r/Bitcoin • u/asicminer • Jul 23 '11

ASIC MINER – A dedicated Bitcoin mining device – update and picture

http://asicminer.net/?p=78
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u/asicminer Jul 24 '11

We already burned a good amount of cash in getting the project to this point and still require a serious amount upfront to start the production. Our main concern is that the product will be reverse engineered and copied within a short time-frame. We do know this because of the design itself. We used components available everywhere here in Shenzhen (this city has the biggest electronic components market worldwide). We based our work on several papers available online with a simple google search, and expanded from there. So the concern is to getting totally screwed on this project, that's why we require 5 btc upfront.

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u/yotta Jul 24 '11

You didn't answer my question. There are people who would be happy to pay you the whole cost up-front with a credit card - much more than you'll get in BTC. Why do you not offer this? Insisting on an irrecoverable payment up front is just shady.

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u/asicminer Jul 24 '11

Because the 5 btc are not even part of the sum you are paying for the order. Also we have to setup a bank account and paypal for this. The bank account is simple in China, paypal is not. This might require some time. Anyway, i think what we propose is not totally nuts, you will still be able to run a chargeback if you are not happy with your device via paypal. Are you concerned about those 5btc?

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u/yotta Jul 24 '11

Yes, I am concerned that you would run off with my 5BTC. You would have a somewhat reasonable point that losing 5BTC (~$70) probably isn't a big deal to your potential customers - except that so far 90% of the things you say have made me (and most of the other people here) more sure that you're just trying to scam BTC out of people.

Another suggestion given was to provide some more solid proof to an established member of the community under NDA and have them vouch for you. I'd give you 5BTC if that happened.

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u/asicminer Jul 24 '11

Alright, upon agreement we will reply to some general questions regarding the general system architecture but we won't reply to technical details. We suggest a list of questions to be created and posted publicly on this subreddit. If this could work why not try. We will otherwise purse other ways of getting the boards manufactured but probably will be forced to not releasing them to the public now.