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Author Topic: help me understand GLBSE and mining operations.  (Read 775 times)
arklan
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June 02, 2012, 10:03:51 AM
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So, I am fortunate enough to live in Kansas City, MO with an electric rate of about $.06 per kWh. As such I want to build out a mining operation. My current thinking is to get the best FPGA's I can (using the TML bit stream for best results, depending on what Lancelot's offer) though in the long term that may change with the ASIC's from BFL being announced.

Right now my meat space job barely covers my monthly expenses, and due to several years unemployment, my credit sucks so I can’t just throw the charges on a credit card.

So, my thinking is offer bonds and shares to raise the initial funds to buy enough FPGA's to add 5ghash.

The part I don't get about GLBSE - knowing Bitcoin is irreversible and the like, what makes anyone trust anyone? I mean, how can it function at all?

I personally have no intention of scamming or taking the BTC and running or such - I love Bitcoin and what it's about and want to be a bigger part of it then my money allows. But what makes you guys believe that? how do I generate any trust?
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finway
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June 02, 2012, 10:17:04 AM
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By providing your personal info.

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June 02, 2012, 10:29:08 AM
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I personally have no intention of scamming or taking the BTC and running or such

That's the first thing a scammer would say.


But what makes you guys believe that? how do I generate any trust?

There is no "quick" solution to this. Trust has to be earned over time, and even then there are no guarantees.

Also, an operation like this would require experience. Someone who just learned about BitCoin should not be starting a large mining operation as their first endeavor.

And lastly, you would have to compete with the current offerings, which is tough, because there are some really good ones already out there.
arklan
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June 02, 2012, 11:05:21 AM
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By providing your personal info.

well that part is easy enough... hi! Arklan Uth Oslin, at your service. no, really. stop looking at me like that. that's really my name. as it's pretty unique, most of the google results for it are, in fact, me.

as to the rest - fair nuff. and i didn't just learn about bitcoin. i've been actively lurking (heh.) around here for about a year now. only started posting recently. as to the competition part - yea. very good point.

edit - spelling
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