NastyMining - Free Electricity, No Fees, NastyFans.org

[OgNasty]

Any one know why a standing bid can not be placed below the market  for nasty seats?

While nonnakip could give you a more official answer, I believe it is due to NastyFans not wanting to hold your funds.  You'll notice that you cannot deposit any BTC anywhere on the site, so there would be no BTC backing any placed bids.

When asked about it back in March, this is the answer I gave to cryptocoinsnews.com:

I think we’re probably the first Bitcoin exchange that doesn’t want to touch your bitcoins and charges no fees of any kind. We don’t allow users to deposit bitcoins, and try to handle them as little as possible. For this reason, we don’t have buy orders on our exchange. We only allow sell orders, and when you want to buy, you send BTC to an address specified for that transfer and those coins are bundled up to save on transaction fees, then sent to the seller. It is a limited trust system that not only keeps our users assured that we aren’t trying to amass their bitcoins for a long con, but it also reduces the regulator risk as we can in no way be confused as a bank, and makes us an unappealing target to thieves.

[boomertoo]

Any one know why a standing bid can not be placed below the market  for nasty seats?

While nonnakip could give you a more official answer, I believe it is due to NastyFans not wanting to hold your funds.  You'll notice that you cannot deposit any BTC anywhere on the site, so there would be no BTC backing any placed bids.

When asked about it back in March, this is the answer I gave to cryptocoinsnews.com:

I think we’re probably the first Bitcoin exchange that doesn’t want to touch your bitcoins and charges no fees of any kind. We don’t allow users to deposit bitcoins, and try to handle them as little as possible. For this reason, we don’t have buy orders on our exchange. We only allow sell orders, and when you want to buy, you send BTC to an address specified for that transfer and those coins are bundled up to save on transaction fees, then sent to the seller. It is a limited trust system that not only keeps our users assured that we aren’t trying to amass their bitcoins for a long con, but it also reduces the regulator risk as we can in no way be confused as a bank, and makes us an unappealing target to thieves.

Thats a good enough reason , thanks for the explanation.

[nonnakip]

Distribution 315794 is complete. Thank you to our donators.

[nonnakip]

1 poll closed

[member opinion] advertising positive
    no: 662 (22.9%)
    yes: 2047 (70.9%)
    unsure: 180 (6.2%)
    abstain: 22111
    RESULT: A SIGNATURE CAMPAIGN WOULD BE POSITIVE

[OgNasty]

We are now receiving 5.4TH/s in BFL cloudmining!

AND...

Here's the latest update from BFL:

Monarch to begin shipping

While PCB performance specifications have come in above the 600GH we originally projected, we have not yet hit the 1TH/s per PCB mark that we set for ourselves based on the strength of the underlying ASIC chip. We have achieved much higher speeds on test boards, but in order to be able to ship now we have stabilized the board at 700GH/s with power efficiency of 0.70 W/GH (+/- 10%). While we will continue to pursue the 1TH version of the Monarch for subsequent delivery, we want to get the best product we can out to you now. Shipping of Monarchs will begin next week.

Here is an image of the Monarch ready for shipment to customers right now.
(Please note the form factor with water cooling instead of air cooling)



As a reward for customers' patience and loyalty, we are adjusting the price of the 700 GH/s boards to $1,379 (ONLY $1.97/GH) and will be providing rebates/refunds for the difference. (Does not include cloud mining or Mining by the GH)

For those interested in running cards in power efficiency mode, here is a chart of power consumption at different speeds (@220V):

GH   Total W   W/GH
550   339   0.62
600   368   0.61
650   432   0.66
700   471   0.70
730   530   0.73
780   609   0.78
Specific details about updates to customer orders will be emailed and posted to each customers’ dashboards as boards are ready to be shipped.

[ManeBjorn]

I have the BFL 55 gh/s unit back up and running.
Hopefully now it will not eat any more PSUs.

[OgNasty]

I looked into our BFL orders and we should be due back ~$20,000 in BTC if I understand correctly.  One reason to take a positive from the currently falling BTC price.  No word when BFL will actually be issuing the refunds, but I assume we'll hear much more on the subject this week.

[Squeaker]

so, there will be a surplus? any plans on what will be done with it?

=squeak=

[OgNasty]

so, there will be a surplus? any plans on what will be done with it?

I am waiting to see BTC in a wallet before I put too much thought into it. However, a good use might be to pay down debt and buy a couple hundred ounces of silver for the next batch of physical seat coins.

[Squeaker]

I am waiting to see BTC in a wallet before I put too much thought into it. However, a good use might be to pay down debt and buy a couple hundred ounces of silver for the next batch of physical seat coins.

Paying down debt is always good... one less thing...

=squeak=

[l3sny]

so, there will be a surplus? any plans on what will be done with it?

I am waiting to see BTC in a wallet before I put too much thought into it. However, a good use might be to pay down debt and buy a couple hundred ounces of silver for the next batch of physical seat coins.

Can I ask where are you planning to buy siler and in what form? Coins or bars? I am using http://silber.celticgold.eu/nl_en/buy-silver.html

Someone is asking if I escrowed them somewhere.  Well I did not, I just possess them and keep in a safe place. Perhaps a trusted silver escrow fund would be a good idea ? Storage is a problem however. We have merrionvaults.ie here in Dublin.

Silver has a great potential!

[OgNasty]

We have our own coins minted.  The next batch will be 5oz rounds.

[l3sny]

We have our own coins minted.  The next batch will be 5oz rounds.

Cool. So you buy just bars?  How much is the stamp if I wanted to mint? 5oz seems a lot, way too much, the lower amount of minted coins the more expensive it is but the coins can be priced higher. Just thinking of kryptologika's coins some day
I think silver in sheets would be ideal, easy to breake and divide say 10x10 with 1g as the smallest unit with logo etc.

[OgNasty]

We also offer 1g silver rounds. See the OP.

We don't buy bars and we don't mint other people's designs.

[l3sny]

We also offer 1g silver rounds. See the OP.

We don't buy bars and we don't mint other people's designs.

Never say never. It is just a matter of a commercial decision I believe

edit: yep, you're right. You're not minting but engraving, thats a difference.

[nonnakip]

Since we proxy connections to our P2Pool node I decide to add IPv6 support. This is a big feature because it allows IPv6 users to mine with P2Pool.

P2Pool does not support IPv6. Through NastyPool it does: nastyfans.org:9332

[Squirrel Dearing]

Since we proxy connections to our P2Pool node I decide to add IPv6 support. This is a big feature because it allows IPv6 users to mine with P2Pool.

P2Pool does not support IPv6. Through NastyPool it does: nastyfans.org:9332

Good call! 

[silverfuture]

That's a great feature to add nonnakip and should bring more miners our way.

Really looking forward to the 5oz silvers coins!

[btcboston]

Why are the minted seats so expensive? For 0.5 BTC I could buy 10 seats and still have enough left over for 5-6oz silver. That is a steep price to pay for 1 seat + 1oz.

[naypalm]

That's a great feature to add nonnakip and should bring more miners our way.

Really looking forward to the 5oz silvers coins!

I am as well