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It is still a good idea to buy now - the rally is hardly over. There will be small corrections, but most people accept a state of "permanent rally" now and will purchase BTC when the price gets any bit lower.
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Roll a die and see if it lands on a delay number. Count how many delays you have, and compare your progress to Butterfly Labs, Avalon and bASIC-MINING!
1. START: Everyone starts here.
4. DELAY: Your ASIC chips were blown.
5. DELAY: Your case manufacturer in China stopped responding to your phone calls.
8. DELAY: One of your employees quit and may have stolen the designs.
10. DELAY: Your ordering system crashed.
11. DELAY: Testing failed, mined blocks are all orphans.
13. STOP: Your alcohol problem has caused unattractive posts, creating a mass panic of refunds.
14. DELAY: A shipment of the cases were reportedly stolen.
17. DELAY: You were thinking of an excuse to delay so much that you didn't get anything done.
19. DELAY: You spent time trolling Micon instead of working on the miners
22. DELAY: Improper safety measures resulted in an ambulance being called
23. DELAY: TSMC extended the estimated time.
24. DELAY: Your bumping facility were late.
26. DELAY: You accidentally snapped a wafer in half.
28. DELAY: You have trouble smuggling out your chips out to be shipped.
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yeah, I may have jumped the gun  His promised btc never showed up. Ugh. Scammers. That sucks - is his username actually slikroad632 or silkroad632? |
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Thanks for the information here, I now know to not deal with MoneyPakTrader.
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Why don't you offer the ability to change your deposit address as most bitcoin exchanges offer  We do. Wallet page, Deposit/Withdraw Tab, "request new deposit address" button. Deposit Address(es): ABC123qxN7FKVHkYUiTV4aJTUeVVqp1Zq
[request new deposit address] (limit 10) Hope that helps! Yeah but you only allowed ten new addresses than that's it no more new address and your stuck with those. Or am I just being lame I read somewhere that too many addresses gum up the wallet. I definitely don't want to see performance issues on the hot wallet down the road. Is this incorrect? Not really. It doesn't matter if it's 10 transactions to 1 deposit address or 1 transaction each to 10 deposit addresses - it's still 10 transactions stored in the local wallet. Having a lot of addresses / accounts don't impact performance much. |
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It happens for two reasons:
1. People are desperate to raise cash - the prospect of buying shares then selling them on at an immediate profit is siffocent grred-based motivation for them to get sales they otherwise wouldn't get. And if sales go slowly they can always buy up a big chunk themselves to make demand look higher than it actually is.
2. The people doing it have no clear idea of what their companies are actually worth - so don't really care about selling at a 'fair' price as they lack the information and ability to actually work out a 'fair' price in the first place.
Doing it that way will tend to raise more cash quickly than would otherwise be the case - but will inevitably end up raising less cash in total than a properly planned IPO would if (and only if) the company is actually worth the sort of ball-park valulation that the share shales add up to. If the company is actually worth very little then the early-bird approach will raise more than they'd ever raise through a more traditional approach to their IPO.
Which leads to the conclusion that companies doing it either need the cash very fast OR believe the company isn't worth as much as they ask OR are just totally clueless on how to value their company. I think a mix of all three is the case in the recent couple pf such IPOs - with the balance between the three actually quite significantly different between them.
Note that S.BBET on MPEx also did a very similar thing (heavily tiered pricing of shares) and seems to have stagnated with no new sales after the first load (probably due to their being no sign at all of it heading towards decent profits). It's a way to lock in profit (or cover debts) for the founders even if the business never really takes off.
This is not "recently". This is how IPOs work irl. Not offering the first shares at half price or an exponential share price. |
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sure, simply test it with 0.02 BTC.
I'll be losing out 50% on fees, you should work on address validation (it's not hard). At least you're sanitizing user input. |
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That's a chicken and eggs thing. The more capital they can raise, the more they can grow. The question shouldn't be about the market it should be about the quality of the management and size of the money they want. We're playing VC here. If they have the money and the skills they can branch out from shirts to other things.
First, it's hard to qualify how much skill the current management has. Bitcoin Pride isn't what I'd call a very successful business, as much as you can call an ebay seller a businessman. An avalanche of new products would also lead to decreased attention for each of their products, don't forget about that. The barrier to entry for those isn't high either. Who is in the management? Just one person? I noticed the use of 'we'. |
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This is sparta
Umm, sorry? |
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Hi Hypothesis! So, I'm just starting to get in to this whole Bitcoin thing, and I would like to get my initial thoughts on it out there right now. Most things are going good, but I have three main concerns, not just for myself, but for the system as a whole.
One thing I've always loved about Bitcoin is that it's basically the antithesis of PayPal, which I have a burning hatred for. PayPal requires all sorts of personal information, charges pretty ridiculous fees, and basically holds a monopoly on the e-currency market. It's really nothing more than a pain in the ass, as opposed to Bitcoin, which has always been a pleasure to use. In contrast to PayPal, Bitcoin does one job and does it well. I really do hope Bitcoin usurps PayPal as the preferred way to buy and sell stuff online, and maybe at physical locations should it be possible.
PayPal does charge some high fees, especially a 9% currency exchange fee. I have had good experiences with PayPal's customer support on the phone through. It's not the devil, but I'd like to see bitcoin take over too. The first problem I see is adoption. This is less relevant than it was even just a few months ago, but it's still a major roadblock. Bitcoin is caught in a sort of catch-22 in which it may not gain a foothold until it has one. Even when it does, there are other issues that lie under adoption, namely availability. The bitcoin economy is really ramping up in new sites and services accepting it. I wouldn't really consider this a problem, as it is the first cryptocurrency and it does it pretty well. It's likely that we are going to see competing cryptocurrencies not using bitcoin code (we already have ripple, but that it a lot different), but there's always the network effect. The first thing I've noticed with Bitcoin is how damn hard it is to get them without a bank/cash deposit (unfortunately for me, I don't have any locations around me that I can do such things at). The first credit card ventures had to be funded with with bank wires, so I feel that if Bitcoin is really going to catch on, people are going to need a way to buy it on a whim. I've scrounged up some determination to get a good wallet built up, but one thing that has been holding me back for so long is that I can't just mindlessly buy Bitcoin. Until people can piss away USD to BTC without even giving it a second thought, it's not going to get the market share it needs. This is caused by the non-reversible nature of Bitcoin, which was a design goal. There is coinbase (have you tried that if you're in the US?), btcQuick & VirWox (if you can stomach the fees) and over time this should be better. Another issue is how unstable Bitcoin is. Not only does Bitcoin have some serious trust issues with other people (which I'll bring up later), it has serious trust issues with the stability of the currency itself. This month's near 100% increase and the drop that will probably be following it is perfect proof. Investing in Bitcoin without some serious research on where it's been and where it'll be going in the next few weeks, months, or years is a pretty good way to lose your money. Sure, that's great for investors, but most people aren't investors. Average Joe just wants to be able to buy things and not find out that all of his money has been devalued in the five minutes it took him to go from store A to store B. Until the Bitcoin system/network/community as a whole can get their ducks in a row, no sane person will be using it for trivial, every day purchases like we'd want it to. Trust is definitely a major issue. The same standards for a company or business is practically never applied here. There are exceptions to this rule, which are the companies that I personally try to deal with more often. Lastly, it's tough to trust people when using Bitcoin. Everybody is an asshole, it just depends on how much of an asshole they are. Irreversibility, the same thing which, hilariously enough, is crippling the credit card/PayPal market for buying Bitcoin, is the same reason why people may never be able to trust it for purchases more than five or ten dollars. An escrow service would work, but it would have to be centralized for it to be even close to as convenient as it needs to be, which would in turn defeat the entire purpose of Bitcoin. The trust involved really is too much. I'm not going to trust some random cashier at a store with $100 which I may never get back, and that really bugs me.
These are just my first impressions, but, as sad as it may sound, I'm not seeing Bitcoin gaining the traction it needs to become commonplace. Feel free to tell me I'm right, wrong, or somewhere in the between. I'm up for discussion.
Great first impressions by the way - they definitely do hinder the adoption curve of bitcoin, but bitcoin has so much potential. We've basically recovered from the former peak, without bailouts and vendors accepting bitcoin are growing by the day. |
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4.7TH/s and it seems to increase slowly  I've created an automaticly-updating graph with the Hash speed of ASICMINER:  Also the BTC/day can be calculated based on the current hash speed, since the difficulty is known. But I think it's more reliable to take the 'blocks found' on BTCGuild and count them every day (which also isn't very reliable when having peaks and gaps in the graph..) Since I've created this sheets a few days ago, the stats of the first weeks were based on comments from the forum here , but it 'll give a nice view of the hashrate over the last weeks It will be updated a few times a day. Interesting chart! Mind sharing how you made it? I'm not too familiar with how google spreadsheet works |
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I don't see much growth potential in this company. The market for selling tshirts and merchandise has a low barrier to entry (easy to get to) - there are few upfront and operational costs, and bitcoin pride isn't bitcoinshirts.com which would help with SEO. Like others pointed out, it looks like a failing company with profit decreasing each month.
You're also open to currency risk by holding this asset, effectively a short on BTC. Regardless, while it seems pretty legitimate it's definitely not worth > $60,000.
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P.S.- If you're "attempting" to run a BTC business, you probably shouldn't post things like "I give up. This shit has not been worth it. I have opened so many fing account and transferred so many different funds all over the internet. I give up f!@# it. I barely make any money selling these things and it has become to much of a pain in the ass to get so I am not going to do it any more. This market is bullshit. If they get easier to get in the future I will may start back up, but as for now I quit. F!@# BITCOIN!." on your facebook page.
Few things about sublime - he has no business, and no money, he wants to get rich quick (check out LTC subforums for more of his persona), he's pissed that BTC price does not go the way he wants. Seen lots of people like that around here. He'll turn into a solid BTC proponent if bitcoin falls to single digits and he'll have money and most importantly guts to buy at least 100. Which is a rare occasion, but I've seen it happen. So it's easier to ignore him alltogether. Thanks for this message - I've placed him on my ignore list (nifty function!), which should save me some time from reading his flawed posts. |
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Just to clarify. I am willing to buy not to sell. Thanks.
Just a PSA: This is actually a pretty bad price, you're able to sell them for more if you post in the Auctions section. But if you're happy with the price then there isn't really any problem selling it to lophie if you want it now :) |
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Recently, IPOs are involving early bird specials - shares priced at a discounted price, and then tiered share dumpings at a higher price point. It certainly encourages people to purchase the shares as if there's enough demand it's easy to make a profit selling the early bird shares at a markup, but barely any information is provided, and controversy / discussion of the asset happens much later after the early bird special.
Tiered IPOs are not a new phenomenon from what I can tell - S.DICE followed a similar system, but the announcement of the IPO was in advance and they had an actual prospectus. Compare this with companies selling the first shares at half price or less.
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Announcements Du Jour: Motions, Notifications, Issuer Details, Contracts, and Business Plans can all be edited now using the built-in wysiwyg html editor. It uses a very restrictive set of HTML tags, and while you can edit the source and insert your own tags, most everything that you don't see as a button on there will be stripped out at submission time so don't get too crazy. I will also be updating many of the contracts over the next week or so to fix them where they clearly had line break issues, etc, that were a result of the previous form entry system. The Asset Creation Fee will go up to 10 BTC starting April 1. Going forward, assets coming to us from any other exchanges will be refunded the full asset creation fee price. Assets for businesses that have a documented minimum of 6 months of profitability will also qualify for a refund on the asset creation fee. I am working on an additional discount program for issuers that verify their ID's via third party services. For example, if you are fully verified on BTCJAM, we would likely be willing to offer you a 5 BTC discount on asset creations. We will not be doing verification ourselves. If you know of any great third-party verification services, please let us know so we can work on incorporating them. We will soon have a "Black Market" tab on the Market page. Assets that have NO votes that are 3x or more of their YES votes will go to that tab. (eg, if there are 3 YES votes and 12 NO votes, then you go to the Black Market) Hopefully most of these changes are self explanatory. We want good quality assets with proven track records. Wrapping things up, the best news of the day may be this: https://btcjam.com/listings/2053 ... Check out the collateral as BTC-TC assets functionality! Very cool use of the BTC-TC OAuth API.  Kudos to the BTCJAM team! Cheers. I like the way how you're trying to improve the quality of new assets on btct.co, but I'm not so sure about the black market tab. I feel it's just going to lead to a lot of faulty assets, untrustworthy issuers or ponzi schemes being traded on the black market. If the moderators has voted no for it, it shouldn't be trading. What about an asset with 3 YES votes and 8 NO votes? It'll be stuck there forever until four more people vote no? |
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What's a "bumping" facility? What's NRE?
The more I read these threads and Micons posts, Josh's posts and ensuing flamewars, I am lead to believe AVALON has shipped 10 working units, the rest are defective, and BFL lab miners are held together with rubber bands and band aids.
Avalon has far more than 10 units hashing at the current time (at least that's what I got from pool operators). |
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Your target audience is composed of people who have very little disposable income, and is unlikely to be effective. People with bitcoins generally don't tend to go on sites offering 0.00001 BTC.
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I stopped my long order at $31.27, and longed it again at $30.80. You can say I'm still buying.
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IMO, the current rally isn't going to be over soon. The biggest reason why the bitcoin price is increasing is because Bitcoin adoption is increasing like never before. I'm sure you've seen a lot of the following links already, but please take a look at the dates. "Hosting.co.uk Adds BitCoin, the World's First Startup Digital Currency, to Available Transaction Methods" http://finance.yahoo.com/news/hosting-co-uk-adds-bitcoin-163100416.html"Startup attempts to bring Bitcoins to the real world with a Bitcoin ATM" http://www.geek.com/articles/geek-cetera/new-startup-offers-a-bitcoin-atm-20130225/"After employees opt to be paid in Bitcoin, the Internet Archive asks for donations in the digital currency" http://thenextweb.com/insider/2013/02/21/after-employees-opt-to-be-paid-in-bitcoin-the-internet-archive-asks-for-donations-in-the-digital-currency/"Mega update: Dotcom’s service now accepts Bitcoin, will expand into email, chat, voice, video, and mobile" http://thenextweb.com/insider/2013/02/16/mega-update-dotcoms-service-now-accepts-bitcoin-will-expand-into-email-chat-voice-video-and-mobile/"Reddit will accept bitcoin payment for premium service" http://www.pcworld.com/article/2028299/reddit-will-accept-bitcoin-payment-for-premium-service.html"Namecheap to accept Bitcoin" http://news.ycombinator.com/item?id=5284116"Response from Eva Galperin (EFF Global Policy Analyst) after the Humble Bundle issue" http://www.reddit.com/r/Bitcoin/comments/199iik/response_from_eva_galperin_eff_global_policy/"From now on you may pay with Bitcoin for domain names and services @ FrankDomains.com" http://www.reddit.com/r/Bitcoin/comments/1971gp/from_now_on_you_may_pay_with_bitcoin_for_domain/All of them are from this month, and there's a lot more that I can dig up. Bitcoin is on the path to becoming mainstream as internet money, and we've seen small price blips that were unable to bring down this rally. There's no question that this will end, but it will only end because of a new development. Large sell orders and walls aren't able to stop this other than a temporary correction. |
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