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[pf]

Someone is selling a big chunk of mgwBTC at a decent rate - better than what's on BTER right now. Just FYI

I don't think mgwBTC withdrawals are working yet?

[xibeijan]

I urge anyone considering investing in this asset to invest today! I will be announcing the cutoff to qualify for multiplication but it is soon.
I have currently got open orders waiting to pay for up to 15 160MH packs, I just need the btc to be able to pay for them all.

Thanks.  Still trying to decide.  What is the multiplication?

[Cryptographer]

Someone is selling a big chunk of mgwBTC at a decent rate - better than what's on BTER right now. Just FYI

I don't think mgwBTC withdrawals are working yet?

yes they are

[pf]

Someone is selling a big chunk of mgwBTC at a decent rate - better than what's on BTER right now. Just FYI

I don't think mgwBTC withdrawals are working yet?

yes they are

Wierd, last I had heard James had the servers offline while he was working on BTCD/Teleport stuff. I will check with him.

[jl777]

Someone is selling a big chunk of mgwBTC at a decent rate - better than what's on BTER right now. Just FYI

I don't think mgwBTC withdrawals are working yet?

yes they are

Wierd, last I had heard James had the servers offline while he was working on BTCD/Teleport stuff. I will check with him.

mgwBTCD is offline
mgwBTC is online, but no guarantees on response time, recently it has been decent though

[pf]

20:43 - Just added an additional 480 MH, taking us well over 7 GH in total
Keep it coming, I have an additional 1.6 GH of pack orders just waiting to be paid for!

[BitcoinForumator]

Is the cutoff for multiplication there yet?

[xibeijan]

Is the cutoff for multiplication there yet?

What is multiplication?

[lopalcar]

Is the cutoff for multiplication there yet?

What is multiplication?

Each 45 days, ltcgear multiply your shares * 1,35, so if you buy now, you will get that extra shares in november 5 for the same price. They do that in order to mitigate difficulty increases effect and keep earning a similar amount of ltc although ltc difficult increase (seems to good to be true and that is why I'm scared about this being a ponzi... anyone know crish from first han and have any information to corroborate that this is real?  )

[Sebastien256]

Is the cutoff for multiplication there yet?

What is multiplication?

Each 45 days, ltcgear multiply your shares * 1,35, so if you buy now, you will get that extra shares in november 5 for the same price. They do that in order to mitigate difficulty increases effect and keep earning a similar amount of ltc although ltc difficult increase (seems to good to be true and that is why I'm scared about this being a ponzi... anyone know crish from first han and have any information to corroborate that this is real?  )

LTCgear will probably reduce this multiplication factor or increase time period between multiplication because it is clear that this business model is not substainable in the long term.

[lopalcar]

@pf: I sent you a pm this morning for invest directly in BTC, contact me when you can

[xibeijan]

Is the cutoff for multiplication there yet?

What is multiplication?

Each 45 days, ltcgear multiply your shares * 1,35, so if you buy now, you will get that extra shares in november 5 for the same price. They do that in order to mitigate difficulty increases effect and keep earning a similar amount of ltc although ltc difficult increase (seems to good to be true and that is why I'm scared about this being a ponzi... anyone know crish from first han and have any information to corroborate that this is real?  )

LTCgear will probably reduce this multiplication factor or increase time period between multiplication because it is clear that this business model is not substainable in the long term.

Very good if true and possible.

Is this for lifetime for HRLTCGEAR investors who buy early?

[lopalcar]

Very good if true and possible.

Is this for lifetime for HRLTCGEAR investors who buy early?

For everyone, but seems a bit unsustainable for me and have a bad feeling of what will happen once I invest 

[xibeijan]

Very good if true and possible.

Is this for lifetime for HRLTCGEAR investors who buy early?

For everyone, but seems a bit unsustainable for me and have a bad feeling of what will happen once I invest 

Maybe someone can explain how it's possible they keep up their multiplication?

If it's coming out of profits they would give you, then I guess it makes sense... they are just setting aside some revenues for keeping ahead of difficulty curve.  Seems like a winning idea.

[Sebastien256]

Very good if true and possible.

Is this for lifetime for HRLTCGEAR investors who buy early?

For everyone, but seems a bit unsustainable for me and have a bad feeling of what will happen once I invest 

Maybe someone can explain how it's possible they keep up their multiplication?

If it's coming out of profits they would give you, then I guess it makes sense... they are just setting aside some revenues for keeping ahead of difficulty curve.  Seems like a winning idea.

I just wrote that this is not substainable:

LTCgear will probably reduce this multiplication factor or increase time period between multiplication because it is clear that this business model is not substainable in the long term.

Exponential grow like this is not possible forever. Energy will be a constraint eventually, maybe space too, among others.

[xibeijan]

I just wrote that this is not substainable:

Clearly that is your view.  I'm asking for someone (else) to chime in with an argument for how they can.

[pf]

My prediction is that Scrypt ASIC miners will go the same sort of way that BTC miners did.  Maybe in a year or so people will be buying TH Scrypt miners (which will really make most of today's LTCgear purchases nearly invalid) - the asset will continue paying out as long as LTCgear pays out though (which would be for as long as the miners can run profitably).
I also have strong suspicions that part of the reason Chris is running this setup is that he may be merge mining doge and keeping that for himself.  Imagine how many BTC of doge 200+ GH of Scrypt miners could be making him. Even if people buying LTCgear just pay for the cost of the hardware with him, if he is merge mining he's probably still making an absolute fortune.

[Sebastien256]

I just wrote that this is not substainable:

Clearly that is your view.  I'm asking for someone (else) to chime in with an argument for how they can.

It is not my view. Math can prove that it can't.

It's like moore law with silicon chips, transistor can't be make it smaller and smaller forever.

[pf]

In terms of sustainability - remember, Chris has been an FPGA developer for well over a decade long before bitcoin was  ever even around.  That would mean that he already had the relationships with the chip manufacturers, and the foundries, and would already have been familiar with their business practices. That alone would put him light years ahead of the competition.

It makes you wonder how many PHD engineer's are out there designing ASIC's and FPGA's for companies like Nokia and Intel and stuff who have just never thought about putting their skillset to work in Crypto. :p

We have no idea the specs for either the FPGA boards or ASIC chips that Chris is using - but it's not unrealistic to assume that he could be having a foundry in China manufacturing them for him in bulk.  (In fact, he's been to China twice on trips to his foundry).  Remember, he's not just a college kid who tried learning about building ASIC chips at school one day and then wanted to start building miners. :p

If you join #LTCGEAR on freenode, they've done a ton more background research into him and his setup. Feel free to PM me for a few of the details, I don't feel like sharing them all on a forum because to the best of my knowledge they haven't posted a bunch of his info online.

[pf]

I just wrote that this is not substainable:

Clearly that is your view.  I'm asking for someone (else) to chime in with an argument for how they can.

It is not my view. Math can prove that it can't.

It's like moore law with silicon chips, transistor can't be make it smaller and smaller forever.

Who is to say that he keeps redesigning the miners? From what I know, he is currently on his third generation of private hardware but just keeps bringing more hardware online.  #LTCGEAR knows about one data centre and he has mentioned via email bringing two additional data centres online in other geographic regions.

(and haha, I've offered to send him my resume twice to help him build a Canadian one but no response thus far)