I disagree. Even if you could never purchase anything directly with Bitcoin, as long as you can exchange it for other currencies, it would have massive value solely as a store of value. The longer the protocol continues unharmed, this more this value will increase. This doesn't require any expectations other than being certain that my Bitcoins will be secure in the block chain and someone other than myself values them for the same reason.
My thoughts exactly. |
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good explanation, but what is then the value of ethics for example?  That is hard to answer, maybe impossible. But the principle is the same. The value of ethics is how much a person is willing to sell theirs for. But remember, they are selling their ethics, not yours. They are likely to violate your ethics for much less than they are willing to violate their own. Ethics (from the Greek word: "Ηθική") is something that most people hold in their pants. As per its value; is like bitcoin's. It depends on who's asking (and how much). It's an open market after all...  |
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The proper way is wait until all the folks auctioning them off have run out, then observe that the one the bidders failed to bid high enough to convince you to sell is obviously worth more than any of them actually bid, if only to you...
-MarkM-
True. When the demand for bitcoins will rise (and it WILL rise since FED and EU are making money), then no fiat currency will be able to compete to it. That's the basic idea of its existence... Miner or investor; I'd advise everyone to keep a decent amount of BCs in their wallet. You never know (actually you do; but anyway)... |
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Ouch 6+ hour block... that is one way to write-off a quarter of the day!
That's a nice thing to do when you have a 40GH/s ASIC lying beside you in your office...  Quah? Where did that come from? What made you say something so... Useless Besides the factor that nobody other than bfl has a 40gh/s ASIC I surely don't have one (I'd then stop my powerplant of 2.5GH/s); but I'd definitely like to!!!  |
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Ouch 6+ hour block... that is one way to write-off a quarter of the day!
That's a nice thing to do when you have a 40GH/s ASIC lying beside you in your office... |
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too late, the bearded one has spoken
...and said what was already predicted. MORE fiat money... YEEAAAHH!!! :S |
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I'd love to hear your thoughts on the european debt crisis as it obviously defines your current open positions.
Also between the two currencies, cash (lets say USD) and bitcoin. What is your opinion on holding either given they hold totally different properties in terms of inflation / deflation.
As per the EU dept crisis, its nothing more than a political game. Whoever believes otherwise, either he's blind or misinformed. From the point that Mrs Merkel, Mr Draghi or anyone, really; can make a decision to end the crisis (fiat money have the ''ability'' to be fabricated out of thin air) they simply don't do it because they are on a very precise and well sketched schedule. Germans simply don't want ANYONE to mess with their banks, because of the fact that they don't want to reveal their *REAL* debt. I have wrote elsewhere about the future of BC. From the point of view of its existence, its meant to be a strong player; actually the strongest. Non inflatable, it's doomed to end the exchange difference between $/Eur/GBP and BC to an outrageous limit. I expect the BCs, after the upcoming ASICs invasion, to rise. If you search my posts I've written why. Of course, I may be wrong... In my opinion, it all makes sense when you compare what the network production/equity is now, with the one that will be, when the Asic miners come in. If you think about it a bit; the current exchange rate is about $12 for 1BC. That means you need about 100BC or $1200 for a BFL, SC and 40GH/s. You need about 100 days, to produce 100BC at a rate of 1BC/day with an average setup that sets you back about $1000 to $1200 (a couple of 5970s, a couple of 6870s, and some 6950s) and gives you 2.5GH/s.
Now, lets project this for a while to after 6 months to 1 year. By that time, lets asume that EVERYONE (who can afford it) will mine with an asic by then. The difficulty should respectively rise to actively produce an average for 40GH/s lets say 1BC/day. This means on a direct comparison that your (future) 40GH/s equals with the (today's) 2.5GH/s. Respectively you will be at the same position minus the initial 100BC you gave to buy the asic, minus the cost of the videocards (if you don't manage to sell them, or want to keep them anyway).
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I agreed with everything you said, right up until the part where you said to stop mining. Why would you not mine now, before the difficult spikes and it requires ASICs to make 1BTC/day?
In case I wasn't clear: I meant that WHEN the ASICs are out I'd prefer to stop mining, (not stop mining now). I'm currently mining with 2.5GH/s, I've also revealed my setup in the post. In any case, when everyone mines @ 40GH/s, my 2.5GH/s will be a drop in the ocean and definitely what comes out of it (at that time), definitely won't pay my electricity bill. |
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It's all about the Benjamins gentlemen.
This is where you are wrong. The reason bitcoin exists is because there is a problem with the benjamins... The fucking Federal Reseve (a private bank) keeps printing them and handing them out to there friends and governments that do not have our best interest in mind. Sure bitcoin is a big risk but if it works the payoff will be greater than holding gold or silver. This is what people like myself see and make decisions based on that not On how much federal reserve notes we will get right now. Hehe. It's just a phrase; as we say "a matter of speaking". The "Benjamins" were just another word for money / bitcoins / any means of exchange really. I wasn't referring to the fiat money. IMHO, Bitcoin is NOT a big risk. It's the next step; and frankly, my opinion is that's gonna be what's left after everything else has failed... ...except; if we have no computers and/or electricity and/or internet... |
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In my opinion, it all makes sense when you compare what the network production/equity is now, with the one that will be, when the Asic miners come in. If you think about it a bit; the current exchange rate is about $12 for 1BC. That means you need about 100BC or $1200 for a BFL, SC and 40GH/s. You need about 100 days, to produce 100BC at a rate of 1BC/day with an average setup that sets you back about $1000 to $1200 (a couple of 5970s, a couple of 6870s, and some 6950s) and gives you 2.5GH/s. Now, lets project this for a while to after 6 months to 1 year. By that time, lets asume that EVERYONE (who can afford it) will mine with an asic by then. The difficulty should respectively rise to actively produce an average for 40GH/s lets say 1BC/day. This means on a direct comparison that your (future) 40GH/s equals with the (today's) 2.5GH/s. Respectively you will be at the same position minus the initial 100BC you gave to buy the asic, minus the cost of the videocards (if you don't manage to sell them, or want to keep them anyway). It's all about the Benjamins gentlemen. My advice is (that's what I'm gonna do) to quit mining and while the price is still low; I'll prefer buying 1BC per day. When this won't be feasible anymore, I will have a fair amount of BCs to buy myself a couple of asics at 1/3 or even less of the current price... and won't mind about the loss. Of course I'll stand out from mining for a fair amount of time, but what is time? Isn't money..? |
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Three questions for you BFL:
1.The $1,333.00 should be paid prior to shipment? I'm trying to place an order but for some reason the procedure won't continue (trying via Paypal).
2. I'm living in Greece. Will there be extra cost?
2. Is it certain that the BitForce Single 'SC' has a constant 40GH/s performance?
Thanks in advance for your answer(s).
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The effects are still yet to be seen.
I believe we're gonna witness several pirate40-like cases in the near future. The reason is that while (a man's greediness) > (a man's naiveness) there always will be someone to organize a scam and get money out of it... Bitcoins or Dollars - it's irrelevant. Plus I believe his liquidation is already en route. Otherwise BC should have topped near $20+ now... |
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You want something & you get it without any problem, then its called normal.
You want something & you can't get it then, its bad luck.
You want something, you get that & also you get some other thing which you never thought & that some other thing is good for you, then its good luck.
You're not going to start throwing yoghurt are you? Cause what you're describing is what went down in Greece recently  LOL! I live in Greece and believe me nothing of importance has happend as per the country's luck! We're on an economic disaster schedule since 2009 and the program is going on smoothly; until the economic sharks (foreign and domestic) acquire what's (they think) theirs. This is a pool discussion so I will stop here. As per luck; if you check the graphs, you will notice what several guys here said (including Tycho) it's constant. Look Slush/Deepbit/Eclipse (the biggest pools as per hashrate). Their luck is (almost) constant. If you project this to infinity; you might as well have a very smooth line. Just my 20c... |
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What's your price for the 5970?
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I've PMd you for one 5970.
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I really am curious where this is going Coreadrin_47. I *think* I have the outline of your thoughts and really want to wish you all the best. It's a good bet IMHO. |
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As I've mentioned earlier; there are pools out there that they take SEVERAL DAYS to solve a block. Two or three hour solving used to be ''good luck'' in terms of DeepBit. That's why we mine here; don't we? |
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For Heaven's sake, give Deepbit a chance! After all it's one of (if not) the best pools around. Seems some of you never mined with a pool that had about 4 or 5 days to solve a block. As per good luck and bad luck; everything is coming down to equilibrium in the end. Keep it up Tycho. You're doing a great job.
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Another DoS attack? No. Please read the previous message. Everything OK now. Thanks Tycho. |
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