Betrayal of the ASIC manufacturers

[gallery2000]

Have you felt like being betrayed by the ASIC manufacturers lately?  You are not alone.  We all feel the same way.  We, as home miners, popularized bitcoins through our supports and utilization.  It was written in stones that ASIC manufacturers produce the machine and we as home miners use them to mine.  It used to be a sin for the manufacturer to mine and compete with us. 

Now the unwritten laws are broken.  ASIC manufacturers are plainly setting up data centers to mine.  They are directly competing with us, the backbone of ASIC supporters.  They are betraying us. I hope this will lead to the collapse of btc and the eventual death of the ASIC manufacturers. 

I hope we as home miners will just dump bitcoins and let it collapse.

[jimmothy]

Have you felt like being betrayed by the ASIC manufacturers lately?  You are not alone.  We all feel the same way.  We, as home miners, popularized bitcoins through our supports and utilization.  It was written in stones that ASIC manufacturers produce the machine and we as home miners use them to mine.  It used to be a sin for the manufacturer to mine and compete with us. 

Now the unwritten laws are broken.  ASIC manufacturers are plainly setting up data centers to mine.  They are directly competing with us, the backbone of ASIC supporters.  They are betraying us. I hope this will lead to the collapse of btc and the eventual death of the ASIC manufacturers. 

I hope we as home miners will just dump bitcoins and let it collapse.

Please don't try to speak for everyone, especially when the majority probably disagree completely.

This thread is the equivalent of saying "I can no longer pan for gold in the creek behind my house so let's crash the gold economy!"

Bitcoin mining is moving towards more efficient, industrial scale operations. Get over it. If you didn't see that coming you are a fool.

I'd suggest you dump all your btc and exit cryptocurrencies completely because it's clearly not for you if you are calling for the death of a 5 billion dollar revolutionary currency just because you specifically can no longer make money by plugging a machine in to your wall outlet.

[jonnybravo0311]

Have you felt like being betrayed by the ASIC manufacturers lately?  You are not alone.  We all feel the same way.  We, as home miners, popularized bitcoins through our supports and utilization.  It was written in stones that ASIC manufacturers produce the machine and we as home miners use them to mine.  It used to be a sin for the manufacturer to mine and compete with us. 

Now the unwritten laws are broken.  ASIC manufacturers are plainly setting up data centers to mine.  They are directly competing with us, the backbone of ASIC supporters.  They are betraying us. I hope this will lead to the collapse of btc and the eventual death of the ASIC manufacturers. 

I hope we as home miners will just dump bitcoins and let it collapse.

Welcome to capitalism.

[fr4nkthetank]

Have you felt like being betrayed by the ASIC manufacturers lately?  You are not alone.  We all feel the same way.  We, as home miners, popularized bitcoins through our supports and utilization.  It was written in stones that ASIC manufacturers produce the machine and we as home miners use them to mine.  It used to be a sin for the manufacturer to mine and compete with us. 

Now the unwritten laws are broken.  ASIC manufacturers are plainly setting up data centers to mine.  They are directly competing with us, the backbone of ASIC supporters.  They are betraying us. I hope this will lead to the collapse of btc and the eventual death of the ASIC manufacturers. 

I hope we as home miners will just dump bitcoins and let it collapse.

Welcome to capitalism.

And capitalism will dictate that they will crash the price, and they will all go bankrupt,except for very few very big and smart people, and the rest of us who mine for fun/profit/heat/passion

that,s capitalism, just look up rockafeller and what he did to the oil industry.  its going to be a rough ride

[elduderino]

Exactly. The big fish swallow up the big fish.

Happens in business all the time.
Happens in nature all the time.
Fighting the forces of nature may be futile.
Studying, understanding, and leveraging  the forces of nature might be more worthwhile.

[xstr8guy]

ASIC manufacturers have been self-mining since day one. It was never "written in stone" that they wouldn't compete with home miners. Bitfury, Avalon, ASICMiner, BFL... all mined with their own equipment. In fact, Bitfury and ASICMiner announced to the world that they intended to use profits from retail sales to fund their datacenters.

So you're a fool if you've just suddenly came to this realization.

[Syke]

Companies like Bitfury, Bitmain, ASICminer, Spondoolies, have done a pretty good job. They delivered decent hardware with minimal failures.

Companies like Avalon, BFL, KNC, Bitmine, AMT, and many others have betrayed their customers. They had massive failures and their customers were screwed because of it.

While the increasing difficulty means it's harder to mine, that also means that the network is more secure, and that's a key factor. Your bitcoins are safer, and their value will continue to grow. HODL.

[unrealistic]

Bitfury, Bitmain, ASICminer, Spondoolies

Did these companys did really god job ? It is always possibility to them to starting to cheat their customers.

[mwizard]

It appears Satoshi always expected there would be 'big server farms' rather than lots of small miners.   

The current system where every user is a network node is not the intended configuration for large scale.  That would be like every Usenet user runs their own NNTP server.  The design supports letting users just be users.  The more burden it is to run a node, the fewer nodes there will be.  Those few nodes will be big server farms.  The rest will be client nodes that only do transactions and don't generate.

[brian_23452]

Have you felt like being betrayed by the ASIC manufacturers lately?  You are not alone.  We all feel the same way.  We, as home miners, popularized bitcoins through our supports and utilization.  It was written in stones that ASIC manufacturers produce the machine and we as home miners use them to mine.  It used to be a sin for the manufacturer to mine and compete with us. 

Now the unwritten laws are broken.  ASIC manufacturers are plainly setting up data centers to mine.  They are directly competing with us, the backbone of ASIC supporters.  They are betraying us. I hope this will lead to the collapse of btc and the eventual death of the ASIC manufacturers. 

I hope we as home miners will just dump bitcoins and let it collapse.

They were always competing with you.  If you have a device that will generate say 10BTC over the course of it's life (say 3 months) there is little reason to sell the device for less then 10BTC.  This should be fairly obvious to everyone.  What I think people like you have trouble understanding is that the manufacturers didn't get into this business to design, build, and SELL asics.  They got in this business to mine.  Taking on customers is a means to an end, in that it provides up front capital (pre orders) and allows them to pass all risk onto someone else while still retaining all the profit (since they never deliver until the devices are "used up" so to speak).
Once you start to see their primary business as being mining, and not the selling of asics, everything makes a lot more sense.

The thing is, it is easy to get mad at them, but read my first line again.  If you have a device that will generate 10BTC would YOU sell it for less than 10BTC?  Just head over to the for sale section; it isn't just the manufacturers that do this.

[Snipe85]

They were doing this for a long time. KNC was accused of delaying shipments to mine months ago. Same thing with BFL.

[eoakland]

don't be too hard on the OP.  sounds like difficulty w/power cost is making him think about powering off his miners.  home mining is getting to the point of ridonkulousness

[brontosaurus]

If the asic manufacturers has decided to keep their snouts out of the mining trough and actually support the customers that financed them, then the difficulty would be considerably lower and miners might still be making money.

All that happened was a serious of on-shot deals based on pre-orders, which would have been fine if the manufacturers had put plans in place to keep their original customers supplied with a steady stream of products as the difficulty rose. Instead they sold in bulk for their own or 'proxy' mining operations and the ones that paid the highest ( ie not discounted) pricing for their equipment got shafted.

[jimmothy]

If the asic manufacturers has decided to keep their snouts out of the mining trough and actually support the customers that financed them, then the difficulty would be considerably lower and miners might still be making money.

All that happened was a serious of on-shot deals based on pre-orders, which would have been fine if the manufacturers had put plans in place to keep their original customers supplied with a steady stream of products as the difficulty rose. Instead they sold in bulk for their own or 'proxy' mining operations and the ones that paid the highest ( ie not discounted) pricing for their equipment got shafted.

Please don't lump all ASIC manufacturers together with the scam companies.

As it has already been said but you seem to have ignored, several companies did a good job of not ripping off their customers and even giving them a chance to turn a profit.

Bitmain was a shining example. No preorders, no overpriced hardware, no BS, and just about everyone who ordered from them was able to turn a profit. (although Bitmain has degraded a bit recently)

don't be too hard on the OP.  sounds like difficulty w/power cost is making him think about powering off his miners.  home mining is getting to the point of ridonkulousness

It should be clarified that home mining is only no longer viable for people with uncompetitive electricity rates. Mining may still be viable if you pay less than $0.08/kwh or have free electricity(which many do).

I think people are being hard on the OP because of his hilarious plan to destroy bitcoin because he specifically can no longer profit from mining.

It's the sort of response you'd expect to hear from an elementary schooler that didn't get his way so he has to ruin the fun for everyone.

[gallery2000]

Have you felt like being betrayed by the ASIC manufacturers lately?  You are not alone.  We all feel the same way.  We, as home miners, popularized bitcoins through our supports and utilization.  It was written in stones that ASIC manufacturers produce the machine and we as home miners use them to mine.  It used to be a sin for the manufacturer to mine and compete with us.  

Now the unwritten laws are broken.  ASIC manufacturers are plainly setting up data centers to mine.  They are directly competing with us, the backbone of ASIC supporters.  They are betraying us. I hope this will lead to the collapse of btc and the eventual death of the ASIC manufacturers.  

I hope we as home miners will just dump bitcoins and let it collapse.

Please don't try to speak for everyone, especially when the majority probably disagree completely.

This thread is the equivalent of saying "I can no longer pan for gold in the creek behind my house so let's crash the gold economy!"

Bitcoin mining is moving towards more efficient, industrial scale operations. Get over it. If you didn't see that coming you are a fool.

I'd suggest you dump all your btc and exit cryptocurrencies completely because it's clearly not for you if you are calling for the death of a 5 billion dollar revolutionary currency just because you specifically can no longer make money by plugging a machine in to your wall outlet.

I already sold my stash.  I think it is good for bitcoin to collapse to $200.  Then, I will jump in to buy more of it.  So it is not a bad idea to sell now and jump in later.  

[gallery2000]

If the asic manufacturers has decided to keep their snouts out of the mining trough and actually support the customers that financed them, then the difficulty would be considerably lower and miners might still be making money.

All that happened was a serious of on-shot deals based on pre-orders, which would have been fine if the manufacturers had put plans in place to keep their original customers supplied with a steady stream of products as the difficulty rose. Instead they sold in bulk for their own or 'proxy' mining operations and the ones that paid the highest ( ie not discounted) pricing for their equipment got shafted.

Please don't lump all ASIC manufacturers together with the scam companies.

As it has already been said but you seem to have ignored, several companies did a good job of not ripping off their customers and even giving them a chance to turn a profit.

Bitmain was a shining example. No preorders, no overpriced hardware, no BS, and just about everyone who ordered from them was able to turn a profit. (although Bitmain has degraded a bit recently)

don't be too hard on the OP.  sounds like difficulty w/power cost is making him think about powering off his miners.  home mining is getting to the point of ridonkulousness

It should be clarified that home mining is only no longer viable for people with uncompetitive electricity rates. Mining may still be viable if you pay less than $0.08/kwh or have free electricity(which many do).

I think people are being hard on the OP because of his hilarious plan to destroy bitcoin because he specifically can no longer profit from mining.

It's the sort of response you'd expect to hear from an elementary schooler that didn't get his way so he has to ruin the fun for everyone.

I did not have a plan to destroy the bitcoin economy, but my plan was to give bitcoin a "correction".  People think bitcoin should be $10,000 or $1000 but right now the support is at the $300s.  I think it should collapse to $200.

[philipma1957]

@ gallery2000 we just touched 400usd .  I see us above 500 by Nov 1st

  The correction happened we dropped to 298 a week or so ago and now back up for a few months.

 Unless  the moron asic builder decide to expand the data centers again.

 They just need to keep their 'dick in their pants'   [figure of speech]  for about 60 days and put out very little hashpower.

 then they can have a  lot of 'quality pussy' [figure of speech]

[gallery2000]

@ gallery2000 we just touched 400usd .  I see us above 500 by Nov 1st

  The correction happened we dropped to 298 a week or so ago and now back up for a few months.

 Unless  the moron asic builder decide to expand the data centers again.

 They just need to keep their 'dick in their pants'   [figure of speech]  for about 60 days and put out very little hashpower.

 then they can have a  lot of 'quality pussy' [figure of speech]

I am like you, hoping that those asic manufacturers stop expanding their data centers.  

I disagree about 'quality pussy'.  I have not seen a not 'quality pussy'.  All pussies are made of quality (even made in China).  That's a given.

[BTCish]

We can only hope they will not expand they datacenters.

[mavericklm]

That's  what left for us, hope...
We will not see 200dollars/bitcoin anymore... and the more expensive bitcoin will get the more they will farm based on this!
And difficulty will still go up and up and up an up