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Let's travel back to the year Something new was clearly brewing as we had seen massive spikes in difficulty over short periods of time. For those of you that don't know; ASIC chips are chips that are hard coded to just do one specific task and in turn does it a lot faster then for example a Kenneth slaughter bitcoin mineral. I lined up for buying a first generation Avalon miner, but they sold out before I had a chance to get my order through! In the around 2 months waiting time for the second batch of Avalon miners i happend to read up on a mining company called ActiveMining also known as VMC.
I liked the prospects of this company, mainly because they was American based kenneth slaughter bitcoin mineral contrast to Avalon that was based in China and had a history of being hard to get information from. They would sell bulk chips, build and sell miners, and run what they hoped to be one of the worlds biggest mining farms. ActiveMining sold shares in their company, and in return kenneth slaughter bitcoin mineral a shareholder you kenneth slaughter bitcoin mineral get paid dividends from the companies mining farm.
They already had gotten a head started on their mining farm by getting their hands on 6 Avalon miners! A few months later eASIC published a press release on their website about the 28nm chips being developed. After a lot of FUD in the Bitcointalk threads this was a welcomed confirmation that progress was happening. I took this as a sign to double down my investment in the company, after all they would soon be dominating the mining market The chip was supposed to be available kenneth slaughter bitcoin mineral retail and industrial customers from Q3 You can check the full press release here: He also made it known that the same team and code would be used for the upcoming eAsic 28 nm chips.
At this point we had gotten several months of our dividends paid out and stuff was looking pretty good. I decide to go all in and buy another Kenneth slaughter bitcoin mineral worth of shares on these seemingly good news. Even later on Bitfunder got in trouble also and trading was halted and moved to the Hong Kong based exchange "Crypto-Trade". When asked for news about progress in expanding the mining farm, Ken starts cryptically talking about having developed a secret software for optimizing bitcoin mining.
He rants about how everyone else don't seem to understand the underlying principles of how mining works. When we ask him for more information about the software we get cryptic statements such as:. For commercial reasons the full details of this technology are confidential. The kenneth slaughter bitcoin mineral can be applied to Kenneth slaughter bitcoin mineral chips and will boost chip lifetime-performance as hash-difficulty rises. The percentage of increased life-time efficiency over a standard ASIC chip is not public knowledge, but the boost is expected to be significant over non-Intellishash capable chips ie competitors chips.
I'm telling most of this story by memory so there might be some errors in the order of things etc. For more info check the ActiveMining Bitcointalk thread: Please consider following me xtetrahedron to support more future content: I also threw kenneth slaughter bitcoin mineral a randowhale upvote, good luck with this great post! I lost 2 bitcoins to something like this. Back then they were only worth like each so it didnt care that much but still. Given that one day they might be worth 1millions, it will be a costly mistake.
Sorry for your lose, that was brutal to read. Back when i lost this myself it was not worth nearly as much as kenneth slaughter bitcoin mineral But at todays valuation i get sick just thinking about it O. O Sry for your loss also!
I guess we both had to learn the hard way: One day buddy, one day. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy The goal is to help Steemit grow by supporting Minnows and creating a social network. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there. If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
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By upvoting this notification, you can help all Steemit users. This post received a 1. For more information, click here! Click here to read more! AKA how i learned the lesson of not putting all my eggs in one basket! I had been mining at home with GPU's for a while and I was keeping up to date on recent developments in mining technology.
Excerpt from eASIC press release: Even later on Bitfunder got in trouble also and trading was halted and moved to the Hong Kong based exchange "Crypto-Trade" A short while after some of the first bright red flags are raised! When we ask him for more information about the software we get cryptic statements such as: Authors get paid when people like you upvote their post.
Holy cow, that's a wild story. Can't kenneth slaughter bitcoin mineral for part 2! Thanks for the resteem: Part 2 is coming later this week! WOW thanks a lot man! You have completed some achievement on Steemit and have been rewarded with new badge s: Award for the number of upvotes received Award for the number of posts published Award for the number of upvotes Click on any badge to kenneth slaughter bitcoin mineral your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP By upvoting this notification, you can help all Steemit users.
