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rich.pell
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Blogger
Re: ASIC solutions
rich.pell   2/4/2014 3:19:25 PM
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"...it does bear a certain resemblance to a Ponzi scheme."

Not really:

Bitcoin myths: It's a giant ponzi scheme

Bitcoin 101 - Why Bitcoin is Not a Ponzi Scheme

krisi
User Rank
CEO
Re: ASIC solutions
krisi   2/4/2014 4:00:04 PM
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Amazing 3-month design cycle...I have never seen anything like this for a billion transistor silicon chip

"The silicon implementation from HashFast's efficient architecture for high-performance hashing was completed in less than three months, record time for chip design"

Susan Rambo
User Rank
Blogger
Re: ASIC solutions
Susan Rambo   2/4/2014 8:52:38 PM
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Like the Gold Rush, it's the merchants selling supplies to the miners who end up making the money, not the gold miners.

goafrit
User Rank
Manager
Re: ASIC solutions
goafrit   2/4/2014 10:41:14 PM
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There is a very good reward if you can mine. Say you have a machine that can crack the mine, you get about 30 bitcoins. It is a tough race as anyone that has a very good machine can actually make good money for the 30 bitcoins that are given every now and then.

goafrit
User Rank
Manager
Re: ASIC solutions
goafrit   2/4/2014 10:44:06 PM
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>> There's plenty of media hype surrounding the currency but nobody really tells you the whole story.

It is not just hype. There is a feeling that Internet needs its own type of currency and Bitcoin offers a platform for a true universal currency. The concept of net neutrality should apply to currency as nations cannot suddenly devalue their currency to hurt anyone. Bitcoin offers freedom from govt and that is the fun.

goafrit
User Rank
Manager
Re: ASIC solutions
goafrit   2/4/2014 10:46:00 PM
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>>  you have to be able to run these encryption operations very quickly if you are paying for coffee or parking with these bitcoins.

Most of the guys running these high ASICs are not just the vendors but people interested in winning the Bitcoin reward for helping to mine and organize the ecosystem of the currency.

goafrit
User Rank
Manager
Re: ASIC solutions
goafrit   2/4/2014 10:48:08 PM
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>>  But it remains to be seen whether Bitcoin can go mainstream. Meanwhile, it does bear a certain resemblance to a Ponzi scheme.

The winners will be like those selling shovels and spades during the California gold rush. The ASIC guys will do well while the people putting money in Bitcoin will wake up one day and it is all gone.

resistion
User Rank
CEO
Bitcoin popularity
resistion   2/4/2014 11:07:42 PM
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If the Bitcoin system is not trusted or well-understood, the demand won't be enough to sustain the trend.

ost0
User Rank
CEO
Re: ASIC solutions
ost0   2/5/2014 3:16:29 AM
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You can try this Swedish company at kncminer.com

They are apparently working on a 20nm version.

 

rich.pell
User Rank
Blogger
Re: ASIC solutions
rich.pell   2/5/2014 9:24:08 AM
NO RATINGS
"Like the Gold Rush, it's the merchants selling supplies to the miners who end up making the money, not the gold miners."

It's certainly true that the mining of gold was a much more speculative venture than selling mining equipment and supplies.  But many miners did make profits and some made out very well indeed.

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