Quote from: ice_chill on September 01, 2012, 04:38:11 PM

Quote from: HorseRider on September 01, 2012, 04:30:40 PM

Quote from: ice_chill on August 31, 2012, 08:43:22 PM

Also anyone buying shares from these mining companies are taking away the whole point of Bitcoin "Decentralized currency for the people by the people"

if asicminer is succeed, the bitcoiners around the whole world will get cheaper asic rigs. It's the best way to secure the bitcoin network rather than rely on BFL alone. I think that's what you mean "by the people".

As I understand from what they wrote, their plan is to use your finances from buying shares to create ASIC, then mine on it themselves, once the difficulty goes up to a point that selling ASIC hardware is more profitable than mining on it, then they will start selling it.

Yes and no. They do mining, but the purpose is both for profit and quality control. The first batch of chips is a prototype and expected to underperform (every first design usually underperforms, I expect the same from BFL, hope they are already working on a trade-in program for the underperforming first gen ASIC Wink

), so they will test them in the field and improve the chip design. Then they stamp out the second and improved batch and sell those to the miners. But they keep their (limited) mining operation as quality assessment tool.