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Title: Let me sum it up for you people. Post by: seriouscoin on September 19, 2014, 12:50:46 PM Btc price drops 18%
Difficulty jumps 18% Your mining profit got shafted 36% ... But who cares, keep donating money to hardware vendors, they need your help. Title: Re: Let me sum it up for you people. Post by: philivey on September 19, 2014, 02:38:14 PM Haha ye, so smart donating your money to the scammers instead of just buying coins. At least you guys have those nice fan noises to comfort you in your sorrow.
Title: Re: Let me sum it up for you people. Post by: generalt on September 20, 2014, 03:15:59 AM And heat for the winter
Title: Re: Let me sum it up for you people. Post by: micky123 on September 21, 2014, 10:16:44 AM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P
Title: Re: Let me sum it up for you people. Post by: fewcoins on September 22, 2014, 02:12:08 AM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. Title: Re: Let me sum it up for you people. Post by: taipo on September 22, 2014, 06:20:08 AM Definitely a stare down with large mining operations.
Who will be first to blink as they drive the hash rate as far skyward with their cheap power mining operations. Welcome to the world of do-as-you-will capitalism. Title: Re: Let me sum it up for you people. Post by: seriouscoin on September 22, 2014, 06:20:54 AM Btc price drops 18% Difficulty jumps 18% Your mining profit got shafted 36% ... But who cares, keep donating money to hardware vendors, they need your help. Actually profit drop more then 36% if expenses is included :(. actually look like diff jump will be 20%! ..... not good... but who gives a shit, i need to help out all the manufacturers! Hooray 20 Bitmain S4 is ordered! Title: Re: Let me sum it up for you people. Post by: micky123 on September 22, 2014, 06:32:46 AM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. Hmmm.... i feel that individuals will find it difficult to keep their mining rigs going. They will eventually pull out and sell off their miners. The price of BTC is going down again, i cant really see a ROI for folks who got in the last 3 months or so. Really sorry for them :(. Title: Re: Let me sum it up for you people. Post by: ChuckBuck on September 22, 2014, 05:14:59 PM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. Actually Difficulty has lowered in the past: Code: Date Difficulty Change Hashrate It's not likely, but doesn't mean it's impossible either. Title: Re: Let me sum it up for you people. Post by: iglasses on September 22, 2014, 05:19:16 PM This coming from a guy who just ordered 4 S4's
:P :P :P :P :P Title: Re: Let me sum it up for you people. Post by: fewcoins on September 23, 2014, 05:03:47 AM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. Actually Difficulty has lowered in the past: Code: Date Difficulty Change Hashrate It's not likely, but doesn't mean it's impossible either. Nobody is mentioning the past... BTC was 1,100 in the past lol point is difficulty will NEVER drop now ever. Title: Re: Let me sum it up for you people. Post by: david123 on September 26, 2014, 11:21:24 AM Facts : Difficulty will never lower. And what is this "fact" based on? Your superior intuition, I guess ;DIn my opinion, we will likely see some small drops in diff in the near future, but the general trend is up. Title: Re: Let me sum it up for you people. Post by: SMB-2525 on September 26, 2014, 12:34:46 PM In my opinion, we will likely see some small drops in diff in the near future, but the general trend is up. IMHO, we will not see a "drop" until the current generation of mining equipment is obsolete. By obsolete I mean producing less than 1/10,000 BTC/THS/day. Title: Re: Let me sum it up for you people. Post by: ChuckBuck on September 26, 2014, 12:53:11 PM I could easily see difficulty drop in the not so distant future, once electrical and operation costs exceed miner earnings for the large mining farms.
The big boys will be forced to shut down or scale operations, we'll see a negative difficulty jump, network hash rate will flat line or lower, and the home miners will jump in again to confirm the transactions. Could easily see this cycle happen around 2015-2016, probably closer to the halving. Title: Re: Let me sum it up for you people. Post by: mmeijeri on September 26, 2014, 01:13:06 PM I could easily see difficulty drop in the not so distant future, once electrical and operation costs exceed miner earnings for the large mining farms. The big boys will be forced to shut down or scale operations, we'll see a negative difficulty jump, network hash rate will flat line or lower, and the home miners will jump in again to confirm the transactions. Could easily see this cycle happen around 2015-2016, probably closer to the halving. The bolded part is the only thing in this post that strikes me as improbable. Why would home miners jump back in? Title: Re: Let me sum it up for you people. Post by: ChuckBuck on September 26, 2014, 01:28:11 PM I could easily see difficulty drop in the not so distant future, once electrical and operation costs exceed miner earnings for the large mining farms. The big boys will be forced to shut down or scale operations, we'll see a negative difficulty jump, network hash rate will flat line or lower, and the home miners will jump in again to confirm the transactions. Could easily see this cycle happen around 2015-2016, probably closer to the halving. The bolded part is the only thing in this post that strikes me as improbable. Why would home miners jump back in? If difficulty decreases to the point that you could earn a few BTC's, why wouldn't you plug back in? Title: Re: Let me sum it up for you people. Post by: mmeijeri on September 26, 2014, 01:51:04 PM If difficulty decreases to the point that you could earn a few BTC's, why wouldn't you plug back in? It isn't just a function of difficulty and price, large miners have economies of scale that a home miner cannot beat. Lower energy costs, volume discounts or internal production, larger amounts of old hardware to switch back on. Title: Re: Let me sum it up for you people. Post by: ChuckBuck on September 26, 2014, 04:04:50 PM If difficulty decreases to the point that you could earn a few BTC's, why wouldn't you plug back in? It isn't just a function of difficulty and price, large miners have economies of scale that a home miner cannot beat. Lower energy costs, volume discounts or internal production, larger amounts of old hardware to switch back on. We're talking about when costs exceed earning, probably sometime in 2015 or 2016. Once the large shops, and several pentahash gets shut down, difficulty will drop by a large order of magnitude. It maybe small earnings, but home miners that are in the community would plug in, to support the Bitcoin network once the large scale miner shuts down. Title: Re: Let me sum it up for you people. Post by: mmeijeri on September 26, 2014, 04:13:15 PM It maybe small earnings, but home miners that are in the community would plug in, to support the Bitcoin network once the large scale miner shuts down. I doubt all large scale miners would shut down. A few, perhaps even many would shut down, but the most efficient ones would survive, perhaps running well below capacity. I don't see how home miners could ever hope to recapture a large share of the network hashing power, unless the PoW algorithm is changed. Title: Re: Let me sum it up for you people. Post by: TheJuice on September 26, 2014, 04:52:34 PM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. Title: Re: Let me sum it up for you people. Post by: ChuckBuck on September 26, 2014, 04:59:35 PM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. That's easy money, man. :P No moron would put up 10 BTC on that happening. At least I don't think anyone would. If he somehow does man up on the bet, I'd bookmark this page for sure! P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin. Just throwing that out there. Title: Re: Let me sum it up for you people. Post by: xstr8guy on September 26, 2014, 10:23:02 PM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. That's easy money, man. :P No moron would put up 10 BTC on that happening. At least I don't think anyone would. If he somehow does man up on the bet, I'd bookmark this page for sure! P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin. Just throwing that out there. All were pre-ASIC, no? Title: Re: Let me sum it up for you people. Post by: Rival on September 26, 2014, 10:44:59 PM Mining companies either turn machines off when they are no longer making a profit, or the machines get shut down by the utility company when they cannot pay their electric bills. Only governments can run deficits indefinitely without going bankrupt.
They may decide to shove $20 bills into machines instead of pulling $20 bills out of them for some period hoping BTC prices will increase eventually and bail them out, but I think we all know what a fools game that is. It's just a bad cycle of payday loans that ends in tears. Title: Re: Let me sum it up for you people. Post by: Soros Shorts on September 27, 2014, 03:19:33 AM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. That's easy money, man. :P No moron would put up 10 BTC on that happening. At least I don't think anyone would. If he somehow does man up on the bet, I'd bookmark this page for sure! P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin. Just throwing that out there. All were pre-ASIC, no? Title: Re: Let me sum it up for you people. Post by: kingscrown on September 27, 2014, 03:37:56 AM i like mining + good heat in winter here [whch is really cold]
my last winter was superb hot but mostly due to GPUs that used scrypt at that point. now im into x11 hence EXCL :) Title: Re: Let me sum it up for you people. Post by: vipgelsi on September 27, 2014, 03:40:01 AM i like mining + good heat in winter here [whch is really cold] my last winter was superb hot but mostly due to GPUs that used scrypt at that point. now im into x11 hence EXCL :) Yup love mining in the winter the noise also helps me sleep lol. ;D Title: Re: Let me sum it up for you people. Post by: ChuckBuck on September 29, 2014, 03:25:29 PM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. That's easy money, man. :P No moron would put up 10 BTC on that happening. At least I don't think anyone would. If he somehow does man up on the bet, I'd bookmark this page for sure! P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin. Just throwing that out there. All were pre-ASIC, no? Yup, xstr8guy, most of those decreases were pre-Asic, but what I'm alluding to is what Soros Shorts is pointing out which will probably happen in the latter half of 2015 or early to mid part of 2016. Those industrial mining farms won't be able to keep up electrical, cooling, and hosting costs because they'll be mining at a loss at some point. They'll eventually have to scale down operations substantially, or completely shut down. It's basically like how most home miners are shutting down this year, it'll happen to the industrial miner in the near future as well. Just because they have more capital, doesn't mean bleeding money daily is acceptable no matter what the scale. Title: Re: Let me sum it up for you people. Post by: fewcoins on September 30, 2014, 06:20:33 AM I could easily see difficulty drop in the not so distant future, once electrical and operation costs exceed miner earnings for the large mining farms. The big boys will be forced to shut down or scale operations, we'll see a negative difficulty jump, network hash rate will flat line or lower, and the home miners will jump in again to confirm the transactions. Could easily see this cycle happen around 2015-2016, probably closer to the halving. I love how you all bet on these mega farms to close when more are opening and they're bringing their cost down substantially! THEY WILL NOT CLOSE UNTIL BTC CRASHES FAR BELOW $100 !!! Even then most of these farms will still earn a few bucks a day (sound like us home miners right?) but point is they'll keep on doing it!!! Difficulty will never drop from one adjustment to the next... maybe the hash rate will drop here and there but it will NEVER drop mark my words!!! I have literally seen millions of ASIC chips just waiting to be bought up... Since nobody wants them & they have so much supply they're mining themselves and doing huge discounts for big purchases! But wait, who didn't know this already??? Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. LMFAO!!! Send the 10coins to 1FJcA7cCLeFiEAeMg4QPKfSqTt2nQvT5SM but pleaseee you wouldn't dare bet! I love how you say 2 yrs because you're hoping the mining reward going down to 12.5btc will have a huge effect on large mining operations, not realizing they'll be far past the breakeven point at that time & they could care less what happens to BTC! Hence why they're bombing the price down in front of your eyes everyday!!! & you think $1.8m in mining revenue PER DAY will stop or slow down why?! They're the ones dumping the coins! They can still do it at a profit when BTC is sub $100 :'( Title: Re: Let me sum it up for you people. Post by: testerman on September 30, 2014, 07:32:03 AM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. That's easy money, man. :P No moron would put up 10 BTC on that happening. At least I don't think anyone would. If he somehow does man up on the bet, I'd bookmark this page for sure! P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin. Just throwing that out there. and one more difficulty decrease is coming..then the statement becomes " There's been 9 difficulty decreases in the 5 year history of Bitcoin" Title: Re: Let me sum it up for you people. Post by: RealMalatesta on September 30, 2014, 08:31:05 AM I'm sick of this snake-race. Difficulty goes up - difficulty goes down. So what. This is how things go. I could make tons of predictions, every single one would be right someday.
What's more important to me is that the system is kept alive. And this only happens if there are enough private miners. I'm sure the Big Boys know this, and I'm sure they have the possibility to scale down the hash rate as well as they can put it higher. And if someone tells me "Why don't you buy Bitcoins instead", my response is: I'm not mining only for making some profits, I'm also mining for keeping the system alive. It is - amongst many other things - a political statement, too. Title: Re: Let me sum it up for you people. Post by: fewcoins on September 30, 2014, 03:38:49 PM I'm sick of this snake-race. Difficulty goes up - difficulty goes down. So what. This is how things go. I could make tons of predictions, every single one would be right someday. What's more important to me is that the system is kept alive. And this only happens if there are enough private miners. I'm sure the Big Boys know this, and I'm sure they have the possibility to scale down the hash rate as well as they can put it higher. And if someone tells me "Why don't you buy Bitcoins instead", my response is: I'm not mining only for making some profits, I'm also mining for keeping the system alive. It is - amongst many other things - a political statement, too. Keep supporting the system so it can steal all the wealth from under you!!! You think the huge mining farms care about supporting the system?! LMFAO! They're doing it to crash the system! Title: Re: Let me sum it up for you people. Post by: RealMalatesta on September 30, 2014, 06:58:08 PM Why should I think that the huge mining farms care about supporting the system? They care about their money, but they do also support the system. It goes hand in hand. Without miners, no Bitcoin-system. So what exactly is your point?
Title: Re: Let me sum it up for you people. Post by: Daengineer on October 01, 2014, 01:23:21 AM I'm sick of this snake-race. Difficulty goes up - difficulty goes down. So what. This is how things go. I could make tons of predictions, every single one would be right someday. What's more important to me is that the system is kept alive. And this only happens if there are enough private miners. I'm sure the Big Boys know this, and I'm sure they have the possibility to scale down the hash rate as well as they can put it higher. And if someone tells me "Why don't you buy Bitcoins instead", my response is: I'm not mining only for making some profits, I'm also mining for keeping the system alive. It is - amongst many other things - a political statement, too. I agree with your view on keeping the system alive. That's the only reason why I started mining is the bitcoin is a great idea. Too bad hardware and electric costs make it impossible at times to be profitable. As I posted before I gain a little bit of profit due to the fact I buy my electric in bulk so to say I pay it in advance every year and receive a 33% discount from the electric company here in Alaska plus it does cut down on my gas bill so its a win. Title: Re: Let me sum it up for you people. Post by: fewcoins on October 01, 2014, 06:09:50 AM Why should I think that the huge mining farms care about supporting the system? They care about their money, but they do also support the system. It goes hand in hand. Without miners, no Bitcoin-system. So what exactly is your point? The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible! Now the highest bid is always lower and lower and ....... Title: Re: Let me sum it up for you people. Post by: -ck on October 01, 2014, 06:12:02 AM The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible! Coins are made at virtually the same rate regardless of how much they throw at it...Title: Re: Let me sum it up for you people. Post by: seriouscoin on October 01, 2014, 06:20:22 AM Why should I think that the huge mining farms care about supporting the system? They care about their money, but they do also support the system. It goes hand in hand. Without miners, no Bitcoin-system. So what exactly is your point? The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible! Now the highest bid is always lower and lower and ....... Go back and learn about bitcoin mining noobs, Title: Re: Let me sum it up for you people. Post by: fewcoins on October 01, 2014, 07:55:57 AM The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible! Coins are made at virtually the same rate regardless of how much they throw at it...No no you aren't getting it... Super fast meaning now since ASICs came out the game is over. This is the super fast rate im referring too. Because more people are producing plenty of btc per day & less people are willing to buy them the price will go way wayyy lower. Title: Re: Let me sum it up for you people. Post by: MilesJohan on October 01, 2014, 08:05:13 AM The point is they're crashing the system by making all these coins at a super fast rate just to sell them to anyone willing to buy it at the highest price possible! Coins are made at virtually the same rate regardless of how much they throw at it...No no you aren't getting it... Super fast meaning now since ASICs came out the game is over. This is the super fast rate im referring too. Because more people are producing plenty of btc per day & less people are willing to buy them the price will go way wayyy lower. The btc produced is still the same. Just that few big miner take a big portion of it. Title: Re: Let me sum it up for you people. Post by: mmeijeri on October 01, 2014, 09:53:16 AM Coins are made at virtually the same rate regardless of how much they throw at it... Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen. Title: Re: Let me sum it up for you people. Post by: RealMalatesta on October 01, 2014, 10:46:14 AM Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen. So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value. Title: Re: Let me sum it up for you people. Post by: mmeijeri on October 01, 2014, 10:56:02 AM I'm not saying it's a bad thing, just observing that I think it's what's behind the recent decline.
Title: Re: Let me sum it up for you people. Post by: RealMalatesta on October 01, 2014, 11:27:20 AM I'm not saying it's a bad thing, just observing that I think it's what's behind the recent decline. Could be - they and all the small miners need to pay electricity, and if they focus on mining, their only source of income is - mining. And in combination with traders and their stop-loss orders, the price may go down a bit. Self-regulation I'd call this.... :-) Title: Re: Let me sum it up for you people. Post by: fewcoins on October 01, 2014, 03:51:44 PM Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen. So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value. Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it. Title: Re: Let me sum it up for you people. Post by: RodeoX on October 01, 2014, 04:02:55 PM Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen. So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value. Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it. Oh I think he is helping the market. Holding coins does nothing to advance the market. Spending coins moves us forward. Sure hoarding may take those coins out of the market and can cause the price to climb. But it just crashes back down to a logical level. I spend all the time and most coins are likely converted to fiat by the buyer. But without active use of bitcoin it has little value and no reason to be adopted. You don't really think we can just buy and sell coins to each other? There is no rational growth in that strategy. That is why I love a good crash. It get's out the dead wood and the starry eyed "investors". It's sad that they take a bath, but when they are gone we see the real BTC economy. Title: Re: Let me sum it up for you people. Post by: RealMalatesta on October 01, 2014, 04:04:58 PM Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen. So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value. Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it. I prefer being an idiot instead of a troll ::) Title: Re: Let me sum it up for you people. Post by: fewcoins on October 01, 2014, 05:25:19 PM Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen. So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value. Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it. I prefer being an idiot instead of a troll ::) Nobody is trolling here. I am very involved in this "bitcoin economy" and I will continue to profit regardless if it goes up or down... Thanks for your opinion, What I say is not meant as a personal attack but rather to wake more people up to the fact that this isn't just a get rich quick scheme and there is a huge potential to lose money. Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen. So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value. Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it. Oh I think he is helping the market. Holding coins does nothing to advance the market. Spending coins moves us forward. Sure hoarding may take those coins out of the market and can cause the price to climb. But it just crashes back down to a logical level. I spend all the time and most coins are likely converted to fiat by the buyer. But without active use of bitcoin it has little value and no reason to be adopted. You don't really think we can just buy and sell coins to each other? There is no rational growth in that strategy. That is why I love a good crash. It get's out the dead wood and the starry eyed "investors". It's sad that they take a bath, but when they are gone we see the real BTC economy. No I don't think we should be buying and selling coins for fiat! What helps the BTC economy is when we just continue to use bitcoin no matter what and don't even make it into meaningless useless fiat paper. That's when we will get real value. For example, I own a foodmart, deli, and other shops of all kinds & I am accepting bitcoin... so if I can get paid fully in BTC & I am able to buy food for my family, gas, cars, houses, etc with my bitcoin then I don't need that useless dollar anyway & I have no need to dump my coins for fiat or change my lifestyle. We are trusting huge corporations with this technology and hoping they will play far LOL! They want that meaningless dollar ONLY! That's the only reason why they even accept BTC. We need to have all mom and pop stores accepting bitcoin so we can drive away all these dumpers of our beloved currency. I bet he could have got the same books and t-shirts from somebody out there that would have actually held the coins instead of trading for fiat. You guys are destroying this currency. Keep this community tight & we will fly to new levels! Title: Re: Let me sum it up for you people. Post by: TheJuice on October 03, 2014, 03:57:37 PM I could easily see difficulty drop in the not so distant future, once electrical and operation costs exceed miner earnings for the large mining farms. The big boys will be forced to shut down or scale operations, we'll see a negative difficulty jump, network hash rate will flat line or lower, and the home miners will jump in again to confirm the transactions. Could easily see this cycle happen around 2015-2016, probably closer to the halving. I love how you all bet on these mega farms to close when more are opening and they're bringing their cost down substantially! THEY WILL NOT CLOSE UNTIL BTC CRASHES FAR BELOW $100 !!! Even then most of these farms will still earn a few bucks a day (sound like us home miners right?) but point is they'll keep on doing it!!! Difficulty will never drop from one adjustment to the next... maybe the hash rate will drop here and there but it will NEVER drop mark my words!!! I have literally seen millions of ASIC chips just waiting to be bought up... Since nobody wants them & they have so much supply they're mining themselves and doing huge discounts for big purchases! But wait, who didn't know this already??? Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. LMFAO!!! Send the 10coins to 1FJcA7cCLeFiEAeMg4QPKfSqTt2nQvT5SM but pleaseee you wouldn't dare bet! I love how you say 2 yrs because you're hoping the mining reward going down to 12.5btc will have a huge effect on large mining operations, not realizing they'll be far past the breakeven point at that time & they could care less what happens to BTC! Hence why they're bombing the price down in front of your eyes everyday!!! & you think $1.8m in mining revenue PER DAY will stop or slow down why?! They're the ones dumping the coins! They can still do it at a profit when BTC is sub $100 :'( Deal. Let's find a fair agreed upon intermediate. I'll take the bet a decrease before the halving of rewards. Title: Re: Let me sum it up for you people. Post by: RodeoX on October 03, 2014, 05:52:38 PM I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service?
Title: Re: Let me sum it up for you people. Post by: fewcoins on October 04, 2014, 03:14:12 AM I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service? Dude miners will be way past profit at that point in time... They're crashing the price just because its a race to see who gets more fiat faster. The mining farms are literally racing each other to get the most fiat & this will continue to crash the price down. Just remember at double digits per coin, they sstill make a profit! Title: Re: Let me sum it up for you people. Post by: xstr8guy on October 04, 2014, 07:42:56 AM I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service? Dude miners will be way past profit at that point in time... They're crashing the price just because its a race to see who gets more fiat faster. The mining farms are literally racing each other to get the most fiat & this will continue to crash the price down. Just remember at double digits per coin, they sstill make a profit! Your "newbie" title is deceiving. You're one of the few people here who knows what he's talking about. Title: Re: Let me sum it up for you people. Post by: xstr8guy on October 04, 2014, 08:04:35 AM What happens to the price of Bitcoin if the top 3 new block generators get together and agree to not dump their BTC for a period of time?
This is what scares me about the centralization of BTC mining. The big players can manipulate the price to their advantage and screw everyone else in the process. The insiders hold all of the marbles. BTC is doomed. Title: Re: Let me sum it up for you people. Post by: Feneusens on October 04, 2014, 08:47:26 AM What happens to the price of Bitcoin if the top 3 new block generators get together and agree to not dump their BTC for a period of time? This is what scares me about the centralization of BTC mining. The big players can manipulate the price to their advantage and screw everyone else in the process. The insiders hold all of the marbles. BTC is doomed. Then the price would go to $1200, but only if you can get them to cooperate.. Title: Re: Let me sum it up for you people. Post by: xstr8guy on October 04, 2014, 09:19:53 AM What happens to the price of Bitcoin if the top 3 new block generators get together and agree to not dump their BTC for a period of time? This is what scares me about the centralization of BTC mining. The big players can manipulate the price to their advantage and screw everyone else in the process. The insiders hold all of the marbles. BTC is doomed. Then the price would go to $1200, but only if you can get them to cooperate.. But they couldn't afford to hold forever. They would eventually have a coordinated dump on the Lather, rinse, repeat. Bitcoin, dead. Title: Re: Let me sum it up for you people. Post by: -ck on October 04, 2014, 09:25:22 AM Coins are made at virtually the same rate regardless of how much they throw at it... What are you talking about? We're up to like 3,600 btc a day being mined and dumped for anything they can getThe network adapts to maintain approximately the same number of bitcoin produced every day regardless of how much hashrate you throw at it. It's always going to be ~3600 bitcoin per day until the next block halving. Title: Re: Let me sum it up for you people. Post by: BlindMayorBitcorn on October 04, 2014, 01:12:08 PM Coins are made at virtually the same rate regardless of how much they throw at it... What are you talking about? We're up to like 3,600 btc a day being mined and dumped for anything they can getThe network adapts to maintain approximately the same number of bitcoin produced every day regardless of how much hashrate you throw at it. It's always going to be ~3600 bitcoin per day until the next block halving. Meh. Bitcoin is dead anyway:P Title: Re: Let me sum it up for you people. Post by: seriouscoin on October 04, 2014, 01:36:47 PM Coins are made at virtually the same rate regardless of how much they throw at it... What are you talking about? We're up to like 3,600 btc a day being mined and dumped for anything they can getThe network adapts to maintain approximately the same number of bitcoin produced every day regardless of how much hashrate you throw at it. It's always going to be ~3600 bitcoin per day until the next block halving. Meh. Bitcoin is dead anyway:P Translation : I'm just a fucking retard anyway. Title: Re: Let me sum it up for you people. Post by: fewcoins on October 04, 2014, 03:02:56 PM I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service? Dude miners will be way past profit at that point in time... They're crashing the price just because its a race to see who gets more fiat faster. The mining farms are literally racing each other to get the most fiat & this will continue to crash the price down. Just remember at double digits per coin, they sstill make a profit! Your "newbie" title is deceiving. You're one of the few people here who knows what he's talking about. Thanks bro... As I said in other post, Im not really a forum person, I only signed up on here because I see a massive robbery taking place on the entire community. I have been in BTC since the beginning. Title: Re: Let me sum it up for you people. Post by: Hazir on October 04, 2014, 06:05:47 PM Btc price drops 18% Difficulty jumps 18% Your mining profit got shafted 36% ... But who cares, keep donating money to hardware vendors, they need your help. Actually profit drop more then 36% if expenses is included :(. The end is nigh? This is what I was afraid of. Bitcoin market is easily manipulated. There is no stability here. Title: Re: Let me sum it up for you people. Post by: mtwelve on December 06, 2014, 10:55:21 PM Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming :P Facts : Difficulty will never lower. https://bitcoinwisdom.com/bitcoin/difficulty |