First Asic for SIA - Obelisk SC1

[kurbeks]

If no fake then probably a sort of kickstarter to get monet and start project.

[QuintLeo]

3) Umbrellas don't make it rain, but every other time an ASIC has been introduced to a coin, it has more than 10Xd afterwards. Any and all profitability psuedo-predictions should consider this potential price increase. Asics do not CAUSE price increases in and of themselves, but I do think they are inddicative of stable infrasture / network and a coin with a future.

 That is flat out NOT TRUE.

 Litecoin was DROPPING and continued to drop when ASIC were first introduced for it in 2014.

 DASH (X11) was flat and stayed flat for almost a year after the first ASIC was introduced for it last year.

 Bitcoin might have gone up but it was ALREADY climbing by the time the first ASIC showed up for it.

 What ASIC is indicative of is that someone believes there will be enough demand for an ASIC to make it profitable enough to make one - yet quite a few ASIC makers have ended up going bankrupt (KNC and Butterfly Labs are probably the best-known examples of ASIC miner makers that actually delivered product ending up bankrupt, but it's fairly long list that includes the majority of Bitcoin ASIC makers that ever managed to deliver product).

 In fairness, MOST of the ones that went bankrupt did so as the result of overoptimistic promises on "delivery timeframe", though in KNC's case it was *also* at least in part how unreliable their miners proved to be overall due to bad design decisions and poor chip design work.

[ekrififi]

3) Umbrellas don't make it rain, but every other time an ASIC has been introduced to a coin, it has more than 10Xd afterwards. Any and all profitability psuedo-predictions should consider this potential price increase. Asics do not CAUSE price increases in and of themselves, but I do think they are inddicative of stable infrasture / network and a coin with a future.

 That is flat out NOT TRUE.

 Litecoin was DROPPING and continued to drop when ASIC were first introduced for it in 2014.

 DASH (X11) was flat and stayed flat for almost a year after the first ASIC was introduced for it last year.

 Bitcoin might have gone up but it was ALREADY climbing by the time the first ASIC showed up for it.

 What ASIC is indicative of is that someone believes there will be enough demand for an ASIC to make it profitable enough to make one - yet quite a few ASIC makers have ended up going bankrupt (KNC and Butterfly Labs are probably the best-known examples of ASIC miner makers that actually delivered product ending up bankrupt, but it's fairly long list that includes the majority of Bitcoin ASIC makers that ever managed to deliver product).

 In fairness, MOST of the ones that went bankrupt did so as the result of overoptimistic promises on "delivery timeframe", though in KNC's case it was *also* at least in part how unreliable their miners proved to be overall due to bad design decisions and poor chip design work.

I probably should have explained my point a little better. Sometimes I post faster than I think. If I didn't, I'd never post anything

1) What I was trying to say was that had you mined with your first generation asics (in btc, ltc or dash), and stacked all of your mined coins, you would have cleared a large progit, regardless of any initial dip in the price of the coin. I believe Litecoin was in the 3 dollar range (maybe lower). I have no idea what Dash was at, but again much lower than today's prices.

2) I believe ASIC MAY BE indicative of a coin's legitimacy. Yes, it does mean that "someone believes there will be enough demand for an ASIC to make it profitable enough to make one", but WHY is there that demand? That demand MAY exist in part for the same reasons that wil drive demand of the coin itself.

3) As for the early bitcoin hardware companies that failed to produce reliable ASICs, or failed to deliver orders on time, and have since bitten the dust... That is ALWAYS a risk, especially with smaller companies with no track record. The people at Obelisk could definitely disappoint... 

Either way, I'll report back... and I'll be sure to leave room for humble pie 

[Eyedol-X]

3) Umbrellas don't make it rain, but every other time an ASIC has been introduced to a coin, it has more than 10Xd afterwards. Any and all profitability psuedo-predictions should consider this potential price increase. Asics do not CAUSE price increases in and of themselves, but I do think they are inddicative of stable infrasture / network and a coin with a future.

 That is flat out NOT TRUE.

 Litecoin was DROPPING and continued to drop when ASIC were first introduced for it in 2014.

 DASH (X11) was flat and stayed flat for almost a year after the first ASIC was introduced for it last year.

 Bitcoin might have gone up but it was ALREADY climbing by the time the first ASIC showed up for it.

 What ASIC is indicative of is that someone believes there will be enough demand for an ASIC to make it profitable enough to make one - yet quite a few ASIC makers have ended up going bankrupt (KNC and Butterfly Labs are probably the best-known examples of ASIC miner makers that actually delivered product ending up bankrupt, but it's fairly long list that includes the majority of Bitcoin ASIC makers that ever managed to deliver product).

 In fairness, MOST of the ones that went bankrupt did so as the result of overoptimistic promises on "delivery timeframe", though in KNC's case it was *also* at least in part how unreliable their miners proved to be overall due to bad design decisions and poor chip design work.

I probably should have explained my point a little better. Sometimes I post faster than I think. If I didn't, I'd never post anything

1) What I was trying to say was that had you mined with your first generation asics (in btc, ltc or dash), and stacked all of your mined coins, you would have cleared a large progit, regardless of any initial dip in the price of the coin. I believe Litecoin was in the 3 dollar range (maybe lower). I have no idea what Dash was at, but again much lower than today's prices.

2) I believe ASIC MAY BE indicative of a coin's legitimacy. Yes, it does mean that "someone believes there will be enough demand for an ASIC to make it profitable enough to make one", but WHY is there that demand? That demand MAY exist in part for the same reasons that wil drive demand of the coin itself.

3) As for the early bitcoin hardware companies that failed to produce reliable ASICs, or failed to deliver orders on time, and have since bitten the dust... That is ALWAYS a risk, especially with smaller companies with no track record. The people at Obelisk could definitely disappoint...  

Either way, I'll report back... and I'll be sure to leave room for humble pie  

Here is where I caution your plans -- BTC was the first and no one thought it would take off, sure if you purchased an original antminer back in the day, you could be a millionaire right now but look at how many SIA coins are out there.

I will be surprised if 1 SIA = 1 USD some day, I see it being worth less than 1 USD for quite some time to come, even if SIA takes off like I think it will, the exchange rates will not likely jump significantly for the coins for many years.

However that being said if SIA were to get to say $10 some day, those of us bag holding would be millionaires but that would also mean that the >27.2 Billion SIA coin in the world today would be worth 272 Billion USD making the market cap for SIA 6.5 times the cap of BTC today which is a mere 41 Billion USD...

See what I'm saying? The reality of you becoming mega rich from this Asic is slim to none.

Can you make some profits from it? Yes.

Will it make you millionaire wealthy like BTC did for many? Not likely.

Will people still buy it? You can bet on it.

My Advice if you want to gamble $2500 on SIA is to just go out and buy $2500 in SIA right now. You'll probably make more money in 1 year than you would waiting on the Obelisk.

[QuintLeo]

1) What I was trying to say was that had you mined with your first generation asics (in btc, ltc or dash), and stacked all of your mined coins, you would have cleared a large progit, regardless of any initial dip in the price of the coin. I believe Litecoin was in the 3 dollar range (maybe lower). I have no idea what Dash was at, but again much lower than today's prices.

2) I believe ASIC MAY BE indicative of a coin's legitimacy. Yes, it does mean that "someone believes there will be enough demand for an ASIC to make it profitable enough to make one", but WHY is there that demand? That demand MAY exist in part for the same reasons that wil drive demand of the coin itself.

3) As for the early bitcoin hardware companies that failed to produce reliable ASICs, or failed to deliver orders on time, and have since bitten the dust... That is ALWAYS a risk, especially with smaller companies with no track record. The people at Obelisk could definitely disappoint... 

Either way, I'll report back... and I'll be sure to leave room for humble pie 

 1. Again, that's "investment" not "mining".
 Litecoin at it's low right before the halfing was around $2 for a while - I forget offhand if it dipped under $2 but I think it did at least once.

 2. That's a reasonable point.

 3. Don't invest more than you can afford to lose.

[ekrififi]

since the Obelisk goes on sale tomorrow, I thought I would talk thru my thought process a little before purchasing one.

Asics are in high demand, especially alt-coin asics. Unlike the bitcoin mining landscape that has seen the introduction of big money players, PetaFlop Bitfury Blockboxes and the like... I think alt coin asics offer an opportunity for lowly individual crypto prospectors to stay competeitive.

Right now there is high demand for the L3+s (bitmain keeps selling out and upping their price) and baikal cubes. I don't think there's enough supply to meet the demand. I don't think this situation is likely to change anytime soon. There are only a few companies (as of now) successfully producing mining hardware.

As more people come into the mining hardware alt coin sector, searching for profitable ASICs, I think it'll only be a matter of time before people stumble upon this Sia Coin ASIC. Then there would be a large demand for them, even if the price of Sia stays flat or decreases.

Obelisk is creating these ASICS in large part bc they are SiaCoin founders / holders. In other words, they're believers. That tells me that it is UNLIKELY a competing company will come out with a competing product anytime soon. Maybe Obelisk will make a 2nd batch, but if they don't, or if that 2nd batch takes a while, or if I am able to preorder from the 2nd batch with Sia mined from the first one... then in effect the owners of these ASICs will have a monopoly on mining this coin... could also dominate any other crypto using the same algo (either now or in the future). IF Sia does explode in price, nobody else will be able to mine it. It'll b strong enough to blow away the GPUs currently dual mining it. Unlike Dash and Litecoin, I don't believe you'll see large computer companies destroying this batch with a better model.

From what I can gather from this thread (and others), many crypto enthusiasts are unwilling to take the risk or wait that long for delivery, which would make SIA mining rarefied are.

[ekrififi]

One final point: some posters have claimed that you would be better off buying and holding $2,500 in Siacoin, but I don't think that's accurate. Buying a finite amount provides a finite return. Yes, I think buying and holding would pay out, but with a low energy draw (they claim 500 watt), I think it is possible for this asic to mine indefinitely.

[Eyedol-X]

I've done a ton of reading over on the SIA Reddit in regards to what's happening with SIA and how the Obelisk is being developed.

With the logic I've already outlined, it still seems to me that I could make more in the short term with simply just buying $2500 in SIA and then dumping it after the price increases in a few months but I realized a few things in my reading:

• I believe SIA is more than a pump and dump coin
• SIA devs, the parent company, and the company engineering the Asic are in the USA

When I think about how I could spend $2500 in BTC today most of those ways are not spending that BTC with a vendor or developer that is based in the USA. Since I live in the USA and I want to see companies like SIA succeed in the USA, it is for that reason alone that I've decided to buy 1 Obelisk for myself. As I already have a Minebox coming and the fact that the Obelisk will help secure the SIA network which in turn gives the architecture of SIA a better chance of being more than just a "pump and dump coin" I simply need to support this venture as well as in the end it, I believe, it will all pay off.

So in summary, in a few hours I'm going to pre-order my Obelisk.

[ekrififi]

I've done a ton of reading over on the SIA Reddit in regards to what's happening with SIA and how the Obelisk is being developed.

With the logic I've already outlined, it still seems to me that I could make more in the short term with simply just buying $2500 in SIA and then dumping it after the price increases in a few months but I realized a few things in my reading:

• I believe SIA is more than a pump and dump coin
• SIA devs, the parent company, and the company engineering the Asic are in the USA

When I think about how I could spend $2500 in BTC today most of those ways are not spending that BTC with a vendor or developer that is based in the USA. Since I live in the USA and I want to see companies like SIA succeed in the USA, it is for that reason alone that I've decided to buy 1 Obelisk for myself. As I already have a Minebox coming and the fact that the Obelisk will help secure the SIA network which in turn gives the architecture of SIA a better chance of being more than just a "pump and dump coin" I simply need to support this venture as well as in the end it, I believe, it will all pay off.

So in summary, in a few hours I'm going to pre-order my Obelisk.

Eyedol-X is a believer!?!?!!! As I live and breath... you saw it here, folks. The full on conversion of Eyedol-X...

I'm happy to say I pre-ordered mine this afternoon. While it's true I could have converted everything over to eth, waited a day, then placed my order a day later, and made a nice profit before buying the same machine... I gotta remind myself not to think that way

Btw any ideas on how to avoid (or benefit from) price fluctuations while coordinating buys like this? I got burned one time when the price of bitcoin keptdropping as I was buying it. On this purchase, I tried to diversify mainly into dash, ltc and then trade into btc at favorable rates. I figured the fiat i was waiting on was a sort of hedge in case btc price went down. In heignsight, since this asic price was denominated in USD, I should have picked up some tether...

Any thoughts? Or maybe this should be it's own thread...

The important thing is that Eyedol is a believer...

[Bulletdodger]

I dual mine with a few RXs and 2 1070s, and at this rade I get like 20000+ sia monthly, without sacrificing the hash rate for ETH basically
(except those 2 1070s, which paid themselves out a long time ago).

So, I dont know, by the time ASIC comes out, I'll make 250 000 sia.
Just sayin'.

Haven't decided yet on the ASIC to be honest.

[chup]

I'm happy to say I pre-ordered mine this afternoon. While it's true I could have converted everything over to eth, waited a day, then placed my order a day later, and made a nice profit before buying the same machine... I gotta remind myself not to think that way

Congrats, You just evaporated $2500. As I said, all numbers/dates were too unrealistic round. Just hope I'm wrong...

[Searing]

I'm happy to say I pre-ordered mine this afternoon. While it's true I could have converted everything over to eth, waited a day, then placed my order a day later, and made a nice profit before buying the same machine... I gotta remind myself not to think that way

Congrats, You just evaporated $2500. As I said, all numbers/dates were too unrealistic round. Just hope I'm wrong...

have they even shipped this yet?

http://> [url]https://minebox.io/preorder

there 8tb and 16tb minerbox thingy says june 2017? and still has 38 left?

just wondering how this plays into this?

anyone have a minerbox beast or one ordered etc and want to chime in

[h311m4n]

I dual mine with a few RXs and 2 1070s, and at this rade I get like 20000+ sia monthly, without sacrificing the hash rate for ETH basically
(except those 2 1070s, which paid themselves out a long time ago).

So, I dont know, by the time ASIC comes out, I'll make 250 000 sia.
Just sayin'.

Haven't decided yet on the ASIC to be honest.

Kind of in the same boat.

At 100GH/s I think the returns / months in SIA are like 300'000 SIA or 4500$ at the current rate, so it would literally pay itself off in 2 weeks.

But if you dump everything you mine per day or month with an Obelisk (which is quite a lot of coins), I have a hard time believing this won't sink the price of SIA. I haven't checked on the exchanges what the demand of SIA looks like. But basically 10 Obelisk will mine 3'000'000 coins a month. And I'm pretty sure there will be more than 10 on the network...

I understand the logic behind the ASIC for SIA but I'm unsure if I should keep my coins or dump them...

[CjMapope]

Saw this, some thoughts:

Looks sweet, but we have seen this b4 (new algo asic's) - never ends well for a multitude of reasons
Still thought maybe i would buy one, then saw ship date. oh, fuk that, a year till even SCHEDULED to ship? NO WAY
100gh/s?  will not only be MEH for sia in 12 months, but who knows where the price will be

ill take 1BTC instead and lock it in my trezor.  in 12 months lets see who has more value

+0.5 points for a prayer someone makes new coins with Sia's algo, it might ROI then in less than 10+months.

[Ayers]

So the big question.

Who is ordering?

not me it's pointless to have a asic, they run out of profit very fast and become useless, stick with gpu for the best earning, the last good asic for me was baikal but that one had many algo, this only one, also sia is not that profitable, this asic will only kill the remaining profit

[Eyedol-X]

I'm happy to say I pre-ordered mine this afternoon. While it's true I could have converted everything over to eth, waited a day, then placed my order a day later, and made a nice profit before buying the same machine... I gotta remind myself not to think that way

Congrats, You just evaporated $2500. As I said, all numbers/dates were too unrealistic round. Just hope I'm wrong...

have they even shipped this yet?

http://> [url]https://minebox.io/preorder

there 8tb and 16tb minerbox thingy says june 2017? and still has 38 left?

just wondering how this plays into this?

anyone have a minerbox beast or one ordered etc and want to chime in

I pre-ordered my Minebox 16TB the day it became available. The last update I got was about 30 days ago with no specific ETA. I suspect there have been some delays to its release since SIA has made some updates to their network during the same time. In addition to this I know Minebox has been closely partnering with HP Enterprise and it was recently shown off in their booth at an event in Vegas.

As I said previously, I believe the SIA architecture is more than a pump and dump coin and while I believe there is more risk than there is potential rewards in the short term of buying this Obelisk Asic, I believe it will pay off in the long run (assuming it becomes a reality). My Minebox only has successful value if SIA works out and is adopted by the masses and the Obelisk is a step towards helping that IMO.

In short, From what I read over on reddit, its not going to be an issue for SIA to get enough money to R&D the Obelisk Asic as they had private offers to 100% fund the venture. They indicated they had multiple offers and that they want to restrict any one private investor from buying no more than 20% of the hashrate while simultaneously making the Pre-order which could have been private, a public event.

Based upon what I have read these Asics will be a reality at some point and the SIA Devs are trying to make sure that the Asic ends up, at least in some capacity, in the hands of smaller miners rather than having large private mines controlling a significant amount of hashrate along with a single large private company controlling the Asic development as we can see with Bitmain and BTC.

This is a video about Blockchain and HP Enterprise, the Minebox partnership is mentioned about 21m21s in - https://www.youtube.com/watch?v=7hEiHR-K_KY

My closing thoughts around my decision to buy the Obelisk: I missed the boat on BTC when I decided not to build a GPU miner and invest a few thousand into it back in 2009/2010... I think SIA could be bigger and I'm not going to make the same mistake twice.

[mirny]

The one thing Sia has going against it is that it already has a pretty large market cap. it's valued much higher than any other data storage crypto coin (burst, storj etc)

Burst - if you have filled HDD with some data, it doesn't always mean it's a data storage crypto coin.

[Aesedai]

I dual mine with a few RXs and 2 1070s, and at this rade I get like 20000+ sia monthly, without sacrificing the hash rate for ETH basically
(except those 2 1070s, which paid themselves out a long time ago).

So, I dont know, by the time ASIC comes out, I'll make 250 000 sia.
Just sayin'.

Haven't decided yet on the ASIC to be honest.

Kind of in the same boat.

At 100GH/s I think the returns / months in SIA are like 300'000 SIA or 4500$ at the current rate, so it would literally pay itself off in 2 weeks.

But if you dump everything you mine per day or month with an Obelisk (which is quite a lot of coins), I have a hard time believing this won't sink the price of SIA. I haven't checked on the exchanges what the demand of SIA looks like. But basically 10 Obelisk will mine 3'000'000 coins a month. And I'm pretty sure there will be more than 10 on the network...

I understand the logic behind the ASIC for SIA but I'm unsure if I should keep my coins or dump them...

So remember these increase the network difficulty tremendously... so initially Obelisk had put out estimated earnings at about 60,000 Sia a month.  I don't know if they removed it for legal reasons or just because they didn't want to be held to that but I think it is a pretty reasonable suggestion.  It really depends on how many of these they sell because, presumably, the total block reward divided by how many asics they sell will be the earnings since I can't imagine anyone GPU-mining Sia after these come out (except the most ardent Sia fanboys that didn't have $2500 to shell out).

[Eyedol-X]

Got my confirmation e-mail that confirms my pre-order so I'm now in line waiting on one of these.

I know as of yesterday afternoon they had already received 430 pre orders of Batch 1

They have added some additional "pre-order" perks (maybe they were listening to my post from days ago? one can hope...)

We are ready to begin accepting orders for the Obelisk SC1 - the first 28nm full custom ASIC for mining siacoin. We will be providing regular updates on the progress of the sale, including number of units sold.
To encourage and protect our early adopters, we have also provided two new guarantees:
Obelisk will not ship any units beyond those sold in batch 1 for at least 6 weeks (42 days) after the units for batch 1 have been shipped. This guarantees that participants in our batch 1 pre-sale will have 6 weeks of mining with no competition from other Obelisk miners or chips.
Every unit sold comes with a $250 single-use coupon for future purchases from Obelisk. Each coupon can be used up to once, and can be applied to get up to a $250 discount on a single unit in a future batch. Only one coupon may be applied per unit.

[target]

So how much SIA can this asic miner mine in a day if anyone can speculate?
I just check SIA price is less  than $0.05, someone with $1K can definitely buy a ton of it to hold for its pump. If you hold today, you wouldn't have to mine and spend electricity bill for it.