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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3914546 times)
TsuyokuNaritai
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July 26, 2013, 07:13:41 PM
 #10481

I've seen lots of posts and comments raising fears about AM's potential domination of the network, but no comments outside the AM threads about the new franchise plans, which at least partly address those fears. So I started this. Hope I don't end up regretting it...

"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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binaryFate
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July 26, 2013, 07:46:04 PM
 #10482

I've seen lots of posts and comments raising fears about AM's potential domination of the network, but no comments outside the AM threads about the new franchise plans, which at least partly address those fears. So I started this. Hope I don't end up regretting it...

Great idea, thanks for doing this!

Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. 
This makes Monero a better candidate to deserve the term "digital cash".
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July 26, 2013, 08:29:03 PM
 #10483

I've seen lots of posts and comments raising fears about AM's potential domination of the network, but no comments outside the AM threads about the new franchise plans, which at least partly address those fears. So I started this. Hope I don't end up regretting it...

Well true the AM threads been all over it time to send it off to the bitcoin forum wilderness
J.R. BOB DOBBS
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GOT SLACK ?


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July 27, 2013, 04:48:27 AM
 #10484


that can't be correct you need to peel the skin first then comes the soy sauce ha gimme lil slack! (=

wo0x
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July 27, 2013, 05:34:20 AM
 #10485


Thx for the link. I will love the decreasing counter 'bout items in stock Grin
tinus42
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July 27, 2013, 07:35:29 AM
 #10486


I love it also. Has been my avatar for a while.  Grin
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July 27, 2013, 07:44:13 AM
 #10487


Hehe that wasn't even from the AM thread xd
Super T
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July 27, 2013, 08:56:01 AM
 #10488

Meanwhile... http://www.youtube.com/watch?v=l-bMqk41VlY
Fabrizio89
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July 27, 2013, 10:18:02 AM
 #10489

actually just did some math, Core i7 3930k does 66.6 MH/s;
You can get ~80MH/s out of an Intel iN series CPU - I've got an old one sitting in a DC which is averaging 78MH/s, uptime is several months, and it was just sitting there waiting for us to scrap  ...

An A8-6600K from AMD makes 66Mhash/s and it's here since a month (I have one). An A10-6800k can make more than 90. These are APUs (CPU with an integrated Graphic card).
But they are hardly a problem.
twobits
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July 27, 2013, 11:47:14 AM
 #10490


Yes, Friedcat is emailed a full shareholder list (includes email and btc address) several times a day.  If the servers ever got pulled, he has everything he needs to pull the shares back in-house to direct shares.


The shares already have an owner from Friedcat's perspective though.  Has he agreed he would use this list to change it, if it looked necessary?

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July 27, 2013, 12:44:54 PM
 #10491


Yes, Friedcat is emailed a full shareholder list (includes email and btc address) several times a day.  If the servers ever got pulled, he has everything he needs to pull the shares back in-house to direct shares.


The shares already have an owner from Friedcat's perspective though.  Has he agreed he would use this list to change it, if it looked necessary?


Has Friedcat ever been unreasonable about shareholder ownership? I agree that we should have/get a confirmation, but I have full confidence that he would not leave us in the lurch.

burnside
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July 27, 2013, 06:40:32 PM
 #10492


Yes, Friedcat is emailed a full shareholder list (includes email and btc address) several times a day.  If the servers ever got pulled, he has everything he needs to pull the shares back in-house to direct shares.


The shares already have an owner from Friedcat's perspective though.  Has he agreed he would use this list to change it, if it looked necessary?


Has Friedcat ever been unreasonable about shareholder ownership? I agree that we should have/get a confirmation, but I have full confidence that he would not leave us in the lurch.

I have asked him to use the list in case anything should ever happen to me.  I suspect that should be sufficient.  If not, point him at this post.  Wink
Ninshatamoto
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July 27, 2013, 07:31:02 PM
 #10493

ASICminer continues to mine blocks with low transaction numbers and thus low transaction fees.  Below is yet another example of the problem.  If you look at other previous blocks found by ASICminer you will see a lot of missed transaction fees and transactions and transaction fees which are passed on to the next miner to find a block.

Block #248746
Number Of Transactions 216
Output Total 2,176.04867471 BTC
Estimated Transaction Volume 679.60414694 BTC
Transaction Fees 0.1176 BTC
Timestamp 2013-07-27 17:48:34
Received Time 2013-07-27 17:49:25 
Relayed By Slush
Size 84.4375 KB
Block Reward 25 BTC

Block #248747
Number Of Transactions 21
Output Total 147.29007896 BTC
Estimated Transaction Volume 19.73619757 BTC
Transaction Fees 0.0075 BTC
Timestamp 2013-07-27 18:06:16
Received Time 2013-07-27 18:06:30 
Relayed By ASICMiner
Size 6.0869140625 KB
Block Reward 25 BTC

Block #248748
Number Of Transactions 512
Output Total 11,879.14269967 BTC
Estimated Transaction Volume 1,685.03073686 BTC
Transaction Fees 0.16167629 BTC
Timestamp 2013-07-27 18:19:29
Received Time 2013-07-27 18:20:17 
Relayed By Eligius
Size 226.224609375 KB
Block Reward 25 BTC

Is there any reason to really be worried about this until transaction fees make up a bigger part of the block reward?  The difference between 25.1176 and 25.0075 is 0.4%.  After being spread out to all the shareholders, the difference is less than a satoshi per share. 

I'm failing to see how investing any time at all in solving this "problem" will be more fruitful than spending those same time-resources somewhere else.
Strange Vlad
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July 27, 2013, 08:04:47 PM
 #10494

Well it is also a problem for people sending transactions.  They have to wait longer for an initial transaction confirmation because ASICminer is passing those transactions on to the next miner to find a block.

Exactly, and that's much more important than not getting that smallish additional tx-fee bonus.
I hope this question will get into the next round of TAT's questions.

Do not try and bend the spoon. That's impossible. Instead... only try to realize the truth. There is no spoon. Then you'll see, that it is not the spoon that bends, it is only yourself.
1CdVTkA288cd3m1jkdqPjUfhQ5ebei8gVT
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July 27, 2013, 08:22:06 PM
 #10495

Well it is also a problem for people sending transactions.  They have to wait longer for an initial transaction confirmation because ASICminer is passing those transactions on to the next miner to find a block.

Exactly, and that's much more important than not getting that smallish additional tx-fee bonus.
I hope this question will get into the next round of TAT's questions.
I agree, it's an important question.
TheJuice
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July 27, 2013, 08:23:09 PM
 #10496

Well it is also a problem for people sending transactions.  They have to wait longer for an initial transaction confirmation because ASICminer is passing those transactions on to the next miner to find a block.

Exactly, and that's much more important than not getting that smallish additional tx-fee bonus.
I hope this question will get into the next round of TAT's questions.

Has AM commented on this?
BigPimpinSpendinCoins
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July 27, 2013, 08:34:39 PM
 #10497


Yes, Friedcat is emailed a full shareholder list (includes email and btc address) several times a day.  If the servers ever got pulled, he has everything he needs to pull the shares back in-house to direct shares.


The shares already have an owner from Friedcat's perspective though.  Has he agreed he would use this list to change it, if it looked necessary?


Has Friedcat ever been unreasonable about shareholder ownership? I agree that we should have/get a confirmation, but I have full confidence that he would not leave us in the lurch.

I have asked him to use the list in case anything should ever happen to me.  I suspect that should be sufficient.  If not, point him at this post.  Wink


Which bitcoin address do you include in this list? Is it the withdrawal address associated with the account?
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July 27, 2013, 09:59:42 PM
Last edit: August 13, 2013, 11:18:59 PM by SebastianJu
 #10498

Point taken...

Please ALWAYS contact me through bitcointalk pm before sending someone coins.
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July 27, 2013, 10:03:27 PM
 #10499

Price cut of usb miners is official: https://www.btcguild.com/index.php?page=store

17yN2CQsYGBd3jEcNcWQDua4sViVP7YmC1
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July 27, 2013, 10:35:36 PM
 #10500

I fear Bitcoin is going to turn out to become a game for the rich. Who are either the lucky first adopters who didn't delete their wallet.dat or the likes of the Winklevii who were already rich and could afford to diversify into BTC. You can only make money with money. Just like in the current financial system.

The Average Joe will just have to sweat to get scraps from the tables of the wealthy. Same as it ever was.  Roll Eyes

Youre wrong. I found bitcoins 2 years ago and i looked at it the same way. The early adopters got rich, they have miners and can make money. But mining wasnt worth it anymore at that time. Buying hardware wouldnt turn into profit.
But i thought bitcoins will rise. I bought some for 75€ and... mtgox was hacked... bitcoin fell to the bottom.

Then i checked out how good i could mine with my hardware and found that its not worth it. Buying hardware for it was not effective either. So i stopped the time investment into bitcoin for the moment. Others already had the needed miners and buying with bitcoins was something very unusual.

Then i came back and invested again some € in bitcoins because it looked like a good investment on its own. I thought that i could not only raise the worth by keeping it but i could invest them and earn even more when i have more bitcoins at the end. I checked out the free trading at bitcoin24com and created a bot to trade there. It was moderate successful through scalping. But i tended more to GLBSE. An exchange. I made a calc with all shares there, calculated the dividends and the prices to find the best investments and found that the mining investments bring income, but at the same time the share price lose value, so you dont really earn more really.

I made some bad investments at glbse too (pirate passthrough, ...) but were lucky not to lose much. The only remaining interesting thing was Asicminer. I investigated and wrote some pm with friedcat and i found not a single doubt about the project. (I only invest now anymore in things i dont have a single doubt or bad feeling.) And friedcat looked like a complete honest person. So without finding a doubt i decided to invest some hundred €. I set the buying to 0.1BTC per share since i found that ocassionally someone filled all bid-orders up to that price. I dont understand the reason till now. But i sold bought shares a couple of times for 0.11 and higher and could buy more shares this way by buying again at 0.1btc.
Then glbse collapsed. I found friedcat behaved professional again and finally nefario gave out the share details. So my shares were safe.

And what should i say... the investment was very much worth it. The bitcoinprice was way lower back then and the asicminer share price got up even more. I quit my job (i hear already the outcry Smiley), i would have searched another one anyway, and i now live officially from bitcoins i get from that asicminer investment. I pay tax on it, but in some months i dont even need that anymore because of the investment law in my country. I checked this with my tax accountant.

So dont tell me its not possible to earn money with bitcoins anymore. When i found bitcoins i felt like the game was already over, mining wasnt worth it anymore and all others than me had made a fortune. You most probably will be an early adopter for the people coming in 10 years. Simple as that.

My roommate was interested when i told her the outcome of all. She gave me 450€ to invest. Of course it cant be so much outcome like i got but till now her shares are worth 16 times of her investment. Over 7k€ She got more than her investment back in euros already and invested in burnin miners too. The invested amount of money of course is much money but not unbelievable much money no one can afford in live.

Ok, i could have said the same like you 2 years ago, especially with bitcoins crashing. But if you think bitcoin is not at the end already you should rethink your statement.

Are you familiar with the phrase "past performance does not guarantee future return"? The important word here is "guarantee". The observation that Bitcoin did well in the past does not serve as a reasonable argument for why it will continue to increase in value in the future.

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