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Bitcoins!

Discussion in 'General Software' started by pantherx12, Feb 17, 2011.

  1. xvi

    xvi

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    An ASIC design would be incredibly expensive to only build a couple of. Mass production brings the cost down.

    If I had to guess, they're selling these because once they hit, difficulty will go up and mined production will go down. Transaction fees that pay the rewards are a fixed value. Your share of that value depends on your ability to be better than everyone else. Once these hit, the "average" will rise. Everyone spending money on expensive ASIC machines are doing so just to keep up with the average.
     
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  2. McSteel

    McSteel

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    But I don't care about the production cost, seeing how sheep keep throwing money at me even after I don't deliver for a god damn year and a half! So I have money to spare for development and low-production runs.

    I ask again, why slay the golden goose, just to get one egg out of it?

    Never. Gonna. Happen.
     
  3. The Von Matrices

    The Von Matrices

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    The core problem is that the ASIC miners are underpriced for what they do. That $20000 miner on eBay might be overpriced but it shouldn't be selling for its MSRP either. There is not enough incentive for the manufacturers to sell them compared to using them for themselves. There will eventually be a price where it the expected gain (counting in all the risks) of using the ASICs to mine coins is less or equal to that of selling the ASICs, but the current prices of the ASIC miners don't justify this yet.
     
    Last edited: Jun 20, 2013
  4. NinkobEi

    NinkobEi

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    I hope none of you have coins in mt. gox. a lot can happen to bitcoin value in 2 weeks! Though I guess you can withdraw in other currencies. I wonder what this is really about

    https://mtgox.com/press_release_20130620.html

     
  5. james888

    james888

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    I use campbx myself. I got tired of gox's shenanigans weeks ago.

    For someone who is supposedly against bitcoins you sure seem to pay attention to it more than I do.
     
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  6. NinkobEi

    NinkobEi

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    I've been reading another thread that laughs at how ridiculous bitcoiners can be on sites like bitcointalk and even reddit. People getting scammed, FYGM people defending the scammers, people who think bitcoins are the future of currency. It is all really quite hilarious. Pretty much anything entertaining gets posted. That said I don't like to watch TPUers get scammed so I come here to discourage them from investing :toast:
     
  7. james888

    james888

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    Bitcointalk is a joke. I got good laughs from it either. Look up the pirate bitcoin scandal if you want a real scam.

    I have invested in bitcoins myself and have made a good bit. I only wish I had more to invest. As long as your smart about it and all that.
     
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  8. Morgoth

    Morgoth

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    only way i see to make money is to rent out servers.. i used to do bitcoin mining, but i find the trading to euros realy hard, even as i cant pay with gold at my local stores..
     
  9. NinkobEi

    NinkobEi

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    The week in bitcoin. I'm starting to see a trend!
    [​IMG]
     
  10. ZenZimZaliben

    ZenZimZaliben

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  11. NinkobEi

    NinkobEi

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    Trolling a bitcoin thread, impossible!? I've been posting about how bitcoin is a bad investment and have graphs to back it up
     
  12. NinkobEi

    NinkobEi

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    Maybe the bitcoin wiki should be added to the OP? It has a lot of good information

    http://rationalwiki.org/wiki/Bitcoin
    And my personal favourite...

     
  13. NinkobEi

    NinkobEi

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    "What has bitcoin been up down to in the last 24 hours?" one might ask. A man has an answer!

    [​IMG]
     
  14. james888

    james888

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    [​IMG]
     
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  15. NinkobEi

    NinkobEi

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    Gotta say, the bitcoin chart looks similar to this chart :cool:

    [​IMG]
     
  16. james888

    james888

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    How about I compare these to show the point I was trying to convey my point when I did a poor job before.

    All data of bitcoins price ever. The Bitcoin bubble of 2013 really dominates the graph.
    [​IMG]

    Bitcoin from beginning to 8-1-2009. Bitcoin bubble 2011 dominates this graph.
    [​IMG]

    They look almost identical. I bet bitcoin will come back but only after dropping really really low like it did before. Bitcoin is a risk. If you are too scared to lose the money then don't invest. I await the bitcoin bubble of 2015 where bitcoin reaches $3000 :pimp:. First big bubble max was about $30. Second bubble max was short of $300, next bubble.... or wont just to throw me off.
     
    Last edited: Jul 5, 2013
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  17. NinkobEi

    NinkobEi

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    Only a bitcoiner could think that a market crash of something they are invested in is a good thing. Presuming your theory is correct and that it will hit rock-bottom only to sky rocket again to $3000 :wtf::laugh: Wouldn't it make sense to sell your stock of bitcoins at $130 each then buy in again at $2 each?

    If 409,000 (of 11 million) bitcoins are sold the market value will hit 0 based on mt.gox's dollar charts.

    The trend continues!
    [​IMG]
     
  18. james888

    james888

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    I was simply saying this has happened before and it could go up again or not.
     
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  19. NinkobEi

    NinkobEi

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    And the pyramid scheme begins to unfold...

    http://blog.p2pfoundation.net/how-t...nity-and-make-its-future-uncertain/2013/06/30

     
    Last edited: Jul 5, 2013
  20. The Von Matrices

    The Von Matrices

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    I agree, that could be a problem. What that article neglects to mention though is that many of these coins not in circulation are in wallets whose passwords have been permanently forgotten. A lot of early adopters mined coins (it was easy to accumulate a lot of them in the beginning) then gave up in the first few years and lost their wallets or forgot their passwords. These coins can never be redeemed. So while the number may indicate that 80% of the coins could be redeemed one day and crash the market, I doubt many of those are actually accessible.
     
  21. Darkrealms

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    You are missing out on such a helpful site...
    http://bitcoin.clarkmoody.com/

    I also watch http://bitcoinity.org/markets and bitcoincharts.com

    I've "invested" in btc, not a ton but I did build a mining rig and buy a few a while back. It was fun watching the ~$32 crash and then again the $266 crash. Its like the stock market, it will go up and down and at the end of the day I still have nothing physical to look at (yes I know stocks represent a physical company with physical assets).

    My thoughts on the whole thing are if it can take the currency away from government inflation (even a little bit) it might one day be an alternate international currency. I've invested as much as I'm willing to lose, hell I've bought an ASCII miner with bitcoins (at $18 a coin, oosp!) but thats from what I've already put in not an additional investment.
    At this point my GPUs are mining litecoins, not much point in using them for btc anymore. If supporting the concept of a distributed currency is a bad thing then I guess I'm bad. But if one day we have a digital currency that has checks and balances then I think that could be a good thing.
     
  22. NinkobEi

    NinkobEi

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    Honestly, tell me if this doesn't look like market manipulation. This all happened in FIVE MINUTES.
    [​IMG]
     
  23. Darkrealms

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    LoL, I never said the market wasn't being manipulated. That has been happening since people really found out about btc. I remember a week that the trade variance (the whole week) wasn't more than 20 cents.
    Like I said, I didn't put in more than I was willing to lose. Digital currency has a lot to learn. Hopefully this testbed will teach us a lot and if those of us that did get involved are lucky btc will be viable for something long term.
    My investment is a 5 year goal, you have no idea how hard it was to not sell out at $255. So from the end of 2011 to the end of 2016 all I can do is watch, laugh, and hope it was worth it if not monetarily then at least as a test bed for something better.
     
  24. NinkobEi

    NinkobEi

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    So you are comfortable investing in something that you know is being manipulated? If you're wanting to donate money to something there are charities out there that can do a lot more than a bitcoin investment.

    If you think you are being a 'noble entrapeneur' by investing in bitcoin, well a lot of people prey on those type of people. Let me ask you, how many bitcoins did you invest in your ASIC miner? How much would that be worth at today's value? There are people out there that literally lost hundreds of thousands of dollars for ASIC miners that to this day, 1 year later, haven't been delivered to their doorstep.

    As more and more drug/weapon dealers on the silk road get busted I think you will see bitcoin die off. But it seems like they are being replaced by wallstreet/marketing gurus that know just how to give a worthless item perceived value. Just look at the Winklevoss bitcoin investment portfolio. Jebus.
     
  25. james888

    james888

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    Crunching for Team TPU

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