Crowdsourced ASIC

[ionux]

You know, something just hit me.  Would it have been possible, given all of the BTC and USD/EUR wasted on ASIC scams thus far, to have crowdsourced an ASIC?

[1715550352]

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[1715550352]

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[Frankie Delaney]

Isn't that what BFL is?

[Fiyasko]

You know, something just hit me.  Would it have been possible, given all of the BTC and USD/EUR wasted on ASIC scams thus far, to have crowdsourced an ASIC?

You must be really new to bitcoins....
We already have ASIC's
And we already have ASIC's owned by multiple people (shares and dividends)

[ionux]

Yeah, I'm not talking about Avalon.  I was specifically referring to the (most likely) millions of dollars wasted on ASIC scams thus far.  We might have had another serious contender.  Oh well. 

[Frankie Delaney]

Yeah, I'm not talking about Avalon.  I was specifically referring to the (most likely) millions of dollars wasted on ASIC scams thus far.  We might have had another serious contender.  Oh well. 

Both BFL and bASIC were structured like crowdsourcing efforts, and we've all seen how that went.

[jedunnigan]

It all comes down to who heads up the project after all the cash comes pouring in.

Unless you have a competent team behind the wheel your gonna crash the party. Even semi-professional outfits like BFL that have delivered product(s) in the past have failed to live up to their promises. Same goes for the other end of the spectrum.

IMO Crowdsourcing would work better for buying bulk prefab ASIC chips (from Avalon, maybe helv in the future) and working from there; less risk if knowledgeable/experienced parties are involved. Vetting processes and possible recourse laid out in contracts etc...

[Stephen Gornick]

IMO Crowdsourcing would work better for buying bulk prefab ASIC chips (from Avalon, maybe helv in the future) and working from there; less risk if knowledgeable/experienced parties are involved. Vetting processes and possible recourse laid out in contracts etc...

August 9, 2012, forum user Friedcat describes investment opportunity for ASICMINER, which was to produce the chips to be mined by related organization MOORE mining.  $100K USD funds raised via GLBSE (equity crowdfunding), a record for a GLBSE raise, I believe, up until that time.

ASICMINER: Entering the Future of ASIC Mining by Inventing It
 - http://bitcointalk.org/index.php?topic=99497.0


February 14th, 2013, ASICMINER running 2.0 Thash/s against BTC GUILD, with much more to com:
 - http://bitcointalk.org/index.php?topic=99497.msg1527549#msg1527549


The first couple of weekly dividends on those ASICMINER shares were returning dividends of well over a third of the initial investment (in terms of BTCs dividend versus BTCs issued at).

[jedunnigan]

IMO Crowdsourcing would work better for buying bulk prefab ASIC chips (from Avalon, maybe helv in the future) and working from there; less risk if knowledgeable/experienced parties are involved. Vetting processes and possible recourse laid out in contracts etc...

August 9, 2012, forum user Friedcat describes investment opportunity for ASICMINER, which was to produce the chips to be mined by related organization MOORE mining.  $100K USD funds raised via GLBSE (equity crowdfunding), a record for a GLBSE raise, I believe, up until that time.

ASICMINER: Entering the Future of ASIC Mining by Inventing It
 - http://bitcointalk.org/index.php?topic=99497.0


February 14th, 2013, ASICMINER running 2.0 Thash/s against BTC GUILD, with much more to com:
 - http://bitcointalk.org/index.php?topic=99497.msg1527549#msg1527549


The first couple of weekly dividends on those ASICMINER shares were returning dividends of well over a third of the initial investment (in terms of BTCs dividend versus BTCs issued at).

bingo

[bitfreak91]

I am interested in leading a crowd funded ASIC miner project.
I have electronics and crypto background and lately I've been busy making a FPGA-based miner with Xilinx Virtex 6 devices.
I never made an ASIC but I think that a period of 9 months should be enough (in this case the target would be by the end of the year).
I know that by then the difficulty will be very high and this miner will not be able to bring the numbers that Avalon brings nowadays, but this project would further help decentralize the mining of the bitcoin (considering that today Avalon has monopoly).