The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description. I do live very minimally, though, I don't spend investments on personal items.
My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.
It's not at all clear from the description that the purpose was to provide funds for your personal life. Your mistake was in doing it, not in stating it. Not cool, Dank. |
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It was not a win. You were lucky enough to get your money back on a loss because your bet was invalid. Now you're bitching? Facepalm.
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jwzguy, how does it screw over the people who stay there? If I do say 1/100th of the work, isn't it fair that I get 1/100th of the bounty?
Because the shares early in a round on a proportional pool have a higher predicted yield than shares later in a round. When people hop, 24/7 miners get in less shares early in the round and so their average predicted yield is lower. Nicely summed up. Ascholten - bottom line - if you want the "fairest" (by the criteria you outlined) payout for the amount of work you put in, join a PPS pool like BTCGuild. You will be happy. |
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I'm guessing the fact you ignored both of my extremely relevant questions means either you have no idea what you're doing, or you gave up on this loan. Cheers.
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Thank you for the reply shadow. I was under the impression that they were 'fair' as they claim and all your work gets treated evenly, everyone gets their 'fair share'. Obviously not.
With that, why is hopping bad? If I do one percent of the crunching work, and I get 1 percent of the profits, why is that a bad thing? If I stay longer, and technically do, say 15 percent of the crunching work, and get 15 percent of the share, that's 'good' or the way it is 'supposed' to be right?
Are there pools out there where it's just the 'participation' that matters, not how much you participated, in which this actually IS a problem? If so, very odd.
Aaron
Hopping is bad because it screws over the people who stay on a single pool. If you don't like the reward calculation, switch to a pool that uses a different one. I use BTCGuild, and every share is paid out exactly the same amount. |
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Friendly advice: do a lot more reading and a lot less assuming.
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Have you always had 229 g/h Inaba?
No one has "always had" any amount of computing power. |
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Feed children to whom?
Post of the week. |
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Funny you should mention that Stephen, since you were the one constantly misquoting the law in order to try and rally for that exact outcome, and now that it hasn't happened, you are warning people to stay away because it "may" ?
Give me a break.
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Bitfloor accepts deposits via ACH from ing account holders. It's not the same as the inhouse p2p payments between ing account holders. Ing does not allow businesses to open an account that could accept instant p2p payments...just like chase and all banks with this feature. They don't want to lose the mountains of fees they are currently collecting.
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Just wanted to say that I would absolutely pay for slightly discounted "on hold" btc if you can set up some kind of secondary exchange.
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We just need to push to vol to 8 million and it will be taken care of. GO! TRADE LIKE THE WIND!
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Thanks for posting your side. It's a little light on details in some places (which a few others have asked for - whether you answer or not is up to you) but I would give you the benefit of the doubt. The government does indeed get pretty pissed any time they get cut out of the action. One thing I would like to know is what your job at BFL entails...merely because I'm curious. I see plenty of people on my ignore list have replied as well - I'm sure everything they said was constructive and unbiased.  |
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People keep saying running with the pre-order money is the big jackpot scam for multiple millions. First of all, the pre-orders total about 1.1-1.9 million approximately. Secondly, BFL could hold the pre-orders for 1 month and mine with all the card (okay that'd take A LOT of computers but stick with me  ) and make a bare minimum of $1,392,261.94 and that's adjusted for the difficulty increase it would cause (about 2x) but not the exchange price drop off of selling that many BTC. That's where the real money could be made. Oh and BTW that route isn't illegal. Running away with preorder money is. Thus the basis for my other post about how they're definitely mining with them or will be. And since someone will ask, 7000 pre-orders, 100% jalapenos assumed (obviously not true), 3,500 MH/s * 7000 = 24,500 GH/s. Deepbit says that's 7743.5 BC per day (DROOL!). That MH/s = approx difficulty increase of 2x since the whole system is 22,000 GH/s atm so 3871.75 BTC/day would be expected * 30.5 days (because 30.5 * 12 months is 366 days, 1 off from 365 so it's commonly a 1 month interval amount used in statistics) = 118088.375 BTC in the month. The last price I remember on MTGox was $11.79 so $1,392,261.94. 7000 Jalapenos will net them $1,043,000. Mining for 1 month with all of them would profit them $1.39 mil not counting electricity and computer purchases and hubs and networking equipment. Or, since they have 22 pre-orders for those top level rigs that do 1000 GH/s, they could just run all 22 and get approximately $1.2 million lol. That's easier than 7000 Jalapenos I agree. I don't think they are scamming. But you don't know what their pre-order total is. You've estimated the floor. You either missed this part of the order thread: Total Orders (By last seen) 6578 Orders Tracked 207 Or you think 50% of people are posting their orders...even without the order numbers that seems extremely unlikely. If we take the reports as a random sample and estimate based on the total order numbers we get ~3%. So a rough estimate would be something like 30 million USD. Your supposition that they will mine with them is almost as unlikely as them running with the money. The smartest, most profitable path would be to not mine, but to ship them out and let the difficulty go up more slowly as they arrive. As people start reporting they are actually receiving their rigs, even more orders will pile in before the difficulty makes the break-even time look undesirable, by people who do math without considering the rate of difficulty increases (a very common mistake among people who are new to mining, and it looks like you made the same mistake above.) If they raise the difficulty astronomically themselves before shipping, people will be less likely to place these orders. |
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Give me 50 million and I will get them designed.
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According to the police reports posted here, they offered to buy lottery tickets in a "group", and then split eventual earnings. But that was never done, they just sent back part of the money, and kept most of it.
Yeah. Along the devil's advocate lines (I also have no vested interest) - just because the state reported that doesn't mean it was true. If they were doing what they said the government wouldn't admit it. They say whatever they please to justify their actions regardless of ethics or even legal authority (ask Kim Dotcom.) That being said - the reason I refused to pay 100% upfront for a BFL pre-order via an irreversible payment method I because I would never trust some unknown entity with that much of my money. They could very well take their 50+ million in pre-order money and leave town before anyone realizes what they've done. I actually think the odds on this are fairly low, as it's more profitable to run their business legitimately in the long term - but they are high enough so that I wouldn't personally risk it. If I -were- a preorder customer, hearing that Josh is working there now and can vouch firsthand that they are in the process of making ASICs units would definitely make me feel more secure. |
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Wait another year or two and you can get it for 5BTC.  |
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