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Author Topic: 2012-04-26 ars-technica: Coinlab gets $500,000 funding  (Read 1596 times)
meanig
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April 26, 2012, 12:28:34 AM
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http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars

Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity  Cheesy

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"Frankly, it makes no sense to me. But that doesn't mean its wrong, just that it makes no sense to me." wrote Ronald J. Mann, a law professor at Columbia University and an expert in payment systems, in a Wednesday e-mail sent to Ars. "The idea that they're going to get a VC-like return in bitcoin-based projects [is ludicrous]."
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April 26, 2012, 12:43:28 AM
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http://arstechnica.com/business/news/2012/04/coinlab-gets-500000-in-vc-for-bitcoin-related-gaming-startup.ars

Same as the other stories but a quote at the end from an "expert" in the payments industry needs to be saved for posterity  Cheesy

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"Frankly, it makes no sense to me. But that doesn't mean its wrong, just that it makes no sense to me." wrote Ronald J. Mann, a law professor at Columbia University and an expert in payment systems, in a Wednesday e-mail sent to Ars. "The idea that they're going to get a VC-like return in bitcoin-based projects [is ludicrous]."
Well, let's see.... if you have 100k users (who use the game an hour a day, on average), and 25% of them have a decent enough video card to mine on, then that's 25k mining individuals.  Assume you get, on average, 100 MH/s per user, that's around 110 GH/s.  110 GH/s would net to around $350/day at today's difficulty and price.

100k users being advertised to, on the other hand, would be something like 100 * $0.30 = $30/day.

I can see it being more profitable than advertising, if done right.
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April 26, 2012, 12:58:51 AM
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Questioning the feasibility of the Coinlab venture is fair enough but dismissing the potential returns of every Bitcoin project is a ridiculous thing for the professor to say.

Imagine the buzz if SR did an IPO on the GLBSE.   
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April 26, 2012, 01:12:47 AM
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I believe this is the first VC backed bitcoin start up ?
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April 26, 2012, 01:30:48 AM
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A payment systems expert doesn't understand Bitcoin?  Shocking!  Tongue
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