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1  Bitcoin / Hardware / Re: BFL BitForce SC Firmware source code on: June 15, 2013, 11:20:41 PM
BFL has entrusted me with releasing the source code for their BitForce SC firmware, beginning with version 1.2.5.
Tomorrow, I will be organizing the historical code into a proper git repository to compliment this and aide in further open development.

Binary: hex (sigs)
Source: tbz2 | zip (sigs)

Witnessed.

Code:
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

These are the source code and binary provided to me by Butterfly Labs.
I have not (yet) reviewed or audited the code myself.

12a4f47100f2dc26bd278f0b1d96b62226d666e7de49b5a97e92242dac0504c9  BitForce_SC-1.2.5.hex
44d4100a36e408b8f6d4891897d4487f3e2aec846b945674c7fb7f8f60d517ba  BitForce_SC-1.2.5.tbz2
235d28bb7c10e57a2dfcd90ce4d0572c8ad3e601b1bba205ba5d58a2ee84b897  BitForce_SC-1.2.5.zip
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v2.0.20 (GNU/Linux)

iQQcBAEBCAAGBQJRvPSSAAoJEL0ClCQh9Iif9DMgAKXPExVnB0uJP2lGcXf0S7Es
3CCzoS4lJ9wgmQfm5tbylBP/OUtnkE4vSp6s3/bj+5U0Q5ivPKWlBNEYVbPcP3RL
6qSb5lYjtSmQYTINx+7zpQk68vtRYntbdCtbE433LDSNDg8EbMpny2M/If8t9msx
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Hw7ESiNzMVixFklS2JxGii9CD9gDxhti8tR9B4h6/6I0Yx3z0HNvLZRzMtkb07wH
kubjBSGtaT0MiGCSFC/J/vALq5sijqyYvC+gqa+TbLhP0FpBliVqUnICog8x3tn1
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3mWqow9DD+auF2JfOvP0muokJcGRv3tyEmrdXozADGbTDRRPifPQ4R7pDUbjBS0A
n6BsJ0wQeiPxl4oihBEdQ0IfIdXWr58uspWYnFuTSL5IRGGZ1ZIvbVnNuQlGLC87
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r+Kl8ENgVB1i07DntJ2rIahjTOlRCvfhDw6pKpNVRTDDwe7jPKkvo1vSYMSsAx0U
kweJU0oq6TLJOvybovlBn2b7sa5UdRcJwdAcvhrZQLAJHxYAV4Mw6e4R1BMV5UdV
sfDFlR6hf/QLY4/HD4seuxa497qZVqaZBx58m4VvWog7N54ndUJ8IQSFZQuEjZs=
=3Yqk
-----END PGP SIGNATURE-----
2  Economy / Digital goods / Re: **FREE** Microsoft Office 2007 Retail Licenses **FREE** on: June 06, 2013, 01:20:48 AM
Please?
3  Economy / Auctions / Re: ASICMiner Share Auction - get your direct shares today! on: May 18, 2013, 03:11:33 PM
Seriously not to nit-pick, but the topic "get your shares today" isn't really true when the auction ends on the 20th Smiley

Oops.  Tongue

So much for the auction with all of the chatter :p
4  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 04:05:13 PM

Having said that, I'm sure we will receive a satisfactory post from friedcat when this phase of deployment is over. They have an insane amount of workload now.

In order for asicminer to maintain the level of network hashing that everyone keeps dreaming of, there will always be an insane amount of workload unless either more people are hired or the network hashrate vastly diminishes.
5  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 04:02:24 PM
You deserve it because you are effectively lending them your money based on the promise that they will be able to repay it at some point or that you can sell your debt on an open market. ...
From this point I do not deserve it, because they already repayed me

Ugh.  If you bought shares, then you own part of the company.  It isn't a loan.  Any dividends do not dilute your ownership share unless specified in the contract.

Actually, share equity is debt to owners.

.b

It'd be a bond if it were debt.  They sold shares.
6  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 03:58:03 PM
You deserve it because you are effectively lending them your money based on the promise that they will be able to repay it at some point or that you can sell your debt on an open market. ...
From this point I do not deserve it, because they already repayed me

Ugh.  If you bought shares, then you own part of the company.  It isn't a loan.  Any dividends do not dilute your ownership share unless specified in the contract.
7  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 03:12:17 PM
my point is, AM is not asking for any new investment, so posting  information every hour to make prices "fair" is not in the interest of EVERY shareholder. (as it cost men-hours) How much information get average shareholder of Google/Apple/... ?
on the other hand, I we should probably know at least few of other people that are in board and around Friedcat. Or in some other way responsible for AM decisions.

Google/Apple are required to submit financials at least quarterly and be independently audited at least yearly.  Obviously people bought into AM without having the same requirements.  Asking for expanded information from the few sentence 'updates' is fair.  How much effort does it really take to compose a paragraph write up about what you did over the past week or two and what your plan is for the next two or four weeks?  Don't even post it in English.  Post it in your native language and I'll sit with the translator to parse it myself.  I understand the fallacy with trying to plan too far in the future, but that doesn't mean you don't plan at all.
8  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 03:05:27 PM
dont even mention that shit in connection to asicminer!! firedcat and his team are the most reputable and trustworthy people in bitcoin land. you probably have no idea whats going on here. asicminer has already paid back EVERYTHING from ipo and is just delivering massive profit after massive profit for their shareholders. share value in USD has appreciated by a factor greater than 100 since ipo. bitfountain is not selling any additional shares to the public. tell me, how the fuck can this be a scam?

LOL.  I used those same arguments when defending pirate.  He was highly trusted on -otc, was delivering on time every 3 days (and then every week), etc
 

I'm not saying we shouldn't trust friedcat, AM or Bitfountain. They may be perfectly honest, but the business behind it is too murky to effectively evaluate the company.

.b

I totally agree with you. I was just highlighting Mausini's slightly flawed thinking.
9  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 02:59:15 PM
dont even mention that shit in connection to asicminer!! firedcat and his team are the most reputable and trustworthy people in bitcoin land. you probably have no idea whats going on here. asicminer has already paid back EVERYTHING from ipo and is just delivering massive profit after massive profit for their shareholders. share value in USD has appreciated by a factor greater than 100 since ipo. bitfountain is not selling any additional shares to the public. tell me, how the fuck can this be a scam?

LOL.  I used those same arguments when defending pirate.  He was highly trusted on -otc, was delivering on time every 3 days (and then every week), etc
 
ASICMINER has demonstrated their hashpower on the pool, but with the move to solo mining, the only way to verify hashing is via what they inject into the blocks they mine.  A run of bad luck will look identical to a run of no hashing at all.

Asking for more information/better transparency is a burden every company must shoulder.

ASICMiner moves at the speed of light compared to other equities.  I have been left a bit wanting for more though, with the weekly announcements.  I appreciate the hard work that Friedcat and his team have performed, but I do think we deserve more information than the updates give us.  We get three lines of thought per week lately.  I certainly hope that board members are getting more information than us mere shareholders are getting, and that intelligent planning is taking place based upon those discussions.

dude, chill... Who cares about long lines of information, when the important thing is that ASICMINER delivers. What friedcat says, he does. Who cares about how many words he uses in an update?

No, this is not the important thing.

Right now, at current trading levels, investors get 0.5% dividends per week and we're ecstatic about that. However, we have no idea whether that is sustainable next week, much less three weeks from now, and not to mention five months from now.

A 0.5% dividend is easy for a few weeks or even a couple of months, but that's pointless if it turns out all the funds earned have been spent or paid out and we're now living hand-to-mouth, week-by-week.

Any unexpected event (a bad delivery, datacenter burns down, factory goes bankrupt, anything) can be a complete disaster, and having historically paid dividends is about as useful as grafiti on a duck. If investors are left paying for that with future dividends then we're basically screwed, regardless of friedcat's honesty and intentions.

Because we have no financial data, we do not know what maintains the profitability. For all we know, the rise in BTC value is the only thing keeping the ship afloat. With today's crash in BTC/USD (or RMB) price, that may mean that earnings drop considerably; we just don't know because we don't know what the financials look like.

Allow me to speculate a bit, though, and feel free to point out errors when you find them.

At these levels, 0.5% per week means 100% ROI (ie get back what you put in) is longer than the time to block reward halving. At that point, we can expect a huge drop in profitability and thus a gradual drop in share price.

As an example, let's assume that in late 2016, the share price drops 50% due to a 50% drop in block reward. From this level, that means the share price will be ฿0.65. In other words, for you to not lose money, the dividends by that time must be at least ฿0.65.

There are 191 weeks until January 1, 2017. Divide the expected price loss by 191, and every week on average, ฿0.003 per share 'dies' due to the block reward halving.

This, of course, does not take into account that you may want to actually earn something from your investment. These figures solely assume you don't want to lose money. There's no profit for investors, no risk premium for essentially lending that money to AM, no accounting for competition increasing, etc.

Right now, the dividends have been more than ฿0.003 and have, in fact, been almost twice that. If that is maintainable, that means by the end of 2016, a share will have paid ฿0.65 in dividend _more_ than the block halving will cause. Over 191 weeks, that comes down to roughly 14% per year in return on investment, in other words what we as investors get from risking our money.

This is still assuming that a ฿0.006 per share per week is maintainable, but if we need to fund AM with ฿2K every couple of weeks or even once per month from this point, the equivalent of 0.005 per share, then we're screwed, to put it mildly. ฿2K less per month means 25% reduction in total dividend earnings, dropping the ROI from 14% to around 10%, and now we're suddenly talking NASDAQ index levels.

If, on the other hand, AM does not have funds on hand, like their recent withholding of short-term earnings may indicate, then any event such as those mentioned above can be a complete disaster. Even if they have the best insurance in the world, a fire in the data center will be a complete disaster because you can't just take your insurance money and stop my Radioshack on the way home to pick up new ASICs. If friedcat has a heart attack tomorrow, it will take weeks, maybe months for someone else to step in and get everything back in order.

Suddenly, 10% yield per year is not looking so swell. Why would any investor with serious money back a massive risk startup in a completely unproven field then they can buy index funds that yield almost the same return? What we're left with is people that won't or don't know how to do the math, even at these basic levels, and those are essentially just suckers looking at historical performance as an indication of future profit, which is madness.

Note that nowhere do I even guess at what happens when competition enters the scene, or speculate in difficulty changes, or anything like that. I simply say that if the current levels of dividends are maintained, any investor worth their salt would be much better off buying NASDAQ Composite.

Important information is that:

- we have hashrate of 12 Thashs/s and rising

We've been expecting 50 with no words or plans on how that's going.

- very successful sales of blades and development of USB miners

Will that need to be done every week to maintain dividend levels?


what more do you want? Other companies (BFL) keep on babbling and they can't deliver. ASICMINER doesnt care about product names, websites, logos and all this useless crap. This company is efficient and delivers what it promises. That's what's important.

No, not really. Not unless the value of AM is hype, in which case, we're selling to suckers and hoping nobody notices before the air goes out of the balloon.

.b

EDIT: Just to be clear, I'm still optimistic and a strong believer. I have no issues with huge risk, and there may be huge rewards. I would like more transparency, though, and I'm hopeful that friedcat can make that happen like he seems to want.

+1
10  Economy / Computer hardware / Re: Organizing CardReaderFactory Lancelot Group Purchase (Goal 100+ Units) on: May 02, 2013, 01:42:09 PM
I will accept all funds for the group purchase initially to prevent people from backing out and potentially causing a drop below 100 units. Blackarrow states that they will accept escrow for the boards. We as a group can decide on who we want to use for our escrow. I will send the BTC to a group confirmed escrow agent upon ordering the boards. When the boards arrive I will confirm the correct number of boards have arrived ONLY. I previously stated I will only be separating the boards for shipping, but if a member would want me to test their boards that could potentially be arranged.

When I asked about Escrow, I was more concerned about the company.  I've spoken with others that were interested in this and that was always their concern as well.  Where abouts are you located?  That will perhaps affect shipping time, no?

11  Economy / Computer hardware / Re: Organizing CardReaderFactory Lancelot Group Purchase (Goal 100+ Units) on: May 02, 2013, 05:25:17 AM
Recheck the dates.  The update on April 30 says they will ship on April 10.  So did they ship or not? When would this group buy ship?

I noticed that as well and I think it is a typo and he meant to type May. Blackarrow created the thread April 25th to announce the availability of the product. CardReaderFactory's website states, "This product is currently out of stock; We will ship around 8/05/2013 but might ship sooner. Please place your order but do not pay! We will send you an email when they are in stock."

Which, means they should ship in a week.

What about escrow?
12  Economy / Computer hardware / Re: Organizing CardReaderFactory Lancelot Group Purchase (Goal 100+ Units) on: May 02, 2013, 05:19:07 AM
Recheck the dates.  The update on April 30 says they will ship on April 10.  So did they ship or not? When would this group buy ship?
13  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 02:35:35 AM

Has it ever been discussed about making an AM announcement thread that's locked so that friedcat can just post the announcements there and keep all the pleeb talk in a seperate thread?
At this rate, I think it would be better for friedcat to make another thread for the actual announcements. This particular thread is starting to turn to AM general talk.  Embarrassed

that's kind of what I meant.  On the one hand, I appreciate seeing the satoshi comments, but on the other, it gets old to have a bunch of people say +1 to it or "I got mine too" or whatever.  I'm not trying to single you out, I'm guilty of it too to a degree.  Then I could setup the email notifications on the VIP thread and just the watch on the other. this one.
14  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 02, 2013, 02:29:04 AM

Has it ever been discussed about making an AM announcement thread that's locked so that friedcat can just post the announcements there and keep all the pleeb talk in a seperate thread?
15  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: May 01, 2013, 01:43:28 AM
This also helps out with BTCGuild's situation of being in possession of too much hashing power.


It only moves the situation from BTCGuild's "problem" to Asicminers'.  It doesn't solve the underlying problem of a single large hasher.
16  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: April 26, 2013, 03:44:18 AM
A coin in the blockchain is worth two in the mainframe.

IOW, it's better to get the money now because of the risks associated with mining (difficulty, hosting, hardware failure) and invest it in the next gen of 28nm chips.

Exactly.
17  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: April 26, 2013, 03:08:46 AM
If they are paying just the right amount, it makes no difference whether we sell or mine.

Except that if you sell, its coin in hand right away vs mining which takes a while to collect the coin.
18  Economy / Auctions / Re: 1 day ASICMINER auction: 400 shares starting at 1 BTC each on: April 22, 2013, 03:04:35 AM
Proxy bid of 25@1.01
19  Bitcoin / Mining speculation / Re: Another ASIC company[Could be a scam?] on: April 15, 2013, 10:36:41 PM
I'm with limited connectivity at the moment but would like to reserve a spot. Please let me know what i need to do.
20  Bitcoin / Hardware / Re: sale order avalon batch 3 on: April 07, 2013, 05:59:12 PM

I know what you say is true, but I still do not understand it. Avalon mines BTC, and if I'm willing to invest in Avalon I will project the return the Avalon will give me in BTC - therefore the exchange rate is not relevant when considering to invest in that machine.

Totally not true.  You must always weigh whether its smarter to buy hardware that makes BTC vs just buying and holding BTC.  If the machine won't make more BTC in its useful life than what you could have had by buying outright, then you should just buy BTC.  If the opposite is true, buy the machine.

I do not discuss that, in fact is correct: I pay my machine (Avalon batch #3, as per OP) in BTC - therefore I only care about the return I will get in BTC. That is the info I need to evaluate if I want to buy the machine or just to buy and hold BTC.

If the machine won't make more BTC in its useful life than its price (76,46btc) I don't buy it. If the opposite is true, I buy. And this has nothing to do with the exchange rate: if BTC/USD goes to $10K, would you sell your Avalon for 3BTC??

You're right, I misread.
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