ASICMINER: Entering the Future of ASIC Mining by Inventing It

[conv3rsion]

Um... bitcoin is the very definition of value out of thin air. It can't be used for ANYTHING else other than trade.

FALSE!

It can be used for lots of things beside trade. Validating the creation date of a piece of software by inserting a hash into the blockchain for example. Or auditing. Or many other uses.

http://www.whyisntbitcoinworthless.com/

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[radiumsoup]

Um... bitcoin is the very definition of value out of thin air. It can't be used for ANYTHING else other than trade.

FALSE!

It can be used for lots of things beside trade. Validating the creation date of a piece of software by inserting a hash into the blockchain for example. Or auditing. Or many other uses.

http://www.whyisntbitcoinworthless.com/

No, that's the use of a block in the blockchain, which can be (but is not required to be) paid for with bitcoin via transaction fees - it's not a use of a bitcoin itself. And I didn't say that it was worthless, I said that (stating another way for clarity) it has no inherent value outside of the value that can be used in trade.

[radiumsoup]

I wasn't talking about gold/silver/etc though, but USD. What other use has the Dollar other than trading?

Exactly my point, actually... there are hard assets, and there are assets made out of thin air. Fiat and bitcoin are similar in that they have no hard value beyond their use in trade (commerce). Gold, on the other hand, has an intrinsic value that can be denominated in fiat, but even without fiat, it has actual value to commerce in that it can be consumed for actual physical needs (like wiring for electronics, optic filters, jewelry, etc.)

However I think that the question of the market cap of an enterprise / operation is inherently different in an inflationary system (ie. USD) then in a deflationary market (ie. Bitcoin). For example a sum of TWO TRILLION DOLLAR (cue Dr. Evil) is more USD than exist today, but might very well exist in 50 years and therefore be at least hypothetically transferred. A sum of 30 MILLION BITCOINS however, will always remain a fantasy. Therefore these market caps have to be viewed differently. Just my two dutch tulips.

I see what you're getting at now - I think we still disagree not on a fundamental level but on an application of value level, and that's OK.

[Kyune]

I hope the facilties are being taken care of by a good security team. Not to be a tinfoilhatter but the more success you have, the more enemies you make. Certain people would be very happy now if the AsicMiner hashing farm were to *accidentally* blow up.

This is not a bad question. In my head the two ASICMINERs datacenters are patrolled by PLA super-troopers, but we really have no idea. Obviously the team behind ASICMINER is more than component, so I'm sure they have thought long and hard about security, and have solid ways of protecing wallets. If everything were operating from a typical office/ datacenter, a bunch of guys with guns could take it over and steal the coins the day before dividends are sent... it would be a not-too-small fortune. At this point I am so impressed with and confident in ASICMINER/Bitfountain/friedcat, I'm sure that they they have a setup/plan for the wallets so that even the Triads have no chance of getting the jump on them.

I nominate a query regarding physical security of the current mining datacenters for the next shareholder question poll.

[SOSLOVE868]

I hope the facilties are being taken care of by a good security team. Not to be a tinfoilhatter but the more success you have, the more enemies you make. Certain people would be very happy now if the AsicMiner hashing farm were to *accidentally* blow up.

This is not a bad question. In my head the two ASICMINERs datacenters are patrolled by PLA super-troopers, but we really have no idea. Obviously the team behind ASICMINER is more than component, so I'm sure they have thought long and hard about security, and have solid ways of protecing wallets. If everything were operating from a typical office/ datacenter, a bunch of guys with guns could take it over and steal the coins the day before dividends are sent... it would be a not-too-small fortune. At this point I am so impressed with and confident in ASICMINER/Bitfountain/friedcat, I'm sure that they they have a setup/plan for the wallets so that even the Triads have no chance of getting the jump on them.

I nominate a query regarding physical security of the current mining datacenters for the next shareholder question poll.

China does not allow people to owns a gun, mate you hypothesis only working on USA..of course there are still a possibility to getting a gun, but in fact, I think Friedcat does very well on security, so far, I did not see anyone knows who is friedcat ....I also think that people will buy a gun to do a robing may not understand what is bitcoin...

[notme]

I hope the facilties are being taken care of by a good security team. Not to be a tinfoilhatter but the more success you have, the more enemies you make. Certain people would be very happy now if the AsicMiner hashing farm were to *accidentally* blow up.

This is not a bad question. In my head the two ASICMINERs datacenters are patrolled by PLA super-troopers, but we really have no idea. Obviously the team behind ASICMINER is more than component, so I'm sure they have thought long and hard about security, and have solid ways of protecing wallets. If everything were operating from a typical office/ datacenter, a bunch of guys with guns could take it over and steal the coins the day before dividends are sent... it would be a not-too-small fortune. At this point I am so impressed with and confident in ASICMINER/Bitfountain/friedcat, I'm sure that they they have a setup/plan for the wallets so that even the Triads have no chance of getting the jump on them.

I nominate a query regarding physical security of the current mining datacenters for the next shareholder question poll.

I nominate a query about mining a small amount on p2pool in order to keep it finding at least a block a day.  In fact, with p2pool, if they are able to mine more efficient than the average, they can potentially earn more than solo mining.  However, pointing all the hash power at p2pool would make it too hard for anyone else to find shares.  However, I am currently working on proxy software that can track shares and submit shares from multiple users to p2pool under the same address.  The payouts can then be made to the individual users once the coins mature.  Once this is ready, I'm hoping we can get a few pools set up and then p2pool should be able to remain useful for smaller miners at much higher total hashrates.

[HeRetiK]

However I think that the question of the market cap of an enterprise / operation is inherently different in an inflationary system (ie. USD) then in a deflationary market (ie. Bitcoin). For example a sum of TWO TRILLION DOLLAR (cue Dr. Evil) is more USD than exist today, but might very well exist in 50 years and therefore be at least hypothetically transferred. A sum of 30 MILLION BITCOINS however, will always remain a fantasy. Therefore these market caps have to be viewed differently. Just my two dutch tulips.

I see what you're getting at now - I think we still disagree not on a fundamental level but on an application of value level, and that's OK.

Glad I could clear things up and not cause additional confusion about what I'm trying to say

[circuitry]

I hope the facilties are being taken care of by a good security team. Not to be a tinfoilhatter but the more success you have, the more enemies you make. Certain people would be very happy now if the AsicMiner hashing farm were to *accidentally* blow up.

This is not a bad question. In my head the two ASICMINERs datacenters are patrolled by PLA super-troopers, but we really have no idea. Obviously the team behind ASICMINER is more than component, so I'm sure they have thought long and hard about security, and have solid ways of protecing wallets. If everything were operating from a typical office/ datacenter, a bunch of guys with guns could take it over and steal the coins the day before dividends are sent... it would be a not-too-small fortune. At this point I am so impressed with and confident in ASICMINER/Bitfountain/friedcat, I'm sure that they they have a setup/plan for the wallets so that even the Triads have no chance of getting the jump on them.

I nominate a query regarding physical security of the current mining datacenters for the next shareholder question poll.

China does not allow people to owns a gun, mate you hypothesis only working on USA..of course there are still a possibility to getting a gun, but in fact, I think Friedcat does very well on security, so far, I did not see anyone knows who is friedcat ....I also think that people will buy a gun to do a robing may not understand what is bitcoin...

It doesn't matter. Someone with enough money and interest can hire ten thugs and one bitcoin-savvy IT guy and storm the datacenters. They don't even have to rob the bitcoins. Destroying future AM ability to remain a significant player is more than enough to disrupt the market. I'm 100% sure that Friedcat and co. have thought about the possibilty of sabotage and other unfair corporate practices.

Perhaps, because the very sensitive nature of this issue, actual security measures are best kept hidden from the public. Still, some reassurance on the matter surely can't hurt

[TsuyokuNaritai]

Perhaps, because the very sensitive nature of this issue, actual security measures are best kept hidden from the public. Still, some reassurance on the matter surely can't hurt

+1. We should make sure they know that this is a high priority issue for us, but for many reasons it's probably best if the actual details of security measures aren't broadcast. If friedcat assures us it's a high priority and they have taken serious measures both to defend themselves and made it so it would be strongly against the best interests of potential attackers to do so, that's good enough for me.

[PeterB]

Perhaps, because the very sensitive nature of this issue, actual security measures are best kept hidden from the public. Still, some reassurance on the matter surely can't hurt

+1. We should make sure they know that this is a high priority issue for us, but for many reasons it's probably best if the actual details of security measures aren't broadcast. If friedcat assures us it's a high priority and they have taken serious measures both to defend themselves and made it so it would be strongly against the best interests of potential attackers to do so, that's good enough for me.

+1.  My thoughts exactly.

[neilol]

Almost BTC3. Incredible

Wish I had bought in earlier!

[MikkisJ]

I tried myself to create a list with AM shareholders based on yesterday's dividends:

https://docs.google.com/spreadsheet/ccc?key=0AtqphFCP56ordGVCakJxSU90MlB4MlBkZENya25pS2c

I got > 398k of the 400k shares. If you find any errors please let me know!

Updated by dividend day 2013-06-12

Why does it say DeaDTerra PT has 12,876 shares when in reality there are 18,845 shares listed on BitFunder?

[pikeadz]

Almost BTC3. Incredible

Wish I had bought in earlier!

I will feel a lot better once it crosses that 3.  I bought in from 2.71 up to 2.94.  Psychological barriers and whatnot.

[Gomeler]

Every couple of hours I've been refreshing BitFunder and watching my portfolio jump up and down. The artificial 2.5 BTC/share wall was nice for stability. Rollercoaster time I suppose.

[freedomno1]

Every couple of hours I've been refreshing BitFunder and watching my portfolio jump up and down. The artificial 2.5 BTC/share wall was nice for stability. Rollercoaster time I suppose.

Less of a rollercoaster but a lot more of a stable rise than if there was not such a strong support wall for a long time
If that's any consolation

[philipma1957]

Also, why is anyone selling shares under 3BTC? i just can't grasp it.

Because they watched BTC fall from $290 to $100 several weeks ago, and don't want to get caught holding the bag again.

BTC/USD has never been that high, it was $256, for a moment, 2 months ago.

Consider my statement suitably modified. People are selling because they think the price will fall.

Or like myself they have taken profit and are watching.  

   I sold off at about 2.49btc but it was worth 123 usd per btc.  quick math I sold at 306 usd a share. AM is now 2.9 btc but a btc is 100usd so a share is now 290 usd.   If I buy some btc today via coin base  and grab 10 shares I save about 160 usd in price. Here in the USA coins have been squeezed tight to cash into dollars.  A few months ago when I wanted to cash a coin. I had 4 easy choices now coin base is all i have and it takes more then a few days to cash out. Since I keep this at a lower value on purpose > I never  want to have more then 5000 usd at risk cashing out my AM seemed best.
  

    I have 824 usd at risk with bfl.  715 at risk with cloud hashing.com  360 at risk with a group buy of a 110gh bit fury. that is about 1600 usd.  I have about 10 coins  sitting another 1000 usd =  a total of 2600 usd that can go poof. my gpu farm slowly decreases in value maybe  i get 3000 usd if i part it out on ebay.

 My peak with AM was 17 shares at 2.49 btc per share or  about 5200 usd  it was just too many eggs in one basket. I do not know if there are 2 or 3 or 4 mining locations . Worse case there is only one.  Fires happen , floods happen just ask western digital , earthquakes, revolutions.  So for now I can sit and wait  while collecting the last few coins with my gpu farm. Piece it out on ebay.  Use that cash to go for AM if I choose. If BFL pans out cool If cloud hashing pans out good if the group buy is a winner great. If they all lose I am still ahead. If my 10 coins turn to 0 usd I am still ahead.
I did the math and saw a  window to be ahead no matter what. I took it.  I still have action and in a month If I like what I see I can bust a move. Or fully bail out still ahead.

[ThunderSheep]

Perhaps, because the very sensitive nature of this issue, actual security measures are best kept hidden from the public. Still, some reassurance on the matter surely can't hurt

+1. We should make sure they know that this is a high priority issue for us, but for many reasons it's probably best if the actual details of security measures aren't broadcast. If friedcat assures us it's a high priority and they have taken serious measures both to defend themselves and made it so it would be strongly against the best interests of potential attackers to do so, that's good enough for me.

+1.  My thoughts exactly.

I'd like to +2 that sentiment.

[Lorren]

Also, why is anyone selling shares under 3BTC? i just can't grasp it.

Because they watched BTC fall from $290 to $100 several weeks ago, and don't want to get caught holding the bag again.

BTC/USD has never been that high, it was $256, for a moment, 2 months ago.

Consider my statement suitably modified. People are selling because they think the price will fall.

Or like myself they have taken profit and are watching.  

   I sold off at about 2.49btc but it was worth 123 usd per btc.  quick math I sold at 306 usd a share. AM is now 2.9 btc but a btc is 100usd so a share is now 290 usd.   If I buy some btc today via coin base  and grab 10 shares I save about 160 usd in price. Here in the USA coins have been squeezed tight to cash into dollars.  A few months ago when I wanted to cash a coin. I had 4 easy choices now coin base is all i have and it takes more then a few days to cash out. Since I keep this at a lower value on purpose > I never  want to have more then 5000 usd at risk cashing out my AM seemed best.
 
<snip>

This is why I don't have everything in one BTC stock.  I have more faith in BTC than in USD... I think that it has a much greater chance of becoming worthless in the long term.  Even though BTC has devalued a bit in the last couple of weeks (and a lot more since its high) I've been able to grow my BTC holdings over the past month through investing, so the actual USD amount that I have is not going down much.

[freedomno1]

Also, why is anyone selling shares under 3BTC? i just can't grasp it.

Because they watched BTC fall from $290 to $100 several weeks ago, and don't want to get caught holding the bag again.

BTC/USD has never been that high, it was $256, for a moment, 2 months ago.

Consider my statement suitably modified. People are selling because they think the price will fall.

Or like myself they have taken profit and are watching.  

   I sold off at about 2.49btc but it was worth 123 usd per btc.  quick math I sold at 306 usd a share. AM is now 2.9 btc but a btc is 100usd so a share is now 290 usd.   If I buy some btc today via coin base  and grab 10 shares I save about 160 usd in price. Here in the USA coins have been squeezed tight to cash into dollars.  A few months ago when I wanted to cash a coin. I had 4 easy choices now coin base is all i have and it takes more then a few days to cash out. Since I keep this at a lower value on purpose > I never  want to have more then 5000 usd at risk cashing out my AM seemed best.
 
<snip>

This is why I don't have everything in one BTC stock.  I have more faith in BTC than in USD... I think that it has a much greater chance of becoming worthless in the long term.  Even though BTC has devalued a bit in the last couple of weeks (and a lot more since its high) I've been able to grow my BTC holdings over the past month through investing, so the actual USD amount that I have is not going down much.

A good strategy is always accumulation
In this case that would be the accumulation of Bitcoins when the price is lower you can usually get more of them than if the price is higher while maintaining the positional value of the market price
Hedging of sorts
On that note
▲6@0.02985 (Hmm that 0.3 is close)
It is Psychological after all

[Franktank]

Just posting another reminder for those that have questions for friedcat. A few of us have started to compile questions for submission. Please keep in mind that it is very possible he may not answer some/any questions but would still like to submit them, on behalf of the "minority shareholders."

The plan is to submit these questions on a monthly basis.

Use "Q/A for ASICMiner" for the subject line.