...the CEO of BTCSYN is trying to miss leading the market by saying that "we're mining at 12ghash/s", but it's not comparable...
...Just like BTCSYN, the FPGA board arrived for a long time, but since the P2Ppool is somehow different than traditional pools and some USB hub issues they're not still mining at full speed and the promised 6 ghash/s loan service is always have 1-2 ghash/s down once for a while.) ...
I was just made aware of this post, so forgive my jumping in on the party late
I will not argue that our investment is outright better than the others being discussed here. I have frankly been too busy busting my butt for my shareholders to investigate the "competition" lately... What I can say is that based on my plans, and forecasts, that in my opinion, at the time of the IPO, BTCSYN was the best longterm investment opportunity available on GLBSE.
But I do want to counter the first quote above. I am NOT trying to mislead anyone. And frankly I don't appreciate the implication that I am. It's one thing to argue the value of BTCSYN versus other investments, go ahead, I encourage it. But don't start making wild claims directly about me, accusing me of misleading people.
I have been 100% open from the beginning, and answered any and all questions put to me truthfully. I've said we would be mining at 12GHash, (once the first round of gear was purchased and set up) but not that we ARE mining at 12GHash. And your statement is flawed. I stated "Mining at 12GHash" and that's 100% true. Whether 6GHash of that is gear loaned or bought is not relevant. The relevance of the loan is factored into the overall value of the Syndicate, sure I agree with you there. But it does not impact the fact that it's still 6GHash of mining power no matter how you look at it.
Also yes, we've hit bumps in the road getting the gear online. But in the grand scheme of things, a couple weeks (when comparable operations waiting on gear from BFL or others have spent 8+ weeks just waiting on their gear to arrive) is not the end of the world. I wanted to have it working earlier, but fate apparently didn't want to help me out there.
I want to also clarify, as of your posting we were not mining at 6GHash, but we were getting partial speed. But as of the morning immediately following (the 27th) we did get the FPGAs mining at full capacity and they have been since. Bringing our total up to about 11GHash right now. (of REAL mining power as in actual accepted shares/hashes, not including stales/rejects and variance). With another 1+ GHash coming back when one of our founders machines are able to come back online (due to circumstances beyond their control).
Also I should mention that in a "Real" company, all the time I spend managing, doing PR, finance, and managing the website, not to mention the development of the website, and all the infrastructure stuff (building rigs, maintaining rigs, handling servers and so on) would be costing the Syndicate A LOT more than it does now. (as in it would have put the Syndicate WELL into the red at this point in the game) so don't under-value the additions that brings to the table.
I agree there are risks with an IPO which hasn't purchased their gear yet versus an IPO for a company which already owns the gear and is just selling shares as a contract. But they are also different business models. The reason for an IPO is to raise capital. Period. So if you already have all your gear, and don't need to raise any capital you wouldn't do an IPO. (which is why most of the larger mining operations don't trade publicly, they already have all they need, why share?)
You should consider as well, that if you want an investment more like a "real" company which can offer 100% uptime, and insurance protecting from losses, and guarantee of gear (because it's already arrived and is running and so on) as well as an established history. That the operational costs of such a company would be MUCH higher than many GLBSE investments are right now (most owners/CEOs/operators at GLBSE right now are donating most of their time, and many expenses go without reimbursement.).
Also I just want to say for the record, that it always amuses me the lengths people go to to analyze and pick apart the statistics, and do amortization, and so on. Ultimately it boils down to one thing:
- We (the founders of BTCSYN) started a business mining bitcoin
- We decided to pool our rigs for 1 year in order to buy more gear which was shared
- We decided on the business model, and the ways in which we would operate
- We decided to grant the privilege to the public to participate in this venture, by buying shares (which is in exchange for the privilege for us to have their capital to expand the operation and benefit us all that much more)
It is what it is... Those who invested should have made their decision based on the ample public information available, and decided it was a good investment (Which I firmly believe it is). If they didn't research appropriately and made a purchase and now aren't happy with it, that's not my problem, they can sell their shares at market rate.
All that I can control is that I'm doing my best (and busting my butt) to try and make BTCSYN a wild success. And if any shareholders want to come along for the ride, they are welcome to do so (at their own risk
not guaranteeing it won't be a bumpy and crazy one lol)
Anyway, sorry for the (mostly) unrelated post for this thread. But I had to respond to the quoted post by HorseRider.