Low seat value doesn't mean much unless you are trying to liquidate seats. Hey, I don't know about you but I have a substantial investment in this club, and I don't want to see the seat prices drop. I don't want to see long term prospects hurt either, so we all want the same thing (I think). It is almost impossible to predict short and mid term movements but I think in that type of environment, debt has the potential to ruin us if we aren't careful. I actually agree with that but I don't see a 30% debt to equity ratio (both measured in BTC) as being careless at all. It's reflective of the debt being fairly secure as a function of expected future BTC revenues, and also of debt being used to fund purchases of capital equipment, of of which is quite responsible use of debt. Most of the outstanding debt is for equipment that hasn't even been delivered yet. We want any creditors to be happy and potentially willing to loan again because of our excellent reputation. I agree with that too. I believe when the next generation of miners starts arriving and the hash rate increases several fold, the debt should start getting repaid at a faster rate, using the current ratio. The current in-service equipment is aging and shouldn't be expected to yield that much. Trying to pay off future generation equipment with proceeeds from obsolescent hardware a bit of trying to get blood from a stone. |
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Both units received earlier this week as promised. No setup problems at all, just plugged in the PCIE connectors from my power supply and both have been running fine ever since. Quieter than I expected.
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Yes, and keep in mind that this is only until our debt is paid. Once the debt is gone, we can go back to 25% retained. The recent break in the price has been good for us both on the mining front and concerning our debt. We should be in good position for the next epic bubble if we have our debts paid and a some coin to save before it comes. It's likely to happen again sooner than anyone thinks.
+1 I couldn't have said it better myself. I still oppose. 75% is too much and will reduce donation payouts drastically and hurt seat values. The debt is not in and of itself harmful, and especially the idea of paying off "all" debt is misguided. The market cap of the group (see post 1) is over 1200 BTC which is more than 3x the total debt. This is not an unhealthy debt ratio for a business like mining. As we have seen in the past several weeks bitcoin is not always deflationary (in fact at present and for the forseeable future it is massively inflationary, with 3600 BTC being "printed" out of thin air every day), which was part of the argument against using debt. If we had paid off the debt at $1200/BTC, we would be much worse off today. It is unfortunate that the debt holders have been holding the bag longer than perhaps expected, but they were told up front what the debt was being used for and how it was to be paid off. They took a risk that mining using pre-ordered gear would pay off (in BTC) less and more slowly than expected, which is exactly what happened. |
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Is there someplace on the web site where the unpaid donations (those below the payout threshold in settings) can be viewed? I can't find that.
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Looking for 4.5 BTC. r u still selling?
PM sent |
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I seriously doubt anyone involved in this group buy will ever see a return on their investment in BTC.
It's questionable. Last 30% days difficulty increase is 49%. Most people expect bigger increases going forward with the all the new ASICs due to ship over the next few months. http://mining.thegenesisblock.com/a/cb47438d24 - 50%/month; break even April-May http://mining.thegenesisblock.com/a/416e5934e5 - 75%/month; break even never. Jan 04 is a bit conservative, as these have shipped really quickly so far, so you probably get a week or so of mining in December. Still any assumption of 75% or higher probably makes these negative. |
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The web interface has new feature in account settings: donation payout threshold
Tried setting this to 0.01, when the page reloads it shows 0.00000001 |
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Any idea when the physical seats are going to ship? Was hoping to use them as xmas gifts...
The US orders have already shipped. Should be arriving in mailboxes in the next 48-72 hours. If there are any problems or concerns of any kind, please contact me. More awesome! |
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Is the hosting $250 total for the three months or $250/month.
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Could you share a little on the future plans for Nasty?
I don't want to spoil the fun, but I can tell you that nonnakip and I have been discussing something new and exciting that will further separate us from the pack and reward seat owners while also acting as a massive fundraiser. Rest assured that there is definitely at least one more rabbit waiting to get pulled out of the hat. Right now however, the focus is on implementing the pool interface with nastyfans.org and knocking some website features off the todo list while we await our next-gen ASICs and repay our debts. I'm also hoping that our physical NastyFans seats start becoming more popular once they are in the hands of fans and encourage potential new fans to take a look at what we're doing and join us on our pool. Some other things that are being considered... - NastyFans online shop with more products than just our 3 silver coins
- Ability to pawn seats for goods
- Mining subcontractors who will "mine to own" on our pool with our old equipment
- Donation Re-Investment Program
- Buy order alerts
Awesome! Any idea when the physical seats are going to ship? Was hoping to use them as xmas gifts... |
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What rate are you looking to sell bitcoins at atm?
On localbitcoins I sell at their recommended selling price which is usually close to mtgox or a bit below. No shortage of buyers at that price, in fact I may add a premium since I'm inundated with offers most days. |
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Forget new coins, fix the software so coins aren't lost on withdraw about 10-15% of the time (yes it is that high in my experience) with no response from support at all, even when the support email is written in Chinese.
Do not use this site until the fix their software and provide at least minimal support to recover coins lost due to software errors.
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So I just configured my unit but am concerned about the thermal paste that leaks out from the screws, do we just keep wiping it up every couple of hours, do we tighten the screws.
I haven't received mine yet so I'm just guessing but how about taking the heat sink off, removing all the thermal paste, and applying an appropriate amount? |
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what are of the world are you from ? (if big country what region?) maybe you can find a local with cash
I'm in the US. I have tried localbitcoins and found some good buyers that way, although most only want to buy 1 BTC. A few will buy more. Also Coinbase seems to be working okay at the moment. |
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Why is this so much higher than your other group buys? $130 for 40GHS plus some kind of group ownership of the hardware is much more appealing than this.
That deal won't start hashing until the end of February at the earliest, so that's a month earlier in terms of difficulty increase. On that one the hosting costs are taken out of the mining, in this case they are added to the cost (I think, unless I'm misreading something). Also with ownership you have risk of down time, but with cloud hashing presumably you don't (again I'm not positive). I'm interested in what DZ has to say on this. |
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1 year ago nastyfans auction opens. I post some fun facts about the first year of nastyfans... - the first nastyfans seat sold for 0.44889676 BTC ($6.01)
- today a nastyfans seat sold for 0.0509 BTC ($46.06)
- during the year 6,121 seats sold on the auction (total of 1,901.29932868 BTC)
- during the year 558.95573924 BTC donated to nastyfans
- during the year 1 seat accepting donations received 0.03887740 BTC
- 11 fanclub polls executed
- NastyPool created: p2pool node with no fees; server costs and donations through merged mining
- minted seats created: 77 seats minted already
There are many things still in planning. It will be fun to see the list in December 2014. I thank the fans for making this fanclub so much fun to be with! Fantastic job. Seriously bummed I couldn't figure out how to get the pool to work for me, but loving the other stuff. |
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I even had my email translated to Chinese, still no answer.
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I have 30 GH coming later this week that will go on the pool. Not a lot but its something...
A bit delayed but 20 GH of that is on the pool now. I have another 70 GH on the way. Last night I was getting a really high reject rate, but today I'm not. Anything changed? EDIT: Spoke too soon, got a bunch of rejects after that. I'm running around 50% rejects. Is that normal? 1 | 20.34/20.95/ 9.67Gh/s | A:5 R:6+0( 53%) HW:16/.88%
That is definitely not normal. Are you using the latest cgminer or bfgminer? Have you tried restarting your miner? Latest bfgminer from github. Restarted several times. It seems to happen on all (most?) p2pools but not eligius |
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I have 30 GH coming later this week that will go on the pool. Not a lot but its something...
A bit delayed but 20 GH of that is on the pool now. I have another 70 GH on the way. Last night I was getting a really high reject rate, but today I'm not. Anything changed? EDIT: Spoke too soon, got a bunch of rejects after that. I'm running around 50% rejects. Is that normal? 1 | 20.34/20.95/ 9.67Gh/s | A:5 R:6+0( 53%) HW:16/.88%
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