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The story so far
- glitch003 13y agoI don't understand why knowing who the team members are IRL is such a huge "security threat". Can someone please explain that to me?
- robflynn 13y agoMostly for the reasons specified in the story - people started showing up at other people's houses. If some sketchy folks know how to get ahold of someone who produces powerful mining machines, why not kidnap the person and hold them for ransom in exchange for large amounts of bitcoins / large amounts of machines for mining coins. It's more a security threat to the persons involved than it is to the business as a whole. That was my understanding of it, at least.
- glitch003 13y agoYeah but why is that unique to bitcoin? How is this different than if people started showing up at Google employee's houses because they know they're well paid? How is this different than people showing up at any wealthy person's house to kidnap them? My point is that keeping their address secret isn't how wealthy people protect themselves, so why is this so different for the avalon team?
- speeder 13y agoBecause they are perceived as wealthy, and are not really wealthy, meaning people will target them for their perceived assets, but they are not wealthy enough to hire extensive private security (And most likely, the parents of that employee don't live in a reasonably safe city either).
- john_b 13y agoThe difference here is that they aren't perceived to be wealthy now, but perceived to have the means to generate significant wealth quickly in the future.
- stevewillows 13y agoBeing able to mine anonymous income is attractive to many groups of people. If you kidnap a Google employee, there will be a record tied to names etc.
- mullingitover 13y agoIf I were manufacturing what are essentially money printing machines, I think I'd put some serious efforts into security. On second thought, if I were able to produce machines which can create more currency than I'm selling the machines for, I'd probably think twice about selling them at all.
- clarkmoody 13y agoDuring a gold rush, you better be selling shovels ;-)
- dwild 13y agoExcept that the shovels are also the workers... and they are cheap workers too.
- M4v3R 13y agoCreating these required huge amount of initial investment. That's why all these companies were taking preorders - to cover up initial expenses. It would of course be ideal for them just to manufacture the machines only for themselves, but if they had money needed for that I doubt they would be interested in some Bitcoin thing in the first place. Now, I'm pretty sure that they left a considerable amount of chips to theirselves and are mining with them for quite some time.
- noname123 13y agoPretty good business idea. Solicit back-order to mass produce your own bitmining ASIC's. Use them to mine for awhile until they become obsolete, now dump the trash onto your customers. And onto the next one!
- jamesaguilar 13y agoTo be fair, it's also possible that enthusiasm for bitcoins would be much lower if the Joe Randoms of the internet didn't feel like they could get in on the gold rush. I suspect that is a big part of why people are interested in it. From that perspective, it seems like a good idea to sell some of the ASICs, even if that is a loss under the constant-demand assumption.