Here is a link to another document that provides some history and insight into Mt Gox and their operations and very well summarizes the issues.

http://antonopoulos.com/2014/02/25/statement-on-mt-gox/

I think it could be just a sign of what is to come. I am just trying to figure out if there is any way to get either USD or bitcoins out of my account on mtgox.

Was really interested but found a fair amount of stuff when performing due diligence, and wanted to share since I had not seen it posted yet:


The address provided is a mail forwarding service. Don't bother dropping by if you expect to see or meet anybody from Cloudhashing at this address.

Other business info is as follows:

Secretary/Director: STEPHEN OLADAPO AIYETIGBO
Director: ANTHONY AKINGBADE
Director: BENJAMIN SCOTT GORLICK

The appointment of another director, ADENIYI ABIODUN, was terminated as of May 30 2013 per recent filing history.

Information obtained from Companies House as of June 10th 2013 15:35 GMT

I am not a shareholder of AM. Risk is too great, and I would rather put money behind companies that have greater transparency with their operations and audited financials. Not a knock against what AM is doing as it is producing for the time being. That is only a matter of investing style and personal risk tolerance. Regardless of ownership, AM should be most concerned with producing results for the shareholders.

Fact - Competition exists and other products are coming to market. The unknown is the amount of time it will take. AM shareholders don't have to use the Avalon formula for pricing, however it can be a jump point to determine pricing. The auction is an attempt to determine pricing and maximize value. The challenge with the pricing is that demand is greater than supply for ASIC mining at this very moment. Over the next few weeks with other ASICs deployed and competition will be closer to deploying other units. More units in the market will increase the total hashing power and correspondingly reduce the percentage of hashing market share of AM. If AM has 200Th on deck, a strategy needs to be put in place to get the hardware mining online as soon as possible or sold off. The purpose is that inventory or idle workers are a liability and not generating income for AM. If there is a concern with 51% in a single pool, then allocate the additional workers to a different pool. As a result, greater efficiency will be achieved by AM and their share of total hash rate will increase.

All I am doing is offering advice for those that clearly need it. Price and sell the units however, it doesn't matter to me as previously stated I am not an AM shareholder.

If the problem is the concern about fake account, then why not price the units at a static price? Use the pricing model that Avalon used for their machines. If that isn't good enough then the potential for sales over time will be eroded by additional competition and diminished returns from increasing difficulty as more ASICs come online. Strike while the iron is hot, make the money and remain competitive in the market. If the prices are out of whack and everything is dragged out with auctions then others will have time to refine products and get them out the door to willing buyers. Simple economics.

Back in the day (thinking 1960s and 1970s) 4 silver 90% Halves bought a tank of gas. Today, 4 silver 90% Halves buys a tank of gas. Additionally, unlike gold, silver is used in industry for electrical conductivity. Hence silver demand not only comes from consumers, but also business that require the metal for their own products and services. Silver is also antimicrobial, which is the reason it was and still is used for flatware, cups, and dinnerware.

I collect Morgan Dollars, and own many many other US silver coins, as well as international silver coinage. My kids love it and it has been a tool to teach them about money, as well as the intrinsic value of real coinage that still has value.

Whomever gets one of those silver quarters should appreciate the real value of what they have in their possession. Watch the science channel learn how the silver that they hold in their hand was one of many byproducts or a star going supernova.

For those who do not have silver, check it out. Don't buy into the Monex and commodity hype, as it is important to understand why silver can and always will be a precious commodity.

Does it matter? If they don't pay up, you have a record for next in line. They should be happy to have their bid honored.

Find your card power output here in terms of wattage and Mhash for BTC  https://en.bitcoin.it/wiki/Mining_hardware_comparison

If you don't want to scroll hit ctrl+f and type in your model to search

Then go here http://www.bitcoinx.com/profit/

Plug in your numbers

Calculate and then determine power costs.

Analyze the numbers and determine if you can make profit under BTC.

If you cannot profit from BTC look at this site to determine if other coins would be worth their value mining. http://dustcoin.com/mining

It can provide insight to BTC vs other crypto currencies

You will know what to expect and can make an educated decision.  Haven't seen anybody else make it any easier to figure out, but you still need to put in like < 10 min of work. Nobody is going to do it for you, so if you can't get that done then perhaps it isn't for you.

Since everybody's mileage may vary, I would suggest using a profitability calculator. There are plenty of open ones available here on the forum, as well as ones like the one on bitcoinx. There are also calculators that compare different crypto currencies, etc.

As long as you have a Radeon card w/ opencl support you should be good to go. Read up on cooling the card and be sure to monitor temperatures if you are going to give it a shot. If you have done any overclocking in the past you need to apply these skills here. Set up a performance profile in MSI Afterburner, or whatever you use for mining and other profiles for gaming, etc.

Assuming you are mining BTC:

Read around to see what others have done and what to probably expect from the make/model card in use. The settings for your GPU cores should be pushed up to the max stable. Lower the clock speeds on the memory as low as you can get them in order to reduce heat output. Test, monitor, test, and monitor some more.

Also look for a pool that does merged mining. Mine collects NMC as well for no additional effort and enhances the efficiency of the operation (not by much mind you).

Good luck

Been here for a bit now, but lurking. Finally decided to join since I enjoy reading the posts mainly regarding new HW product development.

Also mine for fun. About half way to breaking even on my new video card. Didn't buy the card to mine, but mining was a great excuse for an old school overclocker to buy more HW

I bet they wish they would have waited for $200 price mark looking back.

Welcome. Like yourself, I have been a lurker for a while.

Good luck mining, and be safe out there.