ASICMINER: Entering the Future of ASIC Mining by Inventing It

[wisard]

Thanks friedcat for the updates.
And for being conservative with the numbers.

Could you also give a bit more idea about any plans after the 60TH/s are up?

- Will we be selling ASICs to the public?
- What portion of the profits will we be allocating for the next round of manufacturing?

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[VJain]

Wow, great update Friedcat. Really appreciate for the non-thursday update .

Would it be possible to get better financial information at regular intervals (such as loan status, total mined, percent mined going towards repayments, etc), amount "banked" for future investments, etc?

Thanks!

[SebastianJu]

Thanks a lot friedcat for addressing so many questions.

So the reason for stagnation of hashrate in the last week was the move to a bigger place...

I thought you once wrote that the second batch would be ready for deploying in early march... so i misread this probably. It sounded like a problem when not even the first 12TH are online.

Regarding the trial boards... i would move that far into future if it has to be done. Plus if no number is specified i would restrict it to one unit. I even would suggest to make a poll with the shareholders. Each shareholders would have the number of shares he owns as the weight in it. Like in a real stock company. So if the shareholders say that its not necessary then this point doesnt have to be fulfilled. At least i would vote against it because i dont see a reason for this now anymore even if it was promised once.

The same goes for selling asics in my opinion. The asics are way too powerful at the moment. And when i see that avalon are selling units for a price that low that they would earn the same money in a half week running this asic alone it looks nuts to me what they do. I hope bitfountain wont sell too soon and if you sell then it would be for a serious price.

And the bottleneck... you say these are mostly one-time-problems... so are these things that need to be developed so that no other person can help? Otherwise... if its some work to do by hand did you think about taking some employers on board to help out? Or wouldnt that be helpful? Maybe you meant this already with the mentioned workshops... Anyway... i hope you find a way.

In case that you get near 51%... just in case... i would suggest to partly mine solo in a hidden way. I mean its hard or even impossible to really find out who is solomining. So if it comes so far i would simply save the money earned for later times and pay out dividends for the rest. So that no one feels the fear of an 51% attack. The money wouldnt be lost and could be turned into dividends later, when the hashrate of the whole net is bigger.
But i doubt it will come near that point soon.

[scrybe]

In case that you get near 51%... just in case... i would suggest to partly mine solo in a hidden way. I mean its hard or even impossible to really find out who is solomining. So if it comes so far i would simply save the money earned for later times and pay out dividends for the rest. So that no one feels the fear of an 51% attack. The money wouldnt be lost and could be turned into dividends later, when the hashrate of the whole net is bigger.
But i doubt it will come near that point soon.

I would prefer that the businesses I deal with are honest and do not use fraudulent accounting practices, if they are willing to defraud the entire community AND their investors they don't deserve anyone's trust.

[Jutarul]

In case that you get near 51%... just in case... i would suggest to partly mine solo in a hidden way.

Please learn about what bitcoin represents and try to understand why that is a stupid suggestion. There is something like too much hashing power. Unless you're evil, then 100% is just enough.

[SebastianJu]

I didnt suggest to scam the shareholders, only to save the money and give it out as dividend later. I only know that there are people that fear 51% attacks regardless if it would make sense to attack or not. And i only wrote this to fight these fears because i trust friedcat and his team very much. He proved that they are trustworthy so i wouldnt fear any loss if he would handle it this way to circumvent the fear of some people.
But ok, one could feel unease about this. Bitfountain most probably wont ever get to this point.

[🏰 TradeFortress 🏰]

I didnt suggest to scam the shareholders, only to save the money and give it out as dividend later. I only know that there are people that fear 51% attacks regardless if it would make sense to attack or not. And i only wrote this to fight these fears because i trust friedcat and his team very much. He proved that they are trustworthy so i wouldnt fear any loss if he would handle it this way to circumvent the fear of some people.
But ok, one could feel unease about this. Bitfountain most probably wont ever get to this point.

Suppressing information to create fake confidence isn't a good idea. We'll never get to that point through.

[kjj]

The closest thing to "danger" from a majority miner is that they can create a side chain in secret and release it to overturn a bunch of history.  Being a majority miner in full public view is no danger to anyone, regardless of what the trolls and noobs on the forums think.

Hashing power on the network is safe hashing power.

[Jutarul]

The closest thing to "danger" from a majority miner is that they can create a side chain in secret and release it to overturn a bunch of history.  Being a majority miner in full public view is no danger to anyone, regardless of what the trolls and noobs on the forums think.

With >10% hashing power in one facility you may as well put yourself a crosshair on the T-shirt and jump the border between pakistan and india back and forth. While I approve of bitfountains plan to benefit from the technological transition and temporarily maintain a 30% hashing power, holding that much hashing power longterm is an invitation for a malicious takeover. And yes - they will come.

Getting the hardware ready for selling is the No 1. thing on the todo list, once you hit 25% hashing power, because by selling hardware you create income from anticipated future mining profits which do not increase your operational risk. Bitfountain can not rely on competitors to sell enough hashing power so that Bitfountain doesn't have to do it.

[luffy]

i vote also for hardware selling:
1. perhaps in the future, ASIC mining will not be that much of a profit if "free" electricity is not available
why not selling rigs to people with free electricity?
2. huge hashing power to an "elit" of people will destroy BTC
(the same goes if a few people own huge BTC ammounts)

[Ukyo]

2. huge hashing power to an "elit" of people will destroy BTC
(the same goes if a few people own huge BTC ammounts)

I think there are already an elite group of ppl holding huge amounts of btc.

[🏰 TradeFortress 🏰]

2. huge hashing power to an "elit" of people will destroy BTC
(the same goes if a few people own huge BTC ammounts)

I think there are already an elite group of ppl holding huge amounts of btc.

Also, how much BTC does Satoshi hold again? A million?

[luffy]

yes, i know what you mean, this is a free market
that is why i made also a post about BTC's future since #2 is unavoidable 
https://bitcointalk.org/index.php?topic=113400.msg1604973#msg1604973

[rudrigorc2]

at this point I pretty much missed the boat, but still would like to see if anyone still selling shares and about the expected ROI.

[burnside]

at this point I pretty much missed the boat, but still would like to see if anyone still selling shares and about the expected ROI.

https://btct.co/security/ASICMINER-PT

[rudrigorc2]

at this point I pretty much missed the boat, but still would like to see if anyone still selling shares and about the expected ROI.

https://btct.co/security/ASICMINER-PT

no PT. thats why I came to this topic. thanks!

[burnside]

at this point I pretty much missed the boat, but still would like to see if anyone still selling shares and about the expected ROI.

https://btct.co/security/ASICMINER-PT

no PT. thats why I came to this topic. thanks!

There seems to be good activity here too: https://bitcointalk.org/index.php?board=73.0

[Franktank]

Is an ASICMiner share any different from one that is in a PT? friedcat mentioned they would make one eventually. Dividends are paid out the same, right?

[Tachikoma]

Is an ASICMiner share any different from one that is in a PT? friedcat mentioned they would make one eventually. Dividends are paid out the same, right?

On Bitfunder it's the same since DT doesn't take any fees. You can even get your shares out of the PT if you have 250 shares or more.

[Ukyo]

Is an ASICMiner share any different from one that is in a PT? friedcat mentioned they would make one eventually. Dividends are paid out the same, right?

On Bitfunder it's the same since DT doesn't take any fees. You can even get your shares out of the PT if you have 250 shares or more.

And at no charge.