ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Ira H. Fuchs]

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.

good morning, I'm starting to see why they asked me to shut this program down. This is an open sourced project that has been hijacked. Read Satoshis' white paper and it will become perfectly clear. Our research will continue no matter what efforts are taken to censor communication...Ira

[1714148395]

1714148395

[1714148395]

1714148395

[joris]

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.

How do you know who sells BTC?

The main activity in the BTC-economy atm is developing and mass producing of ASICs. Many millions of fiat are necessary for this activity and any price is ok when one really needs the other side of te trade. As a result market prices moves fast. And then other market participants, including the competing producers are going to run to the exit. If this is the case, then it is the miners' dream of "getting rich quick" which crashes (prices).

[baloo_kiev]

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.

They will be back at next price rise to blow another bubble.

[Ira H. Fuchs]

Total network rate is hitting 200 TH/s for the first time. Time for a friedcat announcement to bolster sentiment 

I think friedcat has only made one real update in this  thread since I started to invest. Seems like years ago but actually only June 24th. Did he used to post more often than this?

It used to be more frequent, as time has gone on, they have become far less common.

As Friedcat become a billionaire, he need more time to managing his business empire ...

good morning, I'm afraid to say they played a joke on you. There is no real computer chip company here to speak of...Ira

[bitfair]

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.

[Ira H. Fuchs]

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.

good morning, Are you involved with this shop. I'm concerned people are not getting the full perspective. Who is in charge of sales of these open source devices...Ira

[circuitry]

Of course, now is the time to sell if you want to get money out now.

It could be argued that the best time to sell is the day of the dividend, right?

(Unless you're factoring a sharp crash of BTCUSD before that and more scared AM "investors" trying to cash out.)

[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.