for me i'm getting more coins everyday so that justifies the price drop a little.
Truth. People scoff at current bitcoin mining earnings, but for me it's still a 10% monthly (or 100% annual) ROI on the hardware I use to produce it. Still insanely profitable. If I was unemployed I'd be looking into expanding mining operations at current levels.
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Were you able to see what was lifting BTC to $30 a few months ago?
Absolutely. Wildly optimistic speculation combined with hoarding. But most of all: silkroad. Of those hoarding is back with a vengeance. Silkroad is still around, but not acting as much of a demand on the supply. All we need now is another catalyst for the wildly optimistic speculation and we're off to the races again. But probably not until after the holidays and capitulation.
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Very realistic, everything on that list is likely to happen. Everyone please take out a second mortgage and/or max out your credit cards to buy BTC before it's too late. Then buy some tenebrix with those BTC for good measure.
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It's nearly 500 btc for grabs on btce. That's $1500. If any of you ever wanted to play "the manipulator", you could do that over tenebrix with basically the price of a smartphone.
Me, I'll just keep selling as I get confirms. So far my two i7s are mining more BTC than my 5830s. Been selling at all prices, low of .0016 to a high of .009 and happy to get what I get. If something more lucrative comes along I'll switch to that, but for now I'm happy taking the not very bright tbx speculator money.
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Just remember, when we quickly rise past 50 you should sell big. Then you will be like the suckers who sold when we went from 1 to 4 before going up to 30.
Be thankful. If they held on and dumped at $20 you may never have seen $30. Although your advice is good. While it's good strategy to sell at any price (as you receive mined BTC) when a stock is trending down it's a good idea to hold and simply adjust your stop losses when it trends up.
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It's amazing how activity on this board also mirrors the volume traded. Even the chatter is dead. Nothing to do but sit back and wait for some event to push BTC either up or down.
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for me, right now it is just "dead" and boring.
Wait, bitcoin is dead?? SELL SELL SELL. Then again, contrarian traders like myself have done very well on bitcoin recently. BUY BUY BUY.
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Darn those speculators, leaving and taking what little is left of their money with them. Darn them to HECK!
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Aside from that, I feel confident that the only ones mining right now are: People that dont pay thier own elecbill People with a large mining Farm People who just dont want to hit Off, on their comps for the night, when they could instead hit ON on thier miners
Hell 15/7 i run at -f250, And at night i swap to -f8
Deepbit is less than 20% off of its highs. Are you positive 80% of the mining community fits into your 4 categories? May I present an alternative. My power rate is 4.6 cents/kwhr. My 2x overclocked, undervolted 5830 rig pulls 380 watts from the wall. With all the distribution fees I am at 6 c/kwhr, or 400x24/1000*.06 = 60 cents a day, or $1.80 a bitcoin. Let's call it $20 a month to generate a bit over 8 coins, which are worth $40. This is loosely confirmed by my power bill which is only a hair higher than same time last year (although temperatures differ by 2 degrees). Hardware was paid off after 6-7 days in July, and being 5830s it's not very valuable now. So even $20/month after power costs beats $0, considering it's completely effort free money. If this persists for another 10 months it's another free video card.
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Speculators paid me about $700 for the use of my 4 5830s in the past few months. I'd be willing to throw some of that away on a similar project if only I thought I had the know-how.
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Sound advice my friend. Very nice advice But what do you think about Solidcoin 2 Like all bitcoin chains it's created with dreams of making the founder inconcievable amounts of cash. The trick, as with all other chains, is to beat him to the exit. The revenue model of solidcoin makes it competitive with established, convenient, safe, etc ways to transfer money online -- yet with all the drawbacks of fringe cryptocurrencies. It's doomed before it starts, but we haven't burned all the shitcoin investors yet so there will once again be a few thousand $ up for grabs.
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Keep mining I0C, another exchange will open soon. I love alt coins, they're a lotta fun Oh, don't get me wrong. I love alt chains myself, and hop on each one that comes along like it was the freshest block at a proportional pool. I have no problems with taking BTC from the ignorant and greedy. As far as I0C, I think more likely we'll see exchanges re-open. DoubleC had a great idea -- impose a real time limit on how far back a 51% attack can rewrite the block chain. 3 days should be *more* than plenty. Hell, 24 hours should be enough. Then exchanges could have a settlement period of that +1 hour to protect themselves from a double spend, and everything becomes better with the world. The most secure chains get the highest valuations, the amount available to steal from less secure chains makes the effort not "worth it", and we all sit around the campfire holding hands and singing songs. In fact, that may be just the gimmick for my scamchain. Time limits on chain rewrite. Now, to come up with a catchy name and a premine amount that's egregious while at the same time not being too offensive...
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I for one am holding on to these TBX. If this money laundering stuff is launched then expect the value to skyrocket etc. as people putting in millions etc. ! If they fail then what I have to lose just a couple of days burning in my CPU etc. but if they become $1 due to laundery then huge profit for me May I suggest an optimization? Dump them now while the value is high, pick them up for a fraction of the price between now and whenever the millions flood in for "laundry." Me, I'm a bit more realistic. I expect anyone with a large amount of money to launder already has current solutions to that problem. Wachovia, etc. They're set. The little guys are more than fine with bitcoin and existing exchanges.
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If I had 500 000, I would still have the capacity to gut the market, but no capacity to take a stab at Really Huge Laundry.
Anyways, I distinctly recall you evaded question as to whether there exists a size of "creator stash" you won't be upset by. Are you one of them weird "sports competition ethics" people, honestly ?
I did not evade it, I answered it in a relative way. To each their own. For you, six years of premine seemed like a sensible, realistic number. I'd have opted for 24 years, since clearly this is just a cash grab from the braindamaged and/or ignorant. For others, like the Fairbrix guy, zero was the right number. Satoshi's 1.5M coins is a number I'm not offended by. Because of the way he did it -- opening up the network to anyone who wanted to participate. Plus he came up with something revolutionary. For someone forking bitcoin community supplied software and just hacking it a bit any amount of pre-mine is offensive to me. The amount of compensation you are expecting per hour is staggering relative to the value provided.
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CPU Mining - Who will emerge Dominant?
Botnets, obviously. As soon as any of these networks work out more profitable than mining BitCoin the herders will jump on them with many thousands of nodes. Anyone who actually pays for their own equipment or electricity will have no chance of profitable mining. Thats the weird thing, currently it'd be way more profitable to cpu-mine tbx than btc, yet no decent botnet in sight. At current btc/tbx difficulty ratio, a botnet cpu-mining tbx instead of cpu-mining btc "loses" somewhere about 0.00005 btc/tbx Eyeballed scale factor... cpus are about 1000 times faster at btc hashing than tbx hashing... tbxdiff / btcdiff * roughhashscalefactor * blockrewardfactor 0.042 / 1.69M * 1000 * 2 ... around 0.00005 *checks* btc-e ... best bid: 0.00158btc/tbx. so only like 30 times more profitable to cpu-mine tbx currently... And it's approximately 2 million times harder to sell any number of TBX with a grand total of $1500 up for grabs on a tiny exchange. While a whole 325 BTC is on the line 2/3 of that is at .00001 BTC/TBX, not the one or two BTC worth at .0015. Meanwhile, the lion's share of all TBX ever mined (as opposed to pre-mined) is up on asks. 60k mined so far, roughly, and 40k up on asks. Woof. TL;DR: there's not enough money in TBX to bother developing and deploying a botnet to mine TBX. And the odds of that pyramid launching into orbit with a 6 year (not 3, it's 3 years at 50 coins/block) premined payload are basically zero. Try again with a less blatant display of greed.
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Wouldn't you first investigate as to whether it was the employee or some third-party Evil h4x0r ? ~__^
Oh absolutely. To avoid paying unemployment (never mind the embezzlement thing) you have to have a pretty good case. Luckily IT-manged corporate PCs have very good monitoring and session recording on par with malware. Wouldn't take much to show the employee was the one starting the "trojan" before going home every night. Might even get a bunch of non-business related web browsing for good measure.
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Hell, if I found out my employee was stealing power and running something that might destroy company property (just what are the CPU temps on that work machine overnight, anyway?) I'd not only terminate them but I'd see if company counsel can get an embezzlement criminal charge to stick.
Granted, your risk is basically 0. But so is your reward. Meh. Go nuts, but yeah. No whining if you get canned for cause.
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There is a very small window to turning a profit on new alt chains. Snooze or lose.
This is precisely correct. It's very convenient that every shitcoin chain launches almost simultaneously with an exchange to trade them on. Sure there are "true believers" -- one guy on btce had no idea lolcust had premined 6 years worth of coins and that person had about 20% of the current bids. Those people are the ones who will always line up to give you and the founders money even if it's only a few thousand $. Which is why we'll see a shitcoin chain per week until "buy and hold" speculators run out of BTC or dollars or both. You are racing other people to cash out with alt chains. Not a single one of them has been anything but a vastly accelerated cash grab pyramid. Which is too bad, by the time a truly innovative improvement over bitcoin comes along people will write it off because of the horrible press all the alt chains have been getting.
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Maybe you should make your own chain. It can't be that difficult.
It is pretty easy, that's why the alt chains are popping up like daisies. Fairbrix and SolidCoin2 look good enough right now without me adding yet another chain to fragment the already limited support for alt chains.
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And if you look at that on a log chart it looks like preradactyls eating pretzels while juggling elephants who are themselves rolling on giant beach balls.
I'd say your target is conservative. I get $50,000 per BTC by next monday from that chart. BUY BUY BUY. Moar money needed nao.
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