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I still mine on GPUs and mining is still very very profitable in my opinion even though many say it is not. I mine altcoins and exchange for bitcoin and I live in an expensive electricity country.
The OP is simply looking at mining the wrong way I made that mistake long ago when BTC was around the $100 mark and I broke even.
Most people look at the coin value when they mint the coins. Yes this will break even or become a loss but if you look at the future value of bitcoin mining can be very cheap.
If a BTC becomes 2-10K then electricity is cheap and mining equipment too. If I had kept on mining then I would have much more coins now.
Miners are no longer pure miners but also speculators. Since the long term trend is still up then mining is still profitable!!
On the comment "btc mined out of thin air": Yes a minted BTC is generated by the network out of thin air, this does not mean no work had to be done for it to fall out of the air.
My $0.02
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I think you guys are missing the mark on proper valuation. It's not "how much is 1 bitcoin worth," it's how much is Bitcoin worth? How much is the market cap worth? When you look at it like that, it could very well be over a trillion $. If that is the case, it is possible that sometime in the near future, which is very likely; 1 mBTC will be the new BTC. In other words, We will have to change how we view commonly used denominations.
Saying, "Oh, well.. geez $1 million for 1 bitcoin, that just doesn't seem possible," That's because you are looking at it all wrong. If Bitcoin becomes a standard alternative to operating in dollars for "Brick&mortar" as well as "Online businesses," You can be your a$$, you will see a half trillion, to trillion dollar market or more.
I can see 1 Satoshi being worth a penny, can't you ?
A trillion dollars sounds reasonable. I will probably be flying my G650 between my private islands way before that mark ;-) |
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Maybe Mark Kapeles's mom was cleaning and found it behind the cupboard.
200KBTC == $116600000 == $116M YOU DON'T "JUST" LOSE THAT!!!!!
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About point 3 they already have a fix that could be implemented since I asked that question. They will split bitcoin clients into full clients and limited clients. The full clients use up more space since they represent the full block chain. The limited client only have the last X days/weeks/months of blockchain information. What I think is that they either merge all data <X into a point-in-time which will be embedded in a limited client and calculate wallets from that point onwards. That point in time must be a given fact for all clients and verifiable through full clients. Either that or a limited client requests the missing information from a full client. Anyhow there are many ways to circumvent point 3  Point 4 is also not a problem due to this. About point 6, why is this a bad thing? Irreversability is the fundament of bitcoin securirty. Who do you trust to reverse a transaction?!?!? Yes we need to protect people from malicious transactions that is very true but that kind of protection can be built around bitcoin into the infrastructure supporting it. |
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What I was told by the illuminati is that... A bank only has to hold a small percentage of their capital so they can invest the larger percentage. This way they can create more money by investing it in a diversified way. The results of the investment become profits and we customers receive a percentage on our money. Every bank customer knows that their money is being invested unless they are ignorant  So yes it is true that a bank only holds a few percent of its total capital. If they would HODL you would have to pay yearly for storing your money in that bank. If "a lot" of people want their money because the bank can not produce it since it is tied up in investments and retreiving it takes time. This can sometimes cause FUD and panic resulting in a cascading collapse of a good bank. For bad banks the retreiving time is infinity so they go belly up no matter what. Technically money in the bank is an IOY of an IOY since fiat is an IOY already There is only a problem if they lose money in investments and cover it up by acting like they have profits. Only this last point is a real problem since the money is non existent. Usually a country has a central bank or reserve which is the only place money can be created. This should expose the bad banks quickly or allow a country to act accordingly without having FUD spread through the population. With the use of credit and debit cards I believe banks are capable of creating virtual money and that's a bad thing. I also believe the banking system is rotten and I like bitcoin. Disclaimer: I'm do not work for a bank or own one or have any good knowledge of them. Feel free to comment. |
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bitaddress.org website will work offline since all the code is embedded. The tab Wallet Details supports BIP38 addresses.
You can open the page, pull your internet cable, enter your info, check the result, reboot PC and insert internet cable again.
WARNING: If you're paranoia or have loads of bitcoins ( like 740000 ;-) ) then take additional measures like using a LiveCD with clean OS. You must trust and be able to guaranteed that the PC and software running on it does not have any virii or mallware or does offline capturing. Reason should be obvious.
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1BTC will be a billion $$$ .... but wait is that Bitcoin going up or the Dollar going down  !?  |
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Quote: If you're gonna panic, panic early .... OP is probably panicing early  |
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Lately, Bitcoin has stabilized at about $610-615. I have buy orders at $599 and none of them triggered. Any idea what is causing this stabilization? Forget whether it is a good thing or not, what is causing it? Is it due to a change in volume? Less interest in Bitcoin in general? Any thoughts?
To me bitcoin is not looking stable, but weak. So question should be: why is bitcoin so weak lately? I don't get this mentality. Why are you on this forum if you think this way? Is it that you are jealous that you are not one of the initial few who bought in early and made a fortune? Or is it that you are broke and can't afford to buy in now? 1BTC = $600. How is that weak? Something that basically didn't exist 4 years ago is now worth $600. Maybe he is referring to weak as in low volume... |
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more like, wait 20 years and open your wallet to find hard drive has crashed, pc has been hacked and long stolen, USB thumb drive is corrupted, paper wallet damaged in fire/water/bleached by sunlight/eaten by mice/disintegrated by time, etc.
Pessimist  Well what's the difference with paper fiat? Btw all fiat is already rotting due to inflation. BTC wallets require maintenance so HODL doesn't mean you don't reprint your paper wallet or put your data on new thumb drives. |
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- Governments are writing legislation about and holding publicized meetings about Bitcoin. Bitcoin is already starting to collide with and meet resistence from the establishment.
- If you go into a room at least a few people know about bitcoin.
- There are several news articles every day about bitcoin.
- My Facebook friends are now into Bitcoin.
- Bitcoin is often on the front page of Yahoo Business/Finance and other news pages, and often on NPR.
- Bitcoin exchanges are getting ready to launch in wall street.
- Tens/Hundred of thousands of businesses have already adopted Bitcoin, including major mainstream online retailers.
The "early" phase is over. This might not be the "final" phase but I don't think it's the early phase because there is such a large awareness and adoption already.
The reason the market cap is so small is because people have CHOSEN not to use it. We are not even guaranteed that bitcoin is "the future of money" so your logic of the relation of bitcoin's market cap to angry birds and to some potential market cap of quadrillions of dollars is based on a false premise. Maybe the realistic future of bitcoin is only to reach the market cap of Google or Facebook, in which case we've already realized 1/50 - 1/20 of it. Or maybe the fair market cap of Bitcoin is the market cap of Western Union, which it's already at.
ok, but ... having gone 1 mile out of 20 or even 1 out of 50 miles would still be kinda early. We might be holding a $1 Coca Cola or Microsoft share for all we know or maybe a dot-com bubble stock that crashes. HODL and see!! In 20 years you will be filthy rich or just as poor |
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4) It depends on what you consider a safe currency. Usually people trade between fiat and BTC of fiat and LTC because they want fiat at the end of the day because they see that as real money.
If you have BTC and trust BTC then you can trade BTC/Alts because at the end of the day you want BTC.
You can always move your BTC to an exchange to sell for USD/EUR/RUR but if you trust BTC then there is no need to be in a hurry.
I personally HODL and every now and then I use small bits of BTC to trade altcoins. Trading is always risky if you don't control the risk. Controlling your greed and emotions is a hard job.
1) I trade at Cryptsy which is OK but can be laggy. It has the biggest set of altcoins to trade which is a plus point.
3) They have a low fee 0.2% buy and 0.3% sell.
2) If I trade I usually want to make >=2% profit or loss on my money and put a stop-loss at 2% below the buying point.
2% should cover the 0.5% total transaction fee + slippage and make the trade worthwhile. Math is easy divide your buy order by hundred and times 2. Add this number for your goal and subtract for your exit. The site calculates the buy order for you so you can use this to save you the math.
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When bitcoin starts to move.. it's going to get crazy. IMO the next bitcoin price move will happen within a week and it will move 1000-10000%. IMO paper is going to start looking a lot like paper really soon and when that happends.. gold, silver, food, BTC is going to get crazy. I really think that is what is going to drive the next bitcoin price rise.. the housing bubble never popped.. Food and water are true wealth... sorry went a little off track there.
a 10k% increase would imply $60k lol u really think we gonna see $60k/btc in less then a year? I don't know if the price will jump again that quickly.. but it could. When the bubble pops.. certian things are going to explode in value. Houses are currently "the best investment out there".. that "common knowledge" is going to blow up soon. A house is a place to live not a peice of bullion.. people will re-learn this soon. I don't agree... A house is a good investment because you need to live in something. It will always remain a good investment as long as you or someone else wants to live in it ofcourse  A piece of bullion has no useful value to the average person. |
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[snip]
IF THAT IS FOR YOU STABLE IM THE PRESIDENT OF USA
that is stable, and you're not the president. i would hope any president of the US would have a little bit better baseline understanding of the mechanisms underlying market pricing.. here's a start: it goes up, and then it goes down, because price is stochastic. --arepo That's a bold statement |
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Actually I just remembered a popular one around here .... " HODDLLL !!!!" To HODL is not to SODL. [William Shakespear]  |
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I hodl.
As for prediction I think news is also a indicator that should be considered.
Trading on traditional technical analysis is risky since bitcoin is no normal market and is being manipulated.
If anything can work neural networks could. Also they are interesting.
Wish you the best of luck!
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let's look back
2010 - 0.01$ (famous pizza event)
2011 - 10$
2012 - 100$
2013 - 1000$
2014 - 10000$ 2015 - 100000$ ... 2040 - 1000000000000000000000000000000$ OMFG! it'll be like 1000000000000000000000 Billion $ We'ze all be rich!!!! |
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Nobody wanted to buy it for either dollars or bitcoin. I tried believe me. It was nearly impossible to sell for bitcoin because I had to get 3 lawyers, and the real estate lady (originally it was a private sale), and it had to be $1 plus the bitcoin, as bitcoin are not legal tender in Canada so can't be used as 'consideration' in financial transactions. By the time all the smoke cleared I got 648 btc. But if it is going to $10/$100K per coin like the Winkle guys are saying and many others, then I am set for life regardless of how many I got Hope for you it's not the first ... $10 would suck |
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