BTC for ASICS

[smoothie]

Wow...those who paid BTC for ASICs likely have paid in value now 200% what they could have if they just paid in fiat.

If price goes up...it could be 300%-500% at least

Sucks to be them I guess.

Lesson: Pay in USD. 

[1715429576]

1715429576

[1715429576]

1715429576

[smoothie]

Mini in USD based on when they were preordered is > $60k each.

DAAAAAAAAAAMMMMN

[bitfury]

Wow...those who paid BTC for ASICs likely have paid in value now 200% what they could have if they just paid in fiat.

If price goes up...it could be 300%-500% at least

Sucks to be them I guess.

Lesson: Pay in USD. 

Well - you can do better - say you have 4 BTC. You can exchange 3 BTC into USD, and invest into ASIC, take 1 BTC, go to icbit.se for example,
and open BUY order. Then _IF_ bitcoin price will go up - you will still have same amount of profits as holding your 4 BTC and be part of ASIC project :-)

[dree12]

Wow...those who paid BTC for ASICs likely have paid in value now 200% what they could have if they just paid in fiat.

If price goes up...it could be 300%-500% at least

Sucks to be them I guess.

Lesson: Pay in USD. 

Well - you can do better - say you have 4 BTC. You can exchange 3 BTC into USD, and invest into ASIC, take 1 BTC, go to icbit.se for example,
and open BUY order. Then _IF_ bitcoin price will go up - you will still have same amount of profits as holding your 4 BTC and be part of ASIC project :-)

No. You'll lose the 1 BTC because icbit.se is a blatant scam.

[bitfury]

Wow...those who paid BTC for ASICs likely have paid in value now 200% what they could have if they just paid in fiat.

If price goes up...it could be 300%-500% at least

Sucks to be them I guess.

Lesson: Pay in USD. 

Well - you can do better - say you have 4 BTC. You can exchange 3 BTC into USD, and invest into ASIC, take 1 BTC, go to icbit.se for example,
and open BUY order. Then _IF_ bitcoin price will go up - you will still have same amount of profits as holding your 4 BTC and be part of ASIC project :-)

No. You'll lose the 1 BTC because icbit.se is a blatant scam.

Why you think so ? I've good recommendations for icbit.se from people who don't want to loose reputation in bitcoins.

[dree12]

Also, ICBIT is not a place for money laundering, so we are not going to enforce any AML measures like ID verification requirement.

This will definitely work.

The Bitcoin processing is done in partnership with deepbit.net, the largest mining pool.

This is almost never necessary.

simulteneously [sic]

They are certainly not using Google Translate...

To place an order, log in to the trading client, enter price and amount in the "New Order" window and click the corresponding Buy/Sell button. This immediately sends your order to the trading engine. You can watch status of your order in the "Your orders" window below (you can click an arrow to increase size of that window for easier browsing).

If your order is accepted by the trading engine, it's status is set to New. If there is not enough money in your account, the order status is set to Rejected and it will disappear soon from your list of orders. When your order is executed, its status is changed to Filled (or Partially Filled in case your order was executed only partially).

But it sounds like it anyways.

ICBIT implements the most high-performance trading platform amongst existing Bitcoin exchanges.

ICBIT is capped in performance by exchanges. If what they say is true, then it's definitely a bucket shop.

There are a couple other red flags here. They don't have any public information, they don't have a TOS, their Facebook page doesn't exist or their Facebook link doesn't work, and the fact that their RSS only has one post. I suggest you do your due diligence before using icbit.se.

[crazyates]

So lets say 1TH rig was paid for with 5,000 BTC on day 0. Now you can pay for that same rig with ~2300 BTC if you order today. Great.

So in order to still be worth it, you've got to make up 2700BTC from the time you start mining with your zero day order, compared to when a 1TH rig ordered today would ship.

Even accounting for a 10x increase in difficulty, you're still talking about ~50BTC a day.

So those who ordered on day 0 need to mine for at least 54 days before those who ordered today get their units just to recoup the BTC difference that was paid to order (and receive their units) early.

In those 54 days, the BTCs generated would be worth 35K (at todays price of 13USD/BTC).

[jjshabadoo]

This is why it is a distasteful business practice to ask your customers to pay in full before you deliver your product. This is deplorable and should, at the very least, be kept in an interest bearing account which is payable to the customer.

There is simply no other legitimate business out there which makes you pay to capitalize a business so they can develop a product which doesn't exist yet.

All the BFL fanboys will gnash their teeth and say how great BFL is, but they have no retort for paying in full for a product which doesn't yet exist.

A deposit of say 10-20% would make sense for a custom manufactured device. Anything else is just gambling.

[ice_chill]

This is the most stupid post EVER

What difference does it make wether you paid in BTC for the ASIC, or sold your BTC for dollars on an exchange and then bought the ASIC for those dollars ?

Most people that mine a considerable amount of BTC cash it in anyway.

[CrazyGuy]

Wow...those who paid BTC for ASICs likely have paid in value now 200% what they could have if they just paid in fiat.

If price goes up...it could be 300%-500% at least

Sucks to be them I guess.

Lesson: Pay in USD. 

Actually, if someone were to know the future price of bitcoin at that point, they would have been better served purchasing $30k in bitcoins and selling for $60k today. Psychics are hard to come by though.

[Morblias]

If I bought $30,000 worth of apple stock back in 1990...

[Uglux]

..is it a plane?...is it a bird?...

[SgtSpike]

This is why it is a distasteful business practice to ask your customers to pay in full before you deliver your product. This is deplorable and should, at the very least, be kept in an interest bearing account which is payable to the customer.

There is simply no other legitimate business out there which makes you pay to capitalize a business so they can develop a product which doesn't exist yet.

All the BFL fanboys will gnash their teeth and say how great BFL is, but they have no retort for paying in full for a product which doesn't yet exist.

A deposit of say 10-20% would make sense for a custom manufactured device. Anything else is just gambling.

Don't like it?  Don't buy it.

It was a gamble for me as well.  But I certainly wasn't going to keep that high of a balance in BTC if I didn't order the mining units - I would have cashed it out to USD instead.  So, I have no regrets - I've got a good place in line (should definitely receive on the first batch of shipments), and I would have only had a pile of USD to show for it otherwise.

[crazyates]

So when I was waiting for the price to pop up from $2 to $2.50 last winter so my 45 BTC I had saved up would be worth enough $ to buy an SSD... that was a dumb idea?

You don't know what the BTC scene is going to look like in 6 months.

[jjshabadoo]

My problem is with the pre-order model in general, 100% up front for a product which doesn't exist yet.

I don't care if people paid with chickens, those chickens have more value in hand than in someone else's barn for 6 months.

I said my peace on BFL ASIC long ago. I now hope they simply deliver and the network strengthens.

Carry on.

[smoothie]

So when I was waiting for the price to pop up from $2 to $2.50 last winter so my 45 BTC I had saved up would be worth enough $ to buy an SSD... that was a dumb idea?

You don't know what the BTC scene is going to look like in 6 months.

With more efficient hardware mining faster with less power you will see difficulty rise and block halving will produce less bitcoins ultimately.

Hence the pressure of price is to go up.

6 months from now I can tell you bitcoins will be worth more than $2 and likely more than $5 each.

So don't presume to tell me that I don't know what the scene will look like in 6 months from NOW.

[bitarrow]

I agree. I think mining will be more profitable than ever with the bitcoin price increasing. Of course, you will need to have the hardware to compete. I think in 1 year people will have forgotten what it was like when the reward was 50 because the btc price will be over $20

[smoothie]

I agree. I think mining will be more profitable than ever with the bitcoin price increasing. Of course, you will need to have the hardware to compete. I think in 1 year people will have forgotten what it was like when the reward was 50 because the btc price will be over $20

+1

[crazyates]

With more efficient hardware mining faster with less power you will see difficulty rise and block halving will produce less bitcoins ultimately.

Hence the pressure of price is to go up.

6 months from now I can tell you bitcoins will be worth more than $2 and likely more than $5 each.

So don't presume to tell me that I don't know what the scene will look like in 6 months from NOW.

Umm while there are things that we CAN know (higher difficulty, block reward halving), there are plenty of things we DON't know. Price is one of those, as you are making a guess.

[smoothie]

With more efficient hardware mining faster with less power you will see difficulty rise and block halving will produce less bitcoins ultimately.

Hence the pressure of price is to go up.

6 months from now I can tell you bitcoins will be worth more than $2 and likely more than $5 each.

So don't presume to tell me that I don't know what the scene will look like in 6 months from NOW.

Umm while there are things that we CAN know (higher difficulty, block reward halving), there are plenty of things we DON't know. Price is one of those, as you are making a guess.

Higher difficulty is a result of higher prices....difficulty rising is a lagging price indicator. Um so yeah...higher difficulty will mean prices had to have gone up over time. Not to say it can't go up and then come down from now until then.