What a relief! Even the rich guys are dumb as hell sometimes

[TKeenan]

BitFury fucked up.  http://www.coindesk.com/bitfury-light-bulbs-mine-bitcoin/  

I love how they are looking for every explanation as to why they are doing this...

"the goal of the project would be to galvanize interest in bitcoin as a technology, and that making any money on the initiative would be secondary to promoting discovery."

"We are now on our third generation of prototype and envision this as an educational product that will help lower the friction toward understanding the technology and making it super easy for kids and adults of all ages to touch bitcoin blockchain ecosystem,"

This is nothing other than a world class fuck-up.  Anyone who uses one (unless they have insanely cheap electricity) will lose money - every moment the light bulb is on.  No matter how much 'discovery' they are doing while the light is on, that 'discovery' is costing them money.  

Space heaters are different.  Toasters are not.  Light bulbs are insanely dumb.  Unless the price of bitcoin goes past 1200 again, then these guys will look like geniuses for about ten minutes until the hashrate shoots back up.  

[subSTRATA]

I have to agree with you, to anyone with a brain this idea is insanely stupid, there is simply no way you can make a lightbulb with network connectivity and enough hashing power to actually turn a profit with the electricity costs. Unless some crazy new ASIC technology is developed along with near-free electricity, there is no way anyone could turn a profit from these. How do you even get the idea of making mining lightbulbs in the first place?

[AtheistAKASaneBrain]

They would need to make a system where the lightbulbs are self regulate depending on hashrate, otherwise it's it will never be profitable, it does indeed sound like ponzibulbs.

[OROBTC]

...

How about putting in BTC mining in my car?  I drive around enough...

Or when I go for a run or do my taichi forms?

Maybe I can sneak putting something in the elevator here in my condo building.

My wife could put in mining equipment in the vacuum when she cleans the house, same with the dish washer.

Our A/C and hot water heater use lots of electricity.

Would I need an electrician to install all of that?


/LOL

[OROBTC]

...

Ahh, humor much?

[Lorenzo]

Why is everyone talking about profit when it's clear that these aren't meant to be profitable? (nor are they marketed as being such)

In statements, CEO Valery Vavilov suggested that the goal of the project would be to galvanize interest in bitcoin as a technology, and that making any money on the initiative would be secondary to promoting discovery...

...BitFury suggested that the target market for the light bulbs would be hobbyists who have an interest in exploring new technologies.

"Our board member Bill Tai likens this to products he had as a child such as the RadioShack 100-in-one electronic projects kit, or to modern day Raspberry Pi bundles for first-time users," Vavilov continued.

"We believe that the project’s focus should not be on making money from bitcoin mining, but on creating innovative solutions with main purpose to use this product for educational purposes and fun," said BitFury CEO Valery Vavilov.

I admit the whole thing looks a little bit silly but is this really any different from USB stick miners?

Stick miners were terrible in terms of ROI but provided entertainment by selling the experience of mining for those who might not have been otherwise interested. Others bought them because they liked the idea of contributing to the network, even if their contribution was tiny and in some cases, was losing them money. Not to mention these light bulbs would be great conversation starters to introduce friends and family members to the concept of Bitcoin and especially its decentralized aspects.

There are serious miners who have profit as their primary goal and then there is the novelty stuff which appeals to hobbyist miners who don't expect to see a profit. This thing probably belongs in the latter category.

[TKeenan]

...

How about putting in BTC mining in my car?  I drive around enough...

Or when I go for a run or do my taichi forms?

Maybe I can sneak putting something in the elevator here in my condo building.

My wife could put in mining equipment in the vacuum when she cleans the house, same with the dish washer.

Our A/C and hot water heater use lots of electricity.

Would I need an electrician to install all of that?


/LOL

Hey idiot, just because something use electricity does not mean  we should make mining out of it.

The only thing we can use from mining equipment is heat, THATS it. if you cant utilize it, you're not saving any penny on electricity.

Yeah, why don't we just put a solar cell on top of a Ferrari and drive around for free every day?  It is because the oil companies are conspiring against us!!!!  Yeah, that's it.

Some people don't understand electricity.  Clearly, BitFury is getting close to that category.

[manselr]

Actually, most rich guys aren't specially intelligent, just are at the right spot doing the right thing. And just like that, chances are you'll be doing the wrong thing and lose money.

[TKeenan]

Actually, most rich guys aren't specially intelligent, just are at the right spot doing the right thing. And just like that, chances are you'll be doing the wrong thing and lose money.

No shit.  I've met so many rich guys.  I totally assumed they'd be smart.  Then I talk to them for 15 minutes - and I am blown away.  They must have been walking around one day with a big bag wide open and then some money fell in there.  There is no way they did it because they are brilliant.  About 15% fit this description.

[melody82]

They would need to make a system where the lightbulbs are self regulate depending on hashrate, otherwise it's it will never be profitable, it does indeed sound like ponzibulbs.

Ha!  Ponzibulbs.  I read about this lightbulb scheme in another thread and thought maybe it was a joke.  It's a joke right?  No one would make something this lame right?

[pereira4]

Actually, most rich guys aren't specially intelligent, just are at the right spot doing the right thing. And just like that, chances are you'll be doing the wrong thing and lose money.

No shit.  I've met so many rich guys.  I totally assumed they'd be smart.  Then I talk to them for 15 minutes - and I am blown away.  They must have been walking around one day with a big bag wide open and then some money fell in there.  There is no way they did it because they are brilliant.  About 15% fit this description.

I think more than 15%. Actually all of the wealthy people i've ever spoken to, always were already wealthy, they just inherited and keep racking up money on interest rates and other passive incomes.

[gentlemand]

I think more than 15%. Actually all of the wealthy people i've ever spoken to, always were already wealthy, they just inherited and keep racking up money on interest rates and other passive incomes.

I've come across a few rich folks. I don't think any characteristic unified them. Inherited is one matter, if you're self made then you need the right idea, the tenacity to make it happen and not give too much of a shit about stepping on toes when it's necessary.

As for the bulbs, I'd have one or two for a lark.

[TKeenan]

As for the bulbs, I'd have one or two for a lark.

If you did, it'd be a money losing lark - 100% sure.

[gentlemand]

As for the bulbs, I'd have one or two for a lark.

If you did, it'd be a money losing lark - 100% sure.

I would be perfectly aware of that. It's still an amusing idea to have it ticking away in the background.

[TKeenan]

As for the bulbs, I'd have one or two for a lark.

If you did, it'd be a money losing lark - 100% sure.

I would be perfectly aware of that. It's still an amusing idea to have it ticking away in the background.

Here is something else amusing and just as efficient at losing money.  Got to your toilet, throw in a hundred or two, push the flush lever.  This and Bitfury's idea are just about the same.  The only thing smart about BitFury's approach is that they didn't raise $116 million to make the dumbest idea ever. 

[QuestionAuthority]

It's a cute idea as long as it also fills a room with light. It's not supposed to be an efficient miner, it's a light bulb. There's lots of ideas in Bitcoin.

Some are good ideas


Some are not so good


This one is in the middle somewhere.