Would anyone care to speculate on how the hash rate suddenly jumped to 20PH? What the heck just came online?
I was asking same question months ago, until some smart ppl explained not to look at hourly estimates. It's variance. Exactly. We don't really know how much hashrate are there mining bitcoin at this moment. What we can do, is to check the number of blocks found in a certain period (say, 8 hours or 3 days) and estimate the network hashrate. The shorter the period, the more the variance. After all, block finding is a random process. We can have 6 blocks in an hour, or no block in 2 hours, but the variance should cancel out (more or less) if we observe the situation over a longer period of time. |
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Does anyone know if there is there a way for me to "sell" my GHs as a commodity on CEX.IO and turn a faster profit than pool mining?
The entire business model of CEX.IO is so that BitFury (the ASIC manufacturer behind it all) can sell their hash-power for far above it's actual value. Exactly. But still, I am really confused why people buy the hashrate at such a high price... |
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I will do an update with refinded numbers after the next difficulty jump. We will use the new diff. level as the new starting point and we will also include all new information provided.
Cheers
Thanks a lot for that  |
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I don't think your thread in the right board...
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I feel like a bit of an idiot but I saw their products up for what seemed like an unreasonable price but gave them a shot after actually reaching someone on the phone. However, since then, they have disappeared and refuse to answer calls or respond to emails. Doing a bit of digging, they seem to be based out of Australia and essentially just spammed all the forums. Fortunately, it was a small order but nevertheless, I thought I should warn the community (and hopefully get something to show up on Google when someone else looks them up)! Anyways, lesson learned.
Sorry to hear they got you. I had posted a warning about them on 1/19/14 https://bitcointalk.org/index.php?topic=416336.msg4606383#msg4606383Another thread is here. https://bitcointalk.org/index.php?topic=425557.0Edit: oops, that thread was made by SJRNet, the second poster here  |
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There are so many scammersthese days.
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I've seen these sorts of threads before, and the factor that always seems to be missing is the BTC/FIAT exchange rate
It depends... Some people are buying hardware / hashrate using bitcoin directly, and thus the btc price is irrelevant here. You just pay btc, and receive btc later on. If the deal is in USD (or other fiat), and the profitability comes from the expected uprising bitcoin price, then you can just buy btc directly. Agree, I don't understand why people always assume BTC/FIAT exchange rate when they can just buy BTC and not miners.. Me neither. Some say it is hard and time consuming to buy bitcoin. But, buying hardware and mining bitcoin would be 10x harder and more time consuming. I do agree that mining bitcoin is fun.  If you want to mine for fun, go ahead. But, if you want profit, think again and try some profit calculator before buying anything. |
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Forget about bitcoin mining.
Get ATI cards, and mine for scrypt coins.
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You probably should have posted this in the altcoin thread  Peace Thank you i'll move it Please do it. Thanks. |
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It has a good title "Why most economists' predictions are wrong" lol. |
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In the midst of uncertainty, I'm going to cash out some of my BTC to USD and sit on the sidelines until we know what's going on. I was going to do this on Bitstamp, but it requires verification which is going to take too long. What is the best exchange to use, where I don't have to verify, that I can transfer BTC to and cash out to USD straight away? I will be leaving the USD there to buy back in eventually.
localbitcoins. https://localbitcoins.com/ |
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Its possible
Oh, this is your very first post... |
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I hate people who jump on mining thinking it's free money.
Some people don't even understand what difficulty is when they come to the mining world, and you can see those "why my revenue drops by 20%" posts from time to time. |
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There are cases scammers were punished.
Some days ago, I read this thread "List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses". https://bitcointalk.org/index.php?topic=83794.0It seems to me, most (if not all) of those hackers and scammers are unpunished... |
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I don't know but I remember reading somewhere that if Bitcoins are obtained illegally, the bitcoin devs can disable those coins, is this true? At least the hacker wouldn't win anything with this. Anyways good luck friend. Apparently there is no justice in Bitcoin  Every hacker/scammer always runs away with their Bitcoins and they are never punished! That is wrong and I shall add fortunately. Devs can not disable or return the coins. This is one of the foundations of bitcoin and one of the reasons of its success. If there is a change that will allow devs (or government or law enforcements or mafia or public vote or whatever) to to this, I will migrate to the coin which supports "strong property" and many will do likewise. Although I sympathize with the OP, Bitcoins are build on the principle: Whoever owns the privkey, owns associated bitcoin balance. This is very important principle. Can't agree more with you. |
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There are so many sites out there that will offer very tempting deals, I had to learn the hard way.
As always, when you see some "too good to be true" deals, be extra careful.  It was one of those fake butterfly labs sites in November last year, I almost flipped everything in my house lol. For BFL, even if it is the real site, it would still be painful. |
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There's a general rule for sites like these. "If it looks to good to be true, it probably is".
Exactly. |
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I've seen these sorts of threads before, and the factor that always seems to be missing is the BTC/FIAT exchange rate
It depends... Some people are buying hardware / hashrate using bitcoin directly, and thus the btc price is irrelevant here. You just pay btc, and receive btc later on. If the deal is in USD (or other fiat), and the profitability comes from the expected uprising bitcoin price, then you can just buy btc directly. |
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There are so many sites out there that will offer very tempting deals, I had to learn the hard way.
As always, when you see some "too good to be true" deals, be extra careful. |
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