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is this is this something like coinbase? it seems so, from your points but i want to be sure
and why 20btc, it seems too high, is that the standard?(coinbase did that too)?
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there are still many miners, because they have already reached their ROi, it's all profit from now for them, especially with their contract that offer to them cheap electricity
for the future, mining could be profitable only if the price will rise faster than the diff, otherwise if the ratio diff/price will remain 1:1, it won't change anything
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Isn't 1 wallet is enough ? Just use PC wallet
You can use electrum / multibit, they are lightweight wallet & simple
those are client not wallet, wallet is the file called wallet.dat and OP is asking how many do you need of those, and it is better to have at least two |
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I tried mining more than 2 years ago, but it was already too late for hobbyists. I gave up after 24 hours, it was just useless. I then tried faucets for a while, but that didn't prove to be an effective way to get BTC, so there was no other choice but to buy, and that's what I did.
It was too late 2 years ago? Did you try mining with a Pentium 4 or something? Yes the difficulty was a few millions, but mining was quite possible if you knew what you were doing. If you wanted to earn some cash you only had to invest a few thousand not more. diff was around 7M to be precise, i remember it because it was around the time i started mining, with one gpu you could do 1 btc every two months(i got some luck with p2pool) but we should remember that bitcoin was worth less than 100 at that time |
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So to clarify, since until the next halving 3600 coins must be produced per day, then if less people mine, the current miners will have to spend a lot more on electricity because the difficulty will increase?
if less people mine the hash will decrease, if they will spend more they will have more coin for them in this case |
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many big farms did already roi many months ago, and adding few machines for them isn't a problem, because the one that roi'ed can pay for the new one in no time
if less people mine it does not mean less bitcoin(remember that the number of bitcoin produced per day is a fixed amount), but only less hashrate, this can only happen if bitcoin price decreases not does not increase
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Why shouldn't we turn this trend around again? I think the most probably scenario right now is that the bull market of 2013 was mostly caused by gox and the block halving, many ASIC companies, and a lot of media attention. If we factor out those bubbles, we're still on the long-term exponential track!
That late 2013 surge to 1200 was caused by the Willybot. The media attention just followed after because of the surge. Everyone thought that was it, the big one. But just like the stock market hype machine, it's not. Even if factor out both bubbles of 2013, we're back at the long-term exponential trendline. I also believe that the Willybot may be a real factor in this whole deal, but Bitcoin has gone up before Willy was in charge. because it wasn't only willybot that rised the price(i''m not buying it at all), that was just an assumption made from someone here, i would add that chinese played a big role too, and also doge has brought many new comers to bitcoin's scene, that was also another reason for the 1200 peak |
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Short history of Bitcoin:
2012: What?
2013: Wow!
2014: Aargh!
2015: Meh.
what about 2010 and 2011? there was a boom in 2011, where bitcoin went to something around x20 increase in price about 2010 i don't know, and 2015 isn't ended, it can still surprise us |
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The mining network doesn't discriminate. If the gov't wants to mine bitcoins they can compete with every other miner on the planet to acquire the 42% of bitcoins that remain to be created. However, like gold, they can't print additional Bitcoins out of thin air.
Bitcoins can be sent and received anywhere on the planet without asking permission from any bank or government. There is no paperwork to set up a wallet, there are no fees due for having a wallet.
they don't even need to acquire them, they could perform a 51% attack and create their own chain, while our chain will be invalid, which is a far worse scenario |
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It's only worth that much for you if you haven't gotten into the game back in 2010 or 2011! I always imagine the early adopters still considering their amount to be wort a couple hundred USD or something....
If you had 5000k BTC in late 2012 and early 2013 when the price went up, would you sell? anyone with that amount would have sold at 10 dollars too, too much bitcoin to handle, let alone at 1k in 2013 |
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I'd love to know where you think you can get cheap reliable servers and not have to have them connected in a good data centre with good network and not bother about bandwidth ... etc ... etc ... etc ... and get 3% of the network (1 BTC a day) ... lulz how many pools have 3% or more?
GHash, Eligius, BTCGuild, Slush they are all around 3% at the moment.
So some unknown is going to be able to open up a pool and get more miners than those pools?
You're dreaming.
Next is running a pool - so you think it's sit back and watch the BTC roll in is it?
It's a 24/7 job to run a reliable pool and either you have that time available or you also have to pay someone to do that also ...
Then there's software ... and how much resources it needs to even run 1% of the network ... let alone 3% ... or more ...
You really don't know what you are talking about - stop guessing - and pretending you are correct.
i'm not guessing, how those other pools got there at 3% network? you are telling me that is it impossible to reach even 1% of the network? i don't think so, sry but i can argue that you are guessing as well i'm not saying that it can be done in one day, but it just worth it to invest in it, there is a good chance in some months to control at least 1%, it is for sure less than a gamble than trying to roi with miners equipment, or hoping for btc to rise to 1k this year... |
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Let's see, with the sig campaign I'm doing it would take ten months to earn 1.4 BTC, so ~150 months (12 years) to earn 25 btc. (Providing they continue to exist or pay out the same rate or I don't get drunk and shoot my mouth off and get b& lol.)
To mine 25 btc with one hardware purchase you would need around 100 TH/s to do it in a month and get a head on the diff increases. Maybe 50 TH/s might get you there if you run them longer, but it is the law of diminishing returns. I mean, if you had 1 TH/s it would earn ok for a month or two but it would be useless after six and you still wouldn't have anywhere near 25 btc
I just thought of the idea of posting 60x a month for 12 years, and now I need a drink!
sig campaign can make you much more than 1.4 in ten months(which seems very low actually), just post more, it is possible in theory to reach 3 btc month with sig campaign, better than any cloud mining or hw mining, but you need all day for that mining is more relax i think and i like it more actually, sadly it isn't profitable anymore |
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Actually, if you were really to truly work on faucets every single day non-stop for a week, say 8 hours a day, you can make quite a bit. Not as much as a job, but it's probably more than you'd think.
I would guess that you could make about $1-1.5 per hour with faucets. So 56 - 84 per week, ~0.23 - 0.35BTC/week.
This involves NOT wasting ANY time at all, so you can't lose focus, go to the washroom, drink a cup of whatever, etc.
you are saying that you can earn 500k+ satoshi per hour with faucet? i think it's not possible at all, eve with the best 1k faucets you need 500 of those(and there aren't 500 faucets that pay 1k each) then counting 10 sec(a bit far-stretched) on average to resolve a captcha will result in only 6 faucets per minute and 360 per hour....(this not counting various little rest and the time you waste to move to another faucet) Exactly. You can however easily make that hourly rate with a signature campaign. (Or even just a single constructive post. Almost.) signature campaign i could agree, they are equal to a job right now, tnx to bit-x rate and dadice(best two at the moment) but you still to post all day for a high earning, it's not easy and is a bit stressful in the end I have recently had a talk to someone who is clicking faucets all the day. I said that it is not worth the time but he answered: "Getting 0.001 BTC a day from faucets might be a ridiculous low benefit of 3 cents now but if Bitcoin will reach its true potential this 0.001 BTC turns into $30 or even $300. So, I guess its more the hope than psychology.
I'm just going to negate this without calculating anything. You can earn a lot (more) cash if you spend the same time doing an actual job!
You don't need to have some special skills. Jobs that include something simple as a shovel or lawn mower will earn you more than faucets (as a free bonus they burn calories too!).
Yes. Something about free money makes us lose focus on what's actually going on. We all want a get rich quick scheme but they are usually too good to be true. When you do the calculations and convert to USD you will see how little you are actually making with faucets. But still we do it - probably has something to do with human psychology and maybe related to gambling. in any case is still better to invest your time in something more remunerative, like a real job that pay in bitcoin, or signature, or even some mining(but altcoin) with the right miner they are still profitable |
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I would like to find a way to remove anonymity. It attracts scammers and ponzi pumpers and brings nothing to honest people. If are not a criminal, what do you hide from?
usually anon is wanted because of taxes also, not only for criminal things, and you can add privacy to that, not everyone use facebook and want to shouts to the world his identity |
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Yes, PoW mining just waste too much energy, and the most important thing is mining is become a game between rich people who can afford buy the Asic miners. Everyone can mine bitcoin is out of date.
Agreed. What would you propose instead? PoS mining is even more a game of the rich, since it effectively by definition is the epitome of plutocracy! Yes PoS mining is also a game of the rich, but compare pow, it's more efficient, at the same circumstances, which one do you choose, the answer is obviously. the problem with pos is the initial distribution, it can be cheated so easily , like happened to faircoin, communitycoin ecc... they must find a very transparent and fair initial distribution Define fair distribution. everyone get a chance to have some, equal %, but it is almost impossible to achieve Yes, PoW mining just waste too much energy, and the most important thing is mining is become a game between rich people who can afford buy the Asic miners. Everyone can mine bitcoin is out of date.
Agreed. What would you propose instead? PoS mining is even more a game of the rich, since it effectively by definition is the epitome of plutocracy! Yes PoS mining is also a game of the rich, but compare pow, it's more efficient, at the same circumstances, which one do you choose, the answer is obviously. the problem with pos is the initial distribution, it can be cheated so easily , like happened to faircoin, communitycoin ecc... they must find a very transparent and fair initial distribution initial distribution? Do you really think there is no problem in bitcoin's initial distribution? The early adopt always can get more cheap coins. Hi, but we are here talk about switch pow to POS, so initial distribution is not a problem. The distribution of bitcoin is completed. it was different back then, because bitcoin was worthless, you can't really compare like that, now any new pos coin acquire a good value from launch(well not right now, because everything is died) also bitcoin initial distribution was really good, people should blame themselves for not trusting it at that time(many did know about bitcoin in 2009 but they have not downloaded the client, because they thought that it was a virus or something...) people just ignored bitcoin, so it's not really bitcoin fault |
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Hi evrybody,
i have a general question.
in your opinion, how banks can earn with bitcoin?
they could earn by asking users to deposit bitcoin on their bank, and instead of playing with fiat they play with bitcoin(invest them) they in exchange will offer you interest on your deposit(like 2-3%) and security basically same thing they are doing nowaday but with bitcoin |
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I am not sure if you can try it too but what about amazon, you can buy "amazon coupons" for BTC on few websites.
why you buy amazone coupon while you can get discount if using purse.io or similar site with purse...  purse isn't very euro friendly, there must be something else for europian besides all4btc... |
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Bitcoin should stabilize at around $100. I can see bitcoin's bottom at $20-$50 and spiking to 190-200 and then stabilizing at around $100.
What is going to happen with asics if that's the case? Will it will be profitable to produce them? Or the profit margin when selling is so big that they will just reduce the price, because I doubt asics will just become THAT more efficient over night to keep up with the price. that scenario is unlikely, miners are not that stupid they aren't dumping so much now, they have already made roi and they electricity is very cheap, no reason to help early adopters to crash the market, thus price will not fall to that point and if it happen, it would simply force the smallest farm to exit out of the mining game, price also is based on btc so they will cost less |
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why you use bitstamp, is so slow and i can't forget the hacking happened...
use kraken , much faster, sepa are resolved the same day, and some time as low as 8 hours
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