Bitcoin Forum
December 10, 2016, 09:22:07 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: 2012-04-23 Bitcoin startup CoinLab lands funding from Tim Draper and others, aim  (Read 2085 times)
jimbobway
Legendary
*
Offline Offline

Activity: 1380



View Profile
April 23, 2012, 11:12:56 PM
 #1

http://www.geekwire.com/2012/bitcoin-startup-coinlab-lands-funding-tim-draper-monetize-games/

░░░░░░░░░██████░░░░░░░░░░░░▄▄▄
░░███░░██████░░░░░▄▄▄▄▄░░██
░░███░░█████████████
░░░░░░░░██████▀▀██████████
░░░░░░░░██████░░░░░██████████
░░░░░░▄▄▄▄▄▄░░░▄▄▄░░░░███████
░░░░░██████░░░███░░░░███████
░░░░░██████░░░███
░░░░░███████▄▄▄▄▄████████
░░░░░████████████████████
░░▄▄▄▄▄░░█████░░░░█████████
█████░░█████░░░░█████████
█████░░░░░░░░░░░░█████████
█████░░░░░░░░░░░░░█████████

START GETTING PAID FOR YOUR ATTENTION!
███████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
JUSTICE IN THE WORLD OF ONLINE ADVERTISING!

BUY MASS COIN 】【 ICO PROSPECTUS
VISIT OUR WEBSITE
TWITTER 】【 FACEBOOK 】【 TELEGRAM

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
hazek
Legendary
*
Offline Offline

Activity: 1078


View Profile
April 24, 2012, 12:31:40 AM
 #2

This is doomed to fail from the start:

Quote
Under the plan, game makers will offer their users a chance to voluntarily install a program that makes their idle computing resources available for use by CoinLab, in exchange for in-game virtual goods and points.
CoinLab then plans to sell that spare computing time to the Bitcoin network, for use in Bitcoin “mining” — using computer processing to generate units of the virtual currency. The startup will pay game companies for the computing resources made available by their customers.

As soon as those who will volunteer their idle CPU resources get their first next bill for electricity they'll realize what is really going on and they'll stop volunteering. And that will be that.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
giszmo
Legendary
*
Offline Offline

Activity: 1568


¡ɥɔʇɐʍ ʇsnɾ &#7


View Profile WWW
April 24, 2012, 01:09:47 AM
 #3

Uhm ... I see that differently. If the project would be ready to market by 12 months ago, I guess it would work .. somehow .. as the kids playing don't necessarily pay the electricity bill Wink

Starting this now is simply too late as within months, FPGA-mining will rule the market, so the return per kWh will go down massively for GPU-mining. Same as CPU-mining was defunct in the client centuries ago, GPU-mining is a dying dinosaur now. The gamers missed their wave of bitcoin.

Dusty
Hero Member
*****
Offline Offline

Activity: 722


Libertas a calumnia


View Profile WWW
April 24, 2012, 07:05:03 AM
 #4

Bringing bitcoins to games is totally awesome, while trying to use their graphic card to mine is probably a waste by the time this kind of project will operative...

Articoli bitcoin: Il portico dipinto
SgtSpike
Legendary
*
Offline Offline

Activity: 1344



View Profile
April 24, 2012, 07:13:07 AM
 #5

This is doomed to fail from the start:

Quote
Under the plan, game makers will offer their users a chance to voluntarily install a program that makes their idle computing resources available for use by CoinLab, in exchange for in-game virtual goods and points.
CoinLab then plans to sell that spare computing time to the Bitcoin network, for use in Bitcoin “mining” — using computer processing to generate units of the virtual currency. The startup will pay game companies for the computing resources made available by their customers.

As soon as those who will volunteer their idle CPU resources get their first next bill for electricity they'll realize what is really going on and they'll stop volunteering. And that will be that.
I disagree.  You forget how desperate penniless gamers can be, especially those still living with their parents.  And a single rig isn't necessarily going to take up THAT much electricity to be immediately noticeable on the next electric bill.  Especially if the player opts to only mine while in-game (which is what the Forbes article seemed to allude to happening by default).  Even a constant 300w draw would only equate to $20 or so per month increase in the average electric bill.

And many people are clueless enough to think that a computer takes up the same amount of electricity when it is on, regardless of load.

JMO.
unclescrooge
aka Raphy
Hero Member
*****
Offline Offline

Activity: 868


View Profile
April 24, 2012, 07:14:44 AM
 #6

I hardly see how another mining tool add any value to the bitcoin economy...

Why not focus on the SMS-payment service instead?

Stephen Gornick
Legendary
*
Offline Offline

Activity: 2002



View Profile
April 24, 2012, 07:30:58 AM
 #7

I hardly see how another mining tool add any value to the bitcoin economy...

Why not focus on the SMS-payment service instead?

Intel invests in software companies that use lots of CPU cycles, increasing demand for its chips.
Google invests in companies that do lots of big data computations, thus increasing demand for its cloud services.
etc.

So there may be the incentive for CoinLab to help get Bitcoin more widely accepted so that there is more demand for mined coins.

Additionally, the article says that they will be hedging coins.  I presume this is because as each days worth of bitcoins are earned they they give credit to the players in terms of USDs.  So instead of selling daily, the can hedge -- like maybe sell PUT options, or perhaps enter an agreement where there is a payoff if future difficulty rises.  This is a type of financial activity that adds to the bitcoin ecosystem.

matonis
Sr. Member
****
Offline Offline

Activity: 301



View Profile WWW
April 24, 2012, 08:42:12 AM
 #8

I hardly see how another mining tool add any value to the bitcoin economy...

Why not focus on the SMS-payment service instead?

I was told that the SMS-payment service encountered regulatory issues which is why they put it on hold for the moment.

Founding Director, Bitcoin Foundation
I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
HorseRider
Donator
Legendary
*
Offline Offline

Activity: 1582


View Profile
April 24, 2012, 09:37:45 AM
 #9



As soon as those who will volunteer their idle CPU resources get their first next bill for electricity they'll realize what is really going on and they'll stop volunteering. And that will be that.

I don't think so. Many game player would like to pay 100 USD per month to obtain better "weapons" in the game.

16SvwJtQET7mkHZFFbJpgPaDA1Pxtmbm5P
HorseRider
Donator
Legendary
*
Offline Offline

Activity: 1582


View Profile
April 24, 2012, 09:45:36 AM
 #10

More independent mining operations are running, more secure the bitcoin network is. I think Coinlab does add value to the society. And lots of companies outside the bitcoin community will be more familiar with bitcoin, and this add value to bitcoin network, too.

And the game who adopt the systme given by Coinlab will become interesting. some of the players are volunteered to do the mining job but some other refused. and some of vlounteered one mining at faster speed but someone else slower. If the game players are start to competing with each other, will they start to "buy" mining power from GPUmax? Will the game company start to sell the mining shares to the game players?

16SvwJtQET7mkHZFFbJpgPaDA1Pxtmbm5P
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2002



View Profile
April 24, 2012, 10:02:51 AM
 #11

some of the players are volunteered to do the mining job but some other refused. and some of vlounteered one mining at faster speed but someone else slower. If the game players are start to competing with each other, will they start to "buy" mining power from GPUmax?

These are games that charge for subscriptions and in-game currency already.  So this is just another option of how to buy them.  In addition to being able to buy using PayPal and other methods, they can now pay for purchases with bitcoin-powered credits through CoinLab.

hazek
Legendary
*
Offline Offline

Activity: 1078


View Profile
April 24, 2012, 10:38:12 AM
 #12

some of the players are volunteered to do the mining job but some other refused. and some of vlounteered one mining at faster speed but someone else slower. If the game players are start to competing with each other, will they start to "buy" mining power from GPUmax?

These are games that charge for subscriptions and in-game currency already.  So this is just another option of how to buy them.  In addition to being able to buy using PayPal and other methods, they can now pay for purchases with bitcoin-powered credits through CoinLab.

If coinlab is upfront about the potential higher electricity bill that comes with it then this could actually work. I wasn't trying to dish this investment, I actually want it to succeed because I think it would grow Bitcoin but it was just that reading the article I got the feeling they weren't going to be upfront about the electricity costs and are going pretend that idle gpu resources is all a player needs to offer to get those credits which if it is the case is going to be a huge turnoff once discovered IMO. I could be wrong tho.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
SgtSpike
Legendary
*
Offline Offline

Activity: 1344



View Profile
April 24, 2012, 03:20:57 PM
 #13

some of the players are volunteered to do the mining job but some other refused. and some of vlounteered one mining at faster speed but someone else slower. If the game players are start to competing with each other, will they start to "buy" mining power from GPUmax?

These are games that charge for subscriptions and in-game currency already.  So this is just another option of how to buy them.  In addition to being able to buy using PayPal and other methods, they can now pay for purchases with bitcoin-powered credits through CoinLab.

If coinlab is upfront about the potential higher electricity bill that comes with it then this could actually work. I wasn't trying to dish this investment, I actually want it to succeed because I think it would grow Bitcoin but it was just that reading the article I got the feeling they weren't going to be upfront about the electricity costs and are going pretend that idle gpu resources is all a player needs to offer to get those credits which if it is the case is going to be a huge turnoff once discovered IMO. I could be wrong tho.
I still disagree.

Does WoW have a disclaimer about your computer using more electricity while the game is running?  Does League of Legends?  Does any game, for that matter?

For anyone who knows that a computer uses more electricity under load, they would know that running this particular game would act in a similar manner.  For anyone who doesn't know, they probably won't leave the game running long enough to find out.  Or, if they do, and notice the increase, they'll think, "well gee, I probably shouldn't leave my computer on that long again."  I can't see very many people blaming the game developer for it.
hazek
Legendary
*
Offline Offline

Activity: 1078


View Profile
April 24, 2012, 04:39:38 PM
 #14

Hmmm good point. I think after that argument it's less and less likely my argument is valid.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
Piper67
Legendary
*
Offline Offline

Activity: 1008



View Profile
April 24, 2012, 05:15:01 PM
 #15

Hmmm good point. I think after that argument it's less and less likely my argument is valid.

I feel like standing up and applauding... how often does one hear words like these? Nicely done.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!