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What you say it's true but for the same amount of time that you put in for a whole day's work to earn from faucets, you might be better off doing some other stuff offline that could pay far more than 10000 satoshis. Furthermore like what kwaasteniet pointed out, the dust amount will make the transaction size become bigger, so in general you will end up paying more fee.
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If you don't want to go through long wait just to get your fund to bank and then transfer to exchangers, you can actually opt for localbitcoin. Depends on where you are from, there are quite a lot of sellers who offer quite competitive price. Right now, for 100 bucks, you can at least get somewhere almost close to half a unit of bitcoin.
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Looks to be stable for now and in fact, could see that the price has increased a little. If look at the graph at coin market cap and then comparing the order book at exchangers, they seem to point towards upward trend for now.
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Bitcoin transactions are NOT reversible. When you send coins to an obscure third party to earn "interest", the following risks are all present:
1. They will shut down and disappear with your principal
2. They will slow-pay or no-pay your withdrawals
3. They will get hacked, or claim to have been hacked, and lose all your coins
Also have to ask yourself how any site can fund unrealistic rates (i.e. 2.5% per month) without running a pyramid. Do they have a magic cash machine? Probably not.
True. Most sensible thing to do is just to keep the btc safe and most probably the value will be up someday. For few percent interest, I don't think it's worth the risk to have everything lost. |
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For me, I use bitcoin because I know my account won't be subjected to closure or being charged any fees like what banks are doing. When I have bitcoin in my wallet, I'm fully in control of my money, my personal finance and I know that nobody who I entrust to, to keep my money will be able to run away with what I have.
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Although there is nothing wrong with your idea which i think is great that it allows everyone to participate in mining but I remember there was an altcoin created before operating on the same concept but failed. Wish I could remember the name of the coin though
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Supporting Wikipedia for their virtual encyclopaedia service, whilst spreading the Bitcoin word across the planet. This is in support of an email I sent this morning, asking if they would accept Bitcoin as donations, once completed I will send Wikipedia the results. Hopefully the results will be positive  yes I do the support the idea fully but ... They do accept Bitcoin as donations already , you can see the article here => http://www.coindesk.com/wikipedia-now-accepts-bitcoin-donations/Besides They make around 210 million dollar each month just by Ads from their website & more millions via Affiliate Links so yeah ... I don't think they need any donations to be honest ... still a good idea to make bitcoin more known and make people show their appreciation Where do you get the information that they are earning from ads and affiliates. I think it's very clear that they want maintain the website to be ad free and rely on donations. if they would have put even a single ad link can you imagine how much they would have made?? |
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Makes total sense to me but I'm just wondering how the speculative selling can drive the price down so much and so quickly when we have a fundamental value established. When the speculators put a sell order eventually they will need to buy back. During the course of driving the price downwards I presume there are bound to be someone who panic sell forcing price to dip lower and thus the speculators can afford to buy back at lower price.
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It's so easy to talk with bitcoin at 500.
If Bitcoin went under 100 usds, there would be so much panic that most people would dump them like hot potatoes without looking to the price at which they were selling.
yeah there would be so much panic, but not what panic you are talking about but PANIC BUY, price won't go under 100 ever, many will buy long before that For sure I'll place a huge buy order. Already allocated funds on standby. And people who bought right now at 220 have no reason to panic sell when it goes to 100. What do they have to lose anyway if continue to hold on to it |
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I asked myself earlier the same question. Is there any possibility that the bear whale purposely have it done during the weekend so that we don’t have the chance to react. Most people presumably the bulls are on weekend holiday
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I think security and ease of use are the biggest hurdles for bitcoin adoption. Can't really speak for all currencies but these two things stand out and seem like they'd apply to just about any currency. I think you have to consider your audience in this discussion too. Regular users of bitcoin understand the risks first hand and may disagree about security being a hurdle. But you take your average user and I bet they are a lot less willing to dive in when they look at the learning curve. And there is a pretty big learning curve.
When someone makes this easier and more secure then it will be in much higher demand. Especially if bitcoin markets offer competitive deals.
I think when it comes to ease of use, it's not a major hurdle. Compared with those day when you only have a handful of programs, nowadays you can easily find HD wallet, multisig feature which are becoming a norm. Take for example electrum. It's easy to use with its minimalistic feature and when it comes to security, there's nothing short or anything. |
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Well, it has been a week now. Seriously I hope it stays that way to prove all the pessimist wrong. People has been looking down on bitcoin potential and for the past week we have seen barrage, one after another attacking bitcoin. It's a chance for bitcoin to prove they are wrong.
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You see there were 5 days where Satoshi turned off his mining machine.
What could have been the reason for that?
Was he waiting for others to join the mining first so that he did not end up with way too many coins?
Was the genesis block created (days, weeks, months) earlier and did he do something in between? (Fork the chain, hide some coins, I don't know)
Are these things a real concern? I mean, what if there are some coins hidden on a side chain. Couldn't we agree to fork the bitcoin code into declaring january 9th the day of genesis?
I've been reading about bitcoin on a daily basis for the last two years and these things are the only concerns for me to not put the remaining of my life savings into bitcoin.
Why fret over these issues after so many years. There could be other reasons unexplained but I don't think there's any problem because bitcoin was practically worth nothing at that early stage. Overall, I don't see it being a threat towards bitcoin network or its integrity in any way. |
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I tend to think they are delusional, but then I look at this: http://www.usdebtclock.org/and think those that are delusional and mentally insane are those that aren't investing their life savings on Bitcoin. Right on! Sometimes the facts and figures are just in front of us and we chose to ignore it. Either due to complacency or due to other reasons. Obviously, there are people who are status quo type and will always be fine with the way things are going. |
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Bitcoin was planned with decades in sight, not only some years.
Inflation might be big right now, but it will lower in a few years.
The thing is people look at it as a way for fast return of investment. Bitcoin is definitely a long term plan and people just have to learn and accept the fact. The call to boycott are those who fit into this group. |
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And where will the money for compensation come from? Or it is just merely aiding and providing input and information on what happened.
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If poor people cannot rely on bitcoin similarly they can't rely on fiat as well. At least with bitcoin you have chance that one day the price is going to go up although you still have equal chance it will drop as well. So it's not exclusively bitcoin's problem
Second do we need reversals? How many times sellers get scammed and get forced out of legit business because of preferences towards customers. Isn't that counter productive? Can't we solve that with escrow if amount is really big...
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Let's assume there are three types of miners existing in the market.
1. Perma-bear miner that doesn't believe in bitcoin at all. They will sell whatever they mined for fiat.
OK. Those guys are dumping. But how much % of them are out there? If they are perm-bear, why not short directly on exchange but enter the business of mining instead?
I will say at most 5% of the miners are perma-bears.
2. Savvy miners that do calculation before any mining/selling activities.
The calculation is easy: if expected return of holding > the interest rate of borrowing, it would be beneficial for miners to borrow fiat, rather than sell bitcoins, to pay for the maintenance.
So if miners can sell at $250 within a year from now, they can generate a 25% more intrinsic return comparing with selling today at around $200. And what is their borrowing cost at the moment? 1% or 2%? Everyone can see through that 25% return is way greater than 1% interest rate, right?
What if one miner believes that he/she will never see a $250 price within one year from now? Good question, but the answer is simple. If his expectation is that low, he will choose to quit now and will not remain in the business.
So weaker hands are also shaken out in the savvy miners camp. The more stronger hands, the less dumping from this savvy miner group.
I guess there are 50%-60% savvy miners out there. And they will hold given the low interest rate and the high expected return.
3. Perma-bull miners that totally endorse the potential of bitcoin. They will not sell until bitcoin is widely accepted and price is largely appreciated. They are the remaining 35%-45% out there.
From this guesstimate, you can see NOT ALL 3600 coins are dumped everyday! Miners will do calculation before dumping. Miners can borrow fiat and can wait for a better price to sell. And by reserve selection, bears will not choose to enter the mining business in the first place.
Don't get manipulated by bears' brainwash without your own analysis.
What you say here basically boils down everything to risk factor. If bitcoin can generate 25% intrinsic return which is nonetheless confirmed, then miners would definitely hold on to their coins. However, nobody can guarantee that and hence in order to eliminate risk, they would sell. And talk about selling I don't think they dump all their coins all at one shot. Surely the right strategy would be to sell a portion and another portion to continue to hold on to it |
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If you use Armory, you can also see that it needs the whole blockchain so you can run the node and armory as well. Apart from security here, at least you know that you are contributing back to the community to help maintain it.
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I still have a bearish vision on the market.
A several years old uptrend line was breached and, for the first time in years, we made a drastic low, lower than the previous major top (251 on Bitstamp).
This is starting to look too similar to the 2011 crash from 31.91 (June 2011) to 1.994 USDs (November 2011: MtGox data), followed by a long slow recovery.
If we are going to see a repetition of 2011, that would be very negative.
That would mean a crash to a price of 1/16 of the price on the top. Taking the Bitstamp top of 1163, it would be a crash to 72.68. If we take the top on MtGox (1242), we get 77.62. So, very close to the price of the Silk Road crash (2 October 2013) on Bitstamp: about 85.
But the recover of the 2011 crash wasn't in V. Actually, even the crash beyond 20 (after a first V one to 10 and then back to 20), was a slow one, like this crash more or less has been. With a few retrace rallies. And then a very painful two year recover from 1.994.
Only on the end of February 2013, price was above past top of 31.91.
History rarely repeats it self exactly, but if we go to 85/77/72, we might not have a V recovery, but a slow, painful, hesitant one. It won't take years to recover (because now Bitcoin has fundamentals that it hadn't before), but might take months.
Months with a price as low as 72-100 will damage mining seriously.
Of course, since the fundamental situation is different, the recovery might be much faster.
Anyway, if these prices are reached, but one of the 130-100-85-65 support zones holds, it will be a great buy. A buy some will tell their grandsons about.
Since you have quoted the example and with what we saw during the 2011 crash, then you should believe that we are supposed to reach the bottom anytime soon and from there will slowly continue the uptrend. If that happens, there's nothing to worry about as it would be a good opportunity to buy coins at cheap price. I've allocated my funds for this. |
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