A bitcoin for a $25 indiegogo

[nexus99]

Saw this one over at Indiegogo.com (which is like the lamer version of Kickstarter.com)

http://www.indiegogo.com/projects/help-build-the-bitcoin-network/

One of the funding levels is $25 and supposedly returns 1 bitcoin early next year.
Worth trying out?

[zeraTunerse]

Saw this one over at Indiegogo.com (which is like the lamer version of Kickstarter.com)

http://www.indiegogo.com/projects/help-build-the-bitcoin-network/

One of the funding levels is $25 and supposedly returns 1 bitcoin early next year.
Worth trying out?

Seems pretty risky

[grue]

[...]And now the next generation of Bitcoin processing power has arrived in the form of ASIC (Application-Specific Integrated Circuits). This is the technology we will use in our Bitcoin servers.

Nothing about what chips they're going to use. Nothing about what manufacturing technology they'll use. Not even hashrate estimates. This is worse than BFL.

[Kyle91]

fake, ignore it

[Rannasha]

Saw this one over at Indiegogo.com (which is like the lamer version of Kickstarter.com)

http://www.indiegogo.com/projects/help-build-the-bitcoin-network/

One of the funding levels is $25 and supposedly returns 1 bitcoin early next year.
Worth trying out?

They don't specify what hardware they will buy. And to make good on their promise of 1 BTC for $25, they need to make 5 times their investment at current rates (if you add some overhead costs). With difficulty going to the moon right now, there's no mining operation that can make such amazing claims with a straight face.

[nexus99]

Looks like one person is in on the deal.

[DaFool]

$2,500 to start mining with their own chips?

If they haven't figured out a way to get a master chip virtually for free this is a SCAM...

[nexus99]

$2,500 to start mining with their own chips?

If they haven't figured out a way to get a master chip virtually for free this is a SCAM...

I don't think this is a chip thing. There are some details in the update section.

[franky1]

this image alone should show they are not going to use new tech, which should to many people instantly spot it as a scam



let alone all of the over promises and lack of information

[nexus99]

this image alone should show they are not going to use new tech, which should to many people instantly spot it as a scam



let alone all of the over promises and lack of information

I bet that case indicates they plan to use monarch in 1x pcie slots. I

[CobaltBlueD]

I love the floppy drive on that thing.

[Mike Christ]

It's basically a loan, with all the risks involved.

[coderjeff]

I agree that it sounds like they plan to buy BFL Monarch cards to plug in.

We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device.

[Littleshop]

I love the floppy drive on that thing.

And the large row of 16 bit ISA slots.

[nexus99]

It's basically a loan, with all the risks involved.

Maybe more of an investment than a loan.

[prophetx]

It's basically a loan, with all the risks involved.

Maybe more of an investment than a loan.

more like throwing money into a hole in the ground

[nexus99]

Some details for the technical folks:

We plan to use 28nm technology that will produce anywhere from 480 to 720 GH/S per processing device. Every $6500 in funding will allow us to add an additional processing device. Each node will consist of 3 ASIC mining devices.

The quick math:

At today's difficulty 1 GH/S will produce about .1 BTC/day. This puts us being able to provide the 1 BTC reward for each contributor in about 43 days from the start of operations. Since it will take time to get the environment up and running difficulty will be higher when operations commence. At double the difficulty the time frame jumps to only 86 days. And at triple the difficulty the time frame is 129 days. This time frame will scale to however large the environment grows. So no matter how many processing nodes come up the reward will come at approximately the same time.

And the great thing is that the reward is in BTC. If BTC jumps from $115 to $250 over the next several months our contributors still get the full Bitcoin!

[Phinnaeus Gage]

http://www.cyberresearch.com/store/industrial-computers-rugged-pcs/rackmount-rack-mount-chassis-pcs/RDS_14_4100.2.htm

[nexus99]

They would need to stick a 1500 watt PSU in there.

[Xyver]

I don't really see the downside here....  I'm guessing that they have a stock of bitcoins that they're wanting to give out, not planning on mining them to give them out.

Besides, isn't IndieGogo one of those sites that doesn't take your money unless the campaign is successful?  So by backing, you just say "if you raise enough money, then you can charge my credit card for 25$".  So, it's not even a risky investment.  You offer them 25$, they fail their campaign, and nothing is lost, or else they succeed, and have to give you a bitcoin.  If they don't, they get in trouble for not fullfilling their rewards.

EDIT:: About them already having the coins, I take that back.  If they get $6500 in 25$ increments, it takes 260 coins.  So if they had the 260 coins, they'd just use that $26 000 to fund their project.