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Author Topic: CoinLab obtains $500k in seed funding  (Read 5864 times)
Technomage
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April 25, 2012, 02:17:25 PM
 #41

I also see this as a sort of step 1. I'm quite sure they have a lot of other stuff in mind for the long term.

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April 25, 2012, 03:38:45 PM
 #42

I blogged about the CoinLab deal (the post wanders off into bigger-picture economics thoughts at the end):
  http://gavinthink.blogspot.com/2012/04/coinlab-and-bitcoin.html


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April 25, 2012, 03:55:49 PM
 #43

As I see it, the most positive thing about this is that Coinlab - and investors - will have to report Bitcoin-related income to the IRS.  They'll have more legal power at hand than a typical miner, and any precedents that they set will be that much better for all of us.
Another positive thing is that, if it works, it creates a buzz among tech investors. It validates Bitcoin as a solid, secure, and free system that is open to use and innovation.

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April 25, 2012, 04:00:33 PM
 #44

I wonder if they realize they have a dynamic limit to their growth though because they can't allow themselves to ever represent more than say 30-35% of total hashing power or else they'd start hurting themselves by shaking the confidence in Bitcoin and probably crashing it's exchange rate as a result..

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April 25, 2012, 04:39:41 PM
 #45

Just got slashdotted!  Front page

http://news.slashdot.org/story/12/04/25/1549252/bitcoin-mining-startup-gets-500k-in-venture-capital

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April 25, 2012, 04:41:40 PM
 #46

More interest in BitCoin is good by any standards.
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April 25, 2012, 04:56:05 PM
 #47

I've never understood the hate for bitcoin.
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April 25, 2012, 04:56:47 PM
 #48

Whee. That was my submission. I've managed to get 3 out of 4 to the front page so far. Fairly good stats. Smiley

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April 25, 2012, 04:58:17 PM
 #49

I've never understood the hate for bitcoin.

The hate for bitcoin is relative to the promotion of it. There are hardcore economists who believe that the idea is fruity, but an experiment is an experiment so who cares. Enter psycho-hyper-libertarians who want to destroy the governments all over the world, become literal terrorists and anarchists, and who try their best to go against every single social construct and law in place and call it "good for everyone".

The problem with bitcoin is that there are so many morons in it promoting it poorly and giving the SolidCoin style "UP UP UP EXPLODE IN YOUR FACE TAKE THE WORLD BY STORM" speech so often everyone thinks we're all wackos. This is why I troll people. You have got to learn to lighten up and start working with the world to change it, not against it.

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April 25, 2012, 04:59:26 PM
 #50

Whee. That was my submission. I've managed to get 3 out of 4 to the front page so far. Fairly good stats. Smiley

Good work Technomage.  I've *never* been able to have a successful submission to Slashdot.  Not sure how you do it but excellent work.

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April 25, 2012, 07:03:08 PM
 #51

I wonder if they realize they have a dynamic limit to their growth though because they can't allow themselves to ever represent more than say 30-35% of total hashing power or else they'd start hurting themselves by shaking the confidence in Bitcoin and probably crashing it's exchange rate as a result..

If they are so successful that the gamers using this system represent 1/3 of the Bitcoin mining network, then CoinLab will be very profitable, the investors will be happy, and more investors will invest in still more Bitcoin companies. This drives price higher and encourages miners outside the system to join.

You must see these things dynamically, not as static occurrences. Bootstrapping this new monetary system requires a sort of ratcheting of successes. One team gets something right, and it sparks others to succeed.
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April 25, 2012, 07:28:52 PM
 #52

I thought I used the word dynamic in there somewhere.

I wonder if they realize they have a dynamic limit to their growth

Yep I did do so.  Wink  Cheesy

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April 25, 2012, 07:39:06 PM
 #53

I've never understood the hate for bitcoin.
The problem with bitcoin is that there are so many morons in it promoting it poorly and giving the SolidCoin style "UP UP UP EXPLODE IN YOUR FACE TAKE THE WORLD BY STORM" speech so often everyone thinks we're all wackos. This is why I troll people. You have got to learn to lighten up and start working with the world to change it, not against it.

This this this this this.  Anytime I see someone ask why they should use/support bitcoin and a BTC user explains it by saying anything about fiat/the fed/da govurnmint they the chances are that the BTC user just drove someone away from using BTC.

There are tons of benefits of BTC to explain to someone without going all foamy-mouth nutty

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April 25, 2012, 09:38:52 PM
 #54

Terrible (unprofitable) business model, terrible lack of creativity (BITCOIN STARTUP THAT MINE BITCOINS AND SELL THEM FOR $$$ HURR DURR).

Nothing good for Bitcoin. This will not impact, help, or promote the Bitcoin economy in any way AT ALL. Honestly this means so little for the Bitcoin community that it's barely even relevant for this forum.

The more I think about this business model, the more I want to laugh/puke. It's just that bad. It's morally unjust (tricking 13 year old kids into installing shady software that he doesn't understand on daddys computer) and it would barely be profitable today. However its long term viability is even more terrible.

>Botnet of volunteers using shitty CPU and GPU's to compete with ASIC rigs for ($5*25*144) $18000 per day in a zero-sum game.

It's laughable.
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April 26, 2012, 12:41:06 AM
 #55

Terrible (unprofitable) business model, terrible lack of creativity (BITCOIN STARTUP THAT MINE BITCOINS AND SELL THEM FOR $$$ HURR DURR).

Nothing good for Bitcoin. This will not impact, help, or promote the Bitcoin economy in any way AT ALL. Honestly this means so little for the Bitcoin community that it's barely even relevant for this forum.

The more I think about this business model, the more I want to laugh/puke. It's just that bad. It's morally unjust (tricking 13 year old kids into installing shady software that he doesn't understand on daddys computer) and it would barely be profitable today. However its long term viability is even more terrible.

>Botnet of volunteers using shitty CPU and GPU's to compete with ASIC rigs for ($5*25*144) $18000 per day in a zero-sum game.

It's laughable.

Unprofitable business model? 

The gamer reluctant to make micro payments for games gets to access paid content for "free" (at the cost of electricity). Game developers get a chance to monetize a huge non-paying user base.  All Coinlab has to do is run a mining pool.  Looks like a win win win.

Sure, it's inefficient mining, but as long as everyone's happy..?

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April 26, 2012, 12:44:44 AM
 #56

Yay for hiding fees in electricity bills Shocked

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April 26, 2012, 12:46:01 AM
 #57

It's laughable.

Ok, how about repackaging a handful of photoshop filters into an phone app... for 1 BILLION dollars?


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April 26, 2012, 01:01:59 AM
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Seems like an interesting idea.
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April 26, 2012, 01:16:28 AM
 #59

I think it is overall very positive. We have seen some brilliant ideas executed what you can do with bitcoin very poorly.

Now we will see a mediocre idea executed with tons of capital - i suspect it will be a greater success as most of you imagine.
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April 26, 2012, 01:20:25 PM
 #60

Hmm, try looking at it from a slightly different perspective.

This new company seems to basically be proposing to buy in-game perks for game-players, paying the game companies fiat currency for those perks.

How much of a discount will game companies want to give this middleman? Normally that would depend on how much the middleman is willing to pay for how many perks for how many players compared to how much that might lower the perceived value of the perks to the game company's existing population of players.

From the sound of it this middleman doesn't actually have any players to bring to the deal, they plan to leech off the game company's own player-aquiring efforts and player-populations.

How competitive will this new pool company be compared to existing pools that could quite possibly offer competing "we will handle the mining pool end of this for you" offers?

And what the heck do they need half a million bucks for? Marketing? Ten 50,000/year salespeople to run around trying to talk games companies into going for this scheme?

Maybe it would cost any already operational mining pool a similar amount to be able to talk game companies into mining with them instead?

Maybe they plan to make an even more GUI miner than GUIminer and sell the code to the game companies to integrate with their clients or webservers? Or are offering to do that integration for them? Somehow trying to lock them in to using this company's pool rather than shopping around existing pools?

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