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Author Topic: BFL Labs just like Get-rich-quick-schemes  (Read 4496 times)
runeks
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July 19, 2012, 01:49:45 PM
 #41

They are "sharing" their products with us for the cheap because they will make large amounts of money from the initial sales. People will then realize that a single jalapeno sounded great when the difficulty was 1.7M, but oh no, I need more hashing power now that the network is over 200Thash. Hell they are only $150, let's get a couple more!

Before we know it, the ROI time will be years and no one will be earning well. On the brightside, bitcoin as a currency will be very secure.

How is it more secure? Going to take the less money to buy 50%+ as it always has in your 200Thash scenario. 6 million. (30k for 1TH box)

Current speed of 13THash using $600-1,000 a gh is 7.8 million to 13 million. (best FPGA to new GPUs)

Total bitcoin market cap is: 67.13 million http://blockchain.info/stats
Agreed. The determinant of bitcoin security is its market cap. The more bitcoins are worth the more profitable it will be to mine (all else being equal), and the more money will be put into mining. Thus, a new miner entering the market would have to pay more to get 51% of the total hash rate.
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ChanceCoats123
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July 19, 2012, 03:31:46 PM
 #42

They are "sharing" their products with us for the cheap because they will make large amounts of money from the initial sales. People will then realize that a single jalapeno sounded great when the difficulty was 1.7M, but oh no, I need more hashing power now that the network is over 200Thash. Hell they are only $150, let's get a couple more!

Before we know it, the ROI time will be years and no one will be earning well. On the brightside, bitcoin as a currency will be very secure.

How is it more secure? Going to take the less money to buy 50%+ as it always has in your 200Thash scenario. 6 million. (30k for 1TH box)

Current speed of 13THash using $600-1,000 a gh is 7.8 million to 13 million. (best FPGA to new GPUs)

Total bitcoin market cap is: 67.13 million http://blockchain.info/stats
Agreed. The determinant of bitcoin security is its market cap. The more bitcoins are worth the more profitable it will be to mine (all else being equal), and the more money will be put into mining. Thus, a new miner entering the market would have to pay more to get 51% of the total hash rate.

I'm not sure who you're agreeing with, but check my response to his post. It is theoretically easier to gain 51%+, but with all the orders already placed, the network hashrate will be exponentially larger by the time anyone has enough of the ASIC chips to attempt an attack on the network.
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July 19, 2012, 04:19:01 PM
 #43

ChanceCoats123,

The speed doesn't matter. It is the total cost for the 51%. Do you think really think BFL got 7.8-13 million in orders? To be twice secure as before they would need to sell 15-26 million in gear!

My bet is probably closer to 1 - 2 million. 

The part that would blow your mind is if you take out their profit margin of just guessing 50%  then how much money would it take a few to do a 51% attack?



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July 19, 2012, 05:15:52 PM
 #44

Except the speed does matter. BFL simply does not have the resources to ship every current order that has been placed on the same date. Meaning no one entity will receive a large enough quantity to create an attack.

Edit: And my response is not to say you're incorrect. You (and the others) are completely correct in that it costs far less to gain 51% of the network hashrate, but the high level of accessibility is what increases the security. While BFL doesn't have millions of dollars in orders, they have enough that everyone will have a slice of the pie when ASIC hits. The point is to keep the pie in small slices instead of halves.
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July 19, 2012, 07:22:37 PM
 #45

I have a feeling that some who ordered will get their order received after some others...and possibly in a way that will hurt their profitability.

Just saying...look at how many let downs we have had: MyBitcoin, Bitcoinica, etc...hacked exchanges...

Wouldn't be surprised...but I do know one thing....it won't affect bitcoin much.

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