The cost of mining 1 bitcoin nowadays is greater than the cost of 1 bitcoin itself. Energy is not wasted, but billions of $$ are. The PoW just serves as an emphasis to the rarity of the bitcoin.
if that was true, why the hell would anyone pay more to mine when its cheaper just to directly but bitcoin? Large mining farms were established from funding by VC or from their own sales of ASICs. They have no choice but to keep mining in hopes the price will recover and they can recoup their investment. If the price doesn't recover, there will be mass bankruptcies in a year or two or when the loans are called by the creditors. |
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NXT is going to celebrate 1 year anniversary on November 24th. Now what does that tell you?
That NXT is secure enough to cautiously invest in (not that caution is not advised to invest in other cryptos for that matter), especially now that it seemingly has bottomed out. Yes, NXT doesn't have the track record of Bitcoin yet (5+ years), but Bitcoin's flaws mean all PoW run on borrowed time, and one of PoS implementations will be a successor to Bitcoin or at least gain a significant market share from Bitcoin. Will it be NXT? Don't bet a farm on it, but it sure is a likely candidate. |
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Doubling NXT does not mean doubling in BTC or fiat.
Exactly, but the advantage of the latter two compared to NXT is not obvious. If you have to cover urgent expenses in fiat right now, sure nothing can beat fiat, but for purposes of mid-to-long term investment I can't single out one of those three as the champion. Only time will show. |
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Also I am very curious, how the top 25 cryptos will perform relatively to the BTC. What do you guys think?
It will be a mostly flat line in 2015, but 2016 should see quite a bit of upside action, so get ready to get bored for a while ) |
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Awh I have the newest android on my nexus 7 tablet but it says my device is not compatible with this version =(
I don't have a smart phone!
Some sort of glitch, wait for it, they'll fix it in the next release or something. |
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Bitcoin, what else.
says the miner  |
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NXT has bottomed out. Just saying, don't buy now though, because it's hard. It's much easier psychologically to buy when it starts growing.
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They don't matter in the bear market, if you talk about the price. Mid-term (11-12 months) all cryptos are going down or sideways, no matter how much innovation, etc. The question is: what will you do? |
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closed loop never works...
I sure didn't mean a 100% closed loop, there would always be fiat gateways back and forth. But when 95-100% of bitcoins paid to merchants are immediately exchanged back to fiat, that's bad, mkay ) |
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Stay out of debt too. Debt in deflation is a killer.
So if I have a £1000 overdraft with the banks and there's a global financial meltdown won't the banks (who are now almost none existent) just write my debt off? If the system is broken who will be left to prosecute me to recover my debt? The meltdown won't happen overnight, it's taking years. There'll be some mergers and bail-outs and whichever bank takes over your bank will demand that you re-pay the debt. |
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Beginning of 2015 - $3, end of 2015 - $1.
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I disagree with a lot being said here. Bitcoins are still more useful than other crypto currencies due to its usability and higher price actually. Someone mentioned why use Bitcoin if we can get other cryptos for cheaper and still have the same usability. Well, first off, most other cryptos do not have the same usability on a practical level (forget the anonymity and other shenanigans for a moment). Major corporations are accepting them and the higher price makes it more practical. Unless you call practical using 1,000,000 crypto coins to pay for a can of soda. Also, there you go again, mentioning cheaper. Why does that matter? Everyone just wants to profit, but forget that. Look at it like a currency if you want Bitcoins, or any crypto to move far.
Bitcoins are at a very low point right now, price wise, not necessarily momentum wise if you look at the big picture.
Just because 1 Bitcoin is not worth what it used to be worth is not a bad thing. If it stabilized at $200, that would be fine by me and this consistent price further ensures usability and practicality to the masses whether its for purchasing items, or using it as an investment to store money.
I do not think that all other cryptos are silly, some have good value, and by some, I mean 2-4 of them.
Just my two cents.
Bitcoin is not useful to common folks and that's what counts. Crypto currencies need to find unique use cases to generate demand to be successful. Major corporations accepting them? There are not so many yet and all that serves is to milk the Bitcoin ecosystem for fiat, the price drops as a result. The right approach would be to make it a closed loop where Bitcoins that merchants accept for goods and services are used by them to pay back their suppliers, but no, this is not happening. Bitcoins are swapped for fiat immediately, this fiat leakage needs to be fixed before this ecosystem has a chance to be as dominating the world as some dream it should be. Bitcoin still has to test below $300 again as mentioned a few posts above, and if that holds, that could be the low in this bear market. It can't go above $500 before it re-tests and doesn't break the below $300 (~$275) target it reached in October. What is your plan if this bear market is to continue another 12 months? |
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Counterparty is too slow. It's not smart to use btc's blockchain either way....BTC will eventually fall (to other cryptocurrencies), and so will the coins tied with it. Alternatives will take time to build up. The problem with Clearinghouse is , although VIA is custom built and fast, it does not have the distribution of BTC. So what you're saying is dogeparty? Dogeparty is a nice compromise between Counterparty and Clearinghouse, it just has the right combination of speed/community support/distribution. I see Dogeparty being more successful in the future than both of those. Just wait for someone to actually start trading serious with Counterparty, they'll be cursing the slowness of Bitcoin blockchain with every trade, not exactly a good user experience. What we're seeing now is a usual marketing hype, Auroracoin type, with no fundamental reasons, pure guesstimates and hyped beliefs. |
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The purpose of this milestones code is "an optimization to speed up finding out what is the last common block you share with a peer." (c) JeanLucPicard
But requesting milestones from peers only checks back 1440 blocks for 10 "jumps", so if the closest common milestone is further than that, then it would just be unable to find a common block. That would happen either because it had forked 14400 blocks ago, or because the peers had gotten 14400 blocks ahead. At which point, as far as I can tell, the client needs to start over with a node that is passed to him from the NxT domains. That seems like a pretty clear "checkpoint" in all but name. Although, the server "won't allow" forks after 720 blocks, so I guess it only looks for older milestones in case the server was just offline for less than 10 days. I don't really understand the point of that rule, since all it seems to accomplish is making forks permanent. I need to see how this thing isn't getting drowned in orphans. Ostensibly it's because no large stakeholder has bothered to try to mess with it. That's the goal, I know, but good grief, if I wanted to trust rich people that much I'd stay with fiat. There are no "NXT domains", there are peers which all share a copy of the blockchain. If you think all the blockchain is downloaded from one centralized service, well, you need to check your facts again. Installing the client, downloading the blockchain, and looking at the peers tab would be one simple way of doing it. |
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