.log I've no idea what any of this meansSo... am I too noob to do it? How hard is it? I might be able to just figure it out as I'm not an idiot and fairly computer literate, but then again, it might just be way easier than I'm imagining but it's a lot of money to spend without being sure... |
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