ASICMINER: Entering the Future of ASIC Mining by Inventing It

[hammurabi]

https://www.khanacademy.org/science/core-finance/money-and-banking/bitcoin/v/bitcoin-security-of-transaction-block-chains

this seems that anyone with enough power to actually make such an attack, would be better of just mining and making money from btc or and together from transactions,

And you've missed the point. Anyone performing that attack is probably doing it for malicious purposes - ie to take down Bitcoin. Those purposes may vary but it certainly isn't going to be to make a few quid. It'd be to make a stonking amount before anyone noticed - very difficult AND they'd have to launder it back into fiat or an asset super-quickly as the value would tank once spotted, or most likely to disrupt the network.

It's not all about money and sane behaviour.

I don't get why this is discussed over and over again. Does everybody who just stumbled upon bitcoin have to publish his most recent learnings here? No offence, but please find the appropriate threads. Thank you

I just realized... that...
If this thread contains more than 51% posts about the 51-attack-on-bitcoin it will go Ka-Booom and destroy planet Earth.

Fortunately we are still below 25% I believe

[matt4054]

If everyone (including me for this one) posting anything off-topic here would be charged a 0.1 BTC fee payable to AM, our dividends would probably go higher every week ;-)

[tkone]

ok so heres something on topic that i been thinking about,

few days ago there was news about china blocking sms about bitcoins, or something like that,
could that be a step by china to try to block bitcoins? what if they make more steps or something more major?

isnt asicminer in china? how will this affect the company? or even more affect us the share holders?

just something i been thinking about and watching the news for.

ELAZAR

[Mausini]

ok so heres something on topic that i been thinking about,

few days ago there was news about china blocking sms about bitcoins, or something like that,
could that be a step by china to try to block bitcoins? what if they make more steps or something more major?

isnt asicminer in china? how will this affect the company? or even more affect us the share holders?

just something i been thinking about and watching the news for.

ELAZAR

I dont know. I guess it was just some random misunderstanding at china telecom.

But here is something interesting: USB Eruptor crossing 1000 USD on ebay!!!

Ebay

What up!!??!!!

[matt4054]

ok so heres something on topic that i been thinking about,

few days ago there was news about china blocking sms about bitcoins, or something like that,
could that be a step by china to try to block bitcoins? what if they make more steps or something more major?

isnt asicminer in china? how will this affect the company? or even more affect us the share holders?

just something i been thinking about and watching the news for.

ELAZAR

Yes I would also like more information about this.

I think there are possible backup plans for AM, even if China were to forbid the use of Bitcoin. First, mining bitcoins or using them as a payment method are two different things. Second, if AM were to be affected by a BTC ban in China, manufacuring mining hardware and exporting it would probably not be covered by the ban.

A seizure of all the hardware at the datacenter is the only real threat that I could see here (but -- before someone tells me I'm FUDding here -- I don't think it will happen)

[matt4054]

But here is something interesting: USB Eruptor crossing 1000 USD on ebay!!!

Ebay

What up!!??!!!

I'm puzzled by the auction price breaking $1000, there are many open group buys here where you can get it at friedcat's price (1.99 BTC + GB fees). Oh well, supply and demand, I guess. But it's surprising, anyway.

[CMMPro]

This is a rehash of week old FUD. Not even worth talking about.

[CMMPro]

But here is something interesting: USB Eruptor crossing 1000 USD on ebay!!!

Ebay

What up!!??!!!

I'm puzzled by the auction price breaking $1000, there are many open group buys here where you can get it at friedcat's price (1.99 BTC + GB fees). Oh well, supply and demand, I guess. But it's surprising, anyway.

I have a feeling some stupid ebay bidders think they are getting 10 USB Erupters for that price...no one who knows anything about them would pay that much when you can get them for ~1/4 that price.

[Mausini]

But here is something interesting: USB Eruptor crossing 1000 USD on ebay!!!

Ebay

What up!!??!!!

I'm puzzled by the auction price breaking $1000, there are many open group buys here where you can get it at friedcat's price (1.99 BTC + GB fees). Oh well, supply and demand, I guess. But it's surprising, anyway.

I have a feeling some stupid ebay bidders think they are getting 10 USB Erupters for that price...no one who knows anything about them would pay that much when you can get them for ~1/4 that price.

And all of the other open auctions (>25) have bids north of 400 USD!! Seems like 1.99 BTC wasn't such a high price after all...
One reason could be that interested buyers might have problems to get BTC

[matt4054]

One reason could be that interested buyers might have problems to get BTC

Yes, I think you are right.

Just like others, I already thought about setting up a shop in USD with PayPal and resell AM hardware on it, but the risk you need to take stocking mining hardware WITHOUT mining with it is just too high IMO.

[bobboooiie]

@tkone Iam not even going to quote that... But boy did you save us with that topic !

[bitman442]

@tkone Iam not even going to quote that... But boy did you save us with that topic !

Yes, thank you. I've been checking this thread a few time a day only to find that it has advanced a couple pages each time rehashing the same old crap I've been reading about for 2 years. Sorry for adding more useless posts but I had to get that off my chest. No more 51% talk please!

[stripykitteh]

Just to change the subject (or maybe not  ), the estimated total AM hashrate is now 23.71THash (a record) and climbing. I presume this means that the power and LAN issues have been resolved?

https://docs.google.com/spreadsheet/ccc?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=14

Network percentage is about 27.25% (has been as high as 29% before).

Happy hashing.

[Eric Muyser]

Just to change the subject (or maybe not  ), the estimated total AM hashrate is now 23.71THash (a record) and climbing. I presume this means that the power and LAN issues have been resolved?

https://docs.google.com/spreadsheet/ccc?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=14

Network percentage is about 27.25% (has been as high as 29% before).

Happy hashing.

Seems like it. Awesome!

[SmiGueL]

Maybe the % of the network income chart is somewhat misleading (that's why I never placed it on the charts website )
because that is the percentage of the total fixed income,  (aka: 3600 BTC/day), to calculate the dividends. It isn't the total network percentage.
The difference is that the % of the network income is based on the 'fixed' difficulty, and the network percentage is based on the network hashrate from blockchain.info

The total network % can be found here:
www.asicminercharts.com/live


                           ASICMINER HASHRATE                    NETWORK HASHRATE
                  
                                    TH/s                                            TH/s

            




Keep in mind that the calculated hashrate from solomining is calculated based on the found blocks in the last 48h, so calculating the exact hashrate isn't possible..

[runeks]

I created a chart that tracks how many bitcoins ASICMiner has solo mined since the last reward payout.

This should help to give an idea of the size of the dividend payout. This only tracks solo mining! It doesn't try to derive the mined BTC amount from the various pool hash rates.

The data updates every time an ASICMiner block is found.

Here's the site: http://runeks.dk/bitcoin/

And the chart:

So currently we are at 0.00426777 BTC solo mined per ASICMiner share (400,000 shares).

[BeeCoin]

isnt asicminer in china? how will this affect the company? or even more affect us the share holders?

Risk: Regulation by chinese authorities.
Opportunity: Promising huge market... Especially, if mining (and selling ASIC hardware) is not so attractive in the future, AM still has huge investment opportunities in a potentially huge market.
Who knows? Maybe in 5 years Friedcat will sell Bitcoin-ATMs in China instead of Blockerupters.

[Rampion]

If AM can maintain at least 10% of coin generation in the next 15 years, don't you find it a bit puzzle that a company is worth 10% of the total currency itself (of course, minus coins generated before AM era).

This is why ASIC technology may pose a threat to BTC decentralization, this topic has been thoroughly discussed on these forums. ASICMINER is acting with BTC's best interest at heart by limiting their own share of hashrate, but what if they (or another player) do not do this and a single player reaches +51%?

Logic says that decentralization is necessary for BTC to hold its value, and thus the players would auto-regulate themselves not to destroy their own investment.

Au contraire, history says that greed normally overtakes logic.

I guess only time will tell, if BTC is able to beat the centralization threat posed by private companies developing their own ASIC it will be for sure a great victory.

[Mausini]

If AM can maintain at least 10% of coin generation in the next 15 years, don't you find it a bit puzzle that a company is worth 10% of the total currency itself (of course, minus coins generated before AM era).

This is why ASIC technology may pose a threat to BTC decentralization, this topic has been thoroughly discussed on these forums. ASICMINER is acting with BTC's best interest at heart by limiting their own share of hashrate, but what if they (or another player) do not do this and a single player reaches +51%?

Logic says that decentralization is necessary for BTC to hold its value, and thus the players would auto-regulate themselves not to destroy their own investment.

Au contraire, history says that greed normally overtakes logic.

I guess only time will tell, if BTC is able to beat the centralization threat posed by private companies developing their own ASIC it will be for sure a great victory.

seriously? again?

[circuitry]

this topic has been thoroughly discussed on these forums.

Exactly. Please stop with the useless, boring, non-constructive 51% FUD and move on.