That is a bit confusing. From what I have heard, Bitcoins were in the grey zone. That is, there were no laws and regulations dealing specifically with Bitcoins and other crypto-coins.
In the US, we don't have to have laws to make something legal, unless there was previously a law making it illegal. No one has been prosecuted, much less convicted, for using bitcoins in California. |
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I live in California and I can assure you that Bitcoin is already legal here. There are several Bitcoin businesses, including Coinbase, located in California. Bitcoins were never made illegal here.
I'm sure there is lots of bitcoin commerce going on in California at the moment, but from reading this thread( https://bitcointalk.org/index.php?topic=464149.msg5129518#msg5129518 it appears that California does actually have a odd technicality law in place that makes bitcoin illegal. Apparently, the California law states that only "lawful money of the United States" can be used in California. FinCEN determined last year that using Bitcoin does not violate any laws, which should make it "lawful". |
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Well... some of the states such as Texas and California has taken steps to legalize Bitcoin. So it is too early to say that the Future of Bitcoin is not in the US. US will play an important role, as long as the majority of Bitcoin users are located there.  I live in California and I can assure you that Bitcoin is already legal here. There are several Bitcoin businesses, including Coinbase, located in California. Bitcoins were never made illegal here. |
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AM is crashing. Atleast AM1 is. .24 Today, High was .32 yesterday.
One share has traded at 0.2401 and a grand total of three shares have traded below 0.28. |
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Maybe we can suggest a BTC buy/sell program where "X" amount of BTC is bought or sold each day to average prices and maintain a BTC to USD ratio.
Controlling the USD/BTC exchange rate is far beyond AM's control. All they can do is raise or lower their own risk of exposure. |
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Sales price will be adjusted if BTC rises.
So if we link the current price of 0,5$ to the current BTC price of 666$ we get a to-date sales price of 0.00075 BTC/G.
Using a factor of 0.9 for an average future price and retaining 1/3 for Gen4, I come to a gross-income per share of 0.06756757 BTC for the 60P.
We need the FUDsters to go crash the BTC price now.  |
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So, ASICMINER will be buying 30k BTC to pay shareholders? Time to buy BTC not shares  Would be nice if AM could sell a portion of the June batch for BTC instead of fiat. Unless, of course, AM is able to get a better exchange rate than AM customers can get. |
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Current Network Stats : Speed 81.60 PH/s A little less than 60P of wafers, most of which are on their final stages of production.
Sweet.Mother.Of.God  OK guys, there are our dividends, I told you ! So far the best update ever, thank you Friedcat for taking the time, me personally, I am amazed by this. That can't be right... How could we possibly have so much PH?? I was guessing ~20PH. I missed this in the update from him. I too was expecting 20-25PH total. I wouldn't mind having a more detailed explanation so it makes sense. Perhaps this is yet another case of the FC's panache for under-promising and over-delivering? According to Jutarul's update from April 21st: 1) What is the status, size, and expected delivery of the next batch of chips? What about the one after that?
re 1) This month: 850k, next month: 3.35m (order size), June: 6.7m (order size), assuming each chip is 10G.
It appears that 67 PH was projected as the June order size at that time, with 109 PH in total production projected for the three month period. |
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Just imagine if the Federal Reserve started their own cryptocurrency, created a FedChain, blessed the banks to use it, ect. I can't imagine the limitations on it, but I am sure they would be bad. Probably would be a way for the feds to create their own coins in the protocol.
Soon there would online exchanges like Cryptsy.com that would allow you to quickly switch your FedCoins to BitCoins.
I think ultimately, this would actually accelerate the fall of the dollar.
This is why the Federal Reserve will never create a Fedcoin. It would make the escape from fiat much easier. |
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You shouldn't invest, would lower my dividends  If someone else "invests", your dividends go down? How's that? |
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For those keeping track, there are now a total of 28,166 AM shares on Havelock, up from 27,320 on May 26th (24,911 shares to back AM1 and 3255 to back AM100).
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He basically seems to think that the US has to be managed like a family that can go bankrupt and end up selling the house. Many people seems to agree with him.
But the FED has only the necessary independence to do what the state really needs. If the FED had to buy half of the US debt to save the Government, the FED would do it. And if that takes inflation to 10%, so be it, inflation is a good way to erode the debt.
Yes, fiat is great if you want to take on debt or like to live beyond your means. Accumulate debt in dollars and savings in bitcoins. |
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Let's assume all upcoming news are great. At what point would you dump like share price’s 4 again?
If I woke up tomorrow and shares were selling for 4 BTC, I would sell over half of my shares. While I applaud your enthusiasm, I cannot foresee the share price hitting 4+ BTC ever again with the exchange rate and increased competition. Would be nice though, wouldn't it? Yeah, I don't think that's going to happen again. I should have emphasized the "if". I'm actually more interested in the dividends and how long it will take to break even in dividend payments. Production costs will be a big part of determining which ASIC manufacturers sink or swim and I don't think anyone can beat AM's production costs. |
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Let's assume all upcoming news are great. At what point would you dump like share price’s 4 again?
If I woke up tomorrow and shares were selling for 4 BTC, I would sell over half of my shares. |
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While listening to every valid point he is making, the only thing I was thinking was "heh, bitcoin..../problem"
Yep, convert a chunk of your dollars to BTC and those dollars are now someone else's problem. |
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Bitcoin doesn't need to be backed by gold because bitcoins are limited in supply. The reason pieces of paper used to be backed with gold is because paper is not limited in supply.
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Over there in main thread everybody is talking only about chips sales, but AM also planned to mine - 20PH, with francising. I don't think that changed, just some time is needed to build the hardware and populate farms.
If started in a month or two, 20PH of efficient and cheap hardware, on cheap electricity, can still mine... what? 60'000, 80'000 btc?
Well, we're at Block 303858 now, so we're just about halfway done with the 25 BTC block reward and on track to drop to a block reward of 12.5 BTC sometime in early 2016 or late 2015. That comes to 2,903,550 BTC (116,142 blocks x 25 BTC) up for grabs until then. |
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I'd guess it's just remnant thermal compound - there's heat sinks on both sides of the board and Dogie had to remove them to get those pics. Nothing a few fluids can't clean up before applying some new and getting the heatsinks back on.
Ah, thank you. |
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What's up with the BE200's in those pics? Are those scorch marks from soldering them in place? Is that normal?
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