[Chugalug] "Supplying the Mining World" -- Re: ButterFly ASIC Single

William Roush william.roush at roushtech.net
Mon Sep 2 21:59:50 UTC 2013

I'm really interested in how ASICs are going to affect the bitcoin 
market, their efficiency compared to GPUs are insane, and once they 
start shipping in high volume...

Though I agree with those like Lynn, get yours early enough and MAKE 
SURE YOU CASH OUT (aka: don't ride the bubble forever), you can make 
some really good money.

Be one of the stragglers and you got yourself a $x,xxx paperweight (not 
sure if these ASICs are useful for anything else).

William Roush

On 9/2/2013 4:53 PM, James Nylen wrote:
> Lynn,
> Have you seen Buttcoin? http://buttcoin.org/what-are-buttcoins | 
> http://buttcoin.org/why-should-i-invest-in-bitcoins
> Also, I would think that an increase in difficulty would in general 
> lead to an increase in price, which would serve to keep mining 
> reasonably profitable unless newer devices come out that are much more 
> efficient.  Your thoughts?
> On Mon, Sep 2, 2013 at 1:26 PM, Lynn Dixon <boodaddy at gmail.com 
> <mailto:boodaddy at gmail.com>> wrote:
>     Mike,
>     I am doing quite well with my mining operations. After 2 days of
>     opeating my ASIC, I have managed to collect around 1 BTC which is
>     selling for around $145 right now. Say what you what you will
>     about "Bit-Con" (Love these silly names by the way), but I don't
>     know of any way where I can generate $60 to $70 per day doing
>     absolutely zero labor.
>     John,
>     To answer your question about what happens once the supply of
>     bitcoins are "mined up".  The algorith gets increasingly difficult
>     as we approach the end of the supply.  Likewise, the reward for
>     each block decreases making it even less rewarding.  But, since
>     each transaction of bitcoins is recording into the blocks, the
>     miners will then have the option of charging a transaction fee.
>      The option is there now, but since the reward for finding blocks
>     is so profitable right now, most miners and users are not
>     including transaction fees.   You can read more about transaction
>     fees here: https://en.bitcoin.it/wiki/Transaction_fees
>     On Mon, Sep 2, 2013 at 9:13 AM, Mike Robinson
>     <miker at sundialservices.com <mailto:miker at sundialservices.com>> wrote:
>         On Sep 2, 2013, at 7:00 AM, chugalug-request at chugalug.org
>         <mailto:chugalug-request at chugalug.org> wrote:
>>         Re: ButterFly ASIC Single
>         In my library I have an excellent book, "Supplying the Mining
>         World."  which to me neatly sums-up how "Bit-con" actually
>         works.  The people who really made a fortune during the
>         California Gold Rush days were hardware-store proprietors,
>         like Leland Stanford and Mark Crocker (who went on to do quite
>         well with the transcontinental railroad), and photographers.
>          Nearly all of the hopefuls never made a dime, but they all
>         bought shovels and sluice-pans in the big city, and they all
>         wanted to have their pictures taken.
>         As long as this device works as advertised ... it will
>         accelerate the task of solving this computationally-difficult
>         yet-solvable problem ... then it is in the eyes of the law as
>         legitimate a thing to sell as any one of P. T. Barnum's
>         tickets to see "the amazing egress."
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