|
I don't understand why it's crazy to take a loan to buy bitcoins, it's only crazy if you have unrealistic expectations of bitcoins value going up. The nature of bitcoin is that its value can only go up, because of its fixed supply and harder to come by as time goes. The nature of fiat is that its value will go down, because of its unlimited supply and inflation. Simply put, if you buy $1000 worth of bitcoins now, that $1000 bitcoins are gonna worth more than $1000 in the future where as the same $1000 worth of fiat money now is gonna worth less in the future.
|
|
|
|
|
2 factors:
Difficulty
- changes every 10 days or so, so it's actually going to be more than 78 days, but for the sake of simplicity just add about 20% more days to breakeven ROI every 10 days, assuming;
Price
-stays the same; if rise you breakeven faster; if fall it's gonna take longer
Worth it or not, you be your best judge
|
|
|
|
I wonder how many miners here are mining despite knowing it's not profitable while telling others not to  Well where I'm from electricity's pretty cheap, so it's still doable. I'm not too concerned with profitability frankly, I just want to be able to still mine btc while I still can. Used to be getting few btcs a day, then down to one, then 75%, then 2%, now only 0.01 btc a day, but will still hash on! |
|
|
|
Newbies reading threads like this, please do not get sucked into the hype. This is currently a very expensive game and you will have the chips stacked against you. Do your due diligence, so you don't look silly starting threads like this in the future which you will be forced to do once you get sucked in. The $ is the ultimate end goal for all these salesmen. Be VERY VERY careful.
Some of us 'newbies' are not in for the speculation. It is only if you do not truly understand what Bitcoin is, that you might tempted to think it's nothing but a game, a scam or a ponzi whatever however you want to call it. Bitcoin CAN be used to speculate, to scam or for a ponzi scheme, just like paper fiat money. You don't warn people not to get into the 'hype' that is fiat do you? This is going to be fun. OK help me TRULY understand Bitcoin. Sell it to me. By the way how much did you pay for it(just curious), but you don't have to divulge this part. I understand. First and foremost, what is your current understanding of bitcoin and how technically proficient are you? I recently explained bitcoin to my 82 year old grandmother using the email analogy and she immediately gets it, "you know, like how we were exchanging letters before and now we're exchanging emails?". Not only she gets it, but she can even see how any newfangled thing can be speculated, it's just human greed, and like any good responsible grandmother, told me to "not speculate and better save up on those bitcoins". So to me Bitcoin is never a gamble and I'm not in it to profit, well, not in the way of speculating at least, but a transition to cryptocurrency which, like it or not, is here to stay. Plus I never paid a single cent directly to acquire my bitcoins. |
|
|
|
Newbies reading threads like this, please do not get sucked into the hype. This is currently a very expensive game and you will have the chips stacked against you. Do your due diligence, so you don't look silly starting threads like this in the future which you will be forced to do once you get sucked in. The $ is the ultimate end goal for all these salesmen. Be VERY VERY careful.
Some of us 'newbies' are not in for the speculation. It is only if you do not truly understand what Bitcoin is, that you might tempted to think it's nothing but a game, a scam or a ponzi whatever however you want to call it. Bitcoin CAN be used to speculate, to scam or for a ponzi scheme, just like paper fiat money. You don't warn people not to get into the 'hype' that is fiat do you? |
|
|
|
|
Good luck getting them THIS year. Will not trust them again after only getting my single ONE YEAR later.
|
|
|
|
|
420 to 350. Can't possibly go any lower methinks
|
|
|
|
i feel like litecoin is boring and wont really get anywhere but bitcoin is going up because it is the first coin. Whoever is selling bitcoin atm in my opinion is making a mistake, bitcoins will probably go up since they are so innovative.
Always buy, never sell |
|
|
|
No worries! I think you may have triggered a new trend and revived an outdated word, lol. But you know the west (Occident) get to start using "Oriental" again which has been taboo for decades.  Reviving an old word would be the achievement of a lifetime! If you start using it, I thank you for your support  Let's give it a try, shall we? How's the weather over there in the Orient? Over here in my part of the Occident it is windy but warm.  Your occidental sense of humour is orienting a smile on my face! Haha, I actually find that one good. Back to the OP, I think the world is big enough to have all sorts of players, the more the better for us buyers. That being said, it seems Chinese manufacturers are doing it better : they're cheaper, they have more inventory, AND they deliver, fast. Even I think some of the 'occidental' (I'm also not used to this particular word too but it's definitely legitimate) manufacturers are having it made in China, so of course they can't compete with China's home grown companies, they have to ship back to their own countries then only to customers. |
|
|
|
So, I'm new to bitcoin Was looking at getting a new ButterflyLabs Monarch 300GH/s card. I started using some calculators at bitwisdom and others. Seems that with the historical increases in difficulty and the cost of new hardware that it's going to be nigh impossible to make any profit from mining. The rate of difficulty increasing seems to be averaging 20%. The newest rate increase was estimated at 15.2%. But still...According to the calculator I'm going to make nowhere near even covering the hardware costs of $1497. How can anyone make a profit unless they are already established with hardware? There can be some profit it seems if you buy the hardware when it immediately becomes available, but by itself with no other hardware, because of the increasing difficulty, you're just not going to reach profitability. Is everyone hoping that bitcoin is going to reach some astronomical high, like +$1500BTC/$? While not unthinkable it hasn't happened yet? What factors are people betting on that will increase the value of BTC/$? Am I looking at this right? Barring all extreme scenarios, like it bitcoin were to shoot through the roof in value or the difficulty were to drop dramatically or some long-term DDoS attack were to happen to the incumbents, if I were to start mining today, would it be possible to mine enough bitcoin that it'd even be worth it? Am I looking at the numbers right? Hash rate: 300GH/s Hardware price: $1497 Watts: 175 Electricity price: $0.15/kWh Current bitcoin value: $423.99/BTC Difficulty increment: 20% Pool fee: 2% It seems that the time period that had the potential to do mining of any significance, like to buy hardware with your earnings and have a doubling effect, has passed. Yes you already ran the numbers and could see for yourself, the days of making ROI, much less profit, back in a month or two are over. Only get into mining when the miner is IN HAND when you part your money BEFORE everyone else get theirs, otherwise, you'll always be behind the curve |
|
|
|
|
Hardware makers have smartened up. They will price their hardware in such a way that you do not easily make back your investment, they'd be a fool to sell you a machine that makes more money for you than for them off you. I think mining in the future will not be for profit but rather a necessary expense to maintain the ever decreasing supply of bitcoins.
|
|
|
|
|
This is quite inspiring. To those doom-sayers, why are you into bitcoin at all if you do not truly believe in it? Bitcoin will always have value and that value can only rise because of the very nature of Bitcoin - supply decrease, value goes up - it's economic law. The volatility in prices is merely due to speculation - if you're not trying to make a fast buck then you have nothing to worry, just keep believing and holding and eventually its value will increase, it must.
|
|
|
|
|
Guys you have to remember the >$1000 price was largely driven by chinese speculators. Bitcoin will have a value no matter what, the minimum of it would be how much it cost to create new bitcoins (through mining), anything higher is artificial/speculative. Of course over time the price of Bitcoin would fundamentally rise due to its nature of limited supply and being increasingly difficult to mine, albeit slowly and perhaps boringly. Speculators just make Bitcoin the roller coaster ride that we're seeing now.
I think(and hope frankly) Bitcoin is stablizing. Those who bought at the current lows may be hoping to see it go up to $1000 again in a few months like how it was last year, but I don't think we're gonna see those kind of crazy rides anymore. After the mania stage that was december last year, the bubble cycle is now complete.
|
|
|
|
|
I think it's very obvious who has more influence.
|
|
|
|
Thus I asked, are we letting China, or more fundamentally, one country to dictate the value of Bitcoin? Should we be thankful to the Chinese for driving the price of Bitcoin up? Remember, if they can drive the price up, they can drive the prices down, and that means having control. Isn't Bitcoin supposed to be decentralized, free of any authoritative control? apparently it seems the Chinese is in control of Bitcoin
This type of selfish I have seen enough in China, and it makes me feel like home seeing it on an Enlish forum. Chinese people use Bitcoin because it gives them something they otherwise should beg from the government. You praise bitcoin for beinng decentralized, so Chinese government, a centralized power, should be out of the picture. Why should not Chinese people enjoy the same advantage? Why when you are trying to free yourself from your big powers, we should be slaves to ours? And when we (Chinese) fail at our foe, being victims of a centrlized power, you just ask us out of the picture together? WHY YOU THINK CHINESE ARE THE ENEMY of decentralization, when WE ARE THE VICTIM of centralization? Stop externalize China by PERSONALIZING China, as if we are a single big guy confronting you. It's a big country with lots of people, and there is a war going on here too. zhang, nothing personal against the Chinese, but they have the herd mentality. One person in China starts doing something, the rest follow en masse, sometimes without even knowing the purpose and reason of doing it. The fear of 'missing the boat' or 'if you're not doing it like the rest of us you're losing out' is so ingrained into the Chinese mind. And the Chinese are driven by wealth (I wouldn't go so far to say greed). Look at gold. Look at properties. All snapped up by the Chinese. And consequently bubbles for these markets are created due to irrational buying, fear, uncertainty and doubt, shaking up an otherwise stable market. If we were to want Bitcoin to be adopted and used as a future currency, we need to have price stability, if not it makes more sense to just hoard and hold, which is what I see the Chinese are doing now. |
|
|
|
|
"You could say he literally dreamed up his fortune."
What I can say is the author literally wrote a financial article out of thin air without facts or proof and in direct contradiction to Dorian Satoshi Nakamoto's official statement verifying he is not the creator of Bitcoin whom the basis of the article is based on.
|
|
|
|
I dont sure that its a good idea, China have a massive population that can help and raise the exchange rate of the currency at he future..
So you'd rather China control the price of bitcoin the way they are doing now? Government calls for ban, prices drop, retract ban, prices rise again? |
|
|
|
three times drop and to da moon hope we can see again, please don't drop below $400. if it happen i afraid many ppl will loose trust to BTC - why many ppl say HODLING instead HOLDING? just curious Nothing is guaranteed but so far this years chart pattern is a mirror of April through Dec last year with almost identical (but on a slightly differing scale) triple bottom type retraces to an ascending trendline at around 1/4 of the original move. So, much like October, this price at this time provides an excellent value entry point into this market.
IF the big boys are going to get into BTC they will do it now and at these levels.
hey, i've already got into BTC   cos people just like to follow the bandwagon and to show how damned hip and 'in with the times' they are. sounds utterly retarded (just try pronouncing it) if you ask me. |
|
|
|
So? What's the big deal? I do not see how it affects anything or anyone except perhaps you're Chinese. Does China dictate the price of Bitcoin? Or are you letting China determine the price/future of Bitcoin? Only if you have the crowd mentality will you be even bothered by this news.
Chinese exchanges often account for ~90% of total volume. Chinese capital fueled the Bitcoin bubble of Nov/Dec 2013. This cuts off a massive customer-base from crypto. Bitcoin provides huge utility to people in China, who are subject to capital controls that most Americans would never even believe. If China's government took the same policy as USA, Bitcoin could be $2-3k each right now. Thus I asked, are we letting China, or more fundamentally, one country to dictate the value of Bitcoin? Should we be thankful to the Chinese for driving the price of Bitcoin up? Remember, if they can drive the price up, they can drive the prices down, and that means having control. Isn't Bitcoin supposed to be decentralized, free of any authoritative control? apparently it seems the Chinese is in control of Bitcoin |
|
|
|
|
So? What's the big deal? I do not see how it affects anything or anyone except perhaps you're Chinese. Does China dictate the price of Bitcoin? Or are you letting China determine the price/future of Bitcoin? Only if you have the crowd mentality will you be even bothered by this news.
|
|
|
|
|
Show Posts
