Awesome. Thanks a lot for your response   Who's Marto Warts? I'm not so sure the chips are going to be the route I choose, unless I find someone willing to purchase 100 minion chips now, considering your advice, but I am still curious.

Edit: A bit of searching and I think I found who you mean .

Hmmm. I could potentially have 100 minion chips with their compensation offer which, if built into miners, would offer up a much better chance at ROI than the Prosperos themselves. I would have to start mining by July to make ROI though, so perhaps this is not feasible. Still, having no ROI on 14 TH/s worth of equipment is better than having no ROI on 6 TH/s if I'm looking at an investment within the same range. Is it reasonable to think you guys might have a working set of instructions available for Minions by August? I calculate that my ROI (or lack there of) would be equivalent or marginally better with the chips if I started mining by then.

Just found this post and I'm very interested. Just to make sure I'm understanding this correctly, you guys are working on some DIY instructions for building miners if you have access to chips like the Minion from BA? If this is correct, that definitely sparks my interest as I have a delayed order with BA that they have offered to convert to Minion chips. What kind of knowledge would someone need to be able to follow these DIY instructions to build a miner? What kind of equipment would I need?

Thanks

Clearly, Verisilicon is in on the scam. HSBC is also in on the scam. You have any other companies you want to let us know that are in on the scam?

/end sarcasm

Dude. What are you talking about? You have posted no proof what so ever that BA is a scam. I scrolled through your whole thread only to be scammed of my precious time. Something I will never get back no matter how many refund requests I submit to you.

I don't see the problem. This video is great. Anyone who made any comments on Mt.Gox and their insolvency did not know and were guessing or even hoping. I wouldn't hold that against him.

I don't think this would work. Despite all validation and "trust" what is to stop you from reversing a legitimate transaction? This is the problem with Credit Cards. I can roll out to a any bar strip in the country and spend up a hefty bill, call my credit card company the next day and say all of these transactions were unauthorized without ever seeing any of those vendors. You can't do that with cash...you can't do that with Bitcoin. If you want your transaction reversed, it's up to You and the Receiver. That's it. Not some mediation company who will favor one or the other.

This is exactly what I am talking about. Thanks for that.

I've always pondered this ideology. If I'm lucky, I CAN generate a block. According to the alternative perspective here:

https://en.bitcoin.it/wiki/Why_pooled_mining

the odds of NOT generating a block month after month are very high, but certainly not zero. Anyway, according to the genesis block calculator, I'd be looking at maybe 7 Bitcoins if I mined through May and June in a pool.

Looks like Batch 1 is delayed till May now. :|

There goes any chance of ROI via pooled mining. What do you guys think the chance will be to solo mine and nab at least one block in May? Considering Cointerra is shipping, difficulty may be greater than previous predictions no?

I agree with Yatsey. Also, the capacity to increase the number of available bitcoins would cause inflation, which is something Bitcoin is trying to avoid.

edit: To add some weight to Yatsey's opinion, there was 1.23 Trillion in USD circulating globally as of Jan 15th. That's 1,230,000,000,000 dollars. Considering cents, you have a possible 123,000,000,000,000 units of USD in circulation. Compare that to 21,000,000,000,000 uBTC. If we ever get to the point where BTC is accepted as much or more than USD, a single BTC, or even uBTC, will be worth so so much.

You're right, the protocol has huge potential. Whether it be with sha256 hashing or not is irrelevant, except to those who have machines that can only hash in sha256 .

Don't kill yourself bro. Get a part time job, cut down your expenses, recover. Don't let this get the best of you. There are much greater things awaiting you in life both good and bad. How can you appreciate the good things if you don't hit such lows throughout life? How will you face the bad things to come if you will cave so easily to something as superficial as money?

That would be a sight to see. I would buy a lot of equipment if people went crazy selling theirs. The technology has an infinite number of possible applications that we may not know about until some developer comes up with something exciting. Imagine everyone sold all of their internet infrastructure equipment back when the dotcom bubble burst. It was years later when the genius sites like Youtube, Facebook, Twitter, etc. and applications like Napster, BitTorrent, etc. changed the internet as we knew it. I firmly believe Bitcoin has the same potential...the value of bitcoin aside, I want to take part in that potential and have invested in it because I believe in it.

I don't think anyone can really answer this. I don't think Bitcoin will tank in such a fashion though. I also think these companies that are sinking so much into mining hardware are not doing it just to mine bitcoin. They have bigger plans. When I read about the $5 Million Dollar investment from CoinSeed, all I could think of is a company like Coca Cola or some other large company coming out with their own coin to replace all the stupid ass reward systems that they currently have in place. They'll need someone to process the transactions. If you think about all of the dumb point systems there are and imagine them getting replaced by bitcoin related technologies, you can see how any hardware investment into Bitcoin may have a lasting presence beyond Bitcoin itself.

Thanks for your replies. I think I'll mine in a pool (probably Eligius) until I recover my costs, which according to that calculator would be a couple of months if shipping isn't delayed. After that, I don't see why I shouldn't test my luck mining solo. Mining in a pool would produce very little according to the calculator by that point.

Hack Bitcoin? These guys didn't hack bitcoin. They hacked regular peoples computers and used them to mine bitcoin.

Wonderful article and a novel idea. Ideas like this one are what make me very excited about the future of Bitcoin (with a capital 'B' )

there's a help section you can read to learn what the profitability is and what to do with your newly mined coins. Not sure if you need to sign up first, but it should answer your questions.

Reading articles like this really confuse me. The guy seems really intelligent, but there is a glaring problem with his article. It focuses on Bitcoin! Bitcoin technology...I repeat, the technology, not Bitcoin itself...is a breakthrough capable of massive changes to aspects of our lives that can't even be fathomed yet. He ignores this and instead focuses on the "glaring" flaws of Bitcoin. Any investment in Bitcoin is also an investment in it's technology and the future of it (in exception of buying and selling bitcoins...that is purely an investment for profit). Bitcoin may fail but the technology behind it will never die. If Bitcoin dies...which I don't believe it will...it will be reborn over and over again until it is perfected.