Actually the bitcoin economy relies heavily on mining now. After years of experiment, we cant deny the fact that mining does affect the price supporting level. As such mining difficulty increasing rate, $700 is cheap. It would require alot of capital to be able to mine any good amount of bitcoin hence buying at this price makes alot more sense. B4 $500 is consider a good selling price for miner. Now i think it has to be $700+. Tons of cost into their mining gear, they're not gonna sell it for lower price. Remember its not just about "being profitable" but also ROI. Ppl tend to only looking USD earned - operating cost..... but overlook the capital invested. Its a race against time. The sooner to sell your mined coins at low price, the worsen your mining ROI will be. You're right for sure.. when i was purchasing bitcoins locally.. i bought some around 300$ when people thought bitcoin couldn't go any higher.. and i even told some of those sellers that 2 weeks from then the price would be past 550+ and that was at the beginning of october i believe... prices went as high as 1200+ (mtgox) .. so anyone that tells me that 700$ is a bad time to be buying bitcoins... i say to you that i'm a buyer! |
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Actually the bitcoin economy relies heavily on mining now. After years of experiment, we cant deny the fact that mining does affect the price supporting level.
Of course we can deny it. Mining provides only 3.8% of the tranasaction volume. Therefore, price is almost exclusively affected by supply and demand, not by mining expenses or whatever. Without miners there would be no transactions...period. So ya...I would say mining is kind of important. Without miners, Bitcoin would not exist. You're definitely right on the money with that point... miners are extremely crucial for the bitcoin network to function.. so imagine if the difficulty increases to a point where miners aren't making a ROI cuz the price of bitcoin isn't high enough .. that could discourage many miners.. Price needs to follow the difficulty sooner or later. I believe the upcoming knc neptune won't have a ROI unless the price of bitcoin is about 1200$ (last time i checked the genesis block) mining is a tough business so you gotta be strategic |
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Bitstamp is what I go buy not Mt.Gox... even BTC-e is better in my opinion
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BTC dipped by 30% in 48 hours. If incidents such as these are common, then BTC will never become mainstream.
Current dip some are looking as an opportunity to buy  its a panic sell due to Mt.Gox having withdrawal issues |
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I've been buying near the 700 price tag This is for sure a buying opportunity nice, i wish i can move funds to exchanges quicker. Damn banking system i gotta warn you tho to be careful cuz there are "some" banks that will terminate your bank account if you deal with certain bitcoin exchanges... don't move too much money at once... |
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can this dude shut up already? Hes making bitcoin looks bad enough. I know exactly what you mean.. but you see he's a new yorker!! lol |
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I've been buying near the 700 price tag This is for sure a buying opportunity |
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jackass didn't even read. the guy bought the bitcoins when they were 5 dollars a piece(1000 dollars total). when he traded them, they were worth around 150k, and he got burnt
Thanks! He didn't read the article but i think he just likes to bash for fun or something...
I guess I am wrong about the $150,000. I was going by this line:
lol thank you for sorta admitting that you were wrong? I think you're just a hater with nothing better to do... sad.. and no that website isn't mine altho i wish it was cuz it's really cool |
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Bitcoin mining really is a cutthroat business to be in.. probably a good idea to not quit your day job. knc is a good company and they do usually surprise with better specs. I just hope neptune doesn't get delayed in to summer..that will kill ROI if the difficulty of bitcoin keeps going up 20% or more every time....
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lol this is cool.. this was bound to happen tho.. |
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He will have much better luck begging for dollars instead. Why do you think that? unless of course you don't like bitcoin.. He will encounter 100's of people with dollars. He might encounter 1 or 2 people with bitcoins. You're missing the point completely here... he wouldn't get noticed begging for dollars.. Him begging for Bitcoin says a few thing about him. 1) He's smart enough to know what bitcoin is and how to use it at least.. which is good in my book. 2) He now has a huge audience online (500k+ views on reddit and a few news outlets covered the story) just because he was begging for bitcoins and not dollars. And THAT is getting him a lot more donations he would've ever gotten begging for dollars. cheers! Yes it is awesome but the tricky thing is that this is only possible with the coverage. Now if more people started panhandling for Bitcoins and it became a fairly common occurrence, I don't think this will have the great effect that it has in this story. Remember, it only gets coverage because it's different. You're absolutely right on that... this was just the perfect combination of 'odd' and 'innovative' to get it so much converage |
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Something is definitely going on with the exchanges.. i haven't felt too comfortable trading on any of the exchanges recently.. Mt.gox is having issues letting people withdraw and now btc-e is under investigation.. It almost feels like the governments want the exchanges regulated further first more so than bitcoin/digital currencies perhaps
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" Russell transferred over $150,000 worth of bitcoins to the online wallet of Williamson in hopes of getting it back in a different form."
That is misleading. He transferred $1000 worth of bitcoins, not $150,000. That the 200 bitcoins are now worth $150,000 is irrelevant.
Even worse, the article then implies (without any evidence at all) that the scammed bitcoins were donated to the Bitcoin 100 charity.
lol ...Article doesn't imply that at all. Are you sure you even read it? Are you a stalker?..First you (unsuccessfully) try to prove how the homeless guy was better off begging for dollars in one of my previous posts ( https://bitcointalk.org/index.php?topic=448806.0).. and now you're attacking me here?? lol how shameful... |
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