Author Topic: Fibonacci.io Scrypt ASIC - Questions & Info. - Its bigger on the inside.  (Read 1135868 times)

Offline CheeseCoin

  • Newbie
  • *
  • Posts: 7
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #75 on: May 03, 2013, 06:21:52 PM »
Also any plans of affiliate program?

Offline jasinlee

  • Scammer
  • Elite Member
  • ************
  • Posts: 1549
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #76 on: May 03, 2013, 08:47:01 PM »
We are in the middle of setting up an IPO. So yes very soon. ASICMiner style. We will most likely be using cryptostocks.com. Kumala is an excellent administrator and I trust his site. I seem to recall an offline version of shares verification in case the exchange was ever pulled down also, but I will have to look into that again. It will of course be in LTC.

Offline jasinlee

  • Scammer
  • Elite Member
  • ************
  • Posts: 1549
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #77 on: May 03, 2013, 08:50:17 PM »
If we point a significant amount of the mining at a new scrypt coin we are likely to kill it....so probably not. FTC could not handle us accessing it all at once. And bare in mind, we wont be mining (yet) we still need to finish more optimizations and get our investors on board then send off for the production devices. Lead time on an fpga is not a short ordeal.

Offline finalmoney

  • Newbie
  • *
  • Posts: 7
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #78 on: May 03, 2013, 08:53:34 PM »
If we point a significant amount of the mining at a new scrypt coin we are likely to kill it....so probably not. FTC could not handle us accessing it all at once. And bare in mind, we wont be mining (yet) we still need to finish more optimizations and get our investors on board then send off for the production devices. Lead time on an fpga is not a short ordeal.

So you won't be selling any fpga to customers, all the fpga equipment will be at one location mining, and we will purchase shares, correct?

Offline jasinlee

  • Scammer
  • Elite Member
  • ************
  • Posts: 1549
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #79 on: May 03, 2013, 08:55:37 PM »
If we point a significant amount of the mining at a new scrypt coin we are likely to kill it....so probably not. FTC could not handle us accessing it all at once. And bare in mind, we wont be mining (yet) we still need to finish more optimizations and get our investors on board then send off for the production devices. Lead time on an fpga is not a short ordeal.

So you won't be selling any fpga to customers, all the fpga equipment will be at one location mining, and we will purchase shares, correct?

Initially yes, we will release them into the wild slowly to avoid someone getting slick and reverse engineering them then flooding the market and forcing difficulty into the nutty amounts btc has reached.

Offline Riot

  • Newbie
  • *
  • Posts: 18
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #80 on: May 03, 2013, 08:58:54 PM »
Would people who initially bought shares have the opportunity to be one of the first ones to buy the actual miner?

Offline finalmoney

  • Newbie
  • *
  • Posts: 7
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #81 on: May 03, 2013, 08:59:36 PM »
Makes sense, I just never invested in share mining before, so I am not familiar with how the dividends are paid out, either once a month, or every 3 months? I will just keep on following your thread here to see how it will pan out.  Thanks for creating this new tech!

Offline jasinlee

  • Scammer
  • Elite Member
  • ************
  • Posts: 1549
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #82 on: May 03, 2013, 09:03:56 PM »
Well of course, since we are only offering them in this manner the people who buy shares will of course be the ones who get them first. We will just do a controlled release to allow a couple of competitors appear before we send them out. This should allow investors to get the mined coins early + not destroy competition which would be unfair to everyone. I dont want to see anyone elses hard work go wasted due to our pushing out a product earlier than the mining scene is read for at the time.

Offline CheeseCoin

  • Newbie
  • *
  • Posts: 7
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #83 on: May 03, 2013, 09:08:03 PM »
Thanks for the response!

I'm wondering if you have any plans at implementing an affiliate program further down the road. Basically, if we drive sales of the FPGA, we get a small percentage of sales. 3-5%?

Secondly, from your statements, it seems like the amount of hashing power that you will employ is quite substantial. So you are reserved about flooding the market. However, once the ASICS that hit the market come along and the GPU mining for Bitcoin is no longer profitable, we will see a migration of the GPU farms into Litecoin and it will make it really difficult. This is happening already. Because of this, wouldn't the ROI be less favorable if you limit the selling of the FPGA as the difficulty is already increasing right now significantly because of the impending ASICs.

A month ago, the difficulty was 234.44 now it's 482. The people with the GPU farms don't care about overloading the currency, they just follow the profit. Wouldn't being so conservative not make sense because the market is going to flood with GPUs already and holding back would decrease the amount of potential we get from the coins? The difference with ASICSMiner is that ASICS are something that are rare and very difficulty to get. But for Litecoin, people already have GPU farms and repurpose them for Litecoin monitoring.

Dustcoin lists the profitabiliies

http://dustcoin.com/mining

Lastly, you mentioned that you were going to make an announcement today. I was wondering if you already made the announcement or if you were in the middle of setting it up before you make the announcement.

Once again, thanks for the great work.
« Last Edit: May 03, 2013, 09:54:04 PM by CheeseCoin »

Offline NorthChileanG

  • Newbie
  • *
  • Posts: 2
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #84 on: May 03, 2013, 09:14:07 PM »
 This is great news! As I understand, modern GPU-s are memory bandwith restricted for scrypt and for example HD7970 has 5500Mb/s data rate per pin. Considering Kintex 7 FPGA has around 1600Mb/s data rate per pin, the solution is probably really revolutionary and brings serious advances to FPGA design with it. Especially great is, that it will be cheaper than the GPU-s for unit performance. I am looking forward to see the more technical details of the breaktrough.

Offline Carnth

  • Elite Member
  • ****
  • Posts: 2307
  • Litecoin Association
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #85 on: May 03, 2013, 09:19:57 PM »
Just curious:

Why Crypto::Stocks instead of Litecoin Global?

Offline jasinlee

  • Scammer
  • Elite Member
  • ************
  • Posts: 1549
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #86 on: May 03, 2013, 10:14:45 PM »
Yes the upcoming IPO was the announcement.

Just curious:

Why Crypto::Stocks instead of Litecoin Global?

I just have not had a lot of interaction with burnside, nothing personal. I like both sites, but I am looking for that feature right now where you can take your shares offline. In case something happens to the exchange at some point. I would like the users to be able to prove ownership.

This is great news! As I understand, modern GPU-s are memory bandwith restricted for scrypt and for example HD7970 has 5500Mb/s data rate per pin. Considering Kintex 7 FPGA has around 1600Mb/s data rate per pin, the solution is probably really revolutionary and brings serious advances to FPGA design with it. Especially great is, that it will be cheaper than the GPU-s for unit performance. I am looking forward to see the more technical details of the breaktrough.

That is the final aim for the units, a minimum of matching 7950s pricing retail vs hash. Then anything in the way of optimizations we achieve past that will be "gravy".

As for difficulty, much as people think the difficulty may rise, they are probably right.They always fail to mention that the price of the ltc will go up simultaneously (most likely <speculation>). So I am not to terribly worried about this part of the equation. And that is also the chance anyone takes on an investment. Regardless of how it pans out we will create the products and ship them. If you do not feel it is a safe investment, do not purchase any. This is the part that everyone always gets hung up on, but if you are looking to speculate, you should probably start learning to tell the future while you are at it. We speculated last year that LTC would be come more prominent so we started working on an fpga. So far we have spent a ton of time and a fair chunk of money to get started. If you dont agree with our assessment of the crypto worlds future, its probably best you stick to bitcoin mining on asics.

Anyone telling you that an investment is a sure thing has either rigged the game or pulling a con. I will tell you this, it is likely that you will get your investment back quickly, but it is after all my opinion and speculation.
« Last Edit: May 03, 2013, 10:19:24 PM by jasinlee »

Offline Riot

  • Newbie
  • *
  • Posts: 18
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #87 on: May 03, 2013, 10:37:52 PM »
How soon might the IPO be?

Offline jasinlee

  • Scammer
  • Elite Member
  • ************
  • Posts: 1549
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #88 on: May 03, 2013, 10:38:49 PM »
Aiming for within a week.

Offline Malak

  • Sr. Member
  • ****
  • Posts: 570
Re: LTC FPGA Development - In Progress - News and Questions
« Reply #89 on: May 03, 2013, 10:40:57 PM »
How do we jump on that puppy?  :-D