Lab_Rat Mining is a long play - those that are short sighted are going to lose out on a good buying opportunity this week. I think he has proven himself with the launch and scaling up in the last few weeks. We could certainly be in for a nice surprise on hashing increases in this week and the next.
I'd actually be rather surprised if each week wasn't a pleasant surprise of increased hashrate until the brunt of the Bitfury Deliver comes. Dave is supposed to be mining for LRM for at least 2 weeks with 400GH + 100GH for ever 3900 Shares sold (not sure til when) but there are 35,000 shares sold so we can probably expect Dave to mine with 1TH or so just for LRM, hopefully soon  It was 400GH + 100GH for every 3900 sold after the point of that announcement. I believe we hit 500GH and may be at 600GH. I'll have to look, I know it's close. You any closer to listing how much hash power you have committed to buy and from who? Very curious if ordered cointerra and if you made the bullet run when you converted the July MR's to Monarchs? |
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Unfortunately this is an amount that will could effect the company in the short run and has resulted in my making the hard decision to cut half of the "extra" dividends paid out from this coming weeks dividends and I will be eating the other half. Consider it a bonus from me personally. I apologize to those purchasing bonds this week as they will see a slight pay-cut, but I hope to make up for this by increasing the hashrate significantly either this week or next. I hope everyone enjoyed the free BTC caused by a little error on BitFunder, but don't expect that to happen again  Just for everyone reading this, This will likely lower the share price but only for this week. Hold on to those shares while this gets fixed. It should be pretty minor, I think the 50/50 split is commendable. Ya it's not really a big deal, but people here seemed to be spooked easily. True, but I think that the increase in hash-rate will more than compensate, and even the most short-sighted out there (and admittedly that's saying something) will be able to look more than one week into the future! Lab_Rat Mining is a long play - those that are short sighted are going to lose out on a good buying opportunity this week. I think he has proven himself with the launch and scaling up in the last few weeks. We could certainly be in for a nice surprise on hashing increases in this week and the next. |
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Something I forgot to add is that LRM not only solved it's first block while I was away, but it's second block as well.
Thanks for the updates Lab! A blinding flash of the obvious occurred to me and I picked up more bonds/shares (what are they called, really?) with my dividends. Bonus DRIP - gotta love it. Since you are not asking for them back I figured that was the best way to pay it forward. Cheers and heres to a big bump in hash this week. |
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This weeks dividend (not including the extra payment) equates to an annualized rate of return of roughly 27% based on a BTC0.16 per share investment - and we are just getting started! AFAIK the capital raised to date has not been fully committed. All early adopters must be pretty happy.
No doubt we will get a good update from LR now that he is back from his roadtrip!
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Cointerra had an opportunity here to be the far and away clear choice for long term mining. They have effectively missed the boat and I'm admittedly a little bitter about it.
Bingo - Cointerra blew it big time. Great engineering team -- lousy marketers. If they had even been 10 - 15% below the Monarch they would have nailed it. BFL is not a tough act to follow and there are no other producing or prospective US based competitors even close on $/GH level. Completely ridiculous. |
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I am not saying you should buy this or it is a good deal. For the record you probably shouldn't and I don't think this is a good deal.
Regardless it doesn't make your projection of difficulty breaking 700 million in January and 1.1 trillion by the end of 2014 any less dubious. At some point growth will move from exponential to linear (i.e. + x GH/s per month ).
Fair enough - the point being here is that there are too many variables that are unknown but in the aggregate any scenario does not favour (yes, I am Canadian) consumer or retail miners. Mining will go institutional and be a dividend or yield driven investment much like the 'regular' investment market. Nominal returns will level out to be market competitive with bonds. An (ahem) investment in mining hardware will no longer be a proxy for speculating in the future value of BTC. The reason we are having these conversations now is because of the circumstances around a preorder driven market place. The next 3 - 6 months will see a huge shift in BTC mining away from retail and into a ultra high net worth individual, corporate or institutional paradigm. It will also be a very interesting time for the Scrypt based altcoin world. |
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Why - tell me why - did I sign up for the cointerra email when thegenesisblock breaks the story on their offering? Nothing updated on the cointerrra site yet. http://thegenesisblock.com/cointerra-announces-2ths-asic-bitcoin-miner-for-15750/Also, while I am at it.... what a wasted opportunity to establish market leadership - they simply matched the price of BFL on a / GH basis. Barely breaks even based on the recent rate of increase in difficulty if they actually deliver in December. http://mining.thegenesisblock.com/a/6f382061faInput your own difficulty rate increase assumption if you don't agree with 75% per month Wow. I am very underwhelmed. |
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At this point, I don't want to invest more that what I am willing to lose in case Lab_Rat is less then trustworthy. I found it odd that the guy seemingly showed up out of nowhere on BFL's forum, than came over here. I am assuming he's some well known user here, made an account on BFL's forum under a new name, and now running his new identity over here. Not trying to spread rumors or anything. This is entirely speculation. But that's my reason for not investing more.
You are wildly off the mark on this speculation Mufa. Lab_Rat is a hard working, above board and dedicated guy who has been engaged in the community for some time (just not so much on BTCTalk). In my experience he is consistently a positive contributor as mod on the BFL forum (which he quit when forming LRM) and in helping others with their mining questions as larger scale LTC miner and FPGA owner. |
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Wow - around 2000 market depth to 1.0 BTC
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Ehhhhcellent!  |
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Small WDC deposit from a pool is still not credited after several hours - moving off of WDC until it is sorted out
Deposit credited and good to go now thanks
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Something is "very" wrong with the pool. Almost 50% rejects with error: "2001, Can't create UNIX so". The hashrate of the entire pool is dropping fast.
Just signed up and gave it a whirl and found the same error - back to give-me-ltc until you can get sorted out....... Looking forward to the north american server too! |
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WOW. Stales are now under 3% for me. Awesome sauce burnside! Great work!
Just started with you a couple of hours ago and am seeing around 18% stales using cgminer. I'll be back when you sort stratum out. |
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I cannot believe that I actually have to quote myself here.... Furthermore, it is abundantly clear that this forum, and perhaps the community as a whole has a very narrow technical and personal indignation focus. Are there ANY business people in this forum? DO YOU REALLY UNDERSTAND THE FINANCIAL AND ACCOUNTING IMPLICATIONS of what I have pointed out here?  I think you might have something here. This is probably one of the smartest posts I've read this week. If I was a bigwig billionaire type, and I believed Bitcoin had a realistic long term shot at major world change (ala MP3, Internet, social media, streaming movies, etc) I would be quickly sitting down with the only professional-style game in town (read BFL) and having a nice long chat about winding down all the business to all the whiny, bitching, retail customers (read you and me) and ramping up big time commercial scale PRIVATE bitcoin mining. Do you think 20 or 30 million dollars would be enough to pay for a lunch date with Josh and Sonny?? They could be sitting on twice that in BTC now...... tough to say - but all representations point towards them shipping something. I wish they had a more Yifu attitude on the PR side but - will I care when I plug in my BFL ASIC's - no - just like I don't care that Steve Jobs was an ass everytime I use my Iphone |
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Plug the card into the extender and connect remaining power bits.
I want to build one of these just so I can start it with a screwdriver!!!!! I LOVE that! I hope there are sparks - harmless and just for effect. |
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................
It seems with the frenzy of BTC hype, we have a new class of adopters. A new class of users who must breakaway from Keynesian dogma, and study the free market principles of which Bitcoin was based upon.
I urge those who see an inflationary model as the answer to read the works of Ludwig Von Mises, Murray Rothbard, and Thomas Woods.
Afterwards we can revisit a debate about whether money should be inflationary or deflationary. (Hint: Bitcoin is neither)
Maybe you can use this argument to go sort out Paul Krugman.... Or better yet - please go post a comment on this dumbass' article: http://www.forbes.com/sites/pascalemmanuelgobry/2013/04/05/krugman-baby-sitting-co-op-bitcoin/ |
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Do the math - BFL in all likelihood has massive non operational currency gains. The actual ratios of BTC vs fiat purchases and whether they converted anything from Fiat into BTC is speculation.... they would have to have seriously fucked up to not have experienced major gains.
Disclosure: I have orders pending with BFL
I cannot believe that I actually have to quote myself here.... Furthermore, it is abundantly clear that this forum, and perhaps the community as a whole has a very narrow technical and personal indignation focus. Are there ANY business people in this forum? DO YOU REALLY UNDERSTAND THE FINANCIAL AND ACCOUNTING IMPLICATIONS of what I have pointed out here? If what I have said is true, it simply needs to be confirmed by BFL to completely eradicate the massive pile of tolling energy directed at them. Hey, don't get me wrong here - BFL has every appearance of being an operational and PR nightmare. BUT from a balance sheet perspective they could be sitting very pretty on a BTC arbitrage basis. Yes, the community has forfeited their BTC vs USD gain by 'investing' in a BFL preorder - but what is the correlation to a 'real world' rate of return on invested capital. Anyone here remember the "tech bubble"? It is impossible to divorce the flow of capital from the metrics of comparative returns and the underlying fundamentals associated with them. If you think crypto currencies are immune from the effects you are sorely mistaken and your lunch is being served to others, now. Like it or not you have few choices. If you are a seasoned stock picker you might realize a 20% cash on cash return - if you rely on investment counsel you *should* be happy with 6 - 8%. If you buy and operate a business the ROIC is 35 - 43% on a risk adjusted basis. Am I speaking English here? If this sounds like a foreign language YOU ARE OUT OF YOUR DEPTH. GO BACK TO WOW or whatever gaming chat room or newsfeed you heard about crypto currency in. WAKE UP BTC community. Big money and interests are taking a very hard look at BTC and crypto currency in general right now. It won't take many billionaires to dominate this market in a hurry. Stop pissing in the pool we all have to swim in. Did they ever take BTC directly? Are you implying that they now speculating with the preorder money to raise more funds? Any business that has capital sitting may invest it in whatever they want unless there is a specific covenant not to do so in their terms of service, an invoice or some other agreement with the client. In many cases this is described as a trust account or a segregated account that guarantees the return of your deposited funds but with no interest. Companies that take such deposits may then invest those funds in anything they deem fit. IF their risk tolerance is high then they can realize significant non-operating gains (income that has nothing to do with their business of making widgets or whatever). They are totally within their right to do so. In the case of BFL, they have accepted orders in BTC - many early buyers paid in BTC. But their prices have always been stated in a USD equivalent. Also, accounting standards demand that the liabilities associated with any unfulfilled orders be denominated in USD. Short answer: Yes, they have 'speculated' on the BTC / USD gain as a function of accounting practices alone. If they were really smart, they would have actively speculated and now be sitting on a major pile of free and clear equity on their balance sheet. If they did then they are doing very well and should have no problems completing their work. If they are a scam then they have made far more from the speculation than the preorders. |
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