ASICMINER: Entering the Future of ASIC Mining by Inventing It

[LazyOtto]

so an update should be here "soon" I hope.

I hope the update will arrive after they have deployed all they can with materials currently on hand.

And no sooner.

Get them critters hashing!   

[VeeMiner]

awesome!! I'm really glad that I invested (even if it was just a little bit) I would expect that the shares will be sold for 100 bucks in no time

[Raize]

I'm very happy my pool was chosen for the stress test, but I do share the above concerns and hope after the testing is done it is split among pools.  For stress testing, it makes sense to use a single pool so you have a consistent point of comparison when encountering problems.  I'm sure once the units are confirmed to work we'll see them move around and diversify.

Unfortunately for friedcat, he's in the unenviable position of needing to not freak out the other miners on smaller pools and the Bitcoin community as a whole while also ensuring his shareholders get the most bang for their buck. If I were a betting Bitcoiner, I'd say the latter is probably going to drive him to putting all 12 TH/s on BTCGuild, regardless of your concern. I would encourage the other pool ops and maybe even the P2Pool dev(s) to get in touch with him and you about cleaning up Stratum however it needs to to work with the new units being brought online relatively quickly.

[teek]

I'm very happy my pool was chosen for the stress test, but I do share the above concerns and hope after the testing is done it is split among pools.  For stress testing, it makes sense to use a single pool so you have a consistent point of comparison when encountering problems.  I'm sure once the units are confirmed to work we'll see them move around and diversify.

Unfortunately for friedcat, he's in the unenviable position of needing to not freak out the other miners on smaller pools and the Bitcoin community as a whole while also ensuring his shareholders get the most bang for their buck. If I were a betting Bitcoiner, I'd say the latter is probably going to drive him to putting all 12 TH/s on BTCGuild, regardless of your concern. I would encourage the other pool ops and maybe even the P2Pool dev(s) to get in touch with him and you about cleaning up Stratum however it needs to to work with the new units being brought online relatively quickly.

pretty sure the stated plan is to balance the hashrate between a group of pools..

[Raize]

pretty sure the stated plan is to balance the hashrate between a group of pools..

Well, that's my point. That's the plan, but it hasn't happened with the first 2 TH/s, so what will make it happen with the next 10TH/s? He's got a working pool and shareholders wanting an ROI, if BTCGuild works, there's no incentive to contact any other pool ops. Maybe he's working on it. No, let me rephrase that, hopefully he's working on it.

I just don't want this to be Deepbit circa Winter-Spring 2011 version 2. We had about ten threads a day on a conspiracy roll about how Deepbit was double-spending. It got so bad Tycho had to make a bounty (I think piuk collected it) for double-spend tracking.

[Pipesnake]

[n8rwJeTt8TrrLKPa55eU]

Congratulations to ASICMINER!
And thank you for your very significant contribution towards making the Bitcoin network more secure.

Unfortunately, the large consolidation of hashpower under a single administrative entity creates peril, not security. Doubly so with the hashpower assigned to one of the largest mining pools.  The consequence is that there are fewer operations which must be seized, coerced, or hacked in order to undermine the operation of the network.

Congratulations are in order, indeed— but its regrettable that more hasn't been done to mitigate the risk to the Bitcoin ecosystem (getting devices sold ASAP, splitting operations to reduce the incentives to capture it, mining solo, p2pool, or on smaller pools) yet.  I hope more independent parties come online before continued consolidation (rightfully) undermines confidence in Bitcoin technology.

Agreed on the sentiment, I should've added a postscript that all praise and thanks is underlied by two assumptions: that their temporary superpowers are just that, temporary, and that during any window of exclusivity they will be used for good and not for evil.

[eleuthria]

pretty sure the stated plan is to balance the hashrate between a group of pools..

Well, that's my point. That's the plan, but it hasn't happened with the first 2 TH/s, so what, pray tell, will make it happen with the next 10TH/s? He's got a working pool and shareholders wanting an ROI, if BTCGuild works, there's no incentive to contact any other pool ops. Maybe he's working on it. No, let me rephrase that, hopefully he's working on it.

I just don't want this to be Deepbit circa Spring-Summer 2011 version 2. We had about ten threads a day on a conspiracy roll about how Deepbit was double-spending.

On the bright side, BTC Guild should not be in danger of hitting 51% even if all 12 TH/s is pointed at it.  The network pre-ASICMINER was ~25 TH/s.  With ASICMINER at 12, it would be 37 TH/s.  Pre-ASICMINER BTC Guild speed was 4 TH/s, which would put us at 16 out of 37 assuming all speed was pointed at and kept on BTC Guild.  While it's "close", it's still missing 3 TH/s (a relatively HUGE amount of hashing power).

It's 43%, which is a high amount, and certainly a number I'd prefer to stay under (too much of an attack target), but given the size of the network these days, it's far off from the time that Deepbit actually had >51%.

[luffy]

give mtred some hashes, stratum without fee! 

[scrybe]

give mtred some hashes, stratum without fee! 

How long will it stay up though?

[keystroke]

pretty sure the stated plan is to balance the hashrate between a group of pools..

Well, that's my point. That's the plan, but it hasn't happened with the first 2 TH/s, so what will make it happen with the next 10TH/s? He's got a working pool and shareholders wanting an ROI, if BTCGuild works, there's no incentive to contact any other pool ops. Maybe he's working on it. No, let me rephrase that, hopefully he's working on it.

I just don't want this to be Deepbit circa Winter-Spring 2011 version 2. We had about ten threads a day on a conspiracy roll about how Deepbit was double-spending. It got so bad Tycho had to make a bounty (I think piuk collected it) for double-spend tracking.

Excellent point. ROI is contingent on bitcoin remaining strong which means the network itself isn't attacked successfully so it is in our interest even as greedy shareholders to distribute the load even though it will take extra time.

[matauc12]

10$ who guesses who the next ddos victim is? Lol

[teek]

pretty sure the stated plan is to balance the hashrate between a group of pools..

Well, that's my point. That's the plan, but it hasn't happened with the first 2 TH/s, so what will make it happen with the next 10TH/s? He's got a working pool and shareholders wanting an ROI, if BTCGuild works, there's no incentive to contact any other pool ops. Maybe he's working on it. No, let me rephrase that, hopefully he's working on it.

I just don't want this to be Deepbit circa Winter-Spring 2011 version 2. We had about ten threads a day on a conspiracy roll about how Deepbit was double-spending. It got so bad Tycho had to make a bounty (I think piuk collected it) for double-spend tracking.

i think it is too early to say, we are not even 48 hours old yet..   they know btcguild works for sure now and is serving as a testbed for them nicely..   not sure what you expect,  i definitely don't expect them to throw hashes at every little pool,  so maybe some of the "known" working hash rate goes to slush or something now and they pull some more just fired devices onto btcguild, etc etc..

give the guys a few days here, this is quite the project.

[Monster Tent]

Doesnt ASICMINER have enough hashpower to solo mine for awhile ?

[teek]

Doesnt ASICMINER have enough hashpower to solo mine for awhile ?

sure does but i can see why they don't want to take the variance risk in the short term..  we have maybe 2-3 weeks here unless BFL blows up

[wachtwoord]

Doesnt ASICMINER have enough hashpower to solo mine for awhile ?

sure does but i can see why they don't want to take the variance risk in the short term..  we have maybe 2-3 weeks here unless BFL blows up

When you control 1/6-1/3 of the network there is no such thing as variance (well technically there is but you get what I mean).

[Deprived]

If the other pools are going to cry about how it isn't fair they're not getting any of the hashpower maybe they should be offering zero-fee for ASICMINER rigs pointed to them?  Otherwise it just looks like people having some sense of entitlement to rake their little bit in fees off the top.

It's not like there's any danger whatsoever of ASICMINER approaching 50% on its own - so there's no valid argument (from that persepctive) why the rigs need to be pointed at pools at all.  Sure - so far Avalon have only shown a couple of prototypes and no evidence of any ability to mass-produce, but now they have the prepayments for batch 2 surely they'll be able to start shipping the rest of batch 1 before long.

Even IF ASICMINER had 50%+, pointing the rigs at pools would be a purely PR stunt - as at any point they could be swapped over to solo mining/double-spending.

This whole pool argument smacks of self-interest from other pool operators/supporters rather than having much/anything to do with network security.

[teek]

Doesnt ASICMINER have enough hashpower to solo mine for awhile ?

sure does but i can see why they don't want to take the variance risk in the short term..  we have maybe 2-3 weeks here unless BFL blows up

When you control 1/6-1/3 of the network there is no such thing as variance (well technically there is but you get what I mean).

there sure is when we are talking about a couple of weeks,  no such thing in the long term i agree,  but we need guaranteed revenue here... though 2 weeks of great luck on solo would be awesome,  bad luck would be very unfortunate.

[matauc12]

If the other pools are going to cry about how it isn't fair they're not getting any of the hashpower maybe they should be offering zero-fee for ASICMINER rigs pointed to them?  Otherwise it just looks like people having some sense of entitlement to rake their little bit in fees off the top.

It's not like there's any danger whatsoever of ASICMINER approaching 50% on its own - so there's no valid argument (from that persepctive) why the rigs need to be pointed at pools at all.  Sure - so far Avalon have only shown a couple of prototypes and no evidence of any ability to mass-produce, but now they have the prepayments for batch 2 surely they'll be able to start shipping the rest of batch 1 before long.

Even IF ASICMINER had 50%+, pointing the rigs at pools would be a purely PR stunt - as at any point they could be swapped over to solo mining/double-spending.

This whole pool argument smacks of self-interest from other pool operators/supporters rather than having much/anything to do with network security.

Well I haven't seen anyone cry yet, so no reason to mitigate the crying...

[camolist]

congrats!

sadly one of the few glbse assets i did not hold at least a few shares