Re: Why are people cheering that ASICMINER will bring 800-1000TH online this year?

How, we have no influence on him now. We let him issue 400,000 shares and value his company at $140m. We gave him $57m of capital, we bought $m's of hardware from him at a 95% markup, we [BFL] let him take such a large part of the network that no one can stop him.

We could raise $1b tomorrow and we wouldn't be able to catch him for 2 years, by which point the damage is done.

We lost the game, the greedy man ruined it for us all.

Actually, he issued 200,000 shares, which raised a little above $100K at the time (approximately one year ago). But the company has grown since then.

I agree that BFL's delays have benefited ASICMINER, but that can hardly be blamed on ASICMINER.

Yes, he issued 200k shares to the public, kept 200k shares for himself. He has since sold another 40k shares into the wild which generated him pure cash.

http://www.asicminer.co/about.html

And the difficulty will keep raising much faster than anticipated because of it since he is constantly reinvesting in more hardware for himself.

This really does suck. It is turning mining into a stock market with digital paper promises at the benefit of the Chinese.

Now we have somebody who will keep issuing "shares" to infinity. You just created a new central bank.