Bitcoin Forum

Economy => Marketplace => Topic started by: patrickx on March 19, 2011, 05:25:47 AM



Title: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: patrickx on March 19, 2011, 05:25:47 AM
WE THE PEOPLE of the Bitcoin community, who mine and sell Bitcoins, are the ones who can truly steer the market and contribute to the success of Bitcoin, the People's Money.

We are the ones with capital invested in mining farms, and ample supply of Bitcoins to sell. We do not need to sell out today or tomorrow to survive. We know that Bitcoin will be very successful and that its inherent value is much higher than today's prices of $0.8/BTC.

Take the rein of this bull market, accelerate the success of Bitcoin by raising your ask prices to the symbolic 2.00 USD per BTC on the various exchange sites: MtGox, Bitcoin Central, BTCex, Bitcoin Market, etc. Buyers have no choice but to accept this price. On one hand this may antagonize them to some level, but on the other hand it is only a small price they are paying to contribute to the success of Bitcoin.

Share this message with others. Join me and change your sell orders to a minimum of $2/BTC today!


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: theymos on March 19, 2011, 05:35:10 AM
Once people do this, I will sell at 1.99.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: nelisky on March 19, 2011, 05:41:32 AM
I take it you are the one that has been in a buying spree and moved the market down quite a bit then :)

Still, I moved all my sell orders to 2.0 today, just for the heck of it...


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: casascius on March 19, 2011, 06:05:17 AM
WE THE PEOPLE of the diamond producing community, who mine and sell diamonds, are the ones who can truly steer the market and contribute to the success of diamonds, the People's Jewel.

We are the ones with capital invested in diamond mining, and ample supply of diamonds to sell. We do not need to sell out today or tomorrow to survive. We know that diamonds will be very successful and that its inherent value is much higher than today's prices of $3000/carat.

Take the rein of this bull market, accelerate the success of oil by raising your ask prices to the symbolic $20000 per carat on the various exchange sites. Buyers have no choice but to accept this price. On one hand this may antagonize them to some level, but on the other hand it is only a small price they are paying to contribute to the success of diamonds.

Share this message with others. Join me and change your sell orders to a minimum of $20000/carat today!

Will this really make Bitcoin successful?  Or will this just drive people away?  The general public at large will probably not adopt Bitcoin if it feels that it is a highly manipulated currency.  This is not "steering" the market and contributing to "success", this is manipulating the market for personal gain.  Buyers DO have a choice.  Bitcoin is open source and the software can easily be separated from the block chain as we know it.  The inherent value is in the concept and the software, not in the block chain.  If a public consensus builds that Bitcoin is a great idea, but that the public interest would be served by dumping the block chain because it unfairly favors early adopters who feel entitled to get rich at everyone else's expense, that may very well be what happens!


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: BioMike on March 19, 2011, 06:36:48 AM
Markets do not sustain themselves that way for long...

Sheee... I wonder why the price is not $1 any more... and still dropping.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: BioMike on March 19, 2011, 06:54:51 AM
Markets do not sustain themselves that way for long...

Sheee... I wonder why the price is not $1 any more... and still dropping.

Well, for one thing our most important exchanges is managed from Japan... It's made folks a little jittery. Growing pains.

If that was the case, why would people not move to other exchanges then?
MtGox just runs fine and people are still trading there. And looking at the chart from last week, I don't see a heavy crash since the
problems in Japan started. What I do see is that not so many people are buying and a LOT of people are selling. I guess many buyers
just don't value bitcoin at $1.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: S3052 on March 19, 2011, 08:28:05 AM
Best joke for the week  ;D
Thanks

If this would work, this would be a new milestone in financial trading ;-)


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: Grinder on March 19, 2011, 09:10:13 AM
WE THE PEOPLE of the diamond producing community, who mine and sell diamonds, are the ones who can truly steer the market and contribute to the success of diamonds, the People's Jewel.
De Beers beat you to it by about 100 years.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: snedie on March 19, 2011, 12:56:24 PM
This is so fucking stupid. The whole point of bitcoin is to have a decentralised currency that follows its own trends and is not manipulated for the personal gain of a government or a bank. Artificially deflating the currency will only serve to crash the market for bitcoin and the entire system will collapse within a few months.

Feel free to sell you coins at $2, I'll just sell at $0.9 and actually manage to sell, just like the rest of the people on here. Hey, why don't you run for government in an African nation, they do this kind of bullshit over there and look how well it's going for them.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 19, 2011, 01:30:13 PM
Sellers are already insisting on higher prices, if you look at the open orders. The problem is that buyers aren't buying. The problem is that people aren't interested or are starting to be afraid of BTC. People who bought BTC or invested in hardware don't want to lose their investment, while the few people who are buying just want to make money fast.

Bitcoin hasn't been widely accepted so as to be directly useful to most people. Most people haven't even heard of Bitcoin. Anyone who read about Bitcoin and bought some Bitcoins is probably going to be alone. You can't go around convincing people (in your real-life social environment) of the validity of a new currency, when you are apparently the only one who accepts it or even knows about it.

I just noticed the bunch of Chinese students that joined the marketplace here. Obviously, it's because their teacher told them to. Maybe this is the kind of status that Bitcoin has in the real world? A "currency" for little kids?

This is still just a game with numbers. Winners being the creators and early adopters. If the drop in BTC price continues, some people will start referring to Bitcoin as a "bubble".


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: kiba on March 19, 2011, 01:32:49 PM
Sellers are already insisting on higher prices, if you look at the open orders. The problem is that buyers aren't buying. The problem is that people aren't interested or are starting to be afraid of BTC. People who bought BTC or invested in hardware don't want to lose their investment, while the few people who are buying just want to make money fast.

I just noticed the bunch of chinese students that joined the marketplace here. Obviously, it's because their teacher told them to. Maybe this is the kind of status that Bitcoin has in the real world? A "currency" for little kids?

Jesus, what is this unwarranted cynicalism for?

People being afraid of BTC, for what reason?


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 19, 2011, 01:36:29 PM
People being afraid of BTC, for what reason?

Because they don't want to give away their "real" money? Some will think "hey, if anyone can generate these 'Bitcoins' it can't be real money!".


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: BitterTea on March 19, 2011, 02:06:56 PM
People being afraid of BTC, for what reason?

Because they don't want to give away their "real" money? Some will think "hey, if anyone can generate these 'Bitcoins' it can't be real money!".

Anyone can generate Bitcoin within the limits of the system. There is no limit on the amount or quality of money that the federal reserve or any other central bank can create.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: wobber on March 19, 2011, 02:19:15 PM
Both gold and silver prices went down after the Japan incident. Bitcoin too. But this won't last. The money injection that Japan did will gave more momentum to the economic disaster that is yet to come.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 19, 2011, 02:31:30 PM
Anyone can generate Bitcoin within the limits of the system. There is no limit on the amount or quality of money that the federal reserve or any other central bank can create.

I know that. The problem is that people won't stop to think about that. People are used to these papers that they can hold in their hands. "Money" for them are these physical things, and when they give those things to people in their day-to-day trades, they are not used to getting them back. The only exception is when they are dealing with banks. Banks are few, banks are honest, banks give papers back (statements) and everybody else goes to these banks. This is what most people know about "currency" (a.k.a "money"). [You work? You get money. You buy things? You give money.]

How are you going to introduce Bitcoin to them? Are you going to say "I gave my money in exchange for bitcoins"? Sorry, you lost. "What are these 'bitcoins' you are talking about? Can you bring a few here so I can see them? And... what did you say? You GAVE your money to somebody? Are you crazy? Who did you give it to? You are such a fool..."

People don't care about PGP, encryption, SSL, public/private keys, advanced math and all that mumbo-jumbo. It's science fiction to them. It sounds like a fairy-tale.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: ShadowOfHarbringer on March 19, 2011, 02:43:11 PM
People being afraid of BTC, for what reason?

Because they don't want to give away their "real" money? Some will think "hey, if anyone can generate these 'Bitcoins' it can't be real money!".

This is why i think that we shouldn't talk about "producing" or "generating" bitcoins, but about "mining" instead.
First 2 words create false impression that you can easily get bitcoins.

Bitcoin is similiar to gold in almost every way, so it should be compared to mining & called mining.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: Raulo on March 19, 2011, 03:21:17 PM
Bitcoin is similiar to gold in almost every way, so it should be compared to mining & called mining.

Is it called differently? The forum section is called "mining". The programs are miners, etc.

But anyway, bitcoin is very far from gold. A lump of gold conducts electricity very well, does not corrode, is a good catalyst and you can make w nice shiny ring out of it. Bitcoin is neither. Bitcoin is absolutely non-physical. Face it: bitcoin is fiat. But Bitcoin is not an ordinary fiat. Bitcoin is decentralized. This is the only truly novel feature of Bitcoin because finite supply is non-novel, there are a lot of finite supply tokens (e.g, collectors coins).


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: Littleshop on March 19, 2011, 03:26:18 PM
WE THE PEOPLE of the Milk Farmers community, who produce and sell milk, are the ones who can truly steer the market and contribute to the success of milk, the People's drink.

We are the ones with capital invested in farms, and ample supply of milk to sell. We do not need to sell out today or tomorrow to survive. We know that milk will be very successful and that its inherent value is much higher than today's prices of 0.8/BTC a gallon.

Take the rein of this bull market, accelerate the success of milk by raising your ask prices to the symbolic 2.00 BTC per gallon on the various exchange sites: MilkGox, Bitgallon Central, Milkex, Milker Market, etc. Buyers have no choice but to accept this price. On one hand this may antagonize them to some level, but on the other hand it is only a small price they are paying to contribute to the success of drinking milk.

Share this message with others. Join me and change your sell orders to a minimum of 2 BTC a gallon today!



Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: mizerydearia on March 19, 2011, 03:46:19 PM
This seems almost suitable for http://fakenews.witcoin.com/ or http://bitcoin.witcoin.com/

If you post this at the site, I'll 'support' it!  e.g. profit for your post ^_^


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: BitterTea on March 19, 2011, 04:00:11 PM
Bitcoin is similiar to gold in almost every way, so it should be compared to mining & called mining.

Is it called differently? The forum section is called "mining". The programs are miners, etc.

But anyway, bitcoin is very far from gold. A lump of gold conducts electricity very well, does not corrode, is a good catalyst and you can make w nice shiny ring out of it. Bitcoin is neither. Bitcoin is absolutely non-physical. Face it: bitcoin is fiat. But Bitcoin is not an ordinary fiat. Bitcoin is decentralized. This is the only truly novel feature of Bitcoin because finite supply is non-novel, there are a lot of finite supply tokens (e.g, collectors coins).

Bitcoin is not fiat. One could only think so based on a misunderstanding of the word fiat. Bitcoin did not become valuable when Satoshi said "LET THERE BE BITCOIN". Bitcoin becomes valuable when people say "hmm... this is pretty neat, I'd accept this as payment" or "I'll buy some of this". Fiat currency becomes valuable because the government demands it to be so. If I participate in a debt based transaction in the United States, am taken to court and lose, the government will force me to pay restitution in U.S. dollars.

Consider the early days of gold as currency. Why would a farmer accept gold as payment? He can't buy things with it, unless other people accept it as well. Would you say that gold was only valuable "by fiat"? No, because nobody forced anybody else to accept gold, it was voluntary.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: LZ on March 19, 2011, 04:03:47 PM
I like this idea, it may stop the decline. But we still need to increase the demand. I moved my sell orders to $2.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 19, 2011, 04:07:43 PM
I'll have to agree with the rest in that this was a ridiculous proposition.

[...] We know that Bitcoin will be very successful and that its inherent value is much higher than today's prices of $0.8/BTC. [...]

There's no such thing as "inherent value" in anything. Bitcoins or paper currency. Value exists only when you trade something for something else. Our trading means that we both believe my thing is worth as much as your thing. So we trade, because I want some of your thing and you want some of my thing. This is elementary.

If everybody starts insisting like that, the volume of trades will drop; perhaps to zero.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: BitterTea on March 19, 2011, 04:20:04 PM
More relating to Bitcoin not being a fiat currency...

Fiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used.

Definition of FIAT
1: a command or act of will that creates something without or as if without further effort
2: an authoritative determination : dictate <a fiat of conscience>
3: an authoritative or arbitrary order : decree <government by fiat>


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 19, 2011, 04:30:32 PM
Currency (whether or not you use the word "fiat" to describe it) works because people accept it. People accept the paper currencies of today for the simple reasons that (a) they are used to accepting them and (b) everybody else accepts them as well. If people aren't convinced that BTC is a real currency and it can be used to buy real things or at least can be traded (both ways!) with currencies that are "real" to them, they won't be interested in getting BTC. Nobody will want to buy BTC using other currencies and the people who will have it won't be able to do much with it except give it away cheap, or trade among themselves.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: Raulo on March 19, 2011, 05:18:49 PM
More relating to Bitcoin not being a fiat currency...

There are many definitions of fiat. The very same Wikipedia article has one of the definitions as:
    * money without intrinsic value.

Bitcoin fills into this definition.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: Cryptoman on March 19, 2011, 06:13:56 PM
There's definitely a paucity of bids, at any price, on Mt. Gox right now. 


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: BitterTea on March 19, 2011, 06:30:43 PM
There are many definitions of fiat. The very same Wikipedia article has one of the definitions as:
    * money without intrinsic value.

Bitcoin fills into this definition.

No money has intrinsic value. A gold coin is worth at least the "intrinsic value" of the gold content, but that gold does not have an intrinsic value, it is determined by the market. If all money is fiat, why bother using that term in reference to Bitcoin, as if implying that some other money is not fiat. If some money is fiat, then how do you defend a definition other than "authoritative decree"?


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: bitcoinBull on March 19, 2011, 07:25:53 PM
One reason for the lack of bids is that buying in through exchangers is difficult, timely, and costly.  I don't think there is any automated exchange service available.  Almost all put the buyer in a "pay and wait" situation - mostly through LR and WU.  I'm experiencing this myself.  Of course, we all know the reasons for this (irreversible transactions attract fraudsters).

Depositing by bank wire or ACH to Mtgox is supposed to be an option, but its an "e-mail for more info" option.  And how many days or weeks until they respond to the email?  I can only imagine how happy the online banking fraudsters would be if this method was available to them (it sure beats recruiting money mules).

If the friction and cost of buying in with cash is reduced, price of bitcoin will go up.

(Is it correct that the Feb. rally was due to a run on LR?)


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: altoid on March 19, 2011, 07:33:18 PM
I take it as good sign that this post seems to be totally ineffectual at moving the market.  Bitcoin took on normal speculative market behavior around december last year, another great sign that bitcoin is legit.  When I say "normal" behavior, I am talking about punctuated growth, ups and downs, impulsive and corrective moves.  Don't get seduced into the trap of trying to explain the moves in the BTC exchange rates with "outside forces" like the Japan disaster or investor psychology like "people are afraid of Bitcoin."  The correction we are in is natural and good for a speculative market.  It weeds out the over optimistic.  My bet is on long-term appreciation of Bitcoins, but don't expect the path to be a straight line...


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: mrb on March 19, 2011, 11:53:53 PM
I take it as good sign that this post seems to be totally ineffectual at moving the market.

I moved my sells order to $2/BTC on MtGox hours ago, and neither the depth of market chart, nor the trade data show my order... There could be a MtGox bug where it is not displaying asks >= $2/BTC.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: nelisky on March 20, 2011, 12:45:54 AM
Even my jedi level mind game didn't work at all (saying I moved sell orders to $2 and actually moving them only slightly above 24hr high). It didn't move an inch!

So either this channel of communication is very ineffective, though I'm pretty sure it is, or there is a real market force driving bitcoin exchange rates... we're getting more and more mature, quite a satisfying realization I say!


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: demonofelru on March 20, 2011, 03:21:09 AM
Once people do this, I will sell at 1.99.

This is exactly why this wouldn't work competition drives down prices.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: The Script on March 20, 2011, 09:55:45 AM
Once people do this, I will sell at 1.99.

Exactly.


It makes me really happy that people on this forum understand basic economics.  So many people don't. 


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 20, 2011, 10:10:02 AM
So either this channel of communication is very ineffective, though I'm pretty sure it is, or there is a real market force driving bitcoin exchange rates... we're getting more and more mature, quite a satisfying realization I say!

These graphs (http://bitcoin.sipa.be/) should give you an idea of what has been happening to the Bitcoin network lately. Let's hope that drop doesn't continue either.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: caveden on March 20, 2011, 09:01:17 PM
There's no such thing as "inherent value" in anything.

Finally!! Someone else understands it!

 ;D


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: barbarousrelic on March 20, 2011, 09:37:17 PM
I don't like this idea but this is very easy.

Just make a cartel with 100 members each one holding at least 10k coins.

Almost everything is easy if you've got a ton of money to blow on it.  :P


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: hippich on March 21, 2011, 02:08:29 AM
I do much more simpler and serious offer. I accept bitcoins in my online store at the rate of $2.00 = 1BTC. Bitcoins do not worth anything without products and services behind them.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: Keefe on March 21, 2011, 03:24:51 AM
I don't like this idea but this is very easy.

Just make a cartel with 100 members each one holding at least 10k coins.

Almost everything is easy if you've got a ton of money to blow on it.  :P

Not too much money. We are talking about a money oriented community.

I believe 10 or 20 wealth forummers can skyrocket the prices (Like a bitcoin OPEC...)

I think you might have it backward. If you want to force the price up, you need a huge amount of $, not BTC. Getting a bunch of people to sell at no less than $2/BTC is useless if there's even just one guy with 10k BTC offering to sell at $1. There's simply not enough impatient demand for BTC yet. I think there is patient demand, and they know they can bid low and eventually get what they want. And there's enough impatient supply to do that for them, since many miners are concerned about recouping hardware investments. Even if you could round up 100 big sellers and band together at $2/pc, there will still be plenty of supply that won't join you.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: Keefe on March 21, 2011, 03:29:04 AM
I do much more simpler and serious offer. I accept bitcoins in my online store at the rate of $2.00 = 1BTC. Bitcoins do not worth anything without products and services behind them.

That's a good idea. I just might do something similar someday, since the stuff I sell has high profit margins. I can handle a 50% loss vs my usual sales, if it brings in new customers.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: LZ on March 21, 2011, 03:55:27 AM
Now I think that we have to move our sell orders to the right edge of the Depth of Market.
Or most traders will not know about our orders and about our idea to continue the RALLY.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 21, 2011, 07:47:18 PM
I was curious about the artificial scarcity that worked fine few weeks ago. But today I also think it wont work so easily again 'cause the major exchanger is involved in turmoil scandals. The volume dropped.

They are working that out. But I think they had better settle soon, otherwise it's going to take months, and the lawyers are going to have a feast.

The next wave of BTC buyers might take a few days, or a week to come and I see everybody is worried about where BTC price is going to go.

I guess it's better to avoid trading like crazy for a few days, and wait for more BTC demand.

Bitcoin will still be Bitcoin, as long as cryptography is still cryptography.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: benjamindees on March 21, 2011, 08:08:50 PM
It's cute how you guys think your little gaming rigs are "capital" and that mooching off your parents' electric bill is productive work like "mining" or "farming".


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 21, 2011, 08:15:32 PM
It's cute how you guys think your little gaming rigs are "capital" and that mooching off your parents' electric bill is productive work like "mining" or "farming".

This is exactly what I was afraid of: The labelling of Bitcoin users. Given that bitcoiners are a tiny minority, there's going to be serious trouble if this kind of talk "hits the mainstream", so to speak.

There's been some bad press already.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 21, 2011, 08:29:23 PM
A rack full of 20-40 GPU cores isn't 'cute'... [...]

Yep. Bitcoiners are "bad-ass"! Something like that.

Guns! Drugs! Sex...

Bitcoiners have guts!

But it really depends on who you are talking to.


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: casascius on March 22, 2011, 12:14:55 AM
It's cute how you guys think your little gaming rigs are "capital" and that mooching off your parents' electric bill is productive work like "mining" or "farming".

A rack full of 20-40 GPU cores isn't 'cute'... Neither is manufacturing custom ASIC's... Yeah, it's like that.

Aside from the fact that the OP did not refer to mining rigs as "capital" but rather the funds used to purchase them... the OP is a brand new member with only one post.  Not sure it represents "us guys".  And who says we are kids?  I pay my own electric bill, thank you very much.

Further, I do think the effort spent in mining is productive work, but for an unexpected reason: it's an accidential creation of supercomputing infrastructure.  The currency aspect aside, Bitcoin miners have accidentally built what amounts to a democratic supercomputer for hire.  You know, China's world fastest computer, Tianhe-1A, which Wikipedia says is 2.5 petaflops?  The Bitcoin community is now well between 3 and 6 petaflops (depending on how you calculate it) and growing, and, in all likelihood, for rent at any rate that brings its participants more income than Bitcoin mining.  At today's rate, the starting cost to rent a percentage of those petaflops is the equivalent of 7200 BTC per day, or the same percentage of USD $5400/day.  Something which a decade ago was only available to institutions with billion dollar budgets, institutions that would definitely refer to their investment as assets.

Supercomputing decodes the human genome and finds cures for cancer.  How's that for non-productive work?

Before you know it, you'll have someone start a mining pool that not only generates bitcoins, but provides a secure platform for automatically distributing and running workloads for hire to pool participants when available, and will mine bitcoins in the remaining time.  I wonder how much computing time on Tianhe costs, and how hard it is to get.  Compare that to, "I've got 1 PFLOP/s in my pool, and we can start as soon as your BTC payment is received."


Title: Re: SELLERS: Let's Raise Our Prices to $2/BTC!
Post by: prcarter on March 22, 2011, 01:09:21 AM
Supercomputing decodes the human genome and finds cures for cancer.  How's that for non-productive work?

Right now, we are just calculating random hashes, simply because it's difficult to do so, and money is supposed to be hard to make.

The last few weeks the Bitcoin network has been seeing a slight decline in size from the near 900Ghash/sec peak on March 6th. Some people think that was because of bot-nets joining, or some big supercomputer (it then fell to around 500Ghash/sec). If that was the case, then we may be experiencing the negative effects of a sudden injection of BTC (inflation) in this latest price decline that some took the liberty of labeling a "bubble" [but then, it should only be 5000-10000BTC; a few days of market volume].

Network size is making a U now and appears to be starting to go up again.

There should be more people interested in BTC soon.