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Author Topic: The ASIC's are all scams, you just don't know it yet  (Read 3113 times)
jjshabadoo
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January 27, 2013, 03:49:34 PM
 #1

ElectricMucus spelled it out and no one listened. Others here with advanced engineering knowledge said that at the very least, the ASIC's are too ambitious with their specs.

Miners didn't listen because greed is a powerful force. Sure I'll give you an interest free loan for six months so I can be RICH, easy money.

Or maybe not even an interest free loan, how about free money for the vendor.

So maybe some of these vendors actually did make an honest attempt at building these devices, I believe some did and still are trying to make it work.

The problem is, you have these business noobs with zero experience trying to co-ordinate a multi-million dollar project. Many with even less technical experience.

So how does this equation work ?

Little or no business knowledge + limited technical expertise + under-capitalized = Kick Ass ASIC!

Seriously folks, is this community so naive that they don't realize that running a successful business is actually difficult ?

That experienced business people don't berate customers on internet forums or at any time or place? *cough* Josh *cough*

That developing a custom chip, in a foreign country, is not an easy task ?

Yet some of us implored all of you to think twice about BFL back in June, to maybe hold your money until they could produce something. Nope, your greed got the best of you.

Hmmm and let me see, had you held your coins, you would have tripled your money already. How's that for easy money?

Troll/Justify/Rationalize away, you got scammed period, even if these vendors deliver. You've lost 300% in opportunity cost.

In the business world, this is a loss no matter how you slice it. Mining is a business folks.
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Korbman
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January 27, 2013, 04:23:21 PM
 #2

Cool beans dude.

Obviously people can only argue so much. Actions speak louder than words: http://bitbet.us/bet/7/bfl-will-deliver-asic-devices-before-march-1st/

Beta-coiner1
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January 27, 2013, 05:51:03 PM
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I think GPU miners will be around for a long time to come.

Photon939
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January 27, 2013, 05:53:28 PM
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I calculated the risk when they were announced, I am prepared to lose all that I put down. If nothing comes of it, I probably won't be in the mining business anymore but I will still have come out far ahead of my total investment.

I'm not all that worried TBH.

I pre-ordered with BFL. I knew that the huge delays that we saw with the FPGA units were likely to repeat themselves and possibly to a greater extent due to the complexity of creating custom silicon. We're right where I predicted we might be.
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January 27, 2013, 05:57:40 PM
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Isn't it a little silly to get on a soapbox and make sweeping generalizations when you yourself placed an ASIC pre-order?
I nearly fell victim to this bullshit myself. Fortunately, I got my credit card refund out of bASIC over a month ago.

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January 27, 2013, 08:37:28 PM
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Cool beans dude.

Obviously people can only argue so much. Actions speak louder than words: http://bitbet.us/bet/7/bfl-will-deliver-asic-devices-before-march-1st/

yep i got my bet in for no on that Cheesy I'm thinking it's a pretty safe bet

Dreams of cyprto solving everything is slowly slipping away...Replaced by scams/hacks Sad
ssateneth
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January 28, 2013, 11:52:03 AM
 #7

ASIC stinked to high heaven when it was first announced. Yes its a good "what if" scenario to drool at for those mining for the money, but it's just that. What if...

ShadesOfMarble
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February 02, 2013, 04:29:08 PM
 #8

Hmmm and let me see, had you held your coins, you would have tripled your money already. How's that for easy money?

Troll/Justify/Rationalize away, you got scammed period, even if these vendors deliver. You've lost 300% in opportunity cost.
This...

Review of the Spondoolies-Tech SP10 „Dawson“ Bitcoin miner (1.4 TH/s)

[22:35] <Vinnie_win> Did anyone get paid yet? | [22:36] <Isokivi> pirate did!
BitcoinOxygen
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February 12, 2013, 09:45:16 AM
 #9

Hmmm and let me see, had you held your coins, you would have tripled your money already. How's that for easy money?

Troll/Justify/Rationalize away, you got scammed period, even if these vendors deliver. You've lost 300% in opportunity cost.
This...


BTCOxygen PPS Mining Pool 2% Fee  <<<  Join Now
Vladimir
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February 12, 2013, 09:53:09 AM
 #10

OP have made a few very good points. I too find the claimed specs rather ambitious. I have not invested anything into ASIC mining gear myself (and it was the right thing to do for me with the benefit of hindsight).

However, Jeff Garzik has reported a working prototype within claimed specs and there is no good reason to not believe him. Based on this I conclude that prototypes with claimed specs are out there, and we should expect ASIC's to pour onto the market soon. This will prove that BFLs and Avalons did it against all odds.

Not long left to wait to see more sightings of ASIC gear in the wild.

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Korbman
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February 12, 2013, 02:29:48 PM
 #11

OP have made a few very good points. I too find the claimed specs rather ambitious.
[...]
This will prove that BFLs and Avalons did it against all odds.

I've seen a number of posts that reflect this mindset, and it's a bit odd. You guys realize it's just a custom made computer chip, right? It's not really a hard thing to make these days. Why are the "claimed specs" so ambitious?


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