The same Bitcoin apocalypse predictions from the GPU times have proved wrong and now it is no different.
Just because the difficulty jumps too fast does not mean Bitcoin will die. The way you think, you would also say that when there are no more block rewards bitcoin will die, so why Satoshi did that? All this is not unexpected and this will not be the last huge difficulty jump, but we will have few years till the next one.
im talking about the jump in speed and tech, satochi said bit coin would take until 2140 to be complete ! its now something like 2040 becuase of the speed in which we mine , we are mining our way out of bitcoin, the change you speak of didnt have big company's producing massive power crunching machines, im saying the tech has shot us in the foot. im just trying to have a VALID opinion of the situation, so dont drag me to the wolves for it, once we can see whats really going on we can work together to find away we can continue , Problem Action Solution Is this post fair ? The last freshly minted Bitcoin won't be anywhere near 2040. I believe ~2040 is when the subsidy drops below a full coin per block. "2140" is the date where the subsidy actually becomes 0 because it would be a fraction of a satoshi. The difficulty adjustment keeps the halving events *roughly* 4 years apart. Obviously early on in the life of Bitcoin these events will happen more frequently because difficulty adjustments are a backwards-looking adjustment rather than forward-looking adjustment. Exponential growth is not sustainable, and the previous posters were correct. GPU -> ASIC is basically the same as CPU -> GPU was. Actually, what we're seeing today isn't even close to the jumps we saw from CPU->GPU in terms of percentage growth when GPU mining first started. The first time GPU mining was introduced is the first and only time in Bitcoin's history where the limit on a difficulty increase (+300% in a single adjustment) was ever hit. Agreed , so lets look at some more maths : the number of new people mining Vs the speed in which they mine Vs the speed in which the new faster boxes are being designed and released by the BIG companys hows the future look, im thinking if we all got to a 1Thash Mining rig and theres & 80,000 of us ? well Peta hash is being developed so lets all have a 1Phash mining rig , wheres dose this end ? i think my ultimate question is this ......................dose the genius of satochi protect against this? so that its still fair for everyone or will HSBC own the worlds largest Hashing rig in the near future ? i dont know anymore i give up ! |
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you have absolutely no idea what your talking about my friend i suggest you brush up on Bitcoin Mechanics, and basic economics. to call somethings an inflationary currency that was designed not to be is a bit silly.
I'm not a friend of a person who is unable to take part in a discussion without personal insults. Regarding your reply, number of bitcoins is increasing. Right now Bitcoin is an inflationary currency. ha ha ha ha ha ha ha ha h ah ah ah aha ha ha ha ha the number of bitcoins is increasing , please can other people point out his short comings in his failed logic , ok so its now 24million Bitcoins? im not being horrible and im not being rude and i dont want to offend you but please dont respond to this,just go away and teach ya self about this subject, next ya gonna tell me bitcoin comes with interest free credit lol where was the personal insult? calling you a shit easting monkey fucker is a personal insult and i would never do that its beneath me. also please understand that Bitcoin is a supply and demand currency not inflationary. |
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I can't agree:
'the jump in speed and tech' - compare CPU with GPU speed
'didnt have big company's producing massive power crunching machines' - dozens of GPU's from both Nvidia and ATI
once again nothing different now than the switch from CPU to GPU ... this is called (hardware) evolution and is perfectly normal and expected.
are you mad!!! so by your logic a jump from GPU to 1Thash is the same. i think you failed maths at school sorry but you deserve that |
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The same Bitcoin apocalypse predictions from the GPU times have proved wrong and now it is no different.
Just because the difficulty jumps too fast does not mean Bitcoin will die. The way you think, you would also say that when there are no more block rewards bitcoin will die, so why Satoshi did that? All this is not unexpected and this will not be the last huge difficulty jump, but we will have few years till the next one.
im talking about the jump in speed and tech, satochi said bit coin would take until 2140 to be complete ! its now something like 2040 becuase of the speed in which we mine , we are mining our way out of bitcoin, the change you speak of didnt have big company's producing massive power crunching machines, im saying the tech has shot us in the foot. im just trying to have a VALID opinion of the situation, so dont drag me to the wolves for it, once we can see whats really going on we can work together to find away we can continue , Problem Action Solution Is this post fair ? |
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and by the way since im on this forum and im mining im just as much apart of this as anyone else i have invested interests as well thanks , BUT i wont convince myself about things that are not true. ive spent along time researching bitcoin the system the maths , and it dosnt look good i feel the small miner upto someone running 250Ghash has a problem ? if Thash system flood the market and i bought 10 of them as a small miner what dose that make me ? A small miner who has spent £10,000's who will loose his investment in a year when the 50Thash boxes are built and released , and then the 200Thash boxes have been released , talk about shooting ya self in the foot , AGAIN Prove me wrong with facts and maths not just your opinion please, im not being negative im just looking at this with out my rose tinted shades on , and im sorry for this
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Is the bitcoin boat sinking?
There's a ton of other threads to discuss such things no this thread to discus such things are you censoring me ? because your selling asic miners on ebay? "Is the bitcoin boat sinking?" - not censoring you - just find the post incredibly tedious to read. I'm actually selling fury miners on ebay - not asicminers - and you think I wan't to silence you in case the whole world sees your post and decides that bitcoin is no longer viable and then I will be left with unsold items? Have a word with yourself. well if the whole world has seen this then im doing something right, if your tired of reading these posts then maybe the writings on the wall maybe the consensus of opinion has out weighed the possitive and its what we ALL are starting to think, have a word with your self and pull ya head out the sand , we ALL loose out here m8 |
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Is the bitcoin boat sinking?
Looks like it, 15 hours for a block between yesterday and today... That is on Slush's Pool. If the difficulty goes to 200000000 (which is most likely) in 2 weeks time will it still be worth to mine on pools for small miners? Maybe we should all go solo? You won't get much out of pools neither solo but hey if you find a block when soloing it's all yours!  Would be nice to hear what you guys think about it. Also I was thinking of investing in a Cointerra 2TH box but by the time I get it (Jan or probably "2 weeks time" after that deadline) the difficulty will be so high that you'd need 20TH to mine anything. And another query, if mining will become impossible/unprofitable for most people will Bitcoin lose its steam? i think we have a front row seat on the fall and collapse of bitcoin, and never thought i would say that , time to cancel my ebay orders for asic miners !!!!!!! People got greedy by making asic miners too fast , i dont think satochi thought this would happen , this wasnt in his maths Prove me wrong someone !! |
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Is the bitcoin boat sinking?
There's a ton of other threads to discuss such things no this thread to discus such things are you censoring me ? because your selling asic miners on ebay? |
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Bitcoin is an inflationary currency and remain such until the last bitcoin is mined. "Early adopter" phenomenon works only for deflationary currency, this is why noone gives 1,000,000 USD for 1 BTC. Has anyone thought how much 1 BTC would worth if miners earned only transaction fees without a block subsidy? Would it be much more valuable or would it be completely abandoned? Someone can ask how all initial coins would be distributed in such a scenario, there is no way to do it without a premine and we all don't like it. But what about a premine when already mined coins are "transferred" to other blockchain and a new currency is launched? This looks good from my point of view. Will such a currency survive?
you have absolutely no idea what your talking about my friend i suggest you brush up on Bitcoin Mechanics, and basic economics. to call somethings an inflationary currency that was designed not to be is a bit silly. it can only be inflationary is if someone COULD release 1000's of bit coin at there will , and they cant so no and well im bored now |
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Is the bitcoin boat sinking?
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Do we get bigger rewards if we find blocks more often?!? how does it affect payments
E: and what I get if my worker finds block?
We don't get "bigger" rewards, but we get more of them, if we find blocks more often, and we don't have these ungodly seven or eight or fifteen hour monsters like we are having right now. And no, you don't get anything special if your worker finds the block, you share it with all of us. russell if you have 1Ghash and i have 10Ghash and we work the same block my rewards will be larger than your rewards , its that simple , the same block we work will take the same time for all of us working that block , if you had 30Ghash you would get more reward than me so on and so, on hence the asic race |
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this maybe of interest ,
Im still getting the same rewards and same frequency of rewards using the same hash rate i was running 3 weeks ago even though ive seen the pool hash rate basicaly double !!!
no sure how that can be? I know thats why i thought this information would be of interest, the only thing ive noticed is the very long Chains like tonight another 9hour+ , and we had the 15hour one the other day, apart from that i maybe a few % down . considering the hash rate has doubled im happy with mining |
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dont use cgminer. it requires special winusb drivers and some sort of proprietary communication method.
BFGMiner uses the official Silicon Labs CP210x USB to UART Bridge VCP Driver, which is install once, and done. BFGMiner will detect all USB miners without a problem, and even supports hot plugging.
My CGMiner uses CP2102 USB to UART Bridge Controller and supports hot swapping of Block Erupters. yeah i agree i use the same setup with cgminer and it works perfect , download the siliconlab drivers and you will be fine, have you setup your batch file right? |
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my advice.
take out a loan to cover your mortgage.
follow the money, maybe the thief will spend them on something, or send them to an exchange, this could maybe somehow tie and identity to this address.
were you using this blockchine.info wallet with your mobile device at any point?
please everyone stop doing this!
paper wallets are really easy to print out.
bitaddress.org
could you please explain step by step for a newbie what the best way of protecting there bitcoins are, maybe we should create a permenant thread for how todo do this |
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Sorry to hear that dude i checked that link and see your ip address but not for the receiving address of the coins , your near Chicago right? im new to bitcoin and im not sure you have any chance of this , you could put out a plea for donations to help you though a tough time seek the support of the community. im new i dont have any bitcoins yet just small fractions from a basic 2x 335Mhash mining rig if i could send you a bit coin i would.
i hope something good happens for you soon
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Every fabric of the universe is energy. Usable energy is just establishing the ability to route the fabric of the universe into patterns of motion that suite our will. As humanity grows in sophistication, our ability to control the patterns of energy around us will be completely established and quantity of energy, in the form of electricity and heat, will be just a matter of infrastructure. Eventually the economic cost of energy will be near zero. When ASICs reach their peak mining efficiency and manufacturing of ASICs also reaches peak efficiency, one's mining power equates to available energy one has access to + cost in energy to produce the required ASICs to mine that energy. At this point, costs of bitcoin mining will be so incredibly low, that transactions fees will be reduced to negligible amounts, but the mining will continue, in absence of reward, because there will be literally no cost to it. Bitcoin mining will become simply a way to use up the free excess usable energy left over from all other energy requirements of humanity. Maybe eventually, when usable energy storage technologies are perfected, we will simply scrap crypto coins and just use pure energy as a form of currency. That seems like the next step in the sequence: barter => physical coins => digital coins => pure energy? Nothing is simpler to exchange and more universal than usable energy, so why not? And nothing has more reassurance against counterfitting than energy, due to our confidence in the law of conservation of energy. Infrastructure to transmit large amounts of energy over long distances I'm sure would be trivial by this time; so currency could disappear and the world economy could operate on the basis of exchanging energy alone.
Are you Nikola Tesla? I agree in most part, . we are still dumb humans that dont and cant manipulate the fundamentals of our universe , (Large Hadron Collider) when we do we wont need money, we need money because Petrol is expensive , food is expensive, energy is expensive and well everything's expensive , or in poor country's just dosnt exist there for them. we are being held hostage by the energy company's . in the uk anyway |
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Don't buy mining hardware, *at all*.
What is your alternative then? There is no alternative. Don't buy those things. Stop. HrHh best regards, ilpirata79 At least the guy who started a similar thread before you provided a common sense reason: ASICs hurts the planet because they use too much energy. He was funny. You aren't. So what? Did you read my first post? Did you understand it? best regards, ilpirata79 i couldnt disagree with you more , i just dont have the time to explain . stop with your nonsense please . and no i don't work for an asics company i just understand EXACTLY how this mining works. Thankyou and good night |
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I had some large cash deposits which got me a call from the branch manager. Basically told her I was buying and selling bitcoins. Was told not to buy any more bitcoin from coinbase or they would close my account. Got this letter a couple weeks later.
are you in the USA? Yep! Boise, Idaho US Bank branch. 10 year old accounts they're closing. Checking & savings. sorry to hear that dude |
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Just because the OP is bitter because he couldn't afford an ASIC doesn't mean the end of bitcoin.
ASICs are one of the best things to ever happen to bitcoin in terms of securing the network! The higher the difficulty, the better!
I'm tired of these whiny, FUD posts.
People please don't forget why we do what we do with mining,To help support a currency that isn't manipulated to enslave the people with crushing interest that leads to homelessness and family's breaking up . to the IMF ECB FED Bank of England , HSBC running drug money and all we hear is bitcoin can buy drugs from silk road, This is OUR evolution from our bedrooms our living rooms and our basements. to help stop whole countrys like Spain Greece Portugal going bankrupt foring people into food banks and poverty, OUR Zeitgeist MOVEMENT. Yes it would be nice to make £100,000 doing this but at least my reasons for doing this are not just greed , if that's the case with you go work for JP Morgan or HSBC !! Dont forget the goal of BITCOIN IMHO |
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