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Author Topic: Is ASIC's a SCAM?  (Read 12424 times)
Gatorhex
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October 19, 2012, 01:55:22 PM
 #21

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Selling a product, that will make you 10x the profit in 2 weeks, is a scam imho.

You do understand the difficulty to generate bitcoins will rise and/or price per bitcoin will drop?
No extra coins will be mined, no extra profit will really be made, they just make graphics cards miners redundant by taking their share of the profit!

In a gold rush the people who get rich are the stores selling the mining equipment.
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October 19, 2012, 02:01:10 PM
 #22

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Selling a product, that will make you 10x the profit in 2 weeks, is a scam imho.

You do understand the difficulty to generate bitcoins will rise?
No extra profit will be made, they just make graphics cards miners redundant!

Yeah it "will" but it hasn't yet.


Right now that 30,000 rig will take 50 days to pay off.
Why the fuck would you sell something that will make you $30,000 in 50 days, and cut off your own profit? Say they're not being dicks, and they're making a decent margin, they're paying $20,000 for the rig that's $30,000 thats $10,000 profit.


OR you can hold on to them, and make $30,000 in 50 days. Then sell it, and now you have $40,000..
OR... you hold it for life, because you hold the key to the bank.

And it will become harder to get coins?
Yeah you're right, add a few days onto the top, 'when' it happens.



If they 'are' real, they're probably mining them, til the difficulty rises, because it will do 2 things
1. FUCKING BANK $$$$$$$$$$$
2. Force everyone to buy ASICS FASTER
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October 19, 2012, 03:48:04 PM
 #23



Yeah it "will" but it hasn't yet.


Right now that 30,000 rig will take 50 days to pay off.
Why the fuck would you sell something that will make you $30,000 in 50 days, and cut off your own profit? Say they're not being dicks, and they're making a decent margin, they're paying $20,000 for the rig that's $30,000 thats $10,000 profit.

I feel like I have to respond before something thinks what he wrote is true. The 30,000 rig will take much more than 50 days to payoff unless you are the only person in the world with the equipment. The difficulty changes every 2016 blocks, so within a few days of the first batch being received difficulty will rise by a factor of 4 (the maximum it can change, see the wiki article on "target") and will continue until it reaches steady state. your 50 days has now become 200 days a few days after receiving your rig, and will probably settle at somewhere around a year or more in the end.
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October 19, 2012, 04:06:32 PM
 #24



Yeah it "will" but it hasn't yet.


Right now that 30,000 rig will take 50 days to pay off.
Why the fuck would you sell something that will make you $30,000 in 50 days, and cut off your own profit? Say they're not being dicks, and they're making a decent margin, they're paying $20,000 for the rig that's $30,000 thats $10,000 profit.

I feel like I have to respond before something thinks what he wrote is true. The 30,000 rig will take much more than 50 days to payoff unless you are the only person in the world with the equipment. The difficulty changes every 2016 blocks, so within a few days of the first batch being received difficulty will rise by a factor of 4 (the maximum it can change, see the wiki article on "target") and will continue until it reaches steady state. your 50 days has now become 200 days a few days after receiving your rig, and will probably settle at somewhere around a year or more in the end.

Stating that BLF wont be "the only personcompany in the world to have them"?

Edit:

I'm just saying, why wouldn't a company use this, make a shit load of cash, forcing the blocks to be harder, in turn forcing people to buy their products?
Gatorhex
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October 19, 2012, 05:44:23 PM
 #25

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"I'm just saying, why wouldn't a company use this, make a shit load of cash, forcing the blocks to be harder, in turn forcing people to buy their products?"

Because you need to raise $millions to make ASICs so you got to sell something to raise the cash I guess.

There's also the problem that if you become the market, there is no market. When the Hunt Bros. cornered the silver market they found there was nobody to sell to, and the price plummeted. Max Keiser did the same thing when he was a trader, he cornered the market in Phillip Morris Options, then later found there was only one buyer who could set the price and lost $millions.
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October 19, 2012, 07:06:07 PM
 #26

Asics will eventually be made so it's likely not a scam.  Even if the current preorders are scams, someone will make one.
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October 19, 2012, 08:04:36 PM
 #27


Because you can make more money selling the equipment for a profit. And its riskier to mine than sell the equipment..



Yeah it "will" but it hasn't yet.


Right now that 30,000 rig will take 50 days to pay off.
Why the fuck would you sell something that will make you $30,000 in 50 days, and cut off your own profit? Say they're not being dicks, and they're making a decent margin, they're paying $20,000 for the rig that's $30,000 thats $10,000 profit.

I feel like I have to respond before something thinks what he wrote is true. The 30,000 rig will take much more than 50 days to payoff unless you are the only person in the world with the equipment. The difficulty changes every 2016 blocks, so within a few days of the first batch being received difficulty will rise by a factor of 4 (the maximum it can change, see the wiki article on "target") and will continue until it reaches steady state. your 50 days has now become 200 days a few days after receiving your rig, and will probably settle at somewhere around a year or more in the end.

Stating that BLF wont be "the only personcompany in the world to have them"?

Edit:

I'm just saying, why wouldn't a company use this, make a shit load of cash, forcing the blocks to be harder, in turn forcing people to buy their products?
bobitza
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October 19, 2012, 09:53:27 PM
 #28

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Is ASIC's a SCAM?

Yes. Don't get scammed.



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ETHERPARTY














makomk
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October 19, 2012, 10:25:43 PM
 #29

If I had to bet on anyone delivering ASIC it would be BFL as they are way ahead of anyone else on delivering bitcoin consumer products.

They've got the most convincing photos and should have machine capacity for 900 units per day.

That should burn through pre-orders quickly, so I'm just gonna sit tight and wait for the thing to be in stock.
If they're planning to have the capacity to pump out 900 units per day on a long-term basis, then everyone who buys one is going to be even more screwed than if it was a scam, though. Assuming their mixture of devices averages out to about 30 GH/s per unit, which seems like a reasonably conservative assumption, that means they have the capacity to turn out 27 TH/s of kit every day. That's nearly a petahash/s every month. It won't take long for the break-even point to reach years. Unfortunately most of the costs of ASIC design are non-recurring and BFL will want to make the most of their investment, so if they're rational they'll drop prices hugely once that happens - making the break-even point appear reasonable to new customers, but meaning older ones may never make their costs back at all.

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farlack
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October 19, 2012, 10:34:31 PM
 #30


Because you can make more money selling the equipment for a profit. And its riskier to mine than sell the equipment..



Yeah it "will" but it hasn't yet.


Right now that 30,000 rig will take 50 days to pay off.
Why the fuck would you sell something that will make you $30,000 in 50 days, and cut off your own profit? Say they're not being dicks, and they're making a decent margin, they're paying $20,000 for the rig that's $30,000 thats $10,000 profit.

I feel like I have to respond before something thinks what he wrote is true. The 30,000 rig will take much more than 50 days to payoff unless you are the only person in the world with the equipment. The difficulty changes every 2016 blocks, so within a few days of the first batch being received difficulty will rise by a factor of 4 (the maximum it can change, see the wiki article on "target") and will continue until it reaches steady state. your 50 days has now become 200 days a few days after receiving your rig, and will probably settle at somewhere around a year or more in the end.

Stating that BLF wont be "the only personcompany in the world to have them"?

Edit:

I'm just saying, why wouldn't a company use this, make a shit load of cash, forcing the blocks to be harder, in turn forcing people to buy their products?

Explain your logic, good sir? $30,000 in 50 days is more profit than $10-20,000 in 1 sale.
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October 19, 2012, 10:51:46 PM
 #31

Selling a product, that will make you 10x the profit in 2 weeks, is a scam imho.




Compare google selling you their adwords licensing for $100,000 dollars a day royalties, but its making $500,000 a day profit.


Its bullshit.

so, gpus were a scam when everyone was mining with cpus?

1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
BitcoinOxygen
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October 19, 2012, 11:17:16 PM
 #32

Selling a product, that will make you 10x the profit in 2 weeks, is a scam imho.




Compare google selling you their adwords licensing for $100,000 dollars a day royalties, but its making $500,000 a day profit.


Its bullshit.

so, gpus were a scam when everyone was mining with cpus?

no GPU's where not a scam everyone had access to prove GPU mining is real?

but is there anyway to prove that ASIC's are for real?


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October 20, 2012, 12:12:21 AM
 #33

Selling a product, that will make you 10x the profit in 2 weeks, is a scam imho.




Compare google selling you their adwords licensing for $100,000 dollars a day royalties, but its making $500,000 a day profit.


Its bullshit.

so, gpus were a scam when everyone was mining with cpus?
\

come on gpu comes from an million dollar gaming industrie that are facts ...not air,

another fact is this https://bitcointalk.org/index.php?topic=110805.0

Lets all just mine on ,..in 6 weeks a lot wil be cleared out...Cheers

Put your money were your mouth is…       #coinderdotcom
BitcoinOxygen
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October 20, 2012, 12:22:17 AM
 #34

Selling a product, that will make you 10x the profit in 2 weeks, is a scam imho.




Compare google selling you their adwords licensing for $100,000 dollars a day royalties, but its making $500,000 a day profit.


Its bullshit.

so, gpus were a scam when everyone was mining with cpus?
\

come on gpu comes from an million dollar gaming industrie that are facts ...not air,

another fact is this https://bitcointalk.org/index.php?topic=110805.0

Lets all just mine on ,..in 6 weeks a lot wil be cleared out...Cheers

6 week's is a long time

if they turn out to be true everyone who did not preorder is losing the chance of mining with big hasrate at a low difficulty.

and if they turn out to be a scam everyone who did preorder ASIC will be in LOSS.

BTCOxygen PPS Mining Pool 2% Fee  <<<  Join Now
SLok
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October 20, 2012, 12:30:20 AM
 #35


Because you can make more money selling the equipment for a profit. And its riskier to mine than sell the equipment..



Yeah it "will" but it hasn't yet.


Right now that 30,000 rig will take 50 days to pay off.
Why the fuck would you sell something that will make you $30,000 in 50 days, and cut off your own profit? Say they're not being dicks, and they're making a decent margin, they're paying $20,000 for the rig that's $30,000 thats $10,000 profit.

I feel like I have to respond before something thinks what he wrote is true. The 30,000 rig will take much more than 50 days to payoff unless you are the only person in the world with the equipment. The difficulty changes every 2016 blocks, so within a few days of the first batch being received difficulty will rise by a factor of 4 (the maximum it can change, see the wiki article on "target") and will continue until it reaches steady state. your 50 days has now become 200 days a few days after receiving your rig, and will probably settle at somewhere around a year or more in the end.

Stating that BLF wont be "the only personcompany in the world to have them"?

Edit:

I'm just saying, why wouldn't a company use this, make a shit load of cash, forcing the blocks to be harder, in turn forcing people to buy their products?

Explain your logic, good sir? $30,000 in 50 days is more profit than $10-20,000 in 1 sale.
But it doesn't take 50 days to make and sell one. Say they make 1 a day, and sell it, that's $10,000 to $20,000 (to keep your estimated profit per piece) a day, so profit is in producing and selling fast, while people still see a roi in it.

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Frequency
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October 20, 2012, 12:31:00 AM
 #36

Selling a product, that will make you 10x the profit in 2 weeks, is a scam imho.




Compare google selling you their adwords licensing for $100,000 dollars a day royalties, but its making $500,000 a day profit.


Its bullshit.

so, gpus were a scam when everyone was mining with cpus?
\

come on gpu comes from an million dollar gaming industrie that are facts ...not air,

another fact is this https://bitcointalk.org/index.php?topic=110805.0

Lets all just mine on ,..in 6 weeks a lot wil be cleared out...Cheers

6 week's is a long time

if they turn out to be true everyone who did not preorder is losing the chance of mining with big hasrate at a low difficulty.

and if they turn out to be a scam everyone who did preorder ASIC will be in LOSS.

i can wait and take some lose, but if it,s for real i jump the fuck in to maybe a little later there are years ahead of mining it is not a short distance race, and IF they deliver as promised u will get some advantage for taking the risk of an pre order but don,t count on it its freaking end of oktober still no signs.. nothing ...but i really hoop they don,t scam on my fello miners i really do ...

Put your money were your mouth is…       #coinderdotcom
Gatorhex
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October 20, 2012, 12:46:34 AM
 #37

For the guy who wanted an actual photo of a real BFL ASIC  Grin

Single SC Prototype


Jalapeno Prototype


Source: http://bitcoinmagazine.net/butterfly-labs-releases-more-asic-photos/
BitcoinOxygen
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October 20, 2012, 12:48:41 AM
 #38


this is not a working photo

is there a photo showing it connected to Cgminer or any ASIC miner

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repentance
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October 20, 2012, 01:49:06 AM
 #39

In a gold rush the people who get rich are the stores selling the mining equipment.

At least you can still use a shovel for other things, unlike an ASIC.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
Gatorhex
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October 20, 2012, 01:59:02 AM
 #40

In a gold rush the people who get rich are the stores selling the mining equipment.
At least you can still use a shovel for other things, unlike an ASIC.

It's has dual purpose as a mug warmer, did you not hear?  Roll Eyes
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