ASICMINER: Entering the Future of ASIC Mining by Inventing It

[hdbuck]

 

I think that was the mistake you made and which amused Mr stslimited. there is a difference between new coins and fees. Hence there is only about 9M BTC yet to be mined. period.

No, there's only about 9M BTC of FRESH BTC to be mined. There's infinite BTC available to mine through transaction feees.

+1

well i know that thank you, but i referred to 'mining' as to the purpose of getting 'new' coins. thats all.

And we're referring to mining for the purpose of ASICMiner income.

ahh yes, sure, obviously.. but hey i was just trying to figure out what made Mr stslimited react with such a condescendant ton when *chriswilmer shared his view in here. 

[BitThink]

It's not necessary for the mining income to keep at 10 BTC considering the appreciation of BTC. If BTC is adopted well in the future, its price will be well above 100K, and meanwhile the cost of mining a block in fiat will not increase so much (the exponential increase will not last for long). Therefore, it's possible that miners could be still profitable even with 0.1 BTC reward ( = 10K = 10BTC at current price) per block.

Anyway, all these are just some speculation and let's move on to something concrete news from AM. Sadly, there's still no PR available.

[chriswilmer]

It's not necessary for the mining income to keep at 10 BTC considering the appreciation of BTC. If BTC is adopted well in the future, its price will be well above 100K, and meanwhile the cost of mining a block in fiat will not increase so much (the exponential increase will not last for long). Therefore, it's possible that miners could be still profitable even with 0.1 BTC reward ( = 10K = 10BTC at current price) per block.

Anyway, all these are just some speculation and let's move on to something concrete news from AM. Sadly, there's still no PR available.

You may very well be right about this. An argument can be made that transaction fees in bitcoin will never be higher than today. That would be bad news for AM though... right?

[BitThink]

It's not necessary for the mining income to keep at 10 BTC considering the appreciation of BTC. If BTC is adopted well in the future, its price will be well above 100K, and meanwhile the cost of mining a block in fiat will not increase so much (the exponential increase will not last for long). Therefore, it's possible that miners could be still profitable even with 0.1 BTC reward ( = 10K = 10BTC at current price) per block.

Anyway, all these are just some speculation and let's move on to something concrete news from AM. Sadly, there's still no PR available.

You may very well be right about this. An argument can be made that transaction fees in bitcoin will never be higher than today. That would be bad news for AM though... right?

Yes, if you measure your ROI in BTC, BTC appreciation is a bad news for AM in most cases.

[empoweoqwj]

This makes sense, but you may be leaving out two relevant (ASIC Mining gear) market segments:
1) New Bitcoin investors that prefer to mine their coins instead of buying them (there are different reasons for this that have been discussed somewhere else)
2) "Corporate Miners" that need to stay on top of the game

Also, you should be very cautious when declaring the whole mining industry "not profitable at current difficulty levels" - as long as Bitcoin prices keep moving they have, it will be extremely difficult to prove this assertion. Looking at ROI in BTC alone can be an extremely misleading simplification.

I somewhat agree with the above paragraph, but the following one seems just wrong: since you pay the device in BTC, you have to consider only the BTC itself: exchange rate with other currency is totally irrelevant, since you had anyway the option of "just keeping your BTC" and having them appreciate exactly the same.

I'm quite tired of having to explain this time and again, it's so obvious but people keep getting it wrong. Will they ever learn?

lol. No, history has taught you that indeed, some people never learn. Expect to keep explaining

[empoweoqwj]

It's not necessary for the mining income to keep at 10 BTC considering the appreciation of BTC. If BTC is adopted well in the future, its price will be well above 100K, and meanwhile the cost of mining a block in fiat will not increase so much (the exponential increase will not last for long). Therefore, it's possible that miners could be still profitable even with 0.1 BTC reward ( = 10K = 10BTC at current price) per block.

Anyway, all these are just some speculation and let's move on to something concrete news from AM. Sadly, there's still no PR available.

You may very well be right about this. An argument can be made that transaction fees in bitcoin will never be higher than today. That would be bad news for AM though... right?

Fees are constantly being thought about / tinkered with by the developers. And let's face it, we have no idea what volume of fees will be like in 3-5 years. I wouldn't worry about fees at the moment, just mine those darned coins

[bitcoin.newsfeed]

So what is ASICminer's board view on that mess in China?

Code:

http://www.reddit.com/r/Bitcoin/comments/1umcj8/taobao_prohibits_bitcoin_and_perhiperals_trading/

Background
In order to follow the notice previously issued by the central banks, the central banks require third party payment system to stop the trading of Bitcoin Litecoin etc. (The notice issued by PBC at 12/5)
Details
Include but not limit to
    Bitcoin Litecoin Quark Infinitycoin Pennycoin PPCoin Namecoin... etc cryptos
    Bitcoin or other cryptos' mining tutorial, strategies
    Software or hardware for mining Bitcoin or other cryptos

[VeeMiner]

So what is ASICminer's board view on that mess in China?

Code:

http://www.reddit.com/r/Bitcoin/comments/1umcj8/taobao_prohibits_bitcoin_and_perhiperals_trading/

Background
In order to follow the notice previously issued by the central banks, the central banks require third party payment system to stop the trading of Bitcoin Litecoin etc. (The notice issued by PBC at 12/5)
Details
Include but not limit to
    Bitcoin Litecoin Quark Infinitycoin Pennycoin PPCoin Namecoin... etc cryptos
    Bitcoin or other cryptos' mining tutorial, strategies
    Software or hardware for mining Bitcoin or other cryptos

there's big enough market for mining hardware out of China...

[hlynur]

So what is ASICminer's board view on that mess in China?

Code:

http://www.reddit.com/r/Bitcoin/comments/1umcj8/taobao_prohibits_bitcoin_and_perhiperals_trading/

Background
In order to follow the notice previously issued by the central banks, the central banks require third party payment system to stop the trading of Bitcoin Litecoin etc. (The notice issued by PBC at 12/5)
Details
Include but not limit to
    Bitcoin Litecoin Quark Infinitycoin Pennycoin PPCoin Namecoin... etc cryptos
    Bitcoin or other cryptos' mining tutorial, strategies
    Software or hardware for mining Bitcoin or other cryptos

there's big enough market for mining hardware out of China...

and it's "just" the chinese version of ebay. i'm sure there are still plenty of alternative platforms in china to sell products.
imo taobao just wants to have a clean slate until government announces further steps of regulation after the 31st january deadline.

[gogxmagog]

bitcoin is supposed to be used to trade for goods and services. this is still kosher in China.
you can buy a lot of w/ever online for just one $10000 USD/ bitcoin.


I've heard Chinese voices state that things are changing with the Party and the people. Things are also changing in the west. Govt.s are being cautious, but they also are starting to see the world trade and innovation value of BTC. Not to mention, they have already figured out that you can't actually "ban" it.
They talk about leadership in development being important to growth of the nation blah blah blah. Bitcoin does well for the economy.

Now, if there weren't so many outright scams and disastrous fiascoes going on all over the bitcoin world... They might not feel any need to intervene. Isn't; "the nail that sticks out gets hammered" an old Chinese adage?

[empoweoqwj]

bitcoin is supposed to be used to trade for goods and services. this is still kosher in China.
you can buy a lot of w/ever online for just one $10000 USD/ bitcoin.


I've heard Chinese voices state that things are changing with the Party and the people. Things are also changing in the west. Govt.s are being cautious, but they also are starting to see the world trade and innovation value of BTC. Not to mention, they have already figured out that you can't actually "ban" it.
They talk about leadership in development being important to growth of the nation blah blah blah. Bitcoin does well for the economy.

Now, if there weren't so many outright scams and disastrous fiascoes going on all over the bitcoin world... They might not feel any need to intervene. Isn't; "the nail that sticks out gets hammered" an old Chinese adage?

I don't think governments are intervening because of scams. More about "control of the currency" and tax revenues.

[SmiGueL]

Think we'll get ~.67mBTC/share this week.

[bambou]

bitcoin is supposed to be used to trade for goods and services. this is still kosher in China.
you can buy a lot of w/ever online for just one $10000 USD/ bitcoin.


I've heard Chinese voices state that things are changing with the Party and the people. Things are also changing in the west. Govt.s are being cautious, but they also are starting to see the world trade and innovation value of BTC. Not to mention, they have already figured out that you can't actually "ban" it.
They talk about leadership in development being important to growth of the nation blah blah blah. Bitcoin does well for the economy.

Now, if there weren't so many outright scams and disastrous fiascoes going on all over the bitcoin world... They might not feel any need to intervene. Isn't; "the nail that sticks out gets hammered" an old Chinese adage?

I don't think governments are intervening because of scams. More about "control of the currency" and tax revenues.

imo this guy sumed up pretty well the situation in China. https://bitcointalk.org/index.php?topic=397614.0

less about controlling the currency.. more about controlling the people...

Think we'll get ~.67mBTC/share this week.

mBTC?!

edit: just understood you were talking about divs

[buck19]

Incoming dividends...
0.00066897 btc per share.

[SmiGueL]

0.00066897 confirmed

[empoweoqwj]

0.00066897 confirmed

Not great .... but the silver lining is the share price is unmoved.

[shawshankinmate37927]

0.00066897 confirmed

Not great .... but the silver lining is the share price is unmoved.

But some of us want it to move so we can get our bids filled...

[empoweoqwj]

0.00066897 confirmed

Not great .... but the silver lining is the share price is unmoved.

But some of us want it to move so we can get our bids filled...

It will move once FC next announces something ....

[101111]

It will move once FC next announces something ....

It will also move when someone's Chinese girlfriend's friend hears a rumour about the tapeout ...

This week especially beware of false rumours and wait for official news from FC.

[empoweoqwj]

It will move once FC next announces something ....

It will also move when someone's Chinese girlfriend's friend hears a rumour about the tapeout ...

This week especially beware of false rumours and wait for official news from FC.

Yeah but these Chinese gf rumours often turn out to be based on something