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Author Topic: [Announcement] Block Erupter USB  (Read 237805 times)
velacreations
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May 07, 2013, 06:43:30 PM

If I was a shareholder I would want to know why the powers that be @ AM are mining in the BTCguild pool paying (wasting) a 7.5% fee, when they they have enough T/H power to mine solo and keep all fees and block rewards for shareholders.

Surely giving away 7.5% of profits and mining "fees" to a third party is crazy?

Now that they have so much TH, the plan is to go solo in the next few weeks.

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reactor
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May 07, 2013, 07:52:30 PM

No, because the admin at BTC is smart and realizes the potential negativity around the 51% situation (something AM is apparently the doombringer of Cheesy) and would raise fees or do something to mitigate.  It's been encouraged to spread the hashing a little to keep everything stable.

As far as AM, the more I think about their situation the more it makes me uncomfortable.  I mean, think about it, they've already got a market for shares of their mining setup.  If someone in BitFountain was industrious you could have the AM-Market where people competitively bid on this market that sits on top of BTC.  Right now we've got auctions and different exchanges, but they could make a mint off of people paying them to make absurd amounts of money.  Oh wait, that's exactly what they are doing!

It's brilliant. Cheesy

- Robert - Irritated
tempestb
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May 07, 2013, 08:36:35 PM

It really depends on if they are converting the btc they mine right away, or if they are saving them.  If they cash them out right away, that could drop the value of btc pretty rapidly.   On the other hand, if they save them, it could drive the value up because less of the other miners will get as many coins as before.

The 51% situation is a problem, because as they approach it, the difficulty will also spike causing more and more people to quit mining, bringing them to 51% or over.  This means they'll have to shut down some of their equipment to stay underneath it. 

Once someone gets 40%, they have a 50/50 chance of reversing any transaction.  So once they breach 40%, it's a problem in theory anyway.

It's not good for Bitcoin.  But if Bitcoin fails, so too does their entire operation, so they have choices to make when expanding their hashing power.

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velacreations
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May 07, 2013, 08:49:37 PM

If they get close to 50%, they'll just sell mining equipment instead of increasing their hash rate.  In fact, I expect them to do that way before 50%, probably around 25%.  They won't risk taking too much of the global hash rate when they can get a premium for their equipment.

In related news, the share prices are rising!  It seems people are realizing the dividends will be increasing significantly over the next few weeks.


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May 07, 2013, 09:39:20 PM

AM doesn't strike as foolish. So, they will not be selling mining resources because they are bumping close to 50%.  They will instead move a portion of their hashing to a different pool.

It sounds like that is already happening as I seem to remember from their last communique that their newest 50Th and 200Th farms will be on their own pool(s?).


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May 07, 2013, 09:40:19 PM

The plan is to wait until competing products drive the price down. It will happen eventually.

+1

Or more likely, a competing product with better hash for lower unit cost...
GodHatesFigs
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May 08, 2013, 12:34:23 AM

I love all the posts from people acknowledging the ridiculous price, then immediately saying "put me down for 10!!!!"

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doubledave
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May 08, 2013, 01:39:55 AM

I love all the posts from people acknowledging the ridiculous price, then immediately saying "put me down for 10!!!!"
I know, right?

-doubledave
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gmouse
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May 08, 2013, 06:26:13 AM

I love all the posts from people acknowledging the ridiculous price, then immediately saying "put me down for 10!!!!"
I know, right?

I wouldn't mind buying a piece of history.
irritant
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May 08, 2013, 06:49:39 AM

I love all the posts from people acknowledging the ridiculous price, then immediately saying "put me down for 10!!!!"
I know, right?

I wouldn't mind buying a piece of history.


should resist... ahhrrg cant resist,

historycoin in the making  Cheesy 
SilentSonicBoom
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May 08, 2013, 07:12:29 AM

I am buying at least two in the US/Canada group buy. I like the idea so much I even started a little mining IPO called TURTLE MINING using these USB miners Smiley

kost
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May 08, 2013, 07:35:08 AM

ARE YOU PEOPLE NUTS?! $230 for a device that's 1/16th the speed of the $275 BFL machine? These should be $30. $40 tops.

Agree with this. It's little overpriced. if 2 BTC for 300 USB, that means 3 or 4 BTC for 1 USB when they start reselling and that's just too much.

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Xian01
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May 08, 2013, 07:37:22 AM

I am buying at least two in the US/Canada group buy. I like the idea so much I even started a little mining IPO called TURTLE MINING using these USB miners Smiley

I'm not sure it's worth the administrative headache to create a mining IPO starting with 600MH/s :|
SilentSonicBoom
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May 08, 2013, 08:09:26 AM

Probably not. If I get enough purchases, this could be increased. I currently have mining hardware that is greatly in excess of this hashrate Smiley

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May 08, 2013, 08:20:19 AM

I think that a normal price for this gadget it would be 0.7BTC + shipment

My cool bitcoin ASIC sites http://mining-bitcoins.co and http://mineasics.com and http://litecoinx.gr
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muyuu
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May 08, 2013, 09:26:33 AM

I'd have bought AM shares if they were really for sale, but they're not. You don't get a contract directly with AM any more, or at least not last time I checked. You need to trust a couple extra "layers".
you can buy shares through auctions in this forum.  They are a direct shares.  But, I don't see the point of direct shares, and typically, bitfunder is .1-.3 btc cheaper per share than direct shares.  They all get the same dividends, and I have no reason not to trust the PTs.

Additionally, you can convert PT shares to direct shares, if you want.

Can you direct me to these direct share auctions?

Solo mining is just dumb luck, pooled mining ensures you get paid.

Not when you have ~25% of the hashing power and you are bigger than most pools on your own.

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markyminer
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May 08, 2013, 11:00:34 AM

any ETA for the USB ?

lol. This is turning into a BFL forum thread now. PMSL.

Well if you are a true beleiver like many here Friedcat (or his fans) says it's available now, pledge with a group buy and you will have it at home mining in 5-6 days (14th May latest) just as difficulty jumps to 10.5million.

If you are a realist i would say 1st week of June at the earliest, if not later when difficulty is between 12-13 million.

Take your pick and hand over your 2BTC.

M

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Rodyland
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May 08, 2013, 11:23:31 AM


Can you direct me to these direct share auctions?


Try the auction sub-forum?

https://bitcointalk.org/index.php?board=73.0

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velacreations
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May 08, 2013, 02:49:01 PM

Dividend for today is: 0.011 per share

JimiQ84
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May 08, 2013, 03:24:56 PM

any ETA for the USB ?

lol. This is turning into a BFL forum thread now. PMSL.

Well if you are a true beleiver like many here Friedcat (or his fans) says it's available now, pledge with a group buy and you will have it at home mining in 5-6 days (14th May latest) just as difficulty jumps to 10.5million.

If you are a realist i would say 1st week of June at the earliest, if not later when difficulty is between 12-13 million.

Take your pick and hand over your 2BTC.

M

You should read OP, you'll find that friedcat said that USB miners will be ready in 15-20 days.
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