mufa23
Legendary
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Activity: 1022
Merit: 1001
I'd fight Gandhi.
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March 05, 2014, 07:29:44 PM |
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Glad to see BFL is doing the right thing this time around and not making their customers pay for their mistakes. Major props, BFL!
(eagerly awaiting LabRat's decision...)
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Positive rep with: pekv2, AzN1337c0d3r, Vince Torres, underworld07, Chimsley, omegaaf, Bogart, Gleason, SuperTramp, John K. and guitarplinker
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contactmike1
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March 05, 2014, 07:31:12 PM |
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I would love for LR to get a refund on the Monarch orders and apply that all towards BitFury hardware instead. Would you rather have Monarchs in February or Bitfury in October? Sure, Monarchs are retailing at $8/GH and BitFury at $20/GH... but difficulty is the equalizer here... just consider the 70% increase per month, and more hardware coming out soon. Sitting and waiting for network gridlock might be the best bet. You might be able to buy a 2 TH miner for $2,000 next spring.
Looks like we might make the 6 months. A quick Monarch search shows we go back at least this far. |
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M31
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March 05, 2014, 08:06:24 PM
Last edit: March 07, 2014, 11:12:30 AM by M31 |
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I'm sure the math here is pretty simple for Lab_Rat. Get a refund request in ASAP, then expand the BF order by that amount, and perhaps do some sort of bridge financing to cover the massive 45 day delay that BFL is generating so that the BF order can be sped up. BFL has cost us massively once again, and continues to by delaying a refund. You know when they say 1TH/s +/- 20%, they mean -20%. You know when they say 30-45 days they mean 45 days. Such a shame... those monarch cards look pretty sweet! ..but TH cards will undoubtedly be going for $1000 (or less) later this year.. if they are worth it then, maybe we can reconsider. I suppose this is the problem when we are not in control of our own hardware: can't wait for that issue to be over.  |
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fractal02
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March 05, 2014, 08:22:05 PM |
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I suppose this is the problem when we are not in control of our own hardware: can't wait for that issue to be over.
+1 |
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tempestb
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March 05, 2014, 09:41:37 PM |
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If you can count on anything from BFL it is that this is not going to be the only delay. There are no assurances that when the chip comes back that it'll be correct, or any other of these processes they have in place will be ready. We also don't know if they'll have stock of necessary hardware parts on hand for all of their orders. Something that plagued them apparently, when they were working on their previous product assembly.
We should consider getting a refund and putting the money into a first round of Asicminer's new chips from competitive resellers making hardware. At least one in China has already announced plans to begin production. It's my guess these will be price competitive and available sooner than the other 28nm companies currently engaged with manufacturing (BlackArrow, BFL, KNC) and even after they are released.
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1D7JwRnoungL1YQy7sJMsqmA8BHkPcKGDJ
We mine as we dream... Alone
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||bit
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March 07, 2014, 12:16:10 AM
Last edit: March 07, 2014, 08:17:08 AM by ||bit |
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If LR can pull off getting LRM to 1PH... it could arguably make up for all this.... that's an if....
Why do I think this? Correct me if I'm wrong... current network hashrate is ~30PH....
Difficulty looks like it may have went to a linear increase. Ifso, that projects to about ~100PH by year end.
1PH would be ~1% of the network. Currently that (1%) would yield ~BTC1057/mo ... or ~BTC0.0176/month/bond (not bad).
This doesn't count halving of block size. And I might be underestimating the difficulty.
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mufa23
Legendary
Offline
Activity: 1022
Merit: 1001
I'd fight Gandhi.
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March 07, 2014, 08:09:53 AM |
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If LR can pull off getting LRM to 1PH... it could arguably make up for all this.... that's an if....
Why do I think this? Correct me if I'm wrong... current network hashrate is ~30PH....
Difficulty looks like it may have went to a linear increase. Ifso, that projects to about ~100PH by year end.
1PH would be ~1% of the network. Currently that (1%) would yield ~BTC1057/mo ... or ~BTC0.0176/month/bond (not bad).
This doesn't count halving of block size. And I might be underestimating the difficulty.
It's an awesome " If". Man, that would be sweet! |
Positive rep with: pekv2, AzN1337c0d3r, Vince Torres, underworld07, Chimsley, omegaaf, Bogart, Gleason, SuperTramp, John K. and guitarplinker
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||bit
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March 07, 2014, 08:22:31 AM |
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If LR can pull off getting LRM to 1PH... it could arguably make up for all this.... that's an if....
Why do I think this? Correct me if I'm wrong... current network hashrate is ~30PH....
Difficulty looks like it may have went to a linear increase. Ifso, that projects to about ~100PH by year end.
1PH would be ~1% of the network. Currently that (1%) would yield ~BTC1057/mo ... or ~BTC0.0176/month/bond (not bad).
This doesn't count halving of block size. And I might be underestimating the difficulty.
It's an awesome " If". Man, that would be sweet! If he can get LRM up and over 300TH right now, then it would be the equivalent. This month is suppose to bring in 150+TH - which would be getting closer. |
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yuhannl
Newbie
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Activity: 33
Merit: 0
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March 07, 2014, 12:24:55 PM |
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If LR can pull off getting LRM to 1PH... it could arguably make up for all this.... that's an if....
Why do I think this? Correct me if I'm wrong... current network hashrate is ~30PH....
Difficulty looks like it may have went to a linear increase. Ifso, that projects to about ~100PH by year end.
1PH would be ~1% of the network. Currently that (1%) would yield ~BTC1057/mo ... or ~BTC0.0176/month/bond (not bad).
This doesn't count halving of block size. And I might be underestimating the difficulty.
It's an awesome " If". Man, that would be sweet! If he can get LRM up and over 300TH right now, then it would be the equivalent. This month is suppose to bring in 150+TH - which would be getting closer. Still running at ~18Th/s on ghash according to the banner stats shown on lrm site - which is not the total hash rate..... It's the 7th March and keen to be surprised..... |
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Frankthechicken
Member
Offline
Activity: 112
Merit: 10
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March 07, 2014, 01:07:53 PM |
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Only Lab_Rat would know the numbers to do the math with, but getting a refund from BFL and piling the money into either more bitfury gear or the 'mysterious ASIC project' would probably make the most sense. The fact that BFL is (willingly? Compelled by law?)offering refunds at all makes me feel we've slipped into an alternate dimension where nothing makes sense anymore.
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||bit
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March 07, 2014, 05:34:08 PM |
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Only Lab_Rat would know the numbers to do the math with, but getting a refund from BFL and piling the money into either more bitfury gear or the 'mysterious ASIC project' would probably make the most sense. The fact that BFL is (willingly? Compelled by law?)offering refunds at all makes me feel we've slipped into an alternate dimension where nothing makes sense anymore.
Maybe as strange a world as one where LRM has a trading platform, lists correct hash rates for the people that funded it LRM and where bonds are being bought and sold for at least the first issue price of BTC0.15.... and where bond holders aren't left uninformed on better details for national security reasons. |
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BKM
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March 07, 2014, 09:13:58 PM |
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Only Lab_Rat would know the numbers to do the math with, but getting a refund from BFL and piling the money into either more bitfury gear or the 'mysterious ASIC project' would probably make the most sense. The fact that BFL is (willingly? Compelled by law?)offering refunds at all makes me feel we've slipped into an alternate dimension where nothing makes sense anymore.
Absolutely - REFUND! Please. |
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Flashman
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March 08, 2014, 03:32:20 AM |
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Provided we're getting the bonuses from BFL, I say keep the hardware, it puts it under $3 a GH, and it would be really stupid to start again in another queue, particularly as most of them are around June now.
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TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6
Bitcoin Custodian: Keeping BTC away from weak heads since Feb '13, adopter of homeless bitcoins. |
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M31
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March 08, 2014, 06:56:01 AM |
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Only Lab_Rat would know the numbers to do the math with, but getting a refund from BFL and piling the money into either more bitfury gear or the 'mysterious ASIC project' would probably make the most sense. The fact that BFL is (willingly? Compelled by law?)offering refunds at all makes me feel we've slipped into an alternate dimension where nothing makes sense anymore.
Absolutely - REFUND! Please. We have an in with BF, so yeah, refund and pour the cash that way. I just wonder if there's a way to bridge the 45 day wait. I also wonder why 45 days? What could they be up to in that time that they can't refund the money immediately? |
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Ashitank
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March 08, 2014, 07:49:04 AM |
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Can Lab_rat make an appearance please , Please don't shy away from pissed of investors & lots of unanswered questions for quite some time now.  |
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sparky999
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March 08, 2014, 09:05:13 AM |
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Can Lab_rat make an appearance please , Please don't shy away from pissed of investors & lots of unanswered questions for quite some time now. hahahahaha thanx for that always good to start the morning off with a laugh. |
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||bit
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March 08, 2014, 04:24:15 PM |
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Anyone have some cheese we can set out in the forum?
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||bit
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March 08, 2014, 05:26:06 PM
Last edit: March 08, 2014, 05:36:21 PM by ||bit |
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Labrat.
Just a reminder. You took people's property valuing ~$750,000 to kick off LRM. Property which today should be worth ~$4,500,000.
An update before we end the sixth week since the last one would be nice. Even an update on when you might even give a real update.
At least indicate that you're still committed to LRM being an actual success.
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fractal02
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March 08, 2014, 06:00:56 PM |
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Labrat.
Just a reminder. You took people's property valuing ~$750,000 to kick off LRM. Property which today should be worth ~$4,500,000.
An update before we end the sixth week since the last one would be nice. Even an update on when you might even give a real update.
At least indicate that you're still committed to LRM being an actual success.
LabRat is very very busy...please...   |
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Lab_Rat (OP)
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March 08, 2014, 06:16:32 PM |
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CHANGE IN PAYOUT RATE STRUCTURE
Cryptocurrencies, which includes Bitcoin, are relatively new to the world economic communities and its governments. Worldwide there continues to be almost daily announcements from governments regarding crypto currencies. Lab Rat Data Processing, a Limited Liability Company in the state of New Jersey, continues to monitor those announcements and the ever-changing laws and economic environments and how those laws impact cryptocurrencies, including Bitcoin, and in particular Lab Rat Data Processing. Most important to Lab Rat Data Processing are the ever-changing laws and/or announcements from the United States and its governmental agencies and the state of New Jersey and its governmental agencies.
Based upon recent developments in US and local laws, Lab Rat Data Processing, and their legal representatives, have determined a potential current or future problem with its current rate structure, which was originally intended as a variable rate payout. Therefore, Lab Rat Data Processing is amending its variable rate payout with a set rate payout of 100 MH/s per contract. This rate payout shall be for all current contract-holders and all future contract-holders. Contemporaneous with the change from a varying rate payout to a set rate payout Lab_Rat will triple the amount of contracts held by all contract holders as of the date of March 8, 2014. Therefore, for all current contract holders on their current contracts, the effective rate will be permanently set at 300 MH/s per contract. All future contracts purchased will be at the new rate of 100MH/s.
Lab Rat Data Processing will continue to monitor developments for cryptocurrencies and Bitcoin in particular, seeking to maintain its current status as a leader in the Bitcoin community and to maintain compliance with US and New Jersey laws.
More information to come.
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