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Do you accept members who don't have the minimum post count? I'm a full member but only have 188 posts.
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Does it have neutral/positive feedback? Are you willing to escrow?
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Title is misleading. They're looking for an IT specialist. You make it sound as if they're hiring someone to integrate BTC into their banking system.
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I wonder what would happen to the gold mining companies if they tried 'hodling' their gold until it went to the moon...
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Most everyone knew that they were doing this. The problem is that no one could prove it. Well, now, thats most likely been done, they will have a whole new batch of issues..
Thanks bigasic, that is interesting. Not to defend crooks, but if everybody knew they were doing this, why did they continue to order from them? Was it like an abandoned lobster trap, sucking in new, hapless and unsuspecting lobster victims? Or, did they (as I speculated in my post) have good low prices? They took payment for preorders and customers were left waiting for over a year to receive miners that didn't perform to spec. Back then their unofficial slogan was 2 more weeks™ due to their constant delays and saying they'd be ready to ship in 2 more weeks. Their prices seemed good at the time considering that difficulty was low due to ASICs just being introduced, but by the time they were shipped, the difficulty had risen exponentially, thereby greatly reducing profits of those customer's ASICs. |
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Larger and larger mining farms are not what's increasing selling pressure. To the contrary, the larger the farm the cheaper the electricity and the cheaper the hardware to better the operating margin becomes.
A high operating margin gives miners the option to retain more of the mined Bitcoins while a low operating margin forces the miner to sell or at least get more capital by other means to pay bills.
Mining farms are in the business of mining, not risk taking on currency fluctuation. Once gain if they're so profitable in mining the logical thing is to reinvest that income and expand the profitable mining operation, not horde your inventory in hopes it goes up. Just like a gold mining, i'm assuming they sell most of their resources as soon if not before they get it, they don't speculate on price swings (much). And once again there are 3600BTC mined EVERY day. Either by mega farms or solo miners across the glove. In both cases i think everyone agrees that MAJORITY of those BTC will end up on the market, so market needs to find a price point at which those BTC can be absorbed. Now the argument is: 1-who is more likely to sell most of mined coins, mega farms or your solo farmers? 2-And by how much? If it's by 1-2% does it really make a difference. I think history shows that first miners were horders, and actually just did it as a hobby at a loss. So i tend to lean that mega farmers would sell more, but again how much does it matter? There will be 3600new btc today and someone will own them I've already tried to make this same point multiple times in this thread, but it just seems to make the naysayers more stubborn. These mega-mining farms are working to devour their competition while raking in the dough. They're not delusional hodlers who are betting on BTC going to the moon in 10 years or whatever. There's profits to be taken right now, and these people are ready to milk this cash cow dry. |
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Bitcoin: A Peer-to-Peer Electronic Cash System
Its only a matter of time before bitcoin is replaced by something that is decentralized and peer-to-peer. Greed and lack of competent leadership are the root causes for this version 1.0 failure.
Gavin is very competent. A fork is in the works, remember? I thought the lead developer was changed. |
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Why do you call it negative? Its actually the positive impact of mining farms. I on my part love the price swings, that's where markets are made. Referred to the Sam Cole interview on Bloomberg http://www.bloomberg.com/news/2014-10-21/bitcoin-miner-ditches-clients-to-chase-2-billion-coding-prize.htmlinteresting to note that he refers the price of mining a coin "significantly lower than $400" - now how much lower, that we will test out in coming weeks. What we are seeing now is a race to dump coins by the miner farms. Why? Simply, its the the survival of the fittest. Its as if - "let me lower it down, and see whether it is matched by someone else" and in this race, farms are desperate to get their own price point, before the price fall again. They will drag each other down and at some point either they have to stop or else  Love it, all of this. Very soon we will see few of them going bust and icing would be the price swings. I consider it negative because it will centralize mining, therefore eroding many people's trust in BTC. We already have less than 1000 addresses controlling the bulk of the existing BTC. People said as time goes by we'll see BTC become more evenly distributed, but it's only a small portion of the available BTC spreading to more hands, while the bulk of it is still controlled by a few. Now we're seeing the same thing happen with mining. This is an easily manipulated market, which will suck the wealth out of many and give it to a few. |
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It's going down dude. Time to buy.
I wonder how that advice is working for you  |
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XPM is vulnerable to botnets, which is probably a major reason why it's not a contender anymore in the crypto world. I never bought into it, as it seemed to climb in price quickly when it first came out, and for no good reason. While it may have been more innovative than 99% of the scam coins out there, it was also pumped, dumped and forgotten.
I don't think you are correct. Back when XPM was released 18 months ago, there were only a few alts, and what is happening now would have not applied then. PPC and XPM are basically twin brothers and go up and down together. Still so much potential , because in the sea of so many shitcoins, we know for sure that XPM is legit and unique and has a history. 99% of other alts do not have that. Jimmy I recall there being more alts than one could keep track of when XPM was released. PPC was released when there were few alts though. |
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I doubt the price would drop below $266 to be honest, but we'll see. If it does go below that, I'll be willing to pick up a few extra at that price point.
i thought the most recent low was 250 No it was somewhere around $275. |
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so how is it that a btc that is really worth 81$ is considered a buy at 350?  Because the hash rate is climbing. If you try setting up a mining op today, you have no chance of being competitive anymore. But I'll do it out of nostalgia later. hash rate is climbing altho price falls? Yes because the mega-mining farms are making a big profit mining at the current BTC prices. Don't look at the small-fry miners who are losing money, they're already obsolete. |
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The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions.
Maybe we have just run out of greater fools? +1 Fool me once, shame on you. Fool me twice, shame on me. People who got burned are taking this as an expensive lesson and moving on. They have no incentive to remain, and be the laughing stock of most of the people here and the general population that still thinks bitcoin is a ponzi scam. |
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Looks like you'll be getting a dump this weekend.
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I'm talking about centralization of mining and this crook Sam Cole milking BTC for fiat. Meanwhile, you're talking about BTC becoming the dominant world currency and decentralizing the global economy? I think we're on totally different pages.
And I'm saying centralization of mining is not happening and miners in majority are not dumping BTC for fiat. Well if the mining profit margins are so narrow, how are they staying in operation without dumping BTC for fiat to cover their costs? They must have endless reserves of cash to hold all that BTC until the price rebounds right? 1. They have millions of dollars from selling mining gears 2. They have millions of dollars from VC investement 3. They have millions of dollars in Bitcoin profit from mining in the early days So yes they must be burning through quite a lot of cash right now but in the long run they will be fine and they know it. Of course I am not suggesting they are ALL holding 100% of the Bitcoin mined but my guess is they are holding a good majority of them. Additionally, I don't see a problem for them to cover some costs by selling to fiat during a bear market. You can be certain though that they will not "dump" their BTC during a bull market. There's no guarantees that these miners will be fine in the long run. That's why they'd be selling their BTC for fiat trying to expand their hashrate asap and getting a bigger share of the pie and maximize their profit potential. The mining companies who are simply holding their BTC as you say will go the way of the dodo soon. |
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I don't seem to recall any early adopters selling their house for BTC. Latecomers have much more to lose than early adopters.
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I'm talking about centralization of mining and this crook Sam Cole milking BTC for fiat. Meanwhile, you're talking about BTC becoming the dominant world currency and decentralizing the global economy? I think we're on totally different pages.
And I'm saying centralization of mining is not happening and miners in majority are not dumping BTC for fiat. Well if the mining profit margins are so narrow, how are they staying in operation without dumping BTC for fiat to cover their costs? They must have endless reserves of cash to hold all that BTC until the price rebounds right? |
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Regulated by whom? A centralized authority? Syndicates aka mafias? I can only speak for myself, but I sure wouldn't trust them.
Regulated by each and everyone of the countries where they are based. Again, understand that I'm not referring to regulation that would allow for coercion of mining syndicates into maliciously using their power but regulation that would limit their hashing growth so as to secure the decentralization of the now global (in this scenario) Bitcoin economy. You'd have no choice but to trust them. I'm talking about centralization of mining and this crook Sam Cole milking BTC for fiat. Meanwhile, you're talking about BTC becoming the dominant world currency and decentralizing the global economy? I think we're on totally different pages. |
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That only applies to the third question. Hackers don't care about the miner's incentive, and neither do governments. Besides what we're seeing right now is less companies building mega-mining farms and a more uneven distribution of hashrate.
Nope, wrong again. In reality there are more and more mega-mining farms being built. Just look at the hashing distribution right now and where we were this summer with GHash. As more of these continue being built the risk continues to be distributed effectively rendering hacking attacks and/or government takeover ineffective. Is GHash a mining farm or a pool? If it's a pool then your point carries no weight as miners simply pointed their machines to other pools thus decreasing GHash's hashrate. A giant mining pool is not the same as a giant mining farm. What needs to be realized is that a high value bitcoin will give a tremendous economic incentive to invest into mining.
At 3600 coins a day even at current prices we are looking at up to half a billion dollars a year of new value created (until halving)
Now you can fill in the blanks on how much might be spent to gain a piece of that pie.
Lets face it. If bitcoin gains global adoption mining will be a multi billion dollar industry.
Does this mean the current value is unsustainable? I really don't know.
The numbers speak for themselves. Either we will see a very big change in mining or a very big change in value.
exactly. I know people hate Marc Andreesen for saying this but the likely scenario in the long run is enormous mining syndicates around the world being regulated in such a way as to PROTECT the Bitcoin network and discourage monopolies.Regulated by whom? A centralized authority? Syndicates aka mafias? I can only speak for myself, but I sure wouldn't trust them. |
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It's a shame that 50% of all the bitcoin mining companies have either been outright scammers or turned to blatant theft from their customers.
It's because of us that they even exist, but they act like we are the drain on them.
Oh well... just more proof that greed corrupts everybody.
Quite sad indeed. It's not just the mining companies involved in BTC too scanning customers. You can throw most exchanges in there as well. And a considerable number of old-time members on this forum too. |
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