--- crowd-funded eco-conscious hardware: https://www.crowdsupply.com/eoma68
On Wed, Dec 27, 2017 at 1:32 PM, Luca Saiu positron@gnu.org wrote:
On 2017-12-27 at 12:35, Luke Kenneth Casson Leighton wrote:
if the amount of BTC going out is GREATER than the BTC coming in, then, clearly and logically, that would be unsustainable, meaning that they would HAVE to get some extra BTC from somewhere....
Correct, but that's a very big "if". I don't believe the hypothesis.
... if there *existed* a way to find out the numbers that would disprove the hypothesis (do a model of their business and see if it can be proved that there's no way they could be financially viable) i would do the model.
ultimately... i did the risk / value proposition a different way: only put in those "funds"... not funds at all they're actually just "numbers".... which were "free". i.e. i did NOT go out and register on a bitcoin exchange, i did NOT register a bank account with them, i did NOT give anyone cash in exchange for bitcoin.
i happened to have 0.4 BTC left over from some mining i did 5 years ago, and someone donated me 0.25 BTC a few months ago.
I've given what I believe is fair warning; if it turns out I'm wrong, which I unfortunately consider unlikely, that's better for everybody.
yehyeh. it's why i didn't take *actual* cash, buy bitcoin, *then* put it into bitclub mining shares. i've never actually registered on any of these exchanges so couldn't get money in or out to USD or any fiat currency even if i wanted to. i only used BTC which i happened to already have.
You say that the EOMA68 quotes are not at risk;
well, if i don't find *some* way to pay for food and the apartment here, that is much more of a risk to the EOMA68 project than anything else possibly could be, particularly as i am in a foreign country on a tourist visa and they don't take too kindly to foreigners not being able to pay for their own flight the hell out of the country.
i have enough cash (from a contract i did 3 months ago) to pay for accommodation for about 2-3 months. if i have to pay the flight to FOSDEM out of that, then that cash reserve drops to around 1-2 months.
that is far more of a quotes risk quotes to the EOMA68 project than me taking 0.65 of a BTC which i happened not to be using, where BTC happened to rise enough to the point where it was worthwhile throwing it at bitclub.
so i have not quotes risked quotes anything. i have not spent actual cash. and - this is REALLY IMPORTANT TO GET ACROSS - i have AT NO TIME UTILISED ANY FUNDS FROM THE CROWDFUNDING.
i am going to emphasise this and say it in capitals only the once
i VERY VERY DELIBERATELY ONLY UTILISED THE BTC THAT I HAD MINED OVER FIVE YEARS AGO (and 0.25 BTC which someone donated me about... 3-4 months ago).
if you recall, right at the beginning of the crowdfunding success, one of my first posts was about getting the money the fuck out of the US due to possible currency destabilisation, given that the U.S. President's total lack of understanding of his new position destablised BOTH the Mexican currency AND the Canadian one. if he'd tried the same thing with the Yuan it could have wiped 10 to 15% off the project right there.
now, luckily that didn't happen but i pointed out that there was NO WAY that i could gamble with the money that had been entrusted to me, and pushed for USD $60,000 to be transferred immediately... right before Chinese New Year. we JUST managed to get the money out the country in time.
okay, if the project itself in not in jeopardy then I can be less nervous.
if i don't find some way to pay for rent and food and the FOSDEM flight then the EOMA68 project basically will be the least of my concerns. i did put the message out on the last couple of updates. i put it in a positive fashion, i received some very welcome suggestions (and need to modify the rhombus-tech website to add a librepay and also a BTC donation link)....
... nothing concrete actually received yet though.
so this, luca, is one primary reason *why* i am telling people about bitclub, because it represents a very big jump in income. six thousand dollars a month, tax free. that's more than i've ever earned at even the highest-paying of any of the companies i've ever worked at.
This will be my last messages on this topic for the time being (if bitclub collapses soon I can't guarantee I won't succumb to the temptation of a "told you so" mail).
:)
However, Luke, I do appreciate the actual technical work you are doing.
thanks luca.
l.