[Cancelled] Big Time Coin selling 90 GH/s bitcoin mining devices - Batch A

[Big Time Coin]

PROJECT CANCELLED - No customer funds were ever collected

1) Still have not received sample chips although it has been 6 weeks since my order
2) Have been unable to recruit a team of engineers
3) Have devoted insufficient time to the project
4) have decided that taking pre-order money to finance project would be a huge financial risk due to intolerably high likelihood of project failure presented by 1-3
5) post left up for posterity

Product offered for sale:
Modular mining device Made in the USA by Big Time Coin using chips bought from Avalon.

Batch size: 500 devices

Specs: 90 GH/s average hashrate per device

1 chip provides 282 MH/s
8 chips per Hash Unit
10 Hash Units per Module
4 modules per device
Power consumption of <900 W
1000 Watt PSU (optional)
4 large heat sinks
3 120mm fans.

Pricing: 75 bitcoin per device, plus additional cost shipping or remote hosting options.

Comparison to Avalon batch 1: 4U rack mount case with easier case access, lighter case, and
improved cable management. Customer service provided.  Remote hosting option.  Shipping
domestic for U.S. customers. Shipping from U.S. to international customers.

Estimated Ship Date: Shipping begins July 22, all devices shipped by August 12.  Devices
shipped strictly in first in, first out order.  Earliest time and date on pre-order payment
shipped first.

Estimated Timeline: Order first 10,000 chips - April 17, 2013 (already done)
Order remaining 190,000 chips allowed to single customer on or before April 29, 2013.
Recieve reference design of non-chip device components including PCB and FPGA on May 1, 2013
Order PCB and FPGA components on or before May 15, 2013.
Design and order custom case kits on or before May 15, 2013.
Recieve sample chips on or before May 27, 2013
Chips shipped from China to USA in 9-10 weeks, assume 1 week transit and customs.
Use time in June to assemble testing devices, plan assembly, prepare assembly facility,
stock all required supplies and parts, orient, integrate, and train company team.
Recieve production chips at assembly facility on or before July 15, 2013.  
Assemble, test, and ship or remote host all 500 devices to customers by August 12, 2013.

Pre-Order information:

The current plan is to team up with BIPS (bips.me) to handle Pre-Order customer database information and payment collection.  
Pre-orders will be opened prior to April 29, 2013 for the 500 unit pre-order, exact time and date to be announced in this thread.  
Bitcoin is the only accepted form of payment.

Hiring: We will be hiring immediately electrical, computer, and software engineers at a
competitive salary with benefits available.  If you wish to be considered for a position,
submit your resume with cover letter to the e-mail listed on my profile page.  Off-forum
recruitment will also occur and forum membership earns no preference in recruitment.
All  applicants must pass a pre-employment background check and drug screen.  Start date for
positions will be as early as May 1, 2013.  Applicants need significant experience in ASIC,
PCB and/or FPGA design, production, and electronics assembly.  Other positions as needed. Must
be willing to relocate to Roswell, NM immediately.  Relocation assistance available for the
right applicant(s). We will be hiring and training 5-10 assembly techs beginning with 1
master tech in 4 weeks when we recieve the sample modules, the rest while the chips are
enroute from China.

Equity: The company wants to issue equity in some form in the future, hopefully to the
community at large by taking advantage of the USA JOBS act that allows some exceptions to
the SEC rules regarding issuing securities to non-accredited investors.  This aspect of our
operation is a prospect that is not guaranteed and for the time being BTC is operating as a
closely held company.  If there is any down time in the frantic rush to meet the tight
deadlines we are setting for ourselves that time will be used to explore this exciting
option.

Contingencies: If Avalon fails to deliver the chips on time, the estimated dates cannot be met.  
If they fail to deliver the chips at all, the devices cannot be constructed.  Avalon has agreed to sell
the chips to Big Time Coin but has no other affiliation or association with this project.

Refunds:  Refunds are offered on a common sense basis where good cause is shown for the breach
of contract to buy.  Only the portion of the payment that was not forwarded on for chip purchase can be
refunded prior to receipt of chip shipment.  After chip shipment recieved and tested, BTC will
attempt to issue bitcoin refunds from the chip purchase portion of customer orders if possible.  
Non-chip-ordering payment portions will be converted into US Dollars and all non-chip-ordering
portion refunds will be processed using US Dollars.

Website currently under construction - launch will be announced in this thread www.bigtimecoin.com

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[Big Time Coin]

reserved

[Vagnavs]

 preorder with funds due upfront?  Another one

[miter_myles]

lawl

[adamthefishman]

IHAIPBWNR75B

Good luck

[ivann]

Too expensive...

[filharvey]

So this will have 320 chips in at 0.076 each, that is about 24.32BTC of chips. So why is the rest of the hardware worth 50BTC?

I would be willing to pay maybe ~40BTC. Even the DIY effort to create a 10 chip device would come in around the 50BTC mark to match your hashing. Ie 32 devices at 0.86BTC and 80 euros each (effectively 1.66BTC) per device. On a larger design you should be able to reduce costs not double them.


Phil

[shibaji]

I think this is because of pre-packaging and labor. DIY will probably not be plug and play. This pricing is competitive in that aspect, and I would be interested if the could be delivered earlier.

[Bitsaurus]

What is there like a manual on setting up these "companies?"

Pics or it didn't happen

[Marrs]

So this will have 320 chips in at 0.076 each, that is about 24.32BTC of chips. So why is the rest of the hardware worth 50BTC?

I would be willing to pay maybe ~40BTC. Even the DIY effort to create a 10 chip device would come in around the 50BTC mark to match your hashing. Ie 32 devices at 0.86BTC and 80 euros each (effectively 1.66BTC) per device. On a larger design you should be able to reduce costs not double them.


Phil

You did not include Zefir's taxes and customs fees, so 10 chips from him are 0.86 * 1.1 = 0.946, and 80 Euros is 0.94 BTC right now, not 0.8 BTC, so your 32 Burnin devices would be about 60 BTC.

Then you have to buy power supplies to run them all, and USB hubs to connect them all, and maybe a Raspberry Pi as an executor.

75 BTC isn't looking all that bad, if this is as plug-and-play as an Avalon.

[filharvey]

So this will have 320 chips in at 0.076 each, that is about 24.32BTC of chips. So why is the rest of the hardware worth 50BTC?

I would be willing to pay maybe ~40BTC. Even the DIY effort to create a 10 chip device would come in around the 50BTC mark to match your hashing. Ie 32 devices at 0.86BTC and 80 euros each (effectively 1.66BTC) per device. On a larger design you should be able to reduce costs not double them.


Phil

You did not include Zefir's taxes and customs fees, so 10 chips from him are 0.86 * 1.1 = 0.946, and 80 Euros is 0.94 BTC right now, not 0.8 BTC, so your 32 Burnin devices would be about 60 BTC.

Then you have to buy power supplies to run them all, and USB hubs to connect them all, and maybe a Raspberry Pi as an executor.

75 BTC isn't looking all that bad, if this is as plug-and-play as an Avalon.

Ok fine lets say 60BTC, but they are packing this into a single device. That means 1 power supply, rack, no usb hubs, but in a single unit, where costs of the diy unit should become non existent. So to me it should cost a lot less than the diy effort.

At the end of the day of they can't make it cost less than the diy unit they have issues. Or are just looking at the Avalon pricing for batch 3 and hoping people go for the same.

Phil

[dan99]

So this will have 320 chips in at 0.076 each, that is about 24.32BTC of chips. So why is the rest of the hardware worth 50BTC?

I would be willing to pay maybe ~40BTC. Even the DIY effort to create a 10 chip device would come in around the 50BTC mark to match your hashing. Ie 32 devices at 0.86BTC and 80 euros each (effectively 1.66BTC) per device. On a larger design you should be able to reduce costs not double them.


Phil

Let me know if you could do one for me ...

[Marrs]

Ok fine lets say 60BTC, but they are packing this into a single device. That means 1 power supply, rack, no usb hubs, but in a single unit, where costs of the diy unit should become non existent. So to me it should cost a lot less than the diy effort.

At the end of the day of they can't make it cost less than the diy unit they have issues. Or are just looking at the Avalon pricing for batch 3 and hoping people go for the same.

Phil

You haven't priced in the power supplies for the 32 DIY units, or the hubs, or the executors. Or the hassle of dealing with 32 separate units.

Personally, I'm kind of leary about spending 75 BTC now for something that won't be delivered until *at least* mid August, but I don't think 75 is out of line with the DIY (which is expecting delivery one month earlier, but is in a similar situation of not having a finalized design so who knows).

Also, just because their pricing makes sense doesn't mean they aren't a scam. That has yet to be determined.

[dan99]

So this will have 320 chips in at 0.076 each, that is about 24.32BTC of chips. So why is the rest of the hardware worth 50BTC?

I would be willing to pay maybe ~40BTC. Even the DIY effort to create a 10 chip device would come in around the 50BTC mark to match your hashing. Ie 32 devices at 0.86BTC and 80 euros each (effectively 1.66BTC) per device. On a larger design you should be able to reduce costs not double them.


Phil

You did not include Zefir's taxes and customs fees, so 10 chips from him are 0.86 * 1.1 = 0.946, and 80 Euros is 0.94 BTC right now, not 0.8 BTC, so your 32 Burnin devices would be about 60 BTC.

Then you have to buy power supplies to run them all, and USB hubs to connect them all, and maybe a Raspberry Pi as an executor.

75 BTC isn't looking all that bad, if this is as plug-and-play as an Avalon.

Ok fine lets say 60BTC, but they are packing this into a single device. That means 1 power supply, rack, no usb hubs, but in a single unit, where costs of the diy unit should become non existent. So to me it should cost a lot less than the diy effort.

At the end of the day of they can't make it cost less than the diy unit they have issues. Or are just looking at the Avalon pricing for batch 3 and hoping people go for the same.

Phil

Ya, it should costs a lot less, degree of difficulty is increasing and we earn less from mining but are charging more for their product and they need upfront payment with no guarantee on delivery and delivery date?

[shibaji]

So this will have 320 chips in at 0.076 each, that is about 24.32BTC of chips. So why is the rest of the hardware worth 50BTC?

I would be willing to pay maybe ~40BTC. Even the DIY effort to create a 10 chip device would come in around the 50BTC mark to match your hashing. Ie 32 devices at 0.86BTC and 80 euros each (effectively 1.66BTC) per device. On a larger design you should be able to reduce costs not double them.


Phil

You did not include Zefir's taxes and customs fees, so 10 chips from him are 0.86 * 1.1 = 0.946, and 80 Euros is 0.94 BTC right now, not 0.8 BTC, so your 32 Burnin devices would be about 60 BTC.

Then you have to buy power supplies to run them all, and USB hubs to connect them all, and maybe a Raspberry Pi as an executor.

75 BTC isn't looking all that bad, if this is as plug-and-play as an Avalon.

Ok fine lets say 60BTC, but they are packing this into a single device. That means 1 power supply, rack, no usb hubs, but in a single unit, where costs of the diy unit should become non existent. So to me it should cost a lot less than the diy effort.

At the end of the day of they can't make it cost less than the diy unit they have issues. Or are just looking at the Avalon pricing for batch 3 and hoping people go for the same.

Phil

Please troll less. The price is fine. Not interested ? Move on.

[filharvey]

So this will have 320 chips in at 0.076 each, that is about 24.32BTC of chips. So why is the rest of the hardware worth 50BTC?

I would be willing to pay maybe ~40BTC. Even the DIY effort to create a 10 chip device would come in around the 50BTC mark to match your hashing. Ie 32 devices at 0.86BTC and 80 euros each (effectively 1.66BTC) per device. On a larger design you should be able to reduce costs not double them.


Phil

You did not include Zefir's taxes and customs fees, so 10 chips from him are 0.86 * 1.1 = 0.946, and 80 Euros is 0.94 BTC right now, not 0.8 BTC, so your 32 Burnin devices would be about 60 BTC.

Then you have to buy power supplies to run them all, and USB hubs to connect them all, and maybe a Raspberry Pi as an executor.

75 BTC isn't looking all that bad, if this is as plug-and-play as an Avalon.

Ok fine lets say 60BTC, but they are packing this into a single device. That means 1 power supply, rack, no usb hubs, but in a single unit, where costs of the diy unit should become non existent. So to me it should cost a lot less than the diy effort.

At the end of the day of they can't make it cost less than the diy unit they have issues. Or are just looking at the Avalon pricing for batch 3 and hoping people go for the same.

Phil

Please troll less. The price is fine. Not interested ? Move on.

I am not trolling, if this was priced under 50 I would be on it. I think that a single unit should be cheaper than 32 individual units. And what they are currently saying it it is not.

If the could explain the difference and it is reasonable I will say fine, and could still order one. Anyway made my comments, if price changes as I say I could offer one.

Phil

Phil

[Peleus]

Payment up front? Yet to hire? Massive uncertainty as to future? 75B? ........

Thanks I'll give this one a miss.

[Vagnavs]

 too many unanswered questions..  Timing sucks, August.  Price is fine, just timing and etc etc

[Cablez]

Do yourself and us a favor and take the preorder out of it.  It doesn't fly anymore.  Front the cash yourself to finish it up and you will have customers lined up to get at 'real stock' when you are ready.

[/end thread]

[Peleus]

Do yourself and us a favor and take the preorder out of it.  It doesn't fly anymore.  Front the cash yourself to finish it up and you will have customers lined up to get at 'real stock' when you are ready.

[/end thread]

This.

Preorders have become a question of whether customers take the risk now or the business does. Given the amount of fly-by-night operators and ASIC start ups - along with the BFL fiasco - I don't think you'll find many willing to accept the risk as a customer any more.