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sounds like bullshit given $1 millilon to mine ..who does that somehow in 2014-2015 when btc is at 200-300 and already very hard to mine, gets thousands of

sounds like bullshit given $1 millilon to mine ..who does that somehow in 2014-2015 when btc is at 200-300 and already very hard to mine, gets thousands of btc with a supercomputer, which would not have worked well. he needed asics or gpu. and constantly upgrading hardware. the setup he shows would not have worked. verdict: a great embelishment. maybe he mined some btc but nothing close to billions of dollars.

alephnan 5y ago
> given $1 millilon to mine ..who does that Venture capitalists? Musicians like Nas invested in Coinbase. They may have capital, high level technological knowledge, interest, but not the domain expertise to implement the code. The claim was that an executive on Wall Street was interested in crypto and collaborated with him. Peter Thiel’s fellowship is also in the same spirit. A billionaire gives some smart teenagers $100k to experiment and sees what happens. On a much lower scale, even I with my limited wealth is interested in hiring someone else to do some programming exploration on my behalf, even though I’ve been a senior software engineer myself. It’s plausible that a high paid Wall Street executive finds it better use of their time and money to focus on their core competency making orders of magnitude more than a million a year, and then outsource the crypto exploration to someone else is a more effective programmer. Security people are well versed in cryptography, so it’s not that crypto currencies is out of scope of a hacker’s area of expertise. The idea of capitalism is that people use capital to do the heavy lifting. If you don’t have the capital, then one way to get their is building up capital by working jobs in some area of expertise. After a certain point, it is more financially optimal to spend time allocating capital / assets than it is to grind away doing the labor yourself. > $200-300 back in 2013, and generated more than 80,000 BTC within a year and a half Which $16-24 million. That’s a significant amount, but it’s not unimaginable for the HackerNews and tech crowd. Many people here are a degree of separation or less away from that wealth. If you work at a unicorn, that person would be the founder. What’s prosperous about the claim? That someone, who was likely sufficiently affluent and had their basic needs met, HODL’d $20 million worth of coins since 2013? The word supercomputer may be abused, but there are Bitcoin miners who produce thousands of Bitcoin a year. A supercomputer here can just mean a really big cluster.
- nodule5 5y ago
  His video showing one of his "supercomputers" is 20 PCs that look like they are old Dell computers a highschool was getting rid of. Maybe if he said 2009 it would be plausible, but this is late 2013 and btc mining was already well established and dominated by the Chinese asic manufacturers. Why waste time trying to mine Bitcoin with gpus? There is no chance that this guy could have an entire 10-20% of the hashrate himself with only $1m. Even if you bought or developed Asics you would have to mine for nearly a year to break even, much less 20x your investment. Also, why would this business that gave him $1m to do this allow him to keep all of the Bitcoin? Nothing about his story adds up.
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alephnan 5y ago

> given $1 millilon to mine ..who does that Venture capitalists? Musicians like Nas invested in Coinbase. They may have capital, high level technological knowledge, interest, but not the domain expertise to implement the code. The claim was that an executive on Wall Street was interested in crypto and collaborated with him. Peter Thiel’s fellowship is also in the same spirit. A billionaire gives some smart teenagers $100k to experiment and sees what happens. On a much lower scale, even I with my limited wealth is interested in hiring someone else to do some programming exploration on my behalf, even though I’ve been a senior software engineer myself. It’s plausible that a high paid Wall Street executive finds it better use of their time and money to focus on their core competency making orders of magnitude more than a million a year, and then outsource the crypto exploration to someone else is a more effective programmer. Security people are well versed in cryptography, so it’s not that crypto currencies is out of scope of a hacker’s area of expertise. The idea of capitalism is that people use capital to do the heavy lifting. If you don’t have the capital, then one way to get their is building up capital by working jobs in some area of expertise. After a certain point, it is more financially optimal to spend time allocating capital / assets than it is to grind away doing the labor yourself. > $200-300 back in 2013, and generated more than 80,000 BTC within a year and a half Which $16-24 million. That’s a significant amount, but it’s not unimaginable for the HackerNews and tech crowd. Many people here are a degree of separation or less away from that wealth. If you work at a unicorn, that person would be the founder. What’s prosperous about the claim? That someone, who was likely sufficiently affluent and had their basic needs met, HODL’d $20 million worth of coins since 2013? The word supercomputer may be abused, but there are Bitcoin miners who produce thousands of Bitcoin a year. A supercomputer here can just mean a really big cluster.

nodule5 5y ago
His video showing one of his "supercomputers" is 20 PCs that look like they are old Dell computers a highschool was getting rid of. Maybe if he said 2009 it would be plausible, but this is late 2013 and btc mining was already well established and dominated by the Chinese asic manufacturers. Why waste time trying to mine Bitcoin with gpus? There is no chance that this guy could have an entire 10-20% of the hashrate himself with only $1m. Even if you bought or developed Asics you would have to mine for nearly a year to break even, much less 20x your investment. Also, why would this business that gave him $1m to do this allow him to keep all of the Bitcoin? Nothing about his story adds up.

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