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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3901528 times)
empoweoqwj
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September 21, 2013, 02:54:15 AM
 #13101

I went through old friedcat posts and realized that last three updates in this thread were posted month apart. And now it's around one month since last one. I guess we should expect update any day now. (last posts were june 21st, july 23rd and august 22nd)

yeah, another imaginery bitcoin for me (I get one every time someone says "FC is about to post")
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September 21, 2013, 02:56:24 AM
 #13102

"i dreamed a dream" - Morpheus.....RIP ASICMINER.
empoweoqwj
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September 21, 2013, 02:57:06 AM
 #13103

what just happened to labcoin again

and activemining just imploded (board resigned and liquidated all shares).

there's a shock. I said at the time Ken couldn't organize a piss up in a brewery let alone create a mining company.
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September 21, 2013, 03:42:24 AM
 #13104

"i dreamed a dream" - Morpheus.....RIP ASICMINER.

Sell all shares and watch from a distance. Thank you.

Will take me a while to climb up again, But where is a will, there is a way...
Strange Vlad
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September 21, 2013, 05:31:42 AM
 #13105

Of course there is a limit. That limit is profitability:
Total mining reward == total electricity cost + hardware write off.

IOW,

total electricity use per hour ==  ~3600 BTC  / (Price Kw/H + hardware write off per hour).

Add any mining fees to that 3600 if you want, and divide by 2 for each  block reward halving.

In reality over time hardware write off will become a non factor, and average electricity cost in BTC will be the only variable  that will determine  the overall electricity use of the bitcoin network.
No cycles or moons involved unless both electricity and hardware would be free, in which case you get div/0 or infinity.

Dude why are you always using wring numbers? Only 250 BTC per hour are generated, a bit more if the network speed is on the rise, slightly more because of fees, okay let it be 300 BTC/hour, so for power price of 1BTC/MWh it would be just 300 Megawatts.

M2 money supply = $10,789B
Bitcoin market cap = $1.576B

10786/1.576 ~ 6846x
Today's price ~ $120

6846 * $120 = $821,543

Assuming (incorrectly) that the only fiat that can be displaced is the US dollar.

Times 1.36M a year, divided by avg $0.10/kW (It'd be much cheaper if you put the bitcoin hardware at the powerplant to avoid transmission losses)

1.36M * 821543 / .1 =1.117 e13 kW-h per year

About 8766 hours a year

1.117 e13 / 8766 = 1274582135 kW = 1.274 TW

That is an ecological disaster. Not to mention dirty, nasty sources of electricity will be used in an attempt to bring down the cost per kW-h (which will result in an increase in the total watts needed for equilibrium).

And you, why are you comparing market supply with market capitalisation? You should either compare BTC money supply with $ money supply (but with BTC the money supply works differently so hard to compare), or BTC market cap to $ market cap (that's what I did).

But then even if whatever you say is ridiculously true then nobody really cares, the green ecocentric scum uses leftist governments every day to slow progress and raise costs for everyone, maybe at least with BTC they will suck because governments cannot defend them and their phony propaganda.

We'll use as much energy as we can afford, and we'll generate as much as we need, no way to change that.

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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September 21, 2013, 05:53:26 AM
 #13106

Dude why are you always using wring numbers? Only 250 BTC per hour are generated, a bit more if the network speed is on the rise, slightly more because of fees, okay let it be 300 BTC/hour,

I hate to be that guy, but since you corrected his numbers:

150 BTC are generated each hour (6 blocks per hour * 25 btc per block) non adjusted.

At a difficulty increase of roughly 33% average per period, we are closer to 200 BTC per hour in actual inflation.
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September 21, 2013, 07:23:02 AM
 #13107

Dude why are you always using wring numbers? Only 250 BTC per hour are generated

Clearly I had a brainfart. Just like you (its 150 not 250), only a bit bigger Smiley
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September 21, 2013, 10:22:50 AM
 #13108

... the human race takes John Kerry seriously and wipes its self out etc. ect.
Friedcat already wiped himself out (of this thread).
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September 21, 2013, 11:54:24 AM
 #13109

What if friedcat does that on purpose? It allows him to buy back the shares very cheap.


Einer trage des andern Last, so werdet ihr das Gesetz Christi erfüllen.
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September 21, 2013, 12:00:50 PM
 #13110

What if friedcat does that on purpose? It allows him to buy back the shares very cheap.



This is nonsense. Friedcat and the others own huge amounts of shares 240,000 from memory, the idea that they'd drive prices to buy a few from the dozens that are traded each day is ridiculous. They have made a lot of money from dividends and I'm sure are rightly very happy with that.
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September 21, 2013, 01:03:36 PM
 #13111

Dude why are you always using wring numbers? Only 250 BTC per hour are generated, a bit more if the network speed is on the rise, slightly more because of fees, okay let it be 300 BTC/hour,

I hate to be that guy, but since you corrected his numbers:

150 BTC are generated each hour (6 blocks per hour * 25 btc per block) non adjusted.

At a difficulty increase of roughly 33% average per period, we are closer to 200 BTC per hour in actual inflation.

Shouldnt it be 5 blocks? One every 10 minutes? So if you start with 0 minutes you cant take the block at 60 minutes into that hour too since the next hour wouldnt have a 0 minute block than.
In average 10min of course.

Please ALWAYS contact me through bitcointalk pm before sending someone coins.
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September 21, 2013, 01:07:46 PM
 #13112

Dude why are you always using wring numbers? Only 250 BTC per hour are generated, a bit more if the network speed is on the rise, slightly more because of fees, okay let it be 300 BTC/hour,

I hate to be that guy, but since you corrected his numbers:

150 BTC are generated each hour (6 blocks per hour * 25 btc per block) non adjusted.

At a difficulty increase of roughly 33% average per period, we are closer to 200 BTC per hour in actual inflation.

Shouldnt it be 5 blocks? One every 10 minutes? So if you start with 0 minutes you cant take the block at 60 minutes into that hour too since the next hour wouldnt have a 0 minute block than.
In average 10min of course.
one at 0
one at 10
one at 20
one at 30
one at 40
one at 50
= 6

Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. 
This makes Monero a better candidate to deserve the term "digital cash".
SebastianJu
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September 21, 2013, 01:15:38 PM
 #13113

Dude why are you always using wring numbers? Only 250 BTC per hour are generated, a bit more if the network speed is on the rise, slightly more because of fees, okay let it be 300 BTC/hour,

I hate to be that guy, but since you corrected his numbers:

150 BTC are generated each hour (6 blocks per hour * 25 btc per block) non adjusted.

At a difficulty increase of roughly 33% average per period, we are closer to 200 BTC per hour in actual inflation.

Shouldnt it be 5 blocks? One every 10 minutes? So if you start with 0 minutes you cant take the block at 60 minutes into that hour too since the next hour wouldnt have a 0 minute block than.
In average 10min of course.
one at 0
one at 10
one at 20
one at 30
one at 40
one at 50
= 6


*lol* youre right...

Please ALWAYS contact me through bitcointalk pm before sending someone coins.
SebastianJu
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September 21, 2013, 01:42:41 PM
 #13114

friedcat: https://bitcointalk.org/index.php?topic=298982.new#new

Please ALWAYS contact me through bitcointalk pm before sending someone coins.
binaryFate
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September 21, 2013, 01:50:13 PM
 #13115


AM has a new account to follow: ASICMiner-PR

Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. 
This makes Monero a better candidate to deserve the term "digital cash".
lophie
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September 21, 2013, 01:52:03 PM
 #13116


FRIEDCAT IS ALIVE!!!!!!

Will take me a while to climb up again, But where is a will, there is a way...
stefffe
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September 21, 2013, 02:31:27 PM
 #13117


yes with some excellent news!!!!... ?

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
velacreations
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September 21, 2013, 02:32:37 PM
 #13118

FRIEDCAT IS ALIVE!!!!!!

TO DA MOON!!!!

binaryFate
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September 21, 2013, 02:37:58 PM
 #13119

I could probably post this in Meta, but if it's ever possible some here should know how:
Do you guys know if it's possible to watch a member posts the same way we can watch threads? How do you check if friedcat posted something? It's a pain to do it "by hand".

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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September 21, 2013, 03:07:38 PM
 #13120

Quote
I could probably post this in Meta, but if it's ever possible some here should know how:
Do you guys know if it's possible to watch a member posts the same way we can watch threads? How do you check if friedcat posted something? It's a pain to do it "by hand".

you use this thing called "bookmarks" in your browser
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