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Agree with NXT comment. But I disagreemthat BTS and ETH are scams. One could argue that they are more legit than NXT. But all 3 are not scams. But people in their community are allegedly corrupt taking advantage of its members.
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I'm writing a paper on Bitcoin mining/cloud hashing and came across this comment. I was wondering what others think about this. I would also like to know more about the sustainability and profitability of industrial Bitcoin miners from all of you. Thanks. i think the majority already roied on their old equipments, they are there since many years already
a random chinese farm with 100 peta spent something like, what...100k btc?(5 btc 1 antminer s7 x 20k s7(100peta/5tera)), but they can produce 500 btc daily x 365 = 180k btc...
this mean that any farm running s7 can pay their equipment in 6 months, and then every new added asic can be payed in no time, they only need to face the electricity bills at present
this electricity bills is ridiculous low, because the ratio between the earning and consumption for 1 s7 is 8:1(8 in earning 1 in consumption), $360/$45(monthly) at 0.05 cent per hour maintenance cost can be done by some 2-3 guys, once in a months, i don't see a big problem with it, it would not increase the overall cost by much, probably peanuts
if you give $1k a month to one chinese guy, i'm sure he can clean you 1k machine in one day... |
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Interesting to see all these 'expert' opinions missing out on very high maintenance costs...
You people certainly never did any mining of any significant scale....
maintenance cost can be done by some 2-3 guys, once in a months, i don't see a big problem with it, it would not increase the overall cost by much, probably peanuts if you give $1k a month to one chinese guy, i'm sure he can clean you 1k machine in one day... Again.. It would be nice to have solid numbers on this. |
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How's the volume? Improving?
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Hows the volume of Sakura Internet?
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Not enough demand for them. It's just one of those things, you know?
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I think we got the BTER hack mixed up with another hack. The other hack victim was maybe not a dev but was one of the NXT committee leaders where his Mac was hacked and millions of coins were stolen. I think they also negotiated with the hacker and some of it was returned and they never came after the hacker which we found really odd when we heard about it.
Another case where the NXT community sweeping it under the rug and then pretending everythng is ok.
Yeah, I know who you're talking about now. There was a guy named "Klee" who held over three million NXT in community funds. Supposedly, if you believe him, he was dumb enough to upload his NXT passphrase unencrypted to Dropbox. Srsly. According to him, he was "hacked" and they stole the three million in community funds and some of his own NXT. (You know they gotta steal some of yours too to make it look legit, right.) He ended up paying back some of the "lost" NXT from his own holdings. But, yes, a bunch of morons over on the NXT Forum actually bought this story and anybody accusing him of wrong-doing was silenced. I remember there was an anonymous person who started a thread with personal details on how Klee was really the perpetrator of this "theft" along with some other woman. The NXT Forum moderators deleted this post within hours of its posting because it had "personal information".Interesting... |
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NXT is a scam, and its dead. Cant we just leave it alone now and stop bumping the 10's of nxt threads all day long.
I wouldn't go that far. But if you're right, then NXT would be one long con. Which is unlikely. |
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Your vote thanks  Please an an option, 'Never'. |
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the efficiency will help the profit for the miners, if the demand will not be there
miners need much less than the current price to have their profit, at 1k-2k in value they have their ass covered up to 2028-2032 halving
crazy value must come in play only when we approach the fee era, otherwise the mining scene will be fine
They profit for sure. But remember they invested significant capital upfront to start mining BTC. So how much do they need in terms of block rewards until they get their investment back at current prices? i think the majority already roied on their old equipments, they are there since many years already a random chinese farm with 100 peta spent something like, what...100k btc?(5 btc 1 antminer s7 x 20k s7(100peta/5tera)), but they can produce 500 btc daily x 365 = 180k btc... this mean that any farm running s7 can pay their equipment in 6 months, and then every new added asic can be payed in no time, they only need to face the electricity bills at present this electricity bills is ridiculous low, because the ratio between the earning and consumption for 1 s7 is 8:1(8 in earning 1 in consumption), $360/$45(monthly) at 0.05 cent per hour It would be nice to have solid numbers on this to complete my paper... |
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Just curious, how did NEM land this partnership with a Japanese bank?
Its a good question. How did NEM do what no other blockchain has done? In short, it basically took a great product that is doing many things nobody else is doing, a team of people working very hard to market it, and getting lucky and getting very good connections. Representatives of NEM were in talks with basically every major bank in Japan. It takes a lot of meetings with different levels of people along the way, demonstrations, proposals, and then finally contracts. All of these meetings and demonstrations were funded out of pocket, which was a risk. In addition Makoto has spoken at over 20 major conferences in Japan (not just Bitcoin ones, but banking or government related ones) with sometimes thousands of people in attendances all wearing suits. He has basically been working on this deal and other deals not very different from this since the launch of NEM part-time and full-time on it since he got VC funding and backing last summer for DragonFly. Winning the a spot with one of Japan's most important incubators helped a lot too (4 out of 80 teams were accepted to continue) as important players are connected there. This deal wasn't like he had a good ole boy friend at a bank or bumped into somebody at a conference and drank beer with them. It has been a coordinated full time job to make happen. The group behind the bank is actually one of Japan's most powerful groups, and if things were to go well with this trial, there is potential for much bigger deals. Also, I would have to say, it isn't just Makoto. Lon has been his partner with DragonFly pay and had this vision going back a couple of years and has been working hard and to that point long ago filed some patents that makes the tech industry look at them as an attractive partner. Makoto also has a good partner, Asayama, the owner of the largest exchange in Japan, Zaif. As well as people like Jimmy Homma in the Bitcoin community were very helpful in helping him to get started. And then there are the team (not one mind you) of talented devs working full time to bring this product to market and functioning well. All of these devs I know well by now, and I can say that in addition to being great programmers, they are just all around bright and smart people. The NEM development team only has 4 members, but I honestly put there capacity second only to the team at Blockstream, but luckily the NEM developers have a much easier and cleaner platform to build on. All these factors were very important, if anyone of them wasn't there, I'm not sure these deals (or future ones) would have happened. What is proof of importance exactly? And how is it better (supposedly) than proof of stake? |
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the efficiency will help the profit for the miners, if the demand will not be there
miners need much less than the current price to have their profit, at 1k-2k in value they have their ass covered up to 2028-2032 halving
crazy value must come in play only when we approach the fee era, otherwise the mining scene will be fine
They profit for sure. But remember they invested significant capital upfront to start mining BTC. So how much do they need in terms of block rewards until they get their investment back at current prices? It's not profit until they roi. Exactly. Which begs the question how much in block rewards will it take until they do get to ROI at the current price? |
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the efficiency will help the profit for the miners, if the demand will not be there
miners need much less than the current price to have their profit, at 1k-2k in value they have their ass covered up to 2028-2032 halving
crazy value must come in play only when we approach the fee era, otherwise the mining scene will be fine
They profit for sure. But remember they invested significant capital upfront to start mining BTC. So how much do they need in terms of block rewards until they get their investment back at current prices? |
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I think we got the BTER hack mixed up with another hack. The other hack victim was maybe not a dev but was one of the NXT committee leaders where his Mac was hacked and millions of coins were stolen. I think they also negotiated with the hacker and some of it was returned and they never came after the hacker which we found really odd when we heard about it.
Another case where the NXT community sweeping it under the rug and then pretending everythng is ok.
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I think the scamming in the NXT community should be investigated. From what my group gathered, besides the Lee and John alleged scams, there was a NXT project dev who had his BTER account hacked and the hacker stole millions of NXT which the dev earned from selling NXT assets (community funds). The hacker supposedly returned some of the NXT and the rest he kept. The fact that the dev and the community allowed this to happen, letting the hacker go and swept it under the rug, I find odd.
I don't know if we got the details right, but it would help for anyone to enlighten me and the readers of this thread.
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From what I gather, most people think BTC mining is not sustainable in the very longterm. I'm thinking satoshi might have missed the possibility of ASICS and the cartelization of mining. That said, are the miners of today still making profit at a 25 BTC block reward? If they are, would they still be after the halving next year (assuming the BTC price still stays the same)?
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Anyone know what's going on with Factom? Nice little run up there. I missed it though...
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Just curious, how did NEM land this partnership with a Japanese bank?
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It all started for me back in April of 2014.
The following year my girlfriend and I had broken up for a few months because I had become so obsessed with reading about bitcoin and was being neglectful to her needs.
I had promised her that I wouldn't constantly be on my phone reading all the news related to bitcoin and watching the price fluctuations and on July 16th 2014 I asked her to marry me.
I kept my promises to her for a while. Until April 2015 when my miners that I used for solo mining actually found a block.
It was my first time finding one after over a year of trying and seeing 25 coins in my wallet worth almost $6,000.00 was so exhilarating and I felt like I was on cloud 9
I told my fiance about it and for the first time she was happy i had gotten involved into mining bitcoin.
I made a promise never to touch them until we we ready to retire.
A few days later I purchased 1 bitcoin and rented some hashpower and tried my luck at solo mining again.
Before I had spent even 1/4 of that bitcoin I found another block.
Woo hoo! This is easy I told myself.
Of course I told her about it and again she was very pleased.
This time I promised I would only use five coins to try and solo mine another block.
Well I lost the five.
Then more, then more and more and more until I had lost it all.
I couldn't tell her what I had done, couldn't admit that I had turned into a compulsive gambler and threw it all away.
So what did I decide to do?
I took out a home equity loan and borrowed $30,000.00 so I could purchase about 75 coins at the time.
I just knewI had figured out a system and with that many coins I would be able to get back what I had lost and repay my home equity loan.
So from April 2015 until mid December 2015 I tried every method I could come up with to try and outsmart the system.
At times I would spend an average of 1 bitcoin per day assuming it would take me no longer than 25 days to find a block and if I found one earlier then that then obviously I had come out ahead and I would pick a different address to solo mine to. It had to work, how couldn't it. At other times I would rent enough hashpower that I should have found a block within 12 hours.
Well it was quiet a roller coaster. From April of 2015 until mid December of 2015 I would estimate I found at least ten blocks probably more.
But I never could get back to where i started. I would get to the point where I was about to lose it all then I'd find a block.
Then I'd use that one to try and find more. When I was about to lose it all again, I'd find another one.
This process of losing almost everything and then gaining back a little, rinse wash and repeat continued for 8 months.
It was the most stressful time of my life.
All I could think about was getting back what I had lost so I wouldn't have to tell my fiance what I had done.
She felt neglected because I was always swiping my phone to see my new "best share" and to see how close I was to finding another block and a dark cloud followed me everywhere I went.
My negativity and despair showed on my face and she didn't understand why because I couldn't be honest about what I was doing because I was so ashamed.
Every day she would complain how I was always on my phone and not paying any attention to her, and I wanted so bad to just get back what I had lost and give her the attention she wanted and needed.
Long story short. She left me and I lost it all.
The moral of my story is dont let bitcoin take ahold of you like it did me, relationships are what matter and once you lose them you can't get them back.
She's already moved on and found a man that is giving her the attention she needs and I'm lonely, broken hearted and in more debt than I've ever been in, in my life.
Cliff notes? |
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It's not. Not at all. And one of the many reasons why the bitcoin economy is guaranteed to collapse, essentially making it a ponzi scheme.
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