Avalon getting $200m investment for 20nm ASICs!?

[Gator-hex]

Don't know if anyone has read this article but it says the Phoenix Fund is investing $200m in Avalon so they can get access to 20nm chip technology!?  

http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html

[atcsecure]

What about the 8 million worth of chips they should have already shipped?

I will never make ROI at this point

[greaterninja]

What about the 8 million worth of chips they should have already shipped?

I will never make ROI at this point

last time I checked it was at least $18 million USD in chips.


As far as $200m...thats a lot of money to invest.

To do 18-28nm it should cost a few to several million.  100-200m is quite a bit.

[empoweoqwj]

Its a vote of confidence for the bitcoin economy. Nobody is going to invest $200M in a mining company unless they think (a) each bitcoin is going to be worth a lot of money and (b) transaction income will substantially supplement (and eventually replace) new coin mining income.

[jspielberg]

I thought this had already been debunked as a hoax which suckered some lazy journalists on a sunday when facts are harder to validate.

[Bitcoinorama]

It's BS. Andrew Laurus's twitter account, is a shill account spreading FUD about KnC in the third most recent post. Beyond that it is a 15-year old ranting. Also in the initial article it claims Kim Dotcom is following this 'Andrew Laurus', Kim Dotcom is not. Andrew Laurus does not exist and an ex Bond broker for the ill-fated Lehman's Bank that also acted as a supposed senior government advisor during the worst case of financial fraud and miss selling in history is not the right character to be handling the future of Bitcoin. Lehman's mis selling of pre packaged housing debt as bonds was the catalyst for Bitcoin's inception.

The website is a poor landing page registered on Friday, and no journalist has bothered to even google Avalon 200 million before running with the story.

The hoaxster must be pissing himself, and probably wants to flush out Yifu to deny the story...

[Gator-hex]

I hope it's true, Joe Lewis has a net worth of $4.2bn, says Forbes, so $200m is pocket change to him. 

[jspielberg]

I hope it's true, Joe Lewis has a net worth of $4.2bn, says Forbes, so $200m is pocket change to him. 

He would do better to just buy $200M worth of bitcoin. That would 20% of the world's current supply, and over 10% of the worlds supply EVER.

In some ways it does show how fragile BTC is.

[Bitcoinorama]

I hope it's true, Joe Lewis has a net worth of $4.2bn, says Forbes, so $200m is pocket change to him. 

He would do better to just buy $200M worth of bitcoin. That would 20% of the world's current supply, and over 10% of the worlds supply EVER.

In some ways it does show how fragile BTC is.

Anyone investing $200million of their personal fortune would not have our best interests at heart. They would be destroying any legitimate competition for their personal gain and the control of a future money supply.

[Gator-hex]

I hope it's true, Joe Lewis has a net worth of $4.2bn, says Forbes, so $200m is pocket change to him.  

He would do better to just buy $200M worth of bitcoin. That would 20% of the world's current supply, and over 10% of the worlds supply EVER.

In some ways it does show how fragile BTC is.

Anyone investing $200million of their personal fortune would not have our best interests at heart. They would be destroying any legitimate competition for their personal gain and the control of a future money supply.

Don't forget this is the currency trader, who along with George Sorros, broke the Bank of England and forced the country out of the ERM (Exchange Rate Mechanism / Joining the Euro).

Bitcoin seems right up his modus operandi. He's not afraid to make a bet against a nation and it's central bank!

[Bitcoinorama]

I hope it's true, Joe Lewis has a net worth of $4.2bn, says Forbes, so $200m is pocket change to him. 

He would do better to just buy $200M worth of bitcoin. That would 20% of the world's current supply, and over 10% of the worlds supply EVER.

In some ways it does show how fragile BTC is.

Anyone investing $200million of their personal fortune would not have our best interests at heart. They would be destroying any legitimate competition for their personal gain and the control of a future money supply.

Don't forget this is the currency trader, who along with George Sorros, broke the Bank of England and forced the country out of the ERM (Exchange Rate Mechanism / Joining the Euro).

Bitcoin seems right up his modus operandi.

FFS man google:

Avalon 200 million
Andrew Lauraus Twitter

Do a Whois search on Phoenixasic.com, look at the quality of the site.

Do any groundwork and you'll be doing more than the poor excuse for journalism you are witnessing.

You are just contributing to the promotion of this FUD if you are not behind it yourself!

[Gator-hex]

Well the domain ownership is hidden through a 3rd party, never a good sign for a honest venture!

If it's a scam anyone using a .com domain will come under US jurisdiction for Mail and Wire fraud.

http://en.wikipedia.org/wiki/Mail_fraud

It does seem odd that they say a billionaire has investing $200m then if you go to the web site it asks you to invest in it!

I have no idea if it's genuine or not and I'm not connected to it in any way! 

I thought Wall Street Journal was a reliable source! 

[-Redacted-]

Can we just let this hoax die already?

[ftping]

Can we just let this hoax die already?

+1. Seriously, you guys are taking this way too... seriously. I could create a fake site titled Yifu's blog and say I'm investing $200m into BFL and you'd all believe me.

[alpet]

IMHO Fake. Why 200 millions... why not billons? How much need sell asics for make ROI > 1? My calculations between 400 and 1000 PH, so we can see first commercial project with 51% attack abilities. Also this hashpower can be used for isolate premained coins (mined in 2009) and blocking their transfer.

[Bitcoinorama]

http://ewallstreeter.com/twitter-scottwapner-cnbc-spoke-to-joe-lewis-this-morning-who-says-of-reported-bitcoin-investment-completely-untrue-tells-me-he-s-never-heard-of-phoenix-fund-17367/

[Loredo]

Can we just let this hoax die already?

Actually, sir, I think there's a little to be gained by letting it run a little:  it's a great precautionary tale. 

Totally bullshit amount of money, totally bullshit recipient of the money, and then - the real story surfaces, and evident confusion of names is all too apparent. 

It just shows that in the world of instant "news," nobody and nothing can be believed initially.  Everybody really has to step back, take a deep breath, and see if things smell right.  If they smell funny, they probably are.

[battani]

This is incorrect information. In fact, the article's title is now "Correction":

http://online.wsj.com/article/SB10001424127887323997004578644491403250124.html

[cryptograd]

ok everybody

[Minor Miner]

I hope it's true, Joe Lewis has a net worth of $4.2bn, says Forbes, so $200m is pocket change to him. 

He would do better to just buy $200M worth of bitcoin. That would 20% of the world's current supply, and over 10% of the worlds supply EVER.
In some ways it does show how fragile BTC is.

How would you suggest he do that?   There is no market to buy even $1M of bitcoin since most "exchanges" owe most of their volume to day trading.    This is like internet stocks in 99 when an institutional investor would take YHOO up 10% to buy 200,000 shares even though it was "trading" millions of shares per day.