A couple months ago I saw a new physical Bitcoin being offered that had a unique and interesting concept behind it. It's the Nasty Fans Seat coin.
As you know from my previous article on the MicroSoul coin, I am a fan of physical Bitcoins especially those that break the mold.
Nasty Mining is the project of OgNasty one of the most trusted members of the Bitcoin community. Not only does he run Nasty Mining he has a fan club that runs Nasty Pool a 0% fee mining pool. Connected to it all is Nasty Fans that is a site where you can buy a “seat” and help support Nasty Mining and get a return on that support. Nasty Fans and Nasty Pool is run by the fan club President nonnakip, he keeps things running smoothly on the technical side of the fan club. He is one of OgNasty's most trusted people and works closely with him. Nonnakip is a very trusted member of the Bitcoin community, as well. I personally have dealt with him in the past couple months.
What is a “seat” you might wonder. It's like buying a percentage of Nasty Mining. What this does are two things. It allows you to get a percentage of Nasty Mining's earnings and gives OgNasty funds to keep building up Nasty Mining thus building up your seat's
This is where the coin comes in. Normally you would buy seats on NastyFans.org. If you want, a percentage of the earnings from Nasty Mining will be donated to the "seat" you own. You can buy as many seats as are available through the trade window on the site. There is a fixed amount of seats at 25000 increasing their appeal. In Nov of 2013 OgNasty introduced a new twist to the seats and physical coins all at once.
The Nasty Mining coin is a 1 oz .999 silver coin in a limited quantity of 500 that is attached to a seat.
What makes it unique is the initial value is that of the seat and the silver of which it is made. It has a Tamper-Evident Security Hologram w/ Diffusing Insert and a detailed front face with the Nasty Mining logo. They also have a sequential public key vanity address with “Nasty” in it.
The unique part is if you have your seat set to accept donations they will go right to the coin. Also, you can point your mining hardware to Nasty Pool and mine directly to it to increase its value even more with no limit. It is custom engraved with the public and private key as well for a safe cold storage option. 50% of the purchase cost goes directly to the supporters who own seat's, thus supporting the community itself.
What started out as a review on a coin turned into an interview with OgNasty on the Nasty Mining ecosystem and what bitcoin has done for him. Note: He enjoys going by OgNasty, and most members of the community know him as such.
The first thing I asked about was Nasty Mining and why he started it.
OgNasty: I started Nasty Mining because I thought it would be an enormous amount of fun. I've always been very fascinated with computers and financial markets. Once I saw that there was a demand from others who wanted to be involved in a project like this to have fun and positively influence the Bitcoin community, I dove head first into it.
There are a lot of things that separate us from the pack. First I'll talk about NastyFans, our online exchange. I think we're probably the first Bitcoin exchange that doesn't want to touch your bitcoins and charges no fees of any kind. We don't allow users to deposit bitcoins, and try to handle them as little as possible. For this reason, we don't have buy orders on our exchange. We only allow sell orders, and when you want to buy, you send BTC to an address specified for that transfer and those coins are bundled up to save on transaction fees, then sent to the seller. It is a limited trust system that not only keeps our users assured that we aren't trying to amass their bitcoins for a long con, but it also reduces the regulator risk as we can in no way be confused as a bank, and makes us an unappealing target to thieves.
In addition to our exchange, we also run a 0% fee P2pool node. Our fans are encouraged to use our node, as altcoins generated from the
pool are used to pay for nastyfans.org server costs, and donations to NastyFans & P2pool.
Finally, we have our mining operation. The growth in our mining capacity has been astounding. I set out with the goal to reach 25GH/s when I initially started the organization. We have recently managed to reach 100x that, and should hit 1,000 times that goal by this summer. I also think we are by far the most transparent Bitcoin operation that exists. We have updated statistics available on Bitcointalk, as well as our iOS App that is available in Apple's App Store, which allows users to track everything from how much we hold in our reserve fund, to what temperature our miners are currently operating. I truly believe we are the best in class operation.
SF: Could you go through a bit about your purchases of equipment and meticulous tracking of debts owed?
ON: Equipment purchases are always tricky when it comes to Bitcoin mining. While we have managed to accumulate BTC based debt, it has been exciting to see how fast we've been paying it back and before our next generation equipment has even arrived. I've played with the idea of a secondary debt market to help make the debt situation a little more exciting, but perhaps the most intriguing thing about our debt is that we were able to raise it with no specified time frame for repayment and at 0% interest. That shows an unbelievable amount of trust in our operation, and a willingness by our fans to support the organization.
SF: Could you tell me about the creation of NastyFans and the NastyFans coin?
ON: NastyFans was created to separate liability from Nasty Mining, and allow for alternative streams of Bitcoin donations. It has since transformed into a hub with a vast amount of statistics, as well as an exchange for NastyFans seats, a voting system, and a distribution system for our donated bitcoins. More simply put, NastyFans allows Nasty Mining to mine bitcoins to a specified address, which is then distributed to all of the NastyFans seats. All a user needs to do is buy a seat on NastyFans.org, and enjoy regular Bitcoin distributions.
The NastyFans coin is an amazing one of a kind creation. It is a coin that instead of holding a fixed amount of funds, has an ever increasing denomination. This is because it probably has more in common with a mobile brokerage account, then a coin. It receives distributions from NastyFans, but is also engraved with a public address, so that you can deposit coins yourself, or even mine on our pool using the coin's public address as your user-name to receive payouts that way. These coins offer a physical way to hold not only bitcoins, but a seat in the organization. With 50% of the revenue from coin sales being donated back to NastyFans, you are also helping support the organization as a whole.
As you can see OgNasty is very much about the community and trust within the community working hard to makes everything safe, secure and transparent. Trust is a key part of Bitcoin and OgNasty works hard to keep that trust.
He is also hard at work on upgrading to the newest equipment to keep up with the increasing difficulty changes making Nasty Mining a consistent solidly performing operation. I asked him about that.
SF: What are your plans for Nasty Mining with equipment, Nasty Pool as well as Nasty Fans? I also see you sell the older mining equipment to reinvest towards newer equipment as well I like that idea.
ON: My immediate plans for Nasty Mining are to try and get more people involved. I would love to purchase solar power to eliminate one of the operation's largest liabilities. Right now, no costs of any kind are charged to run Nasty Mining. That essentially means I donate all of my time, and also pay the electricity costs of the operation. I love to do this for the organization and will continue doing so until I can afford solar panels, but they are high on my list of things that I'd like to see happen. Having no costs is important to the organization, as that allows the coins to be guaranteed to increase in value forever.
His dedication to making Nasty Mining run the best and be the best surprised me with that answer as he is thinking ahead and of more than just himself again.
One of my biggest curiosities with Bitcoin is how it has changed people's lives and in OgNasty's case it was a wonderful revelation that even after doing well with Bitcoin he wanted to give back and share with everyone.
SF: This one is key for me, I would like to know a bit about how Bitcoin has changed your life?
ON: Bitcoin has changed my entire way of life in many ways. Being a somewhat early adopter, it has given me the financial freedom to pursue things like Nasty Mining with my time. My home has also changed quite a bit. I now have dedicated electrical circuits; an air conditioned server closet with custom exhaust, and the sounds of fans heard throughout my second story. It has more importantly opened my eyes to a new way of thinking, both economically and politically. I definitely feel that we are just getting started in the era of crypto currencies and hope that this is the start of a revolution that will better the lives of everyone around the globe as we find ourselves suddenly free from financial oppression.
Bitcoin has been a life changing technology for so many people in so many ways and seeing how it has affected him so deeply, and the way he cares for those he does not even know is wonderful and a good example for everyone.
SF: Did you have anything he wanted to add?
ON: Mine on our pool- nastyfans.org:9332 (use your BTC address as your username, any password)
We're developing a storefront for NastyFans.org where we will more conveniently sell our Physical Seat Coins, as well as our 1g silver collector coins, & a future Physical Seat Coin currently in the design phase, that will be larger and hold multiple seats.
OgNasty impressed me with his candor. And made what was going to be a coin review instead shed light on an interesting way of thinking, life and way to treat others. Bitcoin has changed the way, so many people think of money and life for the better.
OgNasty and Nasty Mining have brought it to the next level in so many aspects of the Bitcoin and crypto currency community it was an honor to be able to interview the man himself.
As for the Nasty Mining coin I like both its concept and design, but what I like even better is OgNasty and the enterprise behind it. It is an excellent purchase with an ever rising value.
Special Note: As I finished writing this article nastyfans.org/mint just went live. Here is where non-members can purchase a coin directly.