NastyMining - Free Electricity, No Fees, NastyFans.org

[kroneko]

thoughts on the seat price going down? Is it scarce trust in the decision to get more invested in BFL?

I'm thinking it has to do with some uncertainty about how this next round of ASICs will go, along with some investors that are more interested in short term gains are looking elsewhere for a quicker return.  Personally, I'm here for the long term opportunity, the number of seats is limited, and the management here has always been upfront and transparent.  I'm eager to see what the next year will bring, and due to the lower seat prices, I just picked up several more to help my holdings - thanks to the person who sold them to me 

[OgNasty]

thoughts on the seat price going down? Is it scarce trust in the decision to get more invested in BFL?

Borrowing some investment phrases, you could say we're shaking out weak hands, or this is the baby being thrown out with the bathwater.

As someone who has been around and mining for more than 2 years now, let me tell you what I've seen, and what I see now.  Each time a new technology comes out, there are great investment opportunities.  A new asset manager can jump up, say I'm starting a company now, and buy nothing but the latest and the cheapest equipment.  This is a huge opportunity for investors to increase yields by always jumping to the latest offering.  There are problems with this line of thinking though.  Mainly in that not everyone is here for the good of Bitcoin and to become a larger and more involved member of the community like myself (see: me becoming a treasurer and holding 500 BTC for the forum).  Any teenager with a computer can start up an asset make a ton of promises, and watch their bank account rise until they decide to disappear.  This has happened many times in the past, and I'm certain that with all the bitfury and kncminer offerings out there, some of them are bound to be scams that are just black holes with promises for your BTC.  We may see some ponzi attempts once equipment starts shipping, but when I see people with 3 month old accounts and no trading record that have raised hundreds of thousands of dollars, it makes me nervous.  Others see opportunity, and that is great if it works out for you.  I was nearly certain ASICminer was a scam in the beginning and I turned out to be dead wrong, so perhaps I am overly cautious.  This comes from steering clear of the mybitcoin & bitcoinica nightmares.  So while others are jumping to the latest thing and getting burned (see: 0.15 BTC purchases of IceDrill.ASIC that were almost immediately sold at a loss) you can hopefully believe that NastyFans will continue to be a best in class operation.

So what makes NASTY MINING a best in class operation that deserves a premium to other offerings?  Here are my perhaps overly generous reasons.  Firstly, I have basically dedicated my life to this project at this time.  My home has been wired with dedicated electrical circuits to provide the power we need to operate all of this stuff and specialized exhaust and air conditioning equipment has been installed to remove heat.  A newbie might place a ton of orders without realizing that there is a huge difference between operating a single miner and operating a dozen.  I can tell you that the heat and power needs are insane.  My electric bill is nearing $850/month now.  This doesn't effect NastyFans distributions at all.  I pay this out of pocket, and always have.  I am considering asking for donations to "go green" with some solar power, but I don't see me requiring any help on that front from fans.  I am also not new to running companies online (I have successfully operated an online website since 2001) and I also have a lot of experience in the finance world (10+ years experience as a Financial Analyst for a Fortune 250 company & 10+ years experience trading public assets in 4 different currencies).  In addition, I am donating my time and funds to create products and services that will benefit NastyFans (see: 1g silver coins I'm selling, with more products/services in the works).  Once our pool goes live officially, it will also bring in donations for NastyFans, as opposed to generating funds for myself or nonnakip, or even being a standalone new asset offering.  We are also the only mining company I'm aware of with exposure to LTC & NVC as well as the other merged mined coins and the diversity of our growing holdings on BitFunder.  Not to mention the transparency and the fact that our automated stats on the OP of this thread absolutely blow away anything I've seen from any other asset manager, and we've still got so much more planned to bring to you...  It should be clear at this point that my goal is not to get as much money as I can from NASTY MINING, but to grow it into something amazing that we can all be proud of.

Some reasons why the price may be dropping...  We have members who were upset about me diversifying away from mining and didn't like that we are now getting interest on our BitFunder holdings.  New offerings are popping up so fast with everyone and their brother making promises that they won't be able to keep.  The network is speeding up extremely fast and we're in somewhat of a holding pattern with only 1 more ASIC due to be received in the next month.  People may not have faith in my ability to market and sell new products to donate proceeds to NastyFans.  People may not believe that our pool is going to be awesome.  People might have faith in new asset managers.  People may be selling assets to take advantage of the recent rise in BTC price to cash out.  People may be nervous that we're now sitting on debt.  People may be emotional due to not receiving their BFL orders yet and are unhappy that I continue to support them by placing orders so quickly into their queue.

However, I still believe that this is the most honest, transparent, longest running, and successful mining operation there is.  It will continue to grow, and NastyFans will continue to benefit without me requiring more capital injections or changing terms (see: gigamining).  I hope you will all have faith and grow with us.  I grabbed a couple more seats this morning, and if I wasn't in need of funds for a large top secret project, I would be grabbing a lot more.  I've also now got my personal miners pointed at our pool, and hope you will all join me.

As for why you should want to buy more NastyFans seats instead of an asset with bigger promises and higher yields...  In the end it comes down to one thing.  Some invest in this for profit, some because they like the ideals, some because of the transparency.  Ultimately though, this line from the classic movie Scarface says it best.

"Who else can you trust? That's why you pay us what you do. You trust us."

[CumpsD]

Anyone with an account on nastyfans could tell me what price a seat goes for now? (Just to make sure I don't register to find out I have insufficient funds :p)

I want to be part of this great thing

[Carnth]

Anyone with an account on nastyfans could tell me what price a seat goes for now? (Just to make sure I don't register to find out I have insufficient funds :p)

I want to be part of this great thing

The last sale price of a seat can be found in the OP.

I double checked. The Nasty Fans website and the OP show the same price.

[CumpsD]

Anyone with an account on nastyfans could tell me what price a seat goes for now? (Just to make sure I don't register to find out I have insufficient funds :p)

I want to be part of this great thing

The last sale price of a seat can be found in the OP.

I double checked. The Nasty Fans website and the OP show the same price.

Thanks for checking this!

[Equilux]

thoughts on the seat price going down? Is it scarce trust in the decision to get more invested in BFL?

Borrowing some investment phrases, you could say we're shaking out weak hands, or this is the baby being thrown out with the bathwater.

As someone who has been around and mining for more than 2 years now, let me tell you what I've seen, and what I see now.  Each time a new technology comes out, there are great investment opportunities.  A new asset manager can jump up, say I'm starting a company now, and buy nothing but the latest and the cheapest equipment.  This is a huge opportunity for investors to increase yields by always jumping to the latest offering.  There are problems with this line of thinking though.  Mainly in that not everyone is here for the good of Bitcoin and to become a larger and more involved member of the community like myself (see: me becoming a treasurer and holding 500 BTC for the forum).  Any teenager with a computer can start up an asset make a ton of promises, and watch their bank account rise until they decide to disappear.  This has happened many times in the past, and I'm certain that with all the bitfury and kncminer offerings out there, some of them are bound to be scams that are just black holes with promises for your BTC.  We may see some ponzi attempts once equipment starts shipping, but when I see people with 3 month old accounts and no trading record that have raised hundreds of thousands of dollars, it makes me nervous.  Others see opportunity, and that is great if it works out for you.  I was nearly certain ASICminer was a scam in the beginning and I turned out to be dead wrong, so perhaps I am overly cautious.  This comes from steering clear of the mybitcoin & bitcoinica nightmares.  So while others are jumping to the latest thing and getting burned (see: 0.15 BTC purchases of IceDrill.ASIC that were almost immediately sold at a loss) you can hopefully believe that NastyFans will continue to be a best in class operation.

So what makes NASTY MINING a best in class operation that deserves a premium to other offerings?  Here are my perhaps overly generous reasons.  Firstly, I have basically dedicated my life to this project at this time.  My home has been wired with dedicated electrical circuits to provide the power we need to operate all of this stuff and specialized exhaust and air conditioning equipment has been installed to remove heat.  A newbie might place a ton of orders without realizing that there is a huge difference between operating a single miner and operating a dozen.  I can tell you that the heat and power needs are insane.  My electric bill is nearing $850/month now.  This doesn't effect NastyFans distributions at all.  I pay this out of pocket, and always have.  I am considering asking for donations to "go green" with some solar power, but I don't see me requiring any help on that front from fans.  I am also not new to running companies online (I have successfully operated an online website since 2001) and I also have a lot of experience in the finance world (10+ years experience as a Financial Analyst for a Fortune 250 company & 10+ years experience trading public assets in 4 different currencies).  In addition, I am donating my time and funds to create products and services that will benefit NastyFans (see: 1g silver coins I'm selling, with more products/services in the works).  Once our pool goes live officially, it will also bring in donations for NastyFans, as opposed to generating funds for myself or nonnakip, or even being a standalone new asset offering.  We are also the only mining company I'm aware of with exposure to LTC & NVC as well as the other merged mined coins and the diversity of our growing holdings on BitFunder.  Not to mention the transparency and the fact that our automated stats on the OP of this thread absolutely blow away anything I've seen from any other asset manager, and we've still got so much more planned to bring to you...  It should be clear at this point that my goal is not to get as much money as I can from NASTY MINING, but to grow it into something amazing that we can all be proud of.

Some reasons why the price may be dropping...  We have members who were upset about me diversifying away from mining and didn't like that we are now getting interest on our BitFunder holdings.  New offerings are popping up so fast with everyone and their brother making promises that they won't be able to keep.  The network is speeding up extremely fast and we're in somewhat of a holding pattern with only 1 more ASIC due to be received in the next month.  People may not have faith in my ability to market and sell new products to donate proceeds to NastyFans.  People may not believe that our pool is going to be awesome.  People might have faith in new asset managers.  People may be selling assets to take advantage of the recent rise in BTC price to cash out.  People may be nervous that we're now sitting on debt.  People may be emotional due to not receiving their BFL orders yet and are unhappy that I continue to support them by placing orders so quickly into their queue.

However, I still believe that this is the most honest, transparent, longest running, and successful mining operation there is.  It will continue to grow, and NastyFans will continue to benefit without me requiring more capital injections or changing terms (see: gigamining).  I hope you will all have faith and grow with us.  I grabbed a couple more seats this morning, and if I wasn't in need of funds for a large top secret project, I would be grabbing a lot more.  I've also now got my personal miners pointed at our pool, and hope you will all join me.

As for why you should want to buy more NastyFans seats instead of an asset with bigger promises and higher yields...  In the end it comes down to one thing.  Some invest in this for profit, some because they like the ideals, some because of the transparency.  Ultimately though, this line from the classic movie Scarface says it best.

"Who else can you trust? That's why you pay us what you do. You trust us."

Thanks for sharing you views, and ambitions for this project and for doing business in general. I for one find this very insightful, and it helps me understand you decisions much better!

[OgNasty]

Thanks for sharing you views, and ambitions for this project and for doing business in general.

You're welcome.

I received a couple of encouraging messages regarding my comment to begin taking steps toward renewable energy.  I went ahead and setup a BTC address to raise funds for NASTY MINING to go green.  If you would like to donate, feel free. 

1GoGreenJdqyFh3viLwE3M6ZhB1AvtDAJ2

[Carnth]

And now for something completely different.

OgNasty,

How long have you had your 168WX address, and is it the first one you ever had?

[CumpsD]

Seen the latest asicminer price cuts?

https://bitcointalk.org/index.php?topic=246020.msg3030092#msg3030092
"Hashrate: baseline 10GHash/s, rated 10.752GHash/s, maximum 12.829GHash/s with overclocking and proper cooling"
For 5.99 BTC

[OgNasty]

OgNasty,

How long have you had your 168WX address, and is it the first one you ever had?

It looks like that address hit the blockchain on July 15th, 2011.  Not my first address, but it's the one I put in my forum signature.  Amazing the amount of BTC that has gone through there (15,218.23 BTC).  

Funny side note...  After using Bitcoin for a little while I decided to land on that address for my signature because it ended with the word "Me" and obviously at the time I was unable to generate vanity addresses.

[Carnth]

For Sale:

Nasty Fans Pass-Through packs.

Each pack includes:

• 500 shares of NASTY-PT on btct.co
• 1 One gram Nasty Fans collectible .999 fine silver round.
• Free delivery of the silver round in the USA.

Price per pack: BTC1.5

Please see here for details.

[bitcoinsucker1]

Seen the latest asicminer price cuts?

https://bitcointalk.org/index.php?topic=246020.msg3030092#msg3030092
"Hashrate: baseline 10GHash/s, rated 10.752GHash/s, maximum 12.829GHash/s with overclocking and proper cooling"
For 5.99 BTC

I hope he orderd 100 of those...  BFL is never going to deliver

[redbeans2012]

Seen the latest asicminer price cuts?

https://bitcointalk.org/index.php?topic=246020.msg3030092#msg3030092
"Hashrate: baseline 10GHash/s, rated 10.752GHash/s, maximum 12.829GHash/s with overclocking and proper cooling"
For 5.99 BTC

I hope he orderd 100 of those...  BFL is never going to deliver

The blind love for BFl was the reason I sold my shares.  It nasty buys these I may jump back on

[bitcoinsucker1]

The blind love for BFl was the reason I sold my shares.  It nasty buys these I may jump back on

Same sold at .44

[OgNasty]

Seen the latest asicminer price cuts?

https://bitcointalk.org/index.php?topic=246020.msg3030092#msg3030092
"Hashrate: baseline 10GHash/s, rated 10.752GHash/s, maximum 12.829GHash/s with overclocking and proper cooling"
For 5.99 BTC

I hope he orderd 100 of those...  BFL is never going to deliver

The blind love for BFl was the reason I sold my shares.  It nasty buys these I may jump back on

I would have to buy over 500 of those in order to come close to matching our BFL order.  The power inefficiency difference along with the massive additional heat dispersion and administration time required just doesn't make asicminer blades a viable option.

[Duffer1]

Seen the latest asicminer price cuts?

https://bitcointalk.org/index.php?topic=246020.msg3030092#msg3030092
"Hashrate: baseline 10GHash/s, rated 10.752GHash/s, maximum 12.829GHash/s with overclocking and proper cooling"
For 5.99 BTC

I hope he orderd 100 of those...  BFL is never going to deliver

The blind love for BFl was the reason I sold my shares.  It nasty buys these I may jump back on

I would have to buy over 500 of those in order to come close to matching our BFL order.  The power inefficiency difference along with the massive additional heat dispersion and administration time required just doesn't make asicminer blades a viable option.

Having mining equipment compared to not having mining equipment should be a more significant factor in your planning.

[silverfuture]

Those of us who have been around since the beginning know that trustworthiness, long term vision, and doing what is best to truly support bitcoin is what you are looking for in your BTC earning relationships. Live long and prosper Nastyfans!

[miscreanity]

Having mining equipment compared to not having mining equipment should be a more significant factor in your planning.

As Og stated, heat is a major consideration. There's also a strong likelihood that first-gen ASICs will barely cover power costs by the end of the year.

The only realistic option to sustain long-term operation is to move to second-gen hardware. Despite the PR disaster BFL is, the fact remains that they have delivered, and early orders do reasonably well. The FPGA history also shows they will probably move smoothly with the second round.

Whether 28nm hardware pays itself off remains to be seen, but again - it's the only viable choice.

[jboogie]

thoughts on the seat price going down? Is it scarce trust in the decision to get more invested in BFL?

Borrowing some investment phrases, you could say we're shaking out weak hands, or this is the baby being thrown out with the bathwater.

As someone who has been around and mining for more than 2 years now, let me tell you what I've seen, and what I see now.  Each time a new technology comes out, there are great investment opportunities.  A new asset manager can jump up, say I'm starting a company now, and buy nothing but the latest and the cheapest equipment.  This is a huge opportunity for investors to increase yields by always jumping to the latest offering.  There are problems with this line of thinking though.  Mainly in that not everyone is here for the good of Bitcoin and to become a larger and more involved member of the community like myself (see: me becoming a treasurer and holding 500 BTC for the forum).  Any teenager with a computer can start up an asset make a ton of promises, and watch their bank account rise until they decide to disappear.  This has happened many times in the past, and I'm certain that with all the bitfury and kncminer offerings out there, some of them are bound to be scams that are just black holes with promises for your BTC.  We may see some ponzi attempts once equipment starts shipping, but when I see people with 3 month old accounts and no trading record that have raised hundreds of thousands of dollars, it makes me nervous.  Others see opportunity, and that is great if it works out for you.  I was nearly certain ASICminer was a scam in the beginning and I turned out to be dead wrong, so perhaps I am overly cautious.  This comes from steering clear of the mybitcoin & bitcoinica nightmares.  So while others are jumping to the latest thing and getting burned (see: 0.15 BTC purchases of IceDrill.ASIC that were almost immediately sold at a loss) you can hopefully believe that NastyFans will continue to be a best in class operation.

So what makes NASTY MINING a best in class operation that deserves a premium to other offerings?  Here are my perhaps overly generous reasons.  Firstly, I have basically dedicated my life to this project at this time.  My home has been wired with dedicated electrical circuits to provide the power we need to operate all of this stuff and specialized exhaust and air conditioning equipment has been installed to remove heat.  A newbie might place a ton of orders without realizing that there is a huge difference between operating a single miner and operating a dozen.  I can tell you that the heat and power needs are insane.  My electric bill is nearing $850/month now.  This doesn't effect NastyFans distributions at all.  I pay this out of pocket, and always have.  I am considering asking for donations to "go green" with some solar power, but I don't see me requiring any help on that front from fans.  I am also not new to running companies online (I have successfully operated an online website since 2001) and I also have a lot of experience in the finance world (10+ years experience as a Financial Analyst for a Fortune 250 company & 10+ years experience trading public assets in 4 different currencies).  In addition, I am donating my time and funds to create products and services that will benefit NastyFans (see: 1g silver coins I'm selling, with more products/services in the works).  Once our pool goes live officially, it will also bring in donations for NastyFans, as opposed to generating funds for myself or nonnakip, or even being a standalone new asset offering.  We are also the only mining company I'm aware of with exposure to LTC & NVC as well as the other merged mined coins and the diversity of our growing holdings on BitFunder.  Not to mention the transparency and the fact that our automated stats on the OP of this thread absolutely blow away anything I've seen from any other asset manager, and we've still got so much more planned to bring to you...  It should be clear at this point that my goal is not to get as much money as I can from NASTY MINING, but to grow it into something amazing that we can all be proud of.

Some reasons why the price may be dropping...  We have members who were upset about me diversifying away from mining and didn't like that we are now getting interest on our BitFunder holdings.  New offerings are popping up so fast with everyone and their brother making promises that they won't be able to keep.  The network is speeding up extremely fast and we're in somewhat of a holding pattern with only 1 more ASIC due to be received in the next month.  People may not have faith in my ability to market and sell new products to donate proceeds to NastyFans.  People may not believe that our pool is going to be awesome.  People might have faith in new asset managers.  People may be selling assets to take advantage of the recent rise in BTC price to cash out.  People may be nervous that we're now sitting on debt.  People may be emotional due to not receiving their BFL orders yet and are unhappy that I continue to support them by placing orders so quickly into their queue.

However, I still believe that this is the most honest, transparent, longest running, and successful mining operation there is.  It will continue to grow, and NastyFans will continue to benefit without me requiring more capital injections or changing terms (see: gigamining).  I hope you will all have faith and grow with us.  I grabbed a couple more seats this morning, and if I wasn't in need of funds for a large top secret project, I would be grabbing a lot more.  I've also now got my personal miners pointed at our pool, and hope you will all join me.

As for why you should want to buy more NastyFans seats instead of an asset with bigger promises and higher yields...  In the end it comes down to one thing.  Some invest in this for profit, some because they like the ideals, some because of the transparency.  Ultimately though, this line from the classic movie Scarface says it best.

"Who else can you trust? That's why you pay us what you do. You trust us."

I'm a late-comer, and now I start to understand why many people where saying NastyMining is very well run - because it is! Admittedly I haven't looked into a lot of mining ventures, but from the ones I had a close eye on, you certainly set yourself apart for how you manage this

I personally would've let my feelings steer me away from BFL, I really dislike their behaviour, but I admit your business reasoning seems solid, and you surely have much more experience than me. So I'll keep my seats tight for the foreseeable future

[pyra-proxy]

I'm a late-comer, and now I start to understand why many people where saying NastyMining is very well run - because it is! Admittedly I haven't looked into a lot of mining ventures, but from the ones I had a close eye on, you certainly set yourself apart for how you manage this

I personally would've let my feelings steer me away from BFL, I really dislike their behaviour, but I admit your business reasoning seems solid, and you surely have much more experience than me. So I'll keep my seats tight for the foreseeable future

Concur, Nasty mining is an outstanding operation!

EDIT: (OgN/Nona)To help with price concerns, have you perhaps considered changing how seat sales are done?  Perhaps instead of storing an order book of seats for sale you store an order book of seats wanting to be purchased?  This might help motivate higher prices as you change the dynamic from seat sellers competing to seat purchasers competing....