How can we use BTC to make more BTC for ourselves? What is the most efficient way to go about this in your opinion?
Simply being a bitcoin early adopter/innovator is already a rare and powerful investment opportunity that is open to anyone right now. It is not necessary to try to generate "more BTC". Instead, simply buy some coins and hold onto them for 5 years, and see what happens. This. Simply put, you can never generate more btcs than what you're having now with what you're having now. I used btcs to get miners to try to get more btc, I lose more btc than I can eventually generate. The best way to 'net' more btc is to simply buy, buy and keep buying. |
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The most ethical and most likely thing for the Japanese government to do is to issue those 200,000 bitcoins back to their owners, pro-rated according to their last recorded amount before the shutdown. If they try to liquidate 200k worth of bitcoins at once, they need to do so at market price, and at ard $500 per btc that's a huge amount of $100 million, from where is the money going to come from? I don't think they will liquidate below market price if they do then the Japanese government is just stupid and someone else benefits. In any case, it has no impact on btc's price. The worst case would be the Japanese government decided to keep those 200k bitcoins to themselves.
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OP, what you're suggesting isn't possible in Bitcoin by design. The blockchain can't just be altered by the dev team in the manner that this scenario would require.
The block which contains the MtGox transfers also contain numerous other legitimate transactions that occurred around the same time period before that block was solved.
The hash of a block is a long string of characters representing the entire hash of the previous block, a time stamp of when the current block was created, and all of the transaction data contained within the current block. If a single transaction is changed, the resulting block hash will be completely different. When a block is solved, a new block is instantly created and the cycle is repeated.
All of the blocks solved from then up until now rely on the hash of the block containing those MtGox transactions. Every block is dependent on the data contained within the previous block remaining concurrent. Changing something in a past block would cause a cascading failure event. The change would be rejected.
Each and every block uses the hash of the previous block in its algorithm. If you change the content of a block, the hash changes with it. If the hash of the next block does not check-out against the hash of the previous block it will be discarded. The blockchain from that moment forward and every transaction that occurred from that block onward would need to be reverted as if it never happened for such a change to be accepted...
The protocol will not allow the coins to be "frozen" since the act of freezing them would destroy the concurrency of a known good chain where the inputs and outputs are proven. The alteration would be discarded the same as a "double-spend" attempt.
Bitcoin can't do what you're asking it to do regardless of what the core devs think about the Gox situation... Bitcoin has no conventional "core" in that unilateral "source-code" alterations are not possible. If the community wishes to implement an improvement they must do it by consent. Community consent has limits in that it still doesn't mean they can change the content of a previous block. Improvements can only be implemented from an unsolved block onward. The only way to go back would be to discard all transactions that took place in the chain between the block in question and the current unsolved block.
Bitcoin isn't about Anarchy, it's governed by the most absolutely infallible system of law on the planet; math... The problem with math is that it cares nothing for emotion. If you have unspent outputs and the private keys to control them; nobody can stop you from spending them. That's not Anarchy, that's equality and neutrality...
Finally, after wading through all the other comments to convince myself there's got to be at least ONE freaking post that can explain the ridiculousness of OP's question, finally found it and only after 5 freaking pages no less. The level of ignorance regarding Bitcoin in one of if not the most prominent Bitcoin forums is quite frankly, scary. |
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In my opinion Bitcoin is a big scam which created by drug dealers, hackers, illegal money resources.We buy bitcoin to sell it. It likes gambling. Everyone wants to make money easly. But there is no way to make money with buy bitcoin. We just beleive it and pray like the religion. Nobody really knows how to work bitcoin system.It is just there is a thing that value XXX or XXXX. But need to realize that we do that. There is no real thing.
I am lucky because I quit bitcoin buy and sell.
Do not angry me it is reality. I respect if you agree or disagree.
No I'm not angry at you but maybe a little sad for you, because you do not understand bitcoin that you're so quick to dismiss it. If you truly understand bitcoin, you wouldn't call it a scam, because it really does not make any sense. It's like calling gravity a scam, just makes no literal sense. Just because you don't understand how it works doesn't mean "nobody really knows how to work bitcoin system". But I don't blame you because not everyone has the capability to understand all the workings of the world we live in. If you feel that you are much happier and less stressed after leaving bitcoin, more power to you. We don't necessarily have to believe what others believe, and we don't necessarily have to convince others to believe what we believe. |
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It is only as safe as you make it to be. There're many aspects to it, investment one of many. Bitcoin itself may be rock solid in terms of its fundamentals, but if you are careless with your security or are not technically savvy, you can lose all of your bitcoins in a blink of an eye. And once it's gone, it's gone, there's no such thing as salvaging what little you can salvage, it's all or none. Understand Bitcoin thoroughly, not just its monetary aspect but its technical aspect as well, before you decide to 'invest' in it.
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A quick calculation:
10 Gridseed Kit, 3 MHs = $200 x 10 = $2000
3 MHs at auto switching pool get you, let's see, 0.0045 BTC per MHs, so 0.0135 BTC a day, so you are making $5.805 (at $420/BTC) a day. It will take the buyer about 344 days to break even.
I feel so sorry for those who got snookered.
With gridseed blade it would be 1 blade, 5.8MHs= $1600 .0045 = .0261 BTC/day * $450(current BTC price) = $11.745/day = 136 days ROI Not bad considering what it used to be but once Titan is released it is game over.Titan will be produced as Neptune in small qts and not all miners will afford to buy one. So will be room for all type of scrypt ASICS. A single titan produces more mh/s than the net hash of many of the smaller scrypt coins. Even if just a few were released it would change the game. This. Basically it will be inevitable that script mining will go the way of sha256...meaning you have will have no choice but to get Asics to mine once they come into the game, so the point of getting gridseeds is, you need to. |
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I'm too nice to label them as scammers, but I wouldn't touch them with a 10 Ft pole ever again. So let them die a natural death when enough people feel they'd better not take the risk, but if they still want to, then caveat emptor.
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Get the S1. Given that you've been seriously thinking about it, you probably know that you won't profit much, if at all, and maybe at a loss too, but you don't really mind all that and you want to tinker with the hardware, the feel of generating 'money', watching your bitcoins slowly accumulate gives you a sense of slow and steady satisfaction, the S1 is currently the only one to get, both for your budget cap and its value proposition.
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what a fool leave sleeping dogs alone The dogs are not asleep. The dogs of government are rabid, and they have been devouring innocent people for a hundred years. It's time to put them down.Anyone who is worried about the tax implications of holding cryptocurrency, don't be. Cryptocurrency is the END of fiat, capiche? There is no going back. Nation-state scrip is a dead thing walking. The IRS is a dead thing walking. The US dollar is most CERTAINLY a dead thing walking. Even capitalism itself is rapidly becoming a dead thing walking. Cryptocurrency won't be the end of fiat, it will be alongside fiat just that fiat usage will gradually be reduced. Just like the emergence of the internet and email, we now simply send emails rather than letters, but still for certain occasions we'd still lick up a stamp and stick it in a corner for good old-fashioned snail mail, for whatever reason. Back to OP's subject, I suspect the government of the USA is still trying to figure out what to make of Bitcoin (or rather, how to best capitalise on it). Is it a commodity or a currency? Is it both or neither? But one thing governments around the world(the greedy ones at least) do know for bloody sure, is to tax first, everything else later. |
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what's happening today again?
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I didn't realize how much hashpower was required to mine BTC... damn!
With the current drop in price plus the increasing amount of power needed, do you think BTC mining amongst average people is going to disappear?
Yes. Price isn't so much a factor as rather the increasing difficulty and the halving of block rewards, meaning in the future you need MORE processing power (which means more electricity) to get LESS bitcoin today. The average people will find no incentive to mine, unless they don't mind mining at a loss just to satiate their passion for the hobby and support the network. |
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Another newbie account scammer with a so called "visionary" idea to be launched soon on crypto stocks and then fail and disappear after getting rich off your coins. Haven't u guys learnt enough?  That's quite a heavy accusation there cosmo. You may not know, but here in this part of the world we're quite an enthusiastic bunch. We have weekly gatherings where local bitcoiners meet and just talk bitcoin, we have events and conferences promoting the understanding of bitcoin, we have campaigns giving out free bitcoins to spread awareness. We prefer to have optimism, something that is sorely missing in the bitcoin world now |
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Apa khabar neighbour! I think its a GREAT IDEA! But I'm not too sure about the entire island, you will need your government to support for sure, but you can start small first, and if it's gonna take off, it's gonna take off, if not, well, at least you tried! How's the bitcoin scene in Indonesia? We have our first Bitcoin ATMs in Malaysia a month ago, one in Bangsar, KL and one in Penang, with more to come. I think bitcoin will be big this part of the world too. But we really need all the other SEA countries to be on board as well. Hopefully when adoption has grown big enough with its infrastructures in place bitcoin will be accepted as legal tender.
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It'll only be for a while, to give the bears a lil' something. They're hungry for so many days now poor bastards. Well, eat(buy) all you can, the sub 400 level will be the lowest you will ever see from now on.
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The moment in touches 400, I guaran-fucking-tee you there will be massive buying, everyone's just fucking waiting now. But no, they won't get it.
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Dont buy now, will go to 200 soon as i told everyone a month back
Keep on dreaming  |
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Many are just waiting for below 400, then you will see massive buying, and the rally will then only start. will not go lower than 300.
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You already have 3 s1. Either you get 3 more (they still have a good few months in them imo) then sell them when you're done, or sell all 3 of your s1 and directly buy coins instead. No need to consider any other miners unless you're not looking to get back your ROI.
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shhh, keep quiet or the boss might find out
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Truth is, Bitcoin is still a ponzi pyramid, with 1% of the owners owning 30% of the coins...
It is of no concern to anyone if only 1% hold 30% of the coins, they are not profiting off you like how a ponzi scheme works, they are profiting off the market. If the reason you are not getting into Bitcoin is because you felt bitter of other people being richer than you just because they got in early, you are letting emotions cloud your logic |
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