i was being facetious and quoting BFL Dave at the same time
So was I.  |
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If there are no new bitcoins introduced into the network and more and more people start buying bitcoins, what will start to happen? I assume more people are holding/storing bitcoins then using them. If these people don't sell them and more and more investors jump in wouldn't the system in time run out of bitcoins to buy? I'm not a stock market person nor a finance expert, but I guess I should go back to the very start of how money is even conceived. I mean not one person can just add a million BTC into the network and cause problems. Just like US dollars. Someone, somewhere must have the power to introduce new money itself into the system. Having that ability, power and control is hard to imagine. Eventually though since there is a CAP on BTC things will just all flaten out?
You are describing what economists refer to as a shortage. To see what causes a shortage, check out my responses to this post: https://bitcointalk.org/index.php?topic=147813.0Basically, new bitcoins don't have to be added. Shortages are resolved with higher prices. If no one wants to sell you a bitcoin, just offer me a million bucks for a bitcoin and trust me, I'll stop hoarding it. Ahh ok. So "everyone has their price" falls into this topic here. Even a bitcoin hoarder that hates to sell or give them up has their price. The only problem with that is even relating this to real American money people do the same thing. Hoard their money and never let it go. They'll actually die before they give it up. With American dollars when someone dies at least that money can be reached. If a bitcoin hoarder dies, good luck with that I guess. |
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I run a little website called getfreebitcoin.com where I have raffles, twitter games, and a whole shitton of links to places to get free bitcoin. I know there are a few ads, but that helps fund the raffles and giveaways that are usually held daily! I am constantly updating the list of sites to weed out the ones that stop paying out, and adding new ones that pop up everyday. I did the design of the site and everything, its for you guys to use and for me sort of have a hobby. Well, enjoy! -battmann Dude, you posted this yesterday. I went to the site and it indicates you need to take some time off? What is this? I have a sick family member. Cant do raffles for a bit. But can do twitter games and the main point of the site, the links, are there. Thats what this is  dont get so mad about your free btc ok broski? Other people have real life too Very sorry to hear about your sick family member. I hope they get better and good news comes your way. Maybe edit the post indicating you won't be around or something? |
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Room 1 - theres 14 x 2 x 7970s , just dont have a wide angle lens to get the whole room. Will post Room 2 and 3 later  Does each board need it's own bootup drive/OS? How are they are managed? |
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Bitcoin and Butterfly Labs shouldn't be in the same sentence.
if you're against Butterfly Labs, you're against bitcoin. Presumptuous a little no? That's a false statement. I've been supporting BTC since I found out what they are. I try to use companies/vendors that use them and have spent my life savings and my daughter's college fund on SilkRoad. |
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The Avalon needs to be connected to the internet at all times for mining, right? If you are connected to the Avalon using the Ethernet cable, how is is connected to the Internet at the same time? Is a switch/hub used? I mean the Avalon's have a fully working Ethernet port capable of a standard IP address via DHCP or static, right?
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So the question I have not seen asked, is how much BTC do you currently have locked up there. Since you are hashing as 2 MH/s my guess is it is VERY small, like less than 0.005. I would suggest you just walk away from it.
I hash 1.6 GH/s and I earn 0.23 / day So I'm guessing you are at 0.00125 / day. That means after about 2 or 3 days of mining you'd figured out the problem your having and realized that you are making less than a nickle a day.
Hence, I need a little help. Also unfortunately I have been using an iMac from late 2009. If i didn't stop when I dis it might have fried my computer. Luckily a few people helped me out so im getting closer to the end of the commitment I made. I know it was stupid I was just interested in mining, and learned a lot from my mistakes. I was thinking you had thousands of dollars on the line here. Then seeing such small amounts I'm terribly confused. If money that important and dear to people? I'm at the way bottom of the food chain. Live check by check and can't even pay all my bills on time some months and I could care less about money. I don't hoard it like most, I don't love it like most and even though I'm basically "poor" I'm not cheap either. Money just isn't important to me, so it makes it harder for me to understand a lot of things on a forum all about, well, money. |
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Blockchain.info doesn't have any fees of their own. The most common bitcoin protocol in the bitcoin network has rules that can require a fee to the "miners" that build the blockchain. Blockchain.info sent you here, because your question isn't about blockchain.info, it is about how bitcoin is designed to work right now.
Any transaction that is more than 10,000 bytes in size (from an excessive number of inputs), or that uses inputs that are very small (less than 0.01 BTC), or that uses very new inputs, will generally require a fee of 0.0005 BTC per kilobyte. Without the fee, many of the bitcoin nodes on the network will refuse to relay your transaction, and some miners will refuse to include the transaction in the blocks they mine.
That would be a nice one liner for Blockchain to post on their buy/sell page then. Making their users aware of this. I guess they expect every to know everything about everything. Doesn't matter now, I stopped using their service and went back to old reliable. My local wallet. |
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Assuming:
1) The BFL Minirig ships
2) Network hash rate stays under 500Th/s
3) Bitcoin price remains stable
4) Actual performance of the minirig is close to expeted performance
Then, it seems to me that having a Minirig is basically having a license to print Bitcoins. It would pay for itself after a few short months, and by the time a year has passed you have thousands of extra coins. Maybe even 10,000BTC?
Is this right, or is my math off?
5) BFL aren't mining themselves IF they actually have the technology But you are correct. ASICs are effortless, free money for the masses.. Praise Be! I'll disagree. They cost quite a bit and you pay for it and then hope to see it one day. The day you actually receive the network could be completely different and what would take just a couple weeks to get your money back could change into months or even years in just a few months. "Free money" is for those that didn't have to buy it. I could walk down the street and make more money picking up change I find then with any BFL miner. |
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If there are no new bitcoins introduced into the network and more and more people start buying bitcoins, what will start to happen? I assume more people are holding/storing bitcoins then using them. If these people don't sell them and more and more investors jump in wouldn't the system in time run out of bitcoins to buy? I'm not a stock market person nor a finance expert, but I guess I should go back to the very start of how money is even conceived. I mean not one person can just add a million BTC into the network and cause problems. Just like US dollars. Someone, somewhere must have the power to introduce new money itself into the system. Having that ability, power and control is hard to imagine. Eventually though since there is a CAP on BTC things will just all flaten out?
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Bitcoin and Butterfly Labs shouldn't be in the same sentence.
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I run a little website called getfreebitcoin.com where I have raffles, twitter games, and a whole shitton of links to places to get free bitcoin. I know there are a few ads, but that helps fund the raffles and giveaways that are usually held daily! I am constantly updating the list of sites to weed out the ones that stop paying out, and adding new ones that pop up everyday. I did the design of the site and everything, its for you guys to use and for me sort of have a hobby. Well, enjoy! -battmann Dude, you posted this yesterday. I went to the site and it indicates you need to take some time off? What is this? |
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Avalon at least had a test unit working right? Does BFL even have ANYTHING in the field working right now? Avalon at least sent a couple working units out.
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been paid in full order:
Order # Date Ship To Order Total Status
200000846 11/24/12 --------- $ 8,159.94 Pending Wire View Order
After payment confirmed that they see. but did not get a device or writing about what I expect.
Avalon is the scammers?
Yifu has already said that they shipped a batch of 53 units but they wouldn't know for sure until today whether those units made it out of the country before the CNY cut-off. Until they know that, they can't give people an idea of when they might receive their units and I seem to recall that they were giving priority to shipping large orders so your unit may not be in that batch of 53 (one person ordered 43). I also seem to recall him saying that he'd deal with your problem when he got back to NY. Given that it was his birthday on Thursday plus he personally delivered the ASIC to Bitcoin Foundation, you might want to give him some breathing space. He already offered you a refund and you chose to wait for delivery instead. Everyone knew that shipping would be affected by CNY. Frustrating as that might be, everyone else is in the same boat as you are. The people that ordered BFL are NOT in the same boat. Their boat is sinking quick with bricks making it go down faster. |
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If I check a yearly chart it looks like around January 1st of 2013 the BTC value has quickly increased from around $13 all the way up to $31 in 2 months. No where in the past 1.5 years it has done that. What is causing it to rise so quickly and can we expect either a crash, flat line or keep increasing?
Also, what happens to coins that are lost or just frozen? Someone loses a wallet. Loses their key. Someone dies. These coins aren't circulated back into the system, right? How does the system get more coins introduced, who controls that?
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Just passed the last 30 day wait. I'm still at 10/btc a day. I was told and read once I pass all the verifications I will have that limit raised to 100 btc/ day. What's up here?
They did respond promptly and updated my account to reflect the increase in buying coins to 100/day. Quick and professional response. I'll eventually be using them most likely for all BTC buying needs. I have to look more closely as to what their fees are. Right now I can buy via TC and just pay %1. Hard to find these days. |
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This is question a lot of people are probably asking and should be. Avalon hasn't even shipped out their second batch yet ( I don't think so) but considering how BFL is and how long it takes them to do anything and how many bad decisions they have made, who do you think will come out with a unit first?
Avalon's 3rd batch
BFL's first batch
Would a 60G/H a few months down the road even be able to break even?
** Sorry for this post. After doing some more reading and spending more time on here I have much more updated information on what's going on. I'm really loving the power consumption of the BFL rigs, but if they never come to life it is all speculation really.
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I can get around a command line pretty well and operate Linux pretty good. If that's all this machine is using then I'm pretty sure I'll be able to get by. What I'm really trying to figure out is how does cgminer or other pool programs recognize the unit? Is the unit hooked up to your computer via USB or Ethernet somehow? Just trying to learn how it connects and how the unit is administered. I saw the pictures, but was too hard to see the connections.
It connects directly to your network via an ethernet jack. You need to use another computer to remote into the device (SSH or webportal, IIRC), and then set it up for your network and pool credentials. After that, it connects to the pool directly and mines away. I would say that if a CLI or manually setting an IP scare you, then Avalon is not for you. Sounds like you could probably handle it, as it's not exactly rocket science. However, there are a few members on here who openly admit they are scared of a command prompt, and refuse to touch anything of the sort. They're more than happy to plug their Singles into a laptop, and run the Bitminter client. For those people: no, Avalon is not a good idea. Yea, sounds easy stuff to me. I thought I would need to know programming and all that crazy stuff. If I can setup a good usenet indexer via command line, this looks to be much easier. I wish I knew which to try and order from. |
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Assuming:
1) The BFL Minirig ships
2) Network hash rate stays under 500Th/s
3) Bitcoin price remains stable
4) Actual performance of the minirig is close to expeted performance
Then, it seems to me that having a Minirig is basically having a license to print Bitcoins. It would pay for itself after a few short months, and by the time a year has passed you have thousands of extra coins. Maybe even 10,000BTC?
Is this right, or is my math off?
Considering BFL won't ship for another few months is very likely. I've been reading/following their blogs and it's all about delays, delays, delays and am I wrong or there isn't even a working prototype yet? What if the whole things fails terribly? The incentive of money lured so many people in and BFL indicating shipping dates so wrong is just unethical and immoral. |
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I remember back in the day when BFL announced their ASIC products they would be ready, ummmm, last year in November or something. Now, here it is March already in 2013. I need to know how bad can a company predict when something will be available? I can give a guess, but when you are off by several months you really have to think they don't know what they are doing at all. I want to know, WHY IS BFL STILL TAKING ORDERS FOR A PRODUCT THAT DOESN'T EXSIST. Isn't there a legal aspect about this? Is this a fraudulent act, to advertise something that isn't available or can't even be proven to be available? Man, those few people with those Avalons must be cashing in big time. How lucky they are. Last year I never even heard of Avalon.
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