Post
Topic
Board Hardware
Re: Why are people cheering that ASICMINER will bring 800-1000TH online this year?
by
bitfair
on 01/07/2013, 03:16:30 UTC
Digital Chinese Bernie Madoff.  Scarcity and your soul is being replaced for digital fiat promises.  People in the beginning may make some coin.  He is selling out everyone who is too lazy to mine with their own hardware for his own benefit.

Long story short, you are helping someone to consistently, eventually, own 50% of the network at all times so long as they replace their own hardware and what they sell to others with current ASIC tech.

Would you like it if Bernanke owned 50% of the network at all times?  I don't know how I can describe it in any other way.

Someone with that much coin in the end can create their own bubbles.

I hope you realize that you are making some fairly serious accusations against a well-respected member of the community, and implying that one of the best-run companies in Bitcoin-land is a scam.

Nevertheless, let me tell you: ASICMINER is not selling shares any more, and have not sold shares for the last 10 months or so, when their IPO was finished. The founders sold shares in the company to finance the production of the first batch of chips and raised a little over $100k. After the IPO, ASICMINER has not sold any more shares and all shares on the market since the IPO was finished have been "second hand".

The only thing ASICMINER is selling is mining hardware.

But you are right that ASICMINER is earning a lot of money, and can "create their own bubbles" if they like. The same way anyone with a large enough amount of cash has some power to influence markets. But having enough money to do something and actually doing it are two very different things. Bill Gates also has enough money to manipulate markets, but for some reason he isn't normally accused of doing it...