Author Topic: [LTC-GLOBAL] BUY-A-HASH  (Read 292129 times)

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #45 on: May 17, 2013, 09:36:09 PM »
Awesome. Very excited to start this phase of production!

Offline Sahtor

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #46 on: May 18, 2013, 06:15:48 AM »
My rough calculation from dustcoin seems to imply 96-103% annual return on investment. Should be exciting and I got 3 shares to start. I think the biggest risk to this is LTC value being unstable.

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #47 on: May 18, 2013, 11:58:42 AM »
My rough calculation from dustcoin seems to imply 96-103% annual return on investment. Should be exciting and I got 3 shares to start. I think the biggest risk to this is LTC value being unstable.

Yes, that's a risk in regards to bond value. However, I think that we're probably near the bottom in regards to LTC value.

For what its worth, I'm floored by the response so far to the bond offering... 20,000 shares sold in about 12hrs. I thought I may sell that many in 2 or 3 months. Wow.

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #48 on: May 18, 2013, 04:31:51 PM »
Also, I have to say I'm floored from the response. 27,000 shares in about 16-17hrs. Wow.

I ordered a YubiKey to ensure that everything is processed with 2-factor authentication. I was thinking about getting that once we got the commercial facility, but I hadn't assumed that we'd sell so many shares so fast.

I'll work to make sure the wallet and funds are secure until they're cashed out to start building rigs in a few weeks. It freaks me out that the response has been this huge so far. Don't get me wrong, its fantastic, and we can hit the ground running much faster than I anticipated, but its still a daunting task in some ways.


Offline colmex

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #49 on: May 18, 2013, 04:34:05 PM »
bought 30 shares
in for updates.
Seems like a pretty sweet endeavor

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #50 on: May 18, 2013, 04:38:59 PM »
Thanks for your purchase.

I hope that all the faith everyone has put into this project sees the start of something amazing. At this rate, we may have 100,000 KHs deployed in two or three months.. That may be some sort of record for a non-botnet hashing system.

Offline MojoJojo

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #51 on: May 18, 2013, 07:52:38 PM »
raises 40k in 1 day, i expect great things, good luck

Offline trommie

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #52 on: May 18, 2013, 08:34:57 PM »
Pretty amazing that much money can be raised so quickly. This is a great thing for buyahash, litecoinglobal exchange and indeed even Litecoin as a whole. Shows once again that it can support real financing of a real company.

I'm glad to have bought in during the IPO I hope that in the next year or so my regret is not to have bought double the amount I did :)

Good luck with this Benny.

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #53 on: May 18, 2013, 11:04:04 PM »
At this rate, doubling your investment should come pretty easy once we get the facility up and running.

Offline John Galt

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #54 on: May 19, 2013, 03:28:05 AM »
I will adjust prices if and when they change 10% or more from the base price over a period of 3 days (to prevent variance/pump and dump).

What is "variance/pump and dump"? I know that "pump and dump" is a scheme where someone spreads rumors about a stock to get the price to go up, and then sells, but what do you mean by variance/pump and dump?

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #55 on: May 19, 2013, 03:35:45 AM »
I will adjust prices if and when they change 10% or more from the base price over a period of 3 days (to prevent variance/pump and dump).

What is "variance/pump and dump"? I know that "pump and dump" is a scheme where someone spreads rumors about a stock to get the price to go up, and then sells, but what do you mean by variance/pump and dump?

The price of LTC can vary from day to day by 2-5% typically. At times major people on BTC-E will spread FUD (Fear, Uncertainty, Doubt), or buy/sell huge amounts of coins to manipulate the price.

For example, lets say I had $50,000 USD, and/or a lot of LTC. I could buy up a huge amount of LTC, raising the price to a very high level. With the cash, I could then (also) establish a buy wall, which means that people can't purchase unless they go above that, which usually drives/keeps the price high. In such a situation, the user can remove that wall at any time, and easily bring down the price to a crash level. In some cases, it may only be 5-10%, but if you can make even 5% in a day, you'd be filthy rich in a month or so.

There are singular people on BTC-E that own $500,000+ USD of LTC. They can easily do what they wish at times to alter the price to whatever goals they want.

So my recourse with bonds is to average the price over a certain amount of time. For example, 2 days ago, the price crashed to $2.5 USD. I could have listed the 0.5 KHs offering for 0.4 LTC (which is $1 USD based on $2.50 per LTC). Instead, I've kept nearly every share @ 0.3, no matter what the market price is at. I will try to keep it at 0.3 LTC/share until the market goes past $3.50 LTC and stays there for 3 days, or drops below $3.00 for 3 days.

That way, you don't have to worry about small market changes and what you get out of what you buy... I believe its more transparent that way.

Offline trommie

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #56 on: May 19, 2013, 11:07:16 PM »
Hi Benny,

Just one question on the new motion. Should it go ahead how much room would there be in your building for future expansion (depending either space/electrics/cooling, whichever is limiting factor).

Thanks

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #57 on: May 19, 2013, 11:18:36 PM »
Physically, I don't think there's much of a limit. Its about 2,900 square foot, and we're planning on using about 2,000 of it for rigs. The actual amount of space that rigs take up is insignificant.. Our 15 MH array takes up about 8 square feet.

The real limiting factor is electricity. We've already got an electrician queued up to install a 400a breaker box, on top of the 200a available. That'd be our limit.

Using 220v to each rig, we're looking at about 4a per 2.5 MH, give or take. We could easily accommodate 100 of those rigs, or 250,000 KHs of power, leaving about 150a for cooling and other needs.

Assuming we have about 50% of hashing ontop of the bond offering for ourselves, we could likely do 150,000-200,000 shares at maximum. After that, we'd have to find a new location (which I already have located if that ever had to happen).

Offline 2Kool4Skewl

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #58 on: May 21, 2013, 02:14:07 AM »
Using 220v to each rig, we're looking at about 4a per 2.5 MH, give or take. We could easily accommodate 100 of those rigs, or 250,000 KHs of power, leaving about 150a for cooling and other needs.

Using only 4 amps @ 220v = 880 watts to get 2.5 Mhash (2500 Khash) is impossible even with underclocked 7950s.  That would be 2.84 Khash per watt.

I'm using ~1300 watts to get 2.5 MHash with my underclocked 7950s.  I'd like to know what cards you're planning on using and see the cgminer conf file.

Offline Benny

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Re: [LTC-GLOBAL] BUY-A-HASH
« Reply #59 on: May 21, 2013, 09:57:10 PM »
Using 220v to each rig, we're looking at about 4a per 2.5 MH, give or take. We could easily accommodate 100 of those rigs, or 250,000 KHs of power, leaving about 150a for cooling and other needs.

Using only 4 amps @ 220v = 880 watts to get 2.5 Mhash (2500 Khash) is impossible even with underclocked 7950s.  That would be 2.84 Khash per watt.

I'm using ~1300 watts to get 2.5 MHash with my underclocked 7950s.  I'd like to know what cards you're planning on using and see the cgminer conf file.

You're correct. It was a quick calculation I did. We're probably looking closer to 5a, or 1100 watts. I need to check my kill-a-watt again, but a properly tuned 4x7950 with undervolted WF3s should be about 2,600 KHs @ 1050-1100w at the wall, or about 2.4 watts per KHash.

That'd put us at about 520 KH per amp, and we're shooting for a 200a panel (already installed), and a 400a panel to be installed, pending approval by the city. 400a should be usable for rigs, with the rest going to cooling and monitoring systems, if not less.

So 400a / 5a * 2.6MHs = 208,000 KHs using 400a for rigs. Could probably squeeze a bit more out, as HVAC may not be as bad as I am anticipating.