[Arm-netbook] EOMA68 / Libre RISC-V team financing

[mike.valk at gmail.com]

2017-12-27 12:07 GMT+01:00 Luke Kenneth Casson Leighton <lkcl at lkcl.net>:
> On Wed, Dec 27, 2017 at 10:25 AM, mike.valk at gmail.com
> <mike.valk at gmail.com> wrote:
>> 2017-12-27 10:59 GMT+01:00 Luke Kenneth Casson Leighton <lkcl at lkcl.net>:
>> Although I think that is also based on lack of insight. It remains
>> currency trading, which in itself is risky business.
>
>  ah no.  that's one of the crucial mistakes.  i am *not* in the
> *slightest* bit interested in currency *trading*.  it's risky, and
> requires a huge amount of study, time and expertise to get it right.
> i would in *no way* recommend to people to do *trading* of
> crypto-currencies.
>
>  this is about mining, which is competely different, and i *have*
> studied that in depth (over the years).

Yes your mining currency. Just like gold etc.

But you're putting in dollars/euro's/etc. When your buying stuf you'll
either find someone willing to accept your currency, bitcoin, or trade
you currency for an acceptable one: dollars.

So dollars->bitcoins->dollars. So currency trading you do. Just not
directly. The amounts of bitcoins vs. tradition currency fluctuates on
demand, availability and madness.

I consider "raw material" a form of currency as well. Weather you're
mining/cultivation minerals, oil, plants or animals.

Currency is just a means to trade with convenience. Usually done with
"precious" goods or contracts. Euro's/Dollars/etc are a form of
contracts as well.

We agree that a dollar is a notation of worth. When more dollars are
made (printed/stamped/booked) it's worth declines. But if the're more
stuf to consider worth, the worth of dollar inclines.

hmm I'm derailing from the topic here sorry ;-)

>>>
>>> (1) is there anyone who does NOT wish to put their own money into
>>> buying bitclub shares who would like ME to sign them up, and, over the
>>> next few weeks and months, PAY their membership AND pay for their
>>> equipment.
>>
>> You sign me/us up, I/We pay?
>
>  option (1)  i pay.  just not straight away, as i need to earn mining
> and commission to do it.  i will prioritise people who have a direct
> link to some libre software or hardware project, past, present or
> future, prioritising further anyone who is specifically related to or
> can help with the immediate goals of EOMA68 and/or the Libre-RISCV64
> project.

Ah for every signee you earn commission, a slightly bigger share in
the mined goods.

I don't understand why you would put in money for someone else for
just the commission.

>
>>>
>>> (2) is there anyone who CAN put their own money into bitclub who would
>>> be interested to know more.  if yes, and you already know about
>>> bitcoin mining and about MLM etc. the link is here
>>> http://bitclub.network/lkcl
>>
>> I/We sign up and pay?
>
>  option (2) you pay, yes.

And you get a commission. And if I sign someone else up we both get
commission. Hmm pyramids. The last one's to join get's the least.

Don't know If I like that approach. But if it helps you.

>> How well guarded is the group?
>
>  they're pretty paranoid.  they just had a THIRD PARTY service get
> hacked, just 10 days ago, their infrastructure detected the attack -
> which was against the developer platform not the main one - within
> under 15 minutes and they shut down the entire web front-end
> immediately.

Sane approach.

>
>
>> The biggest risk in these "markets" is
market/exchange/operation/cooperation/etc.

>
>  please understand: this is NOT a market.  it's a mining operation.
> there is a massive, massive difference.

Understood

>
>
>> that if they get hacked the coins vanish at near lightning speed.
>
>  this is not an "exchange", it is a *mining* operation.   the system
> "outputs" mined bitcoin to a given address that YOU specify in your
> web console, every day.  you are in complete control of what that is.
> and are individually responsible for ensuring that you keep the
> (local) wallet password etc. secure.  on YOUR personal device(s).
>
>  i'll have to train people on that (i'm recommending electrum as the
> ONLY way right now because your wallet is recoverable via a
> distributed peer-to-peer NON corporate controlled network)

Thank you, that's reassuring.

So basically you're buying in processing and infrastructure time, to
mine personally. And for every signee, who buys time, you bring you
get a bit more time on the operation.