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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3914546 times)
superduh
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August 29, 2013, 02:19:32 AM
 #12121

the problem with peta- mine and other mining ipos is that they depend on the manufacture to not fuck up - deliver on time, no problems with equipment etc. basically you have to deal with all manufacturing problems + 3rd party running everything. two separate layers of possible failures.

ok
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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Mabsark
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August 29, 2013, 02:57:51 AM
 #12122

ya, whatevs there is always a difference between a mining operation and getting the mining equip straight from factories with no markup and mining yourself. mining companies can compete but not on the same level as the manufacturer/miner

I completely agree and that's why I've always stuck with companies that make their own chips.  That 'rule' has served me quite well.  I'm not advocating for Peta-mine here. I'm just stating that others may be investing in a large IPO that will demand people sell other positions in order to invest.

However...

Asicminer:
  Currently having difficulty maintaining running blades.  In fact, in friedcat's most recent post he even mentioned that one of the reasons they aren't posting an actual hashing meter is because it would require them to perform more maintenance (leading one to assume they are laxed on the maintenance and letting people see that would be a problem).  This is further exacerbated by mysterious network issues that cause them to be unable to process all available transactions (losing fee's) and leading to orphaned blocks (highest orphaned block count of any mining pool).  These same 'network issues' are frequently friedcat's excuse as to why hashing seems to be going offline.  How hard is it to hire quality sys admins in China anyway?

Labcoin:
  Small time player with questionable trust issues.  Their stock price is already over priced considering the % of the network they will be able to realistically maintain being late to the game on old technology with limited funding.

ActiveMining:
  Complete silence from them is leading investors to lose confidence.  If you look at what they are offering and compare it to their competition, it's hard to see how they will make shareholders any profit with a 16GH, power hungry chip that realistically won't be out until mid November.

Given the state of available securities it is easy to see why people might be open to investment in a company like Peta-Mine.

If you think Labcoin is overpriced then you haven't done the maths.

In 2 weeks it will have 3-4 Th/s online, so let's say about 0.5-1% of the network hash rate. 0.5% of the network hash rate will produce mining dividends of 252 BTC per difficulty round. With 10,000,000 Labcoin shares and 30% of profits being reinvested, that gives 0.00001764 BTC per share per difficulty round. For the price of 1 AM share, you can buy about 1000 Labcoin shares, which would provide 0.01764 BTC per difficulty round.

A month later it will have about 50 Th/s, which will be between 5-8% of the network. At 5% of the network and 30% of profits being reinvested, each share will get 0.00017640 BTC per difficulty round. Those same 1000 shares as before, which currently cost about the same as 1 AM share, would produce 0.17640 BTC per difficulty round.




Rival
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August 29, 2013, 03:01:07 AM
 #12123

I don't pay for promises. I pay for results and delivery.

Others promise. And promise. And promise.

Friedcat delivers.
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August 29, 2013, 03:06:56 AM
 #12124

I don't pay for promises. I pay for results and delivery.

Others promise. And promise. And promise.

Friedcat delivers.

Sure he does. That's why AM has been hashing away with 266 Th/s since June.
Franktank
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August 29, 2013, 03:10:28 AM
 #12125

Sure he does. That's why AM has been hashing away with 266 Th/s since June.

You and Vycid should get together, I have a feeling both of you would get along.
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August 29, 2013, 03:13:03 AM
 #12126

I don't pay for promises. I pay for results and delivery.

Others promise. And promise. And promise.

Friedcat delivers.

That's perfectly logical and valid. Of course, you may miss out on some large returns, but this is all about risk / reward and we all have different risk appetites.

As well, before Friedcat delivered, he made promises, and taking on that risk has been very good for investors.

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August 29, 2013, 03:34:55 AM
 #12127

It looks like friedcat refunded the 200BTC fee: https://blockchain.info/tx/b18abce37b48a5f434f108ae7ce34f22aa2bfbd9eb9310314029e4b9e3c7cf95
Rebelution
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August 29, 2013, 03:36:14 AM
 #12128

Asicminer:
  Currently having difficulty maintaining running blades.  In fact, in friedcat's most recent post he even mentioned that one of the reasons they aren't posting an actual hashing meter is because it would require them to perform more maintenance (leading one to assume they are laxed on the maintenance and letting people see that would be a problem).  This is further exacerbated by mysterious network issues that cause them to be unable to process all available transactions (losing fee's) and leading to orphaned blocks (highest orphaned block count of any mining pool).  These same 'network issues' are frequently friedcat's excuse as to why hashing seems to be going offline.  How hard is it to hire quality sys admins in China anyway?

I don't think the bolded part is a fair conclusion.  I think his meaning is more that it would add an additional responsibility and commitment of resources because if it went down then people on this board would be screaming and going nuts.  So overall its just not worth it and is a waste of resources.  Plus it would allow DDoS's and other malicious attackers a method of determining EXACTLY how effective their attacks were.  In case you haven't notice, friedcat is a very unique cat indeed in the bitcoin mining community (honest, thoughtful, intelligent, takes care of his customers / shareholders, not willing to engage in malicious behavior, etc.).

Also I think it is a bigger issue than just hiring a sys admins.  Since the parent company owns the vast majority of the shares, obviously it is also in friedcat's best interest to fix the issue.  It makes no sense for any party involved to just shrug at the number of orphaned blocks.  I am sure if it was a simple fix that he would do it.  I think its a bigger issue related to China's internet firewalls, weird network issues and other Chinese internet idiosyncrasies.
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August 29, 2013, 03:49:45 AM
 #12129

Asicminer:
  Currently having difficulty maintaining running blades.  In fact, in friedcat's most recent post he even mentioned that one of the reasons they aren't posting an actual hashing meter is because it would require them to perform more maintenance (leading one to assume they are laxed on the maintenance and letting people see that would be a problem).  This is further exacerbated by mysterious network issues that cause them to be unable to process all available transactions (losing fee's) and leading to orphaned blocks (highest orphaned block count of any mining pool).  These same 'network issues' are frequently friedcat's excuse as to why hashing seems to be going offline.  How hard is it to hire quality sys admins in China anyway?

I don't think the bolded part is a fair conclusion.  I think his meaning is more that it would add an additional responsibility and commitment of resources because if it went down then people on this board would be screaming and going nuts.  So overall its just not worth it and is a waste of resources.  Plus it would allow DDoS's and other malicious attackers a method of determining EXACTLY how effective their attacks were.  In case you haven't notice, friedcat is a very unique cat indeed in the bitcoin mining community (honest, thoughtful, intelligent, takes care of his customers / shareholders, not willing to engage in malicious behavior, etc.).

Also I think it is a bigger issue than just hiring a sys admins.  Since the parent company owns the vast majority of the shares, obviously it is also in friedcat's best interest to fix the issue.  It makes no sense for any party involved to just shrug at the number of orphaned blocks.  I am sure if it was a simple fix that he would do it.  I think its a bigger issue related to China's internet firewalls, weird network issues and other Chinese internet idiosyncrasies.

Except that hosting a private mining pool (just like bitfury) would solve both issues.  The pool could exist outside of the firewall and would not be subject to the orphaned block/transaction issues. It would also give current mining hash rate values to all of the investors.

This isn't difficult.
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August 29, 2013, 03:49:54 AM
 #12130


I like investing in companies with ethics.

"The difference between a castle and a prison is only a question of who holds the keys."
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August 29, 2013, 03:51:18 AM
Last edit: August 29, 2013, 04:41:25 AM by freedomno1
 #12131


 Friedcat is honorable and has my respect.
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August 29, 2013, 03:54:52 AM
 #12132

Asicminer:
  Currently having difficulty maintaining running blades.  In fact, in friedcat's most recent post he even mentioned that one of the reasons they aren't posting an actual hashing meter is because it would require them to perform more maintenance (leading one to assume they are laxed on the maintenance and letting people see that would be a problem).  This is further exacerbated by mysterious network issues that cause them to be unable to process all available transactions (losing fee's) and leading to orphaned blocks (highest orphaned block count of any mining pool).  These same 'network issues' are frequently friedcat's excuse as to why hashing seems to be going offline.  How hard is it to hire quality sys admins in China anyway?

I don't think the bolded part is a fair conclusion.  I think his meaning is more that it would add an additional responsibility and commitment of resources because if it went down then people on this board would be screaming and going nuts.  So overall its just not worth it and is a waste of resources.  Plus it would allow DDoS's and other malicious attackers a method of determining EXACTLY how effective their attacks were.  In case you haven't notice, friedcat is a very unique cat indeed in the bitcoin mining community (honest, thoughtful, intelligent, takes care of his customers / shareholders, not willing to engage in malicious behavior, etc.).

Also I think it is a bigger issue than just hiring a sys admins.  Since the parent company owns the vast majority of the shares, obviously it is also in friedcat's best interest to fix the issue.  It makes no sense for any party involved to just shrug at the number of orphaned blocks.  I am sure if it was a simple fix that he would do it.  I think its a bigger issue related to China's internet firewalls, weird network issues and other Chinese internet idiosyncrasies.

Except that hosting a private mining pool (just like bitfury) would solve both issues.  The pool could exist outside of the firewall and would not be subject to the orphaned block/transaction issues. It would also give current mining hash rate values to all of the investors.

This isn't difficult.

The orphaned blocks are due to a poor network connection to other bitcoin nodes, correct?  If AM is having issues connecting to other bitcoin nodes it will have the same issues with connecting to a pool outside of the firewall, no?

Again I prefer no hash rate meter as it give more info to competitors / malicious attackers.  If shareholders have an issue with that, that is fine.  No one is forcing them to invest.
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August 29, 2013, 03:55:38 AM
 #12133

New Blades?! And .2 BTC USBs!


[OPEN] batch #23/24 ASICMiner USB + NEW Blade miners
https://bitcointalk.org/index.php?topic=283458.0
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August 29, 2013, 04:23:45 AM
 #12134

+1

Slightly OT, have a quick look through the Avaloan thread https://bitcointalk.org/index.php?topic=269950.msg3032439#msg3032439. What a disaster! Makes our concerns about the hash rate, communications, etc pale into total insignificance.
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August 29, 2013, 04:49:01 AM
 #12135

Yesterday, Friedcat mined a block that contains 200 BTC transtion fees, which resulted by  somebody mistaken processing.

But today, Friedcat give back the 200 BTC to the guy.

Nice Friedcat !
 

reputation is everything.
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August 29, 2013, 05:07:04 AM
 #12136

200 gone with some mining karma back
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August 29, 2013, 05:39:12 AM
 #12137

200 gone with some mining karma back

I'll take the karma. Friedcat has integrity and that is worth a *lot* in this climate of scammers, opportunists and fraudsters.
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August 29, 2013, 05:52:17 AM
 #12138

200 gone with some mining karma back

I'll take the karma. Friedcat has integrity and that is worth a *lot* in this climate of scammers, opportunists and fraudsters.

Frankly, my valuation of AM has increased more than the 200 BTC that Friedcat gave back. Knowing you're investing in a company run by an honest guy is worth a lot.

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August 29, 2013, 05:54:14 AM
 #12139

200 gone with some mining karma back

I'll take the karma. Friedcat has integrity and that is worth a *lot* in this climate of scammers, opportunists and fraudsters.

Frankly, my valuation of AM has increased more than the 200 BTC that Friedcat gave back. Knowing you're investing in a company run by an honest guy is worth a lot.
+1

One of the premier strengths that ASICminer boasts over all other companies currently out there is their unrivaled legitimacy and trust - commodities that are lacking in the are of bitcoin in general.
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August 29, 2013, 06:12:16 AM
 #12140

Say what you will about ROI but those new blades are going to sell like hotcakes if they are the model with USB connectors.
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