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/biz/ - Business & Finance

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23019 No.23019[DELETED]  [Reply] [Original]

Let's talk about the fucked up state of bitcoin mining.

>Hashfast scammy as fuck, everyone who bought from them screwed over hard
>KnCMiner opening a shady 20 Petahash mining operation, promises neptune orders cloud mining if late
>Cointerra undershot hash spec and late, not sure how their customers are doing.
>BFL being BFL
>Random chinese shipping ASICs en-masse and slashing prices, lots of buyers
>ASICminer trying to sell chips (for those who didn't learn from Avalon)
>Avalon ??? Retired on an island from all their chips they resold, hiding so some angry miners don't go after them

>> No.23055

No wonder Dogecoin and all these scryptcoins came up

ASICs completely destroy a cryptocurrency, inevitably centralizing all the hashing power in the hands of a few elite who have the money to finance a chip.

Anyone greedy/dumb enough to buy their preorders pays a 10-50x+ markup on what the ASIC MFG costs to manufacturer it. For every 1 GH/sec they sell, the ASIC manufacturer brings up their own 5-20 GH/sec.

(This is how ghash.io/bitfury has so much fucking hash power -- people bought that russian guy's ASICS and he built his own multi-petahash mining array WHILE making money selling asics)

And everyone knows about BFL.

It seems like either a company goes outright scam (BFL, Hashfast) or goes confidence trick, releases one decent wave (Avalon, Batch #1 ASICs which were one of if not the best investments in bitcoin mining history -- then steals and resells almost 100,000,000$ of ASIC chips that were supposed to go to DIYers) , and unfortunatly, looks like KNCminer may be doing the same.

>> No.23069

>invent a currency out of thin air whose value is solely based upon silk road being functional.
>expect it to be stable in value.

>> No.23088

>>23069
>whose value is solely based upon silk road being functional.
SR did not even exist when BTC peaked at 1200$/BTC

I'm glad it went away, it proved this stupid theory wrong.

>> No.23095

>cloud mining
biggest scam of all time.

>> No.23108

>>23095
i can't figure out what idiots are buying hashing power at cex.io

>> No.23266

Oh wow

http://eligius.st/~wizkid057/newstats/userstats.php/1Nbq2XZaRsKknf5fcT2wTXvBS31PaUWSeX

>> No.23361

>>23088
>SR did not even exist when BTC peaked at 1200$/BTC
lol.

>> No.24429

>>23019
About two months I was thinking about dumping a few of my BTC on a preorder of the new butterfly labs ASIC. The risk seemed low since I bought my BTC in 2010 so it would cost me no actual money. Now that the price of dropped, I think I made the right decision to not even bother.

>> No.24455
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24455

>Don't understand the market
>People still invest in it.

>> No.26165

>>23019
>>BFL being BFL
elaborate please, a friend of mine is on the verge of buying something from them

>> No.26206

>>26165
Nevermind, read a bit of it up.

>> No.29060

>>26165
>>26206
They're god awful. keep your friend from wasting his money

>> No.29182
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29182

>>29060
>>26206
>>26165
W-whats wrong with BFL?

>> No.29205

>>29182
it is owned and operated by a convicted murderer