ASICMINER: Entering the Future of ASIC Mining by Inventing It

[velacreations]

btw, people "dumping" in the last few weeks are in general not "people that need the money", they are scared "investors", thinking the price is falling to the floor and their dream of "getting rich quick" is in ruins.

Personally, and being really harsh, these are chumpsters and the bitcoin economy is better off without them.

actually a significant amount of the AM sell off was an obvious price manipulation.

[EskimoBob]

if AM keeps dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

Please link me to your source.

I really would like to see this information and I am going to assume for now you did not just pull it out of your ass.

Thank you.

You are correct, my wording was a bit off, so let me rephrase that:
.. if people with ASIC miners keep dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

You really think they hold on to the coin they mine? Why? It's money for nothing. Fiat in the bank while BTC has lost close to 30% in a week.

So, how much it cost to mine 1 BTC if you are the ASIC chip/equipment manufacturer like AM is?

By my calculations, USD 0.507 in electricity costs per btc mined.

The assumptions:
Power efficiency: 8.3 J/GH (ref: https://bitcointalk.org/index.php?topic=204030.0)
Electricity cost: USD 0.06 per kWh (was mentioned by someone earlier in this thread, cannot find official confirmation)
Current hashes to win: 91635939047418116 (ref: http://blockexplorer.com/q/hashestowin)
Current Bitcoin reward per block: 25 (http://blockexplorer.com/q/bcperblock)

So it will remain profitable (i.e. value of mined BTC exceeds electricity costs) until network hash rate is more than 100x today's hash rate at current prices.

fuck...

[velacreations]

You really think they hold on to the coin they mine? Why? It's money for nothing. Fiat in the bank while BTC has lost close to 30% in a week.

No,t he vast majority of it they give to us, the shareholders.

[bitfair]

You really think they hold on to the coin they mine? Why? It's money for nothing. Fiat in the bank while BTC has lost close to 30% in a week.

No,t he vast majority of it they give to us, the shareholders.

Correction: the vast majority goes to the majority shareholders: Bitfountain.

[empoweoqwj]

if AM keeps dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

Please link me to your source.

I really would like to see this information and I am going to assume for now you did not just pull it out of your ass.

Thank you.

You are correct, my wording was a bit off, so let me rephrase that:
.. if people with ASIC miners keep dumping those BTC at that rate, we will see $50 and then probably $25 sooner or later.

You really think they hold on to the coin they mine? Why? It's money for nothing. Fiat in the bank while BTC has lost close to 30% in a week.

So, how much it cost to mine 1 BTC if you are the ASIC chip/equipment manufacturer like AM is?

By my calculations, USD 0.507 in electricity costs per btc mined.

The assumptions:
Power efficiency: 8.3 J/GH (ref: https://bitcointalk.org/index.php?topic=204030.0)
Electricity cost: USD 0.06 per kWh (was mentioned by someone earlier in this thread, cannot find official confirmation)
Current hashes to win: 91635939047418116 (ref: http://blockexplorer.com/q/hashestowin)
Current Bitcoin reward per block: 25 (http://blockexplorer.com/q/bcperblock)

So it will remain profitable (i.e. value of mined BTC exceeds electricity costs) until network hash rate is more than 100x today's hash rate at current prices.

fuck...

Let's assume they are intelligent, and they know the bitcoin market better than others. When would they sell? When the price was $150 or when the price was $60?

Money for nothing? Don't be ridiculous. They are mining something of value. They want to maximise their returns, not sell out near the bottom of the market.

Put simply: they are professionals, not panicky amateurs of which there are so many in the bitcoin market.

[EskimoBob]

...
Let's assume they are intelligent, and they know the bitcoin market better than others. When would they sell? When the price was $150 or when the price was $60?

Money for nothing? Don't be ridiculous. They are mining something of value. They want to maximise their returns, not sell out near the bottom of the market.

Put simply: they are professionals, not panicky amateurs of which there are so many in the bitcoin market.

Who? AM team? They are probably really good programmers and engineers but that is where it ends.

I have no wish to be right that AM is dumping BTC or that those few lucky, who got the ASIC hardware, are doing it.
I actually hope we can do +40% run and end up back at 100 area. When fear and greed are only forces, that set BTC price (there are no fundamental reasons) anything can happen.

Now, lets get back to AM. I hope that friedcat can finally find a accountant competent enough to produce some financial reports, so we can find out, how AM is actually doing.
For fuck sake guys, this is beyond pathetic. A multimillion Co can not find a accountant? In China!? Honestly, this is absurd and those guys better be embarrassed.

PS! Cheers and keep up the good work...

[Lohoris]

Now, lets get back to AM. I hope that friedcat can finally find a accountant competent enough to produce some financial reports, so we can find out, how AM is actually doing.
For fuck sake guys, this is beyond pathetic. A multimillion Co can not find a accountant? In China!? Honestly, this is absurd and those guys better be embarrassed.

While I would be happy too if they produced financial reports, honestly you repeating every other day is getting quite tiresome.
Also, I don't know why you pretend to believe that they "weren't able" to find an accountant, while it is quite obvious that it's a deliberate choice.
Don't hold your breath, remember Huawei.

[EskimoBob]

Now, lets get back to AM. I hope that friedcat can finally find a accountant competent enough to produce some financial reports, so we can find out, how AM is actually doing.
For fuck sake guys, this is beyond pathetic. A multimillion Co can not find a accountant? In China!? Honestly, this is absurd and those guys better be embarrassed.

While I would be happy too if they produced financial reports, honestly you repeating every other day is getting quite tiresome.
Also, I don't know why you pretend to believe that they "weren't able" to find an accountant, while it is quite obvious that it's a deliberate choice.
Don't hold your breath, remember Huawei.

Good to know it makes you feel uncomfortable. Only guy who can help you is friedcat and his accountant. You can just pretend or pretend to believe what ever you want but the fact is - none of us have seen any reports from AM.

I understand why none of you really care for proper reporting. First, most of you can not read the reports and for second, living in a world of fantasy is way more fun.
For f**k sake, there is even a special naval gazing, spit balling and circle jerking thread for this: ASICMINER Speculation Thread. LOL

Friedcat, as a shareholder I am not happy about you hiding the numbers from the shareholders.
Frankly, I do not give a flying fuck what you guys are used to or not over there in China. I like to see the numbers every month... as simple as that.Friedcat, if this is something you can not manage, please let me know.
Cheers!

[Exocyst]

I do not give a flying fuck what you guys are used to or not over there in China.

Cheers!

A strange mix of decorum and a complete lack thereof.

[neilol]

Friedcat Fan t-shirt campaign almost over, only a few hours left, we need to get to 30 or we don't get the shirts!

http://teespring.com/50friedcat

[JimiQ84]

Now, lets get back to AM. I hope that friedcat can finally find a accountant competent enough to produce some financial reports, so we can find out, how AM is actually doing.
For fuck sake guys, this is beyond pathetic. A multimillion Co can not find a accountant? In China!? Honestly, this is absurd and those guys better be embarrassed.

While I would be happy too if they produced financial reports, honestly you repeating every other day is getting quite tiresome.
Also, I don't know why you pretend to believe that they "weren't able" to find an accountant, while it is quite obvious that it's a deliberate choice.
Don't hold your breath, remember Huawei.

Good to know it makes you feel uncomfortable. Only guy who can help you is friedcat and his accountant. You can just pretend or pretend to believe what ever you want but the fact is - none of us have seen any reports from AM.

I understand why none of you really care for proper reporting. First, most of you can not read the reports and for second, living in a world of fantasy is way more fun.
For f**k sake, there is even a special naval gazing, spit balling and circle jerking thread for this: ASICMINER Speculation Thread. LOL

Friedcat, as a shareholder I am not happy about you hiding the numbers from the shareholders.
Frankly, I do not give a flying fuck what you guys are used to or not over there in China. I like to see the numbers every month... as simple as that.Friedcat, if this is something you can not manage, please let me know.
Cheers!

If you doesn't like lack of reports than just sell your shares and GTFO, thanks :-)

[Lohoris]

Good to know it makes you feel uncomfortable. Only guy who can help you is friedcat and his accountant. You can just pretend or pretend to believe what ever you want but the fact is - none of us have seen any reports from AM.

I understand why none of you really care for proper reporting. [...]

Friedcat, as a shareholder I am not happy about you hiding the numbers from the shareholders.
[...]

Again, I do care, but complaining won't help, and I really can't stand this useless complaints going on and on.

It is a fact that they could produce reports but chose not to.
Take this fact into consideration when you decide how much those shares are valuable to you.
It's as simple as that.
Stop whining.

[SOSLOVE868]

Now, lets get back to AM. I hope that friedcat can finally find a accountant competent enough to produce some financial reports, so we can find out, how AM is actually doing.
For fuck sake guys, this is beyond pathetic. A multimillion Co can not find a accountant? In China!? Honestly, this is absurd and those guys better be embarrassed.

While I would be happy too if they produced financial reports, honestly you repeating every other day is getting quite tiresome.
Also, I don't know why you pretend to believe that they "weren't able" to find an accountant, while it is quite obvious that it's a deliberate choice.
Don't hold your breath, remember Huawei.

Good to know it makes you feel uncomfortable. Only guy who can help you is friedcat and his accountant. You can just pretend or pretend to believe what ever you want but the fact is - none of us have seen any reports from AM.

I understand why none of you really care for proper reporting. First, most of you can not read the reports and for second, living in a world of fantasy is way more fun.
For f**k sake, there is even a special naval gazing, spit balling and circle jerking thread for this: ASICMINER Speculation Thread. LOL

Friedcat, as a shareholder I am not happy about you hiding the numbers from the shareholders.
Frankly, I do not give a flying fuck what you guys are used to or not over there in China. I like to see the numbers every month... as simple as that.Friedcat, if this is something you can not manage, please let me know.
Cheers!

If you doesn't like lack of reports than just sell your shares and GTFO, thanks :-)

+1 Sold your shares and go away . No body really care a report or not,if they can produce one report it is great, if they can't so what is the problem? Remember lot of real wolrd scandals indicate accounting report can become full of  no sense and false ,andif someone is liar,than he can managing a lieying report.

[Lohoris]

+1 Sold your shares and go away .

This is right.

No body really care a report or not,if they can produce one report it is great, if they can't so what is the problem? Remember lot of scandal indicate accounting report can't full of  no sense.if someone is liar,than he can managing a lieying report.

This is very wrong.

Reports are very useful, and if they are forged there is still a chance you can notice that.
Of course there is also the risk of paranoids misreading the reports and crying outrage when they instead were genuine.

Likely they keep at least some spreadsheet, so it would only be matter of cleaning it a little and showing it.
If they don't, it's because they have something to hide, and this is bad.
If they don't have any accounting at all, run for your lives.

That sait, whining here won't help so I agree with the "sell and STFU" sentiment.

[EskimoBob]

For some idiotic reason some of you think that I am trying to hurt you so you get all defensive. Why? Because I ask for a simple financial report? Seriously guys... perpetual amateur hour?

Funny thing is, I am not asking those guys to stand on their fkn ears. How do they run a Co id they have no idea wtf is going on with the finances? Lot's of cool ideas/Co's have blown and gone under ONLY because they did not bother counting the coin. Positive bank balance is not necessarily a profit! Happens every day in the real world.
 
You know what, fuck it. Lets have another 400 pages of brain farts and absurd speculations. It's your coin riding on this too. At least most of you are happy Ignorance is a bliss, after all.

[velacreations]

For some idiotic reason some of you think that I am trying to hurt you so you get all defensive. Why? Because I ask for a simple financial report? Seriously guys... perpetual amateur hour?

No one thinks you are trying to hurt them, we're just tired of reading the same post over and over.

How many times do we have to read your asking for financial reports?

[SOSLOVE868]

+1 Sold your shares and go away .

This is right.

No body really care a report or not,if they can produce one report it is great, if they can't so what is the problem? Remember lot of scandal indicate accounting report can't full of  no sense.if someone is liar,than he can managing a lieying report.

This is very wrong.

Reports are very useful, and if they are forged there is still a chance you can notice that.
Of course there is also the risk of paranoids misreading the reports and crying outrage when they instead were genuine.

Likely they keep at least some spreadsheet, so it would only be matter of cleaning it a little and showing it.
If they don't, it's because they have something to hide, and this is bad.
If they don't have any accounting at all, run for your lives.

That sait, whining here won't help so I agree with the "sell and STFU" sentiment.

I think the mining revenue is 100% transparent already...It was only thing depend on you think that Friedcat is a credited cat or next  Enron..
From past history that indicated absolutely not needs for a report to securing credit stand of Friedcat, He is doing 100% absolutely over delivery our expectations. If there are still some guys says we need a report, I would say most of other BTC related companies does not produce report either, I mean limited transparency may benefit to protecting their core business' competitiveness.  Like if Friedcat say that they produce their hardware at 100 RMB...would you think people will pay 25 BTC for it, since it decrease its revenue.
I do prefer Friedcat stay as usual, for most shareholders will care about more in weekly dividend, and share price is adjusted with predictable by refer to past performance and its current hash rate.
One more thing , to hiring a accountant dealing with weekly report also a complex job....normally real world companies taken a month to write their yearly report to helping them exploit it by sent-out positive information.

[Jutarul]

For some idiotic reason some of you think that I am trying to hurt you so you get all defensive. Why? Because I ask for a simple financial report? Seriously guys... perpetual amateur hour?

No one thinks you are trying to hurt them, we're just tired of reading the same post over and over.

How many times do we have to read your asking for financial reports?

If I am correct it's part of the questionnaire:
https://docs.google.com/forms/d/1M7wigyDWjKjabHKdC7msaEfXvYaNxtMbbmTIRss8EqU/viewform?pli=1

Just make sure it gets to the top of the list.

[ThickAsThieves]

For some idiotic reason some of you think that I am trying to hurt you so you get all defensive. Why? Because I ask for a simple financial report? Seriously guys... perpetual amateur hour?

No one thinks you are trying to hurt them, we're just tired of reading the same post over and over.

How many times do we have to read your asking for financial reports?

If I am correct it's part of the questionnaire:
https://docs.google.com/forms/d/1M7wigyDWjKjabHKdC7msaEfXvYaNxtMbbmTIRss8EqU/viewform?pli=1

Just make sure it gets to the top of the list.

The question about a financial report was included recently, but Friedcat has not responded for a week or so.

[SOSLOVE868]

For some idiotic reason some of you think that I am trying to hurt you so you get all defensive. Why? Because I ask for a simple financial report? Seriously guys... perpetual amateur hour?

No one thinks you are trying to hurt them, we're just tired of reading the same post over and over.

How many times do we have to read your asking for financial reports?

If I am correct it's part of the questionnaire:
https://docs.google.com/forms/d/1M7wigyDWjKjabHKdC7msaEfXvYaNxtMbbmTIRss8EqU/viewform?pli=1

Just make sure it gets to the top of the list.

The question about a financial report was included recently, but Friedcat has not responded for a week or so.

He just reply my PM today....confirming to the shares transfer.