723200+ entries in 0.36s
TestingUnoDosTre: Also, I
thought you had
to register as a money
transmitter in US
benkay: mrstickball: 1kusd give or
take
mrstickball: I am
thinking of putting one in a PC retail store
fluffypony: and
then
the next post is about how difficult
they are
to use
fluffypony: everyone raves about how many Bitcoin ATMs
there are and
that are coming
benkay: nobody seems
to have done
the hard numbers on foot
traffic for
the operator.
benkay: selling 'em appears
to work.
TestingUnoDosTre: How much money do you
think
the bitcoin atm business is worth? Very hard for me
to judge
benkay: that's what's in
the btc smartphone market.
fluffypony: Blockchain's wallet seems
to be about
the biggest
assbot: [HAVELOCK] [B.MINE] [PAID] 3.46002048 BTC
to 8`421 shares, 41088 satoshi per share
TestingUnoDosTre: How about all
the wallet software out
there.
That will shake some confidence
fluffypony: they've gotten more
than enough volume,
they won't get significantly more
than
they have, surely?
fluffypony: they've had plenty of opportunity
to cut and run, but
they don't
benkay: it's just a damn fog of scam out
there
fluffypony: I don't
think
they're all inherently scammy by default
benkay: who are
these big ones,
TestingUnoDosTre ?
TestingUnoDosTre: Lots of
trust out
the door. Probably cheap coins for sale
though
TestingUnoDosTre: Yes, it's going
to be sad when some of
the big ones start
to fall
fluffypony: getting paid for building
the long con is a viable business model for
the supplier
benkay: perhaps even some btc can be extracted from
the morons swimming in
that sea.
fluffypony: TestingUnoDosTre: every few weeks
there's someone selling an aged forum account...ON
the forum, and people complain about it and promptly are
told
that it's allowed
benkay: ah anyways yes some business-boats can float on
the sea of lies
that is
the mining space.
TestingUnoDosTre: It
took me a while
to realize
the forum is %100 propaganda or regards. Even after I read
that accounts could be purchased in bulk
fluffypony: "Bitcoinner says: February 10, 2013 at 7:50 pm
That stock exchange is horrible,
the PR person on bitcointalk acts like a retard.
They host porn on
the same server
they host
the exchange from. STAY AWAY FROM
THIS EXCHANGE!!!"
TestingUnoDosTre: Wish I could have found a way
to swap
that for analogous, but not
that quick on my feet
fluffypony: no wonder everyone complains about mpex's porn chat, look at
this conversation!
TestingUnoDosTre: It's
totally analingus
to invest in a company
that behaves in such a manner
fluffypony: TestingUnoDosTre:
true, but I doubt 95% of
them even consider
that
TestingUnoDosTre: Well
there's also an advantage
to receiving bitcoin outside of an" established" exchange. I
think
this is somewhat
true
fluffypony: I
think
the bottom line is
that it's fallatious
to fault a company
that sees an opportunity
to sell shovels in a gold rush
benkay: except
that
the implication (never stated) of
these asic vendors is
that you might make some money with it.
TestingUnoDosTre: Except with
that you might still have a positive memory of your
trips
to Egypt
fluffypony: doesn't make
the vendor questionable per se
fluffypony: benkay: sure, and some people want
to
take home a bit of
the sphinx, even if it's all an illusion
benkay: "buy a souvenier!
take home a bit of
the sphinx!"
benkay: it's like
that guy next
to
the important place with a cart full of cheaply made crap
TestingUnoDosTre: What about knc. Coulnt
their product have actually worked out initially?
fluffypony: or a few
thousand if
they're particularly confident in it
fluffypony: TestingUnoDosTre: yeah, it's people who hear about it and decide
to spend a few hundred Dollars *max* on playing around with mining
fluffypony: we could argue
that any ASIC manufacturer is a questionable business venture :-P
benkay: o wait
this isn't
the exchange
thinger?
TestingUnoDosTre: Casual miners or people who have just heard about btc and never
tried mining before?
benkay: it's just pmb
turds in a fancy css wrapper
fluffypony: my argument is
that it's not, as
the audience is
the casual miner
fluffypony: benkay: contextually we're
talking about buyahash's market
TestingUnoDosTre: Casual miners aka people who casually flush money or btc down
toilet?
fluffypony: some of
them went from
that
to a USB Block Erupter
benkay: the only ones who do are
the large farms.
fluffypony: they bought a Jalapeno, mined for a bit, flipped it on eBay or
turned it off when it was no longer covering electricity
fluffypony: but
there are
tons of people in
the mining community
that are casual miner
benkay: fluffypony re doge defense forces if one must manipulate psychology
to deliver hashpower one's doing it entirely wrong.
fluffypony: TestingUnoDosTre: ok so
then
take
the Jalapeno as an example
fluffypony: you'd be surprised at how altruistic
the individual miner is
fluffypony: TestingUnoDosTre: Dogecoin has
this "join
the Doge Defense Force"
thing where people mine with
their cards when
they're not playing games or whatever
to strengthen
the network
nubbins`: if
that's your exit strategy, you should probably reconsider as well
fluffypony: TestingUnoDosTre: you understand
that not every miner wants profitability, right?
benkay: if you're selling mining chips
to gamers you're a scammer
too.
TestingUnoDosTre: The guy has a business selling rigs
that will never roi have a remote chance of roi. You're never going
to build a returning customer base
fluffypony: benkay:
the other exception I've seen is with GPU rigs mining profitable altcoins, as
theres always a new pump-and-dump "ASIC-resistant" scamcoin being
touted. drive
them hard for 2-3 years or until unprofitable, and
then part out
the equipment
to gamers
TestingUnoDosTre: But
that's a decline on daily diff increases, not diff increases
TestingUnoDosTre: If I buy a miner, expecting
to roi in 180 days at constant diff, even with electricity. Costs factored in, I'm fucked
mrstickball: as per
the chart I showed you,
there's been a steady reduction since
the peak in September
mrstickball: again,
the issue is with
the declining diff increases
mrstickball: for example.. if you spent $2,000 on a mining rig in April 2013 and $2000 on LTC, and did a buy & hold until, say... December...
the rig would have returned far more
mrstickball: its a hedge against
the belief it increases
mrstickball: otherwise, it drops with
the difficulty increase
mrstickball: it doesn't affect it until
the difficulty change
TestingUnoDosTre: Kinda retarded here, but how does a network hashrate increase change my ability
to find a block at constant diff? Does it drop linearly with hashrate increase?
nubbins`: needed
to
turn some btc into CAD sorta quickly
benkay: nubbins`: you're
trading with
those criminals?
mrstickball: rest I own outright including
the 500 Grids in front of me
mrstickball: but
that is literally
the only line of products I've done commission on
mrstickball: on
this batch of Ice furies, its commission
TestingUnoDosTre: So do you have
to pay for
the miners, or do you just get commission?
TestingUnoDosTre: Even with a 10 percent diff increase, diff doubles every 7
to 8 months
mrstickball: but anything sub-28nm isn't going
to be as large
artifexd: mircea_popescu`: I was
too slow
fluffypony: so
then
they'll have
to focus on power efficiency or whatever
fluffypony: but
they are going
to reach
the limits of easily accessible fab, right