[ANN] Fibonacci Info and questions

[jasinlee]

Exciting day, our proof of work just moved off the testnet. This was a brief test to get some more accurate numbers for the datasheet Moving right along....

Taking it back offline to finish some tweaks.

Last Share Time               Difficulty                 PPS Rate     Shares    Rewards
2013-12-14 16:45 UTC   2926.50971494   0.000000250271   112   0.000028030352 LTC

Hurray for progress.

[Tomatocage]

Exciting day, our proof of work just moved off the testnet. This was a brief test to get some more accurate numbers for the datasheet Moving right along....

Taking it back offline to finish some tweaks.

Last Share Time               Difficulty                 PPS Rate     Shares    Rewards
2013-12-14 16:45 UTC   2926.50971494   0.000000250271   112   0.000028030352 LTC

Hurray for progress.

Ok, so PoW has been shown. What is your LTC address so I can put down for a unit or 10?

[jasinlee]

Exciting day, our proof of work just moved off the testnet. This was a brief test to get some more accurate numbers for the datasheet Moving right along....

Taking it back offline to finish some tweaks.

Last Share Time               Difficulty                 PPS Rate     Shares    Rewards
2013-12-14 16:45 UTC   2926.50971494   0.000000250271   112   0.000028030352 LTC

Hurray for progress.

Ok, so PoW has been shown. What is your LTC address so I can put down for a unit or 10?

Heh, we are not going to jump the gun yet. Lets finish it proper like before going to taking orders.

[Tomatocage]

Will these work on any Scrypt chain?

Edit: Nvm, I saw you answered this same question on page one of this thread

[jasinlee]

Will these work on any Scrypt chain?

Yes, unless they have made some larger modifications to the coin.

[Viperbass]

11. Will you ship out massive amounts of miners to everyone and ruin the network?
A: Nope, we will initially only sell hosted mining, then once we have viable competition we will begin to ship the units to the public. This will help slow the advancement of companies reverse engineering designs such as ours. Around this time we will likely be done with our gen 2 or 3 chips and have to clear out the hosted units anyway. We are in discussions with the Litecoin Association to help stagger in hand hashing power to continue with decentralization of the network.

At the rate in which LTC difficulty has gone up recently, GPUs will put themselves out the market by March, meaning it will cost more electricity to run them then you will actually earn.

At a estimated +-$810 per device it will take awhile to ROI if you are specifically going to use them for LTC, ofc for alt coins you might get your money back sooner, however I am expecting
virtual currency prices to drop by 20-30% in Jan and Feb across the board. I am sure 90% will disagree with me and hopefully I am wrong but from what I have worked out BTC won't hold above
$800 early next year which means alt currencies follow the downward trend.

With that being said I do expect virtual currencies to rise to new highs by the 2nd half of next year when these devices will be ready. So might end up being good timing but difficulty will be over 10 000 for LTC by then.

Either way these devices will sell like hotcakes, so keep it going and goodluck.

[Entz]

Watching intently, cannot wait for more details.

[smeagol]

These will work only with scrypt, right?

Are other scrypt variants compatible, like scrypt-jane?

[jasinlee]

These will work only with scrypt, right?

Are other scrypt variants compatible, like scrypt-jane?

Not in the first batch no, but we would be able to revise our design for gen 2 or later to handle a different variant.

[seleme]

Any mailing list so we don't miss the sale day?

[jasinlee]

Once we have the site live yes, not just yet.

[seleme]

One more, how many of them is going to be made in first batch?

And, after seeing your posts on litecoin forums, would you consider to host units even after competition delivers. Would help a lot for custom, electricity, lost time in shipment etc, etc... I'd be able to buy much more with full hosted option than limited time one.

[jasinlee]

One more, how many of them is going to be made in first batch?

This will depend on sales, and whether we can find enough trusted agents to distribute the hosted miners to outside of our team to avoid any centralization concerns. The users that take over the hosting (once we reach our self imposed limitations) will get a % of the coins generated to cover power and a bit for their troubles. And will be responsible for shipping the units to the users once the market is ready for them to be in the wild. This may change, but this is the current method we think best to maintain secure decentralized hashing across the network. If anyone has better suggestions please discuss here, we do not want to have the same situations appearing in LTC that BTC has had in the past.

We will continuously host units, but we will have to set a time limitation since at some point the units will become out of date and need replacing with newer models.

[Jhonka86]

Will be keeping my eye on this as well.  I've been telling people that a scrypt ASIC was only a matter of time...

Regardless, my main concern here is regarding release quantity, timeline accuracy, and pricing model.  While these are theoretically much more energy efficient than current GPU mining setups, you can snag around 800 khs at around $400-500 (for the card).  I'm afraid this might rely on a longer timescale to be profitable than ASIC mining recently offers.

But, as I said, I'm keeping my eye on it.  Always looking to reinvest some of my mining earnings!

[seleme]

One more, how many of them is going to be made in first batch?

This will depend on sales, and whether we can find enough trusted agents to distribute the hosted miners to outside of our team to avoid any centralization concerns. The users that take over the hosting (once we reach our self imposed limitations) will get a % of the coins generated to cover power and a bit for their troubles. And will be responsible for shipping the units to the users once the market is ready for them to be in the wild. This may change, but this is the current method we think best to maintain secure decentralized hashing across the network. If anyone has better suggestions please discuss here, we do not want to have the same situations appearing in LTC that BTC has had in the past.

We will continuously host units, but we will have to set a time limitation since at some point the units will become out of date and need replacing with newer models.

Out of date, not profitable etc.. is OK. It would be same if there are in my house.

So as long as that is the option, it's fine. But please make that official, I don't want to make more orders than I could handle with customs, at my home etc.

[MEPHuk]

Hi, i just want to double confirm, there is no way to purchase this for fiat currency? I'm new to the scene (just started over 1 week ago) so just want to double check.
Thanks

MEPH

[jasinlee]

Hi, i just want to double confirm, there is no way to purchase this for fiat currency? I'm new to the scene (just started over 1 week ago) so just want to double check.
Thanks

MEPH

That is correct, I would recommend localbitcoins.com or litecoinlocal.org to get coins quickly. And absolutely do not accept anything but escrow and irreversible methods of payment such as crypto or cash/cash deposits.

We want to promote crypto in general, if we accepted paypal (for example) as payment it would undermine the work fundamentally.

[jasinlee]

One more, how many of them is going to be made in first batch?

This will depend on sales, and whether we can find enough trusted agents to distribute the hosted miners to outside of our team to avoid any centralization concerns. The users that take over the hosting (once we reach our self imposed limitations) will get a % of the coins generated to cover power and a bit for their troubles. And will be responsible for shipping the units to the users once the market is ready for them to be in the wild. This may change, but this is the current method we think best to maintain secure decentralized hashing across the network. If anyone has better suggestions please discuss here, we do not want to have the same situations appearing in LTC that BTC has had in the past.

We will continuously host units, but we will have to set a time limitation since at some point the units will become out of date and need replacing with newer models.

Out of date, not profitable etc.. is OK. It would be same if there are in my house.

So as long as that is the option, it's fine. But please make that official, I don't want to make more orders than I could handle with customs, at my home etc.

We will work it all out as we go, I have a giant stack of notes and digital notes, ideas and rules I need to combine into one giant diagram so everyone can see where this leads to down the road. This is only the beginning.

[MEPHuk]

Ok, thanks for the reply.

MEPH

[jasinlee]

Np, this is all up for discussion so lay any questions on me you can think of within reason.