5 million bitcoins might be worth 1 million dollars in 5 years.

On a somewhat unrelated note ,I got an email from the Vault of Satoshi today saying that they were closing.  Behind the scenes they had been developing a different business unrelated to cryptocurrency for some time, as this market has been getting uglier.  I signed up for an account a while back and even opened a new checking account at BMO, thinking that I would want to use it to buy bitcoins.  Now I'm glad that I held off, and only have a few dollars still invested in bitcoins.      

It appears to be offline again.   Otherwise, the exchange hasn't worked for me at all in the past couple weeks.  My bitcoin deposits are in limbo, not being credited to my account.   Not a major loss though, probably about 50 cents worth of bitcoin.

I don't believe that fresh beef could be safely shipped long distances.  Also, it would only be available at certain specific times.  I don't think that the expectation would be realistic.  In this case I can confirm that my previous order was frozen packages.  It is very good nonetheless, and well worth a try.

I think we entered around the same period.  I first tried out bitcoin mining around Halloween 2013, with one of those short ebay mining contracts.  At that time 1GH was able to mine nearly 0.01 BTC per week.  I lost that first 0.01 BTC by storing it in an online wallet that got hacked.  Much easier to make an interesting return back then, coupled with the rise in value of bitcoin towards $1000, and it is understandable how we got hooked.  

Here is where it started for me:

http://www.ebay.com/itm/1-Week-Contract-Bitcoin-Miner-1000-Mh-s-1-Gh-s-ASIC-Mining-168-Hours-001-BTC-/271307049105?




There was an old multibit wallet on another laptop, my original bitcoin wallet, which appeared to be corrupted.  It was no longer recognizing the password.  So I copied the key and installed it onto my newer computer.  To my surprise, after resetting the blockchain, there was about $15 in bitcoin that had not been there before when that wallet had been on the old machine.  Not sure if that might have something to do with the problem I encountered.  At any rate, I was able to send a small amount today successfully.  

Either way, I think we've reached a point where it will be a significant challenge to attract people to Quebecoin.  At least for the time being.  The overall downturn of cryptocurrency from 2014 to present must be having a negative impact on people's confidence and belief in this technology.

The other day I sent a payment of about $16 in BTC to purchase a gift card.  The transaction ended up failing, and my bitcoins disappeared.
What if I would have been sending a couple hundred dollars or more and all of it disappears?  I might be able to retrieve it by installing a copy of the key into a wallet on another computer, but what if the same happens to someone who is not very tech savy who are just learning about bitcoin.  They will probably become completely discouraged.  There are definitely security issues that need to be addressed.

Yesterday I made small BTC deposit to my cryptobec account, which hasn't been credited to my account.  A bug perhaps?

Here is the transaction:

https://blockchain.info/tx-index/e54826bbffdd793d6b7d3ccc37f43e58fd29b089a5a7833d01d4a6d3243d196c

It is a concept that I was thinking of as a way of promoting a little more interest in using Quebecoin. 

I also wanted to point out that I have about 0.015 BTC on the exchange, in case someone wants to sell some Quebecoin at a reasonable price.

What do you guys think about entering a raffle draw to win pizza?  Let's say 100 QBC per raffle ticket.  The prize could be a $25 e-gift card from Boston Pizza.  If that restaurant doesn't work for the winner, we will figure out a different option.

I got double what I got last week.  4 cents (in BTC), up from 2 cents on 150 GH.

PB mining was just one of many examples of why 2014 was a year full of bad bitcoin investments.  I hope we have learned something and that we will be smarter about bitcoin in 2015.

Ok, we will have to wait for  ghonyme to look into it.  I seem to recall that I had a very small Reddcoin order on there too, but it is gone.

I just tried to log on, and it appears to be working now.  Although I have not tried to make an exchanage in some time.

And a big part of what is wrong with the bitcoin ecosystem.  Looking out for one's own interest with zero concern for others.

As per Zeus’ latest statement, our contracts will go dormant for a period of 15 days, effective today. The miners have already been turned off. This in in the hope that the value of litecoin rises within the next 2 weeks to a point where profitability is such that the miners would be turned back on. This is a last ditch effort to turn things around, however I seriously doubt that litecoin will recover to workable levels within 2 weeks.  At the very least, it will delay the bad news of lost investment to sometime after the Christmas holidays.

As of today Zeushash has come to an understanding with the scrypt mining operator to temporarily turn off scrypt miners for 15 days.  During which time they hope that the value of litecoin will go up to a point where mining will be profitable once again for customers.
This is a last ditch effort, which appears to buy more time, however the likelihood that litecoin will turn around within 15 days does not look good.  So the contracts will probably still be cancelled anyways.

Perhaps they didn't want to look too much like the scrooge that stole Christmas, and are postponing the inevitable bad news so it does not coincide with Christmas.

All Zeushash customers who purchased lifetime MHS contracts will most likely lose their entire investment on Boxing Day.  Based on current information, they will have no recourse, except an invitation from the company to buy new GHS contracts.  Their contract stipulates that Zeus reserves the right to cancel the contracts after 10 consecutive days of negative litecoin mining returns.

http://minerdesk.com/zeushash-may-start-terminating-scrypt-cloud-mining-contracts/?utm_medium=twitter&utm_source=twitterfeed

Thanks Guillaume.

It is a good point.  I think all of us who were involved with this should feel concerned regardless of how close we came to ROI.  Since we have all been dragged down into the mud of this ponzi.  

For some time leading up to this I had been following both the original PB Mining thread, and the more skeptical "PB Mining legit?" thread.  So I had my suspicions that a collapse would eventually come.  Yet I also noticed how each Sunday people would post messages stating how happy they were to get their latest payment, while scoffing at the mounting accusations that this was a ponzi.  "I am still getting paid each week, that's proof enough for me that this is legit" etc....   Clearly the bar for finding a legitimate investment for our bticoin has been set very low for far too many of us.  I am just as guilty as the next guy for not beeing careful enough.  Fortunately I limited my investment to only whatever I was earning directly from a modest home mining operation.  

I think that any of the Canadian customers who followed the warning to refrain from buying more contracts would have at least come close to reaching ROI.  The disclaimer was as follows:


Knowing what we know now, it is probably safe to assume that PB Mining did not include this statement on their "purchase contracts" page purely out of a desire to respect all Canadian cryptocurrency laws.  It could have been a way to ensure that less local people would be ultimately affected by the inevitable collapse of this ponzi.  So less Canadians would then be motivated to go after PB Mining to seek reparation.

I was one of the Canadian customers who heeded the warning, and found that I was able to reach ROI based solely on the fact that I stopped buying new contracts some time shortly before he posted the note that he could no longer sell to Canadian customers.

Had my situation been slightly different, I could see where, like many others, I could have very easily decided to invest a greater amount based on the initial performance I was seeing in weekly payouts, only to lose over 90% of that investment.

2GOOD,

Do you think it is time to unplug HEX16A2 miners?  Are they still worth running undervolted?

Sorry, I didn't notice that.  I will refrain in the future.  I was just replying to a fresh post I saw under "unread posts since last visit".  I did get a chuckle from reading your term "ponzi mining".