Quote from: Ytterbium on August 04, 2013, 07:40:15 PM

Quote from: Bitcoinorama on August 04, 2013, 07:28:23 PM

Sounds like completely the wrong bunch of people, from the most sinister and murky world of finance to be getting involved with Bitcoin mining. Ex-Lehman is everything Bitcoin is meant to be removing itself from. Also, and no discredit to Yifu, as I don't know what he's current intentions are with current orders, I can only presume he his trying to fulfil them,

The whole point of bitcoin is that anyone can do it, anyone can get involved, and no one can "cheat" the rules of the system (Unless they get 51%, which Na. Gan. Happen.)

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but he is not the engineering talent that kind of money would be investing in, surely??

He's got a working chip that can be cranked out en-mass today. With $200 mil you can hire all the talent you need.

On the other hand, a $200 million dollar investment in bitcoin mining today is a bit insane. At $100/btc means you'll see at most $131,400,000 a year return for the entire network, and that's only until the next difficulty halving. If Wallstreet types are investing that kind of money in mining BTC, that means that either the price of bitcoin is going to have to go up a lot, or else they're completely insane and will lose all their money.

Also, remember - just because someone is a billionaire doesn't make them smart. You need to know a lot about IC design in order to even evaluate someone's abilities. On the other hand, they can easily see that this guy has a chip, so he can clearly at least get a working chip.

No I get that, I'm not denying Yifu is smart, just his attributes at management seemed to be questioned here daily with some justification. I don't see why given a level playing field and a pot of cash why, unless they like the guy, but that alone doesn't warrant those figures. I mean like the guy, even though i've never met him or invested with him, he has charisma, but some of those who have invested with him vocally disagree with my view. Also the twitter account of Andrew Larson has him open slating KnC as fraudulent in it's third most recent post, which is utter BS. They are real and he could easily confirm that in person of as money is no object to him allegedly. This is most bizarre.

Furthermore how does this decentralise or stop greedy companies?? That's utter BS!! Multiple companies competing against each other giving us miners a fair price removes greed and decentralises. That's the epitome of a fair market. One company that dominates with an exclusive tech no one else has access to is the epitome of centralisation, with a few greedy people overseeing it skimming profit which is to be fair what a) Lehman was famous for before it's collapse, b) what Yifu is currently standing accused of w.r.t. Batch 2 pre mining...!

The commissions earned from selling sub-prime bonds is what Lehman profiteered from, the inability to sell the lower rated bonds was the reason it collapsed, and Andrew was a senior Government Advisor for Lehman througout this?!! Wasn't Bitcoin created a year later specifically to enable us to remove outselves from this fraud and the characters connected to it?

I'm totally serious here, I don't know the guy, perhaps he's super pleasant and has all our best interests at heart, or maybe he's remorseful for what he was part of, considering his love for money during and subsequent I doubt it.

http://en.m.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers