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Author Topic: Daniel Mross paid 2700 BTC to ButterflyLabs in 2012 for 25 Gh/s  (Read 6891 times)
cloverme
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January 02, 2016, 05:18:41 AM
 #1

So I was just rewatching Rise and Rise of Bitcoin and realized that Daniel Mross paid 2700 BTC to Butterfly Labs for a Mini Rig SC order (25Gh) on 5/30/12.... (Btc was $5ea then).  So that's $1,162,215 in today's value. So don't feel too bad if your mining investment didn't work out...

I still believe in mining but HODL is where it's at still in my book.  I'd really like to see the block reward code get changed so that mining can become decentralized again, the cheap power in China has ruined fair mining.

http://bitcoindoc.com/

(If you watch, it's at the 12:30 mark)
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January 02, 2016, 06:50:02 AM
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I just watched than an hour ago....holy crap....I thought the same thing.  He bought 70 avalons at one point as well.
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January 02, 2016, 07:19:26 AM
 #3

I just watched than an hour ago....holy crap....I thought the same thing.  He bought 70 avalons at one point as well.


I found it to be a good documentary to watch.  It is interesting how he kinda lost on both sides.   That documentary left me wanting to know more though, guess that's to it's credit.

I would love to know if he got a fortune from early investment.  Or how he ended up after buying all that gear.  Would love to know if he still had thousands of BTC after.  It's been a while since I have seen it but I think they did not say his holdings after all of it.
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January 02, 2016, 07:49:22 AM
 #4

it was easy to waste coins, back then they were worth much less, so it's a bit silly to compare the thing with nowadays bitcoin

the same will be said in another 5 years time frame, those who are wasting them now will regret it
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January 03, 2016, 03:13:25 AM
 #5

There's the 10,000 BTC pizza. And a few old timers in these forums have mined 50 BTC blocks a few times per day on CPUs. There's that Swedish? guy who mined 5000 BTC and bought an apartment a few years later.

And there's that guy who threw away his hard drive with a few thousand BTC in it.

I think this is basically what happened to most people's money back then:

https://www.youtube.com/watch?v=-DT7bX-B1Mg


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January 03, 2016, 03:34:00 AM
 #6

I got into bitcoin mining in 2011 as a way to earn a free 6970 GPU. I used the profit from those coins to buy 4 5970s and subsequently sold thousands of bitcoins for around $2 and an insubstantial profit. It was fun and also necessary for the growth of the currency.

If people weren't spending their bitcoins when they were worth pennies, the currency would have died off and we wouldn't be where we are today.

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January 03, 2016, 03:42:54 AM
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it was easy to waste coins, back then they were worth much less, so it's a bit silly to compare the thing with nowadays bitcoin

the same will be said in another 5 years time frame, those who are wasting them now will regret it

I don't see any big rise come, not unless it explodes in regulations, laws, and becomes the norm.
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January 03, 2016, 08:45:52 AM
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it was easy to waste coins, back then they were worth much less, so it's a bit silly to compare the thing with nowadays bitcoin

the same will be said in another 5 years time frame, those who are wasting them now will regret it

I don't see any big rise come, not unless it explodes in regulations, laws, and becomes the norm.

they were saying the same thing prior the 1200 increase, but than it happened, it will eventually happen again and again, and each time bitcoin will aacquire a new higher bottom
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January 03, 2016, 09:26:54 AM
 #9

The prices are bound to rise; may be tommorrow or in near future. Rise in currency price would encourage more and more people to get involved with bitcoin community which could also help in broadening the reach of bitcoin. Investments from our predecessors helped it to evolve into something we've embraced and our investment and effort will shape its value for future bitcoin enthusiasts.
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January 03, 2016, 01:09:28 PM
 #10

Wow, thats a real big amount of money for only 25 gh/S :/
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January 03, 2016, 07:36:55 PM
 #11

Wow, thats a real big amount of money for only 25 gh/S :/

But at the time that amount seemed huge compare to GPU's.  So when people looked at it seemed like a good idea.   It is crazy amount more efficient then GPU's on mining BTC.

But as we know BFL just did not ship for a long time, so this caused huge losses on orders.   And it follows pretty much all miners they sold they were late, and were not really truthful.  So anyone invested there most likely lost big.
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January 03, 2016, 09:15:29 PM
 #12

Wow, thats a real big amount of money for only 25 gh/S :/

But at the time that amount seemed huge compare to GPU's.  So when people looked at it seemed like a good idea.   It is crazy amount more efficient then GPU's on mining BTC.

But as we know BFL just did not ship for a long time, so this caused huge losses on orders.   And it follows pretty much all miners they sold they were late, and were not really truthful.  So anyone invested there most likely lost big.

Yes sadly butterfly labs turned out to be sth like scam....
High perorders, some ppl are still waiting for delivery,  But well, thats the problem in new asic manufators, you never know what you get..
So many "nice miners" turned to be scammers, fakeing real hardware etc...
Be aware people of scammers!!
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January 04, 2016, 05:46:44 PM
 #13

Yep I remember the BFL days...people waiting endlessly for ship dates. There were rumors of fishy business right from the beginning. So glad I never invested.
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January 04, 2016, 07:56:06 PM
 #14

Wow, thats a real big amount of money for only 25 gh/S :/

At that time, a 7970 mines around 500Mh/s, 25 gh/s is 50 7970, which was worth about 50 *300 = $15,000 and used much more electricity.

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January 04, 2016, 08:20:13 PM
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Wow, thats a real big amount of money for only 25 gh/S :/

At that time, a 7970 mines around 500Mh/s, 25 gh/s is 50 7970, which was worth about 50 *300 = $15,000 and used much more electricity.

It was a bad deal they promised much more then they could actually deliver.   And it was not 1 product they did it on every single product... and somehow they kept getting orders or people playing to upgrade to next miner hoping that would fix it.

They knew it was a sinking ship at BFL around monarch time.  They had done enough to get on radar of lawsuits/laws.   I went to a convention when it was close to the end and BFL was there... I almost felt bad for the guy working the booth.  But knowing he was part of all that kept me from feeling that bad.  He had a booth with pretty much no customers.  Only people who stopped were people that wanted to see prototype monarch.
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January 05, 2016, 07:40:24 AM
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Wow, thats a real big amount of money for only 25 gh/S :/

At that time, a 7970 mines around 500Mh/s, 25 gh/s is 50 7970, which was worth about 50 *300 = $15,000 and used much more electricity.

i remember the 7970 was able to reach 700 and 800 as a peak with some heavy mod, 500 was good for the 7950, i know because i mined my first biotcoin with it

good old time Cry
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January 05, 2016, 11:28:34 AM
 #17

Yeah I am still sore over the 209BTC BFL effectively stole from me for a 60GH that died within a few days and spent 2 weeks in RMAland.  I'm not following that crap anymore - can only hope that some entity gives those involved whatever is coming to them.
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January 05, 2016, 11:53:08 AM
 #18

The prices are bound to rise; may be tommorrow or in near future. Rise in currency price would encourage more and more people to get involved with bitcoin community which could also help in broadening the reach of bitcoin. Investments from our predecessors
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January 05, 2016, 09:21:06 PM
 #19

The prices are bound to rise; may be tommorrow or in near future. Rise in currency price would encourage more and more people to get involved with bitcoin community which could also help in broadening the reach of bitcoin. Investments from our predecessors

That is a virtuous cycle. Higher price attracts more people. More people use bitcoin will increase its price.

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January 06, 2016, 10:36:33 PM
 #20

The prices are bound to rise; may be tommorrow or in near future. Rise in currency price would encourage more and more people to get involved with bitcoin community which could also help in broadening the reach of bitcoin. Investments from our predecessors

Why do you guys think btc price will surely rise? The spread of altcoins shouldn't be an alternative to cryptos and hence detain this rise?
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