Have you (or your partners/suppliers) designed the chip?
Yes, we have. We are in advanced stages of design testing and manufacturing process. Our tech is far superior to all other reported to date Bitcoin mining technologies. This is now simply a question of how much capital we can raise and how quickly we bring it all online. Read more details on this in upcoming issue #1 of Bitcoin Magazine. |
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it is not a 51% fear. its a 30% cheap mining power fear, will become a 70% cheap and impossible to have any competition with.
small miners will quit, if its not profitable for them.
i would be more comfortable with you selling mining hardware, and thereby distribute the cheap mining power.
One cannot stop progress. GPU and FPGA's are already doomed. I am sure there will be plenty of ASIC gear on the market given time, with or without us. |
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We are talking about a public company. The board of directors has a very important goal which is maximizing value and long term return on investment for the shareholders.
It does not seem feasible that we will have a monopoly on Bitcoin Mining. However, we do aim to become a major player maybe even the biggest player in this market.
Two things have changed, ASIC's have much higher density and much higher power efficiency. Therefore, unlike GPUs and FPGA's, ASIC mining has significant economies of scale and we are going to use it to our advantage.
We plan to continuously buy ASIC hardware from leading manufacturers over time, long term, and will employ our scale and bargaining power to secure the best possible deal for our shareholders. The keyword here is "public company" we will be accountable to our shareholders and a significant degree of transparency is demanded by law.
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FAQ:
Q1. Are you designing and building ASIC chip yourself?
A1. We have a long term strategic partnership with a private subcontractor that is building mining hardware for us.
The leverage we have is of a contractual nature and it grants us a number of advantages as compared to what general
public or our competitors may or may not get access to eventually.
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I am forming a new company that will engage into large scale Bitcoin mining. We have concluded a deal with subcontractors to produce for us a significant amount of ASIC based mining hardware (up to 2-3 orders of magnitude more power efficient and dense comparing to GPU based Bitcoin Miners). Our target is to build multi Thps (X 000 000 Mhps) bitcoin mining operation and therefore we will have significant bargaining power and will be able to get preferential treatment and pricing from our suppliers. To ensure optimal security we will most likely be housing the mining hardware in one of the most secure datacentres in Europe and eventually even certify all our operations to ISO 27001 standard. We, however, have no plans to engage into manufacturing and sales of bitcoin mining hardware. Once we get some paperwork done we will be able to start accepting investments from public directly. This means that soon we will be publishing investment prospectus and enable public to invest either into management company or into mining operations themselves. Until then we can discuss this in details only with high net worth individuals, sophisticated investors and investment professionals after we sign a NDA. There will be various classes of shares, some of which will be effectively proxies to "perpetual mining contracts" with monthly dividend payable in fiat and potentially a class of shares paying dividend in bitcoins (pending legal and tax advise). We are in process of re-registering as a PLC. PLC stands for Public Limited Company, this is a legal structure that enables companies to sell shares to public and become listed on stock exchanges. It is our long term goal to eventually get listed on a public exchange and even to become qualify for REIT eventually, if possible. Public companies also by law (England) are required to be fairly transparent, employ a professional "company secretary", provide financial reporting, and must be audited. It is my strategic vision at some point in the future to enable option trading on Bitcoin Mining Contract simply by virtue of being a listed company and having optionable shares. There is a long road ahead, but we can get there and this is the start. Meanwhile, I invite interested parties to contact me. email: vladimir@marchenko.co.uk skype: vladimir.marchenko.co.uk. |
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FYI
- I do not know anyone named Bob working in any capacity with Bitcoin Magazine
- we have not sent it into print just yet
- we have not printed any samples just yet
- should we start a fiction section one day, I'll let kludge know.
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Damn you, Vlad, now I'm stuck for the next hour watching this documentary  Ha, that's nothing. I checked if a local Uni has any courses in Philosophy that I could take. |
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In some other thread I was referred to this video http://www.youtube.com/watch?v=9q1jHx29C70 http://www.youtube.com/watch?v=yZlAhdz_ei8 . Quite fascinating, is it not? And do not tell me that this has nothing to do with Bitcoin. Frenchy: Action, Reaction; Cause and effect... Morpheus: Everything begins with choice. Frenchy: No. Wrong. Choice is an illusion created between those with power and those without. All those matrix movies and philosophical stuff generously sprinkled all over, it is all about Bitcoin somehow, I am sure. "I do not know the future. I did not come here to tell you how it is going to end. I came here to tell you how it is going to begin". Neo. |
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This sounds lovely...but a Bitcoin lacks intrinsic value, we cannot eat it, drink it, or live beneath it. How could we ever determine its value?
Ever heard about King Midas? He figured out that gold does not have intrinsic value either. |
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Actually the allegory of the cave is from Plato
Indeed. http://www.youtube.com/watch?v=LTWwY8Ok5I0 if someone would like an explanation. The best education one can get in only 140 seconds. (unless you know this already) "This, of course, does not make the world outside of the cave any less real." |
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Some simply cannot wrap their brain around of not having an "old white man" somewhere up high with a final say on anything and everything. Prisoners of the cave!
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@OP: expert witness is all you need
@Frozenlock: Love that link. Sending yourself sealed "original work" like screenplay before going to Hollywood to show it to local copyright whores is so 20st century.
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Sorry for being so unoriginal. The "world ugliest bitcoin minig rig" (pictured on the left) was solving a few blocks a day back then.
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Just wait until SHTF for the fiat ponzi. According to some EUR will not survive 2012 or 2013. Should this happen they will all run for safety, meaning USD bonds at negative yields (ironically), gold, and yes bitcoins. Do not be too surprised if BTCEUR hits 5 digit numbers before long.
And another point about wealthy guys loving Bitcoin for it's utility is rather important one. Remember your Bitcoins are still there when you get out of jail, Madoff and their ilk I bet would love to have a few kilo BTC in their brain wallet right now.
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[serious]
@Blitzboom:
Thank you for spelling out the "slippery slope", it is what I have implied in my first post.
@hazek:
Indeed, it would be silly to ruin simple, magical, and elegant in so many areas design of Bitcoin protocol.
@theymos:
Yes a "social contract" exists and it would be wrong to break it. Nigh impossible too, just as you have said.
@allten:
Please do not be upset that your proposal was so quickly and so harshly criticised. You are not the first one who became excited about Bitcoin and thought that one should or can improve the protocol by introducing some simple changes. Some people, myself included, thought about it for a while and moved on, doing something more productive. Others thought about it, got their ideas ignored and laughed at and then went on creating shitcoins. One thing I know for sure, your proposal is not going to fly.
[/serious]
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People don't realize this, but a lot of what looks like a huge bug in Bitcoin is actually an ingenious design.
Unfortunately to realize that one would need to perform some higher order nervous activity, like having a brain, for example. Not going to happen. |
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Great Idea!!! But I know how to make it even better! Let's also have Bernanke to set amount of the block reward every month. This seems quite a logical improvement which should be done after your proposal is implemented.
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