They raised over 2 billions by killing my bank. 2 billions to cover country's debt, not bank's debt!
Under-100K accounts are compensated by money taken from over-100k accounts! It comes that I gave them their 100k, not European Comission!
No, there is no money. Your Money is gone. That's the starting point. 0 money in the bank. Technically this is close to truth, as soon as you put the money into a bank, at least 80% of them is gone, due to fractional reserve banking |
|
|
|
My wife and I just cashed out her 401 this Tuesday to put into Bitcoin. We are still waiting for the check to come, and I keep getting sick to my stomach when I wake up in the morning and see where they have gone over the night. It wasn't that much ($7,200 after all penalties, and taxes) and we plan to leave it in for the long haul regardless if it crashes or not. Our thought was in 30 years from now when we are retirement age, who knows if the USD will even still exist, and plus with the possibility of nationalization, it was an easy decision. My confidence in Bitcoin also made the decision pretty easy too.  Wow, this is dangerous, if many people are going to do this, they will find out that there are not enough money to be taken out, it will bankrupt the government |
|
|
|
|
Don't take it too serious, it is just a game of numbers, while numbers can be Euro, USD, JPY, BTC ... Now you know that some games do not benefit you as much as other game
|
|
|
|
Some miner who started mining back in 10' said F#%k it... im buying my own island!
Feel sorry for them, they could own the world, but they are limited by their short sighted view. Good to have these kind of people shake out before we move along |
|
|
|
|
Always fast crash due to low liquidity, as soon as people find out there is a crash, there will be buyers rush in, in less than a day
|
|
|
|
|
Current total bitcoin network hash power
GPU+FPGA - 25T
ASICMINER - 12T
AVALON batch 1 - 20T
About 60T
This hash power will remain more or less unchanged until middle of April
Later part of April:
AVALON Batch 2 - 40T
ASICMINER 50T first deployment - 20T
About 60T
consider the shipping time, until mid-May, total hash power rise to 120T，double the current difficulty, so even the first batch 3 user will start with a maximum 2.4 coin daily return
May：
AVALON batch 3 - 33T (500 UNIT)
ASIC MINER another 30T
Add 63T
BFL should be able to ship around this time, suppose that shipping speed is 100 rig per day, average 40Gh, then in one month 3000 rigs delivered，that's 120T.
So for whole May the network hash power will reach 305T，5x current difficulty, avalon batch 3 user can get about 1 coin per day
June：
BFL will add another 120T，total 420T，about 7x current difficulty
July：
ASICMINER's 200T deployed, even AVALON won't make new delivery, BFL add 120T，740T total can be reached，12x current difficulty
After that the difficulty increase will slowdown due to large existing hash power base, and the ROI for mining equipment will become much worse: For an Avalon you can expect 0.4 BTC per day, and that return is shrinking slowly every 2 week
But there is some uncertainty about BFL's delivery, if they could not deliver at that speed before July, then Avalon will have enough good chance to ROI quickly
|
|
|
|
I did have a severe enough problem to warrant the upgrade. It stopped mining and went into a contentious cycle without effectively mining bit-coins.
After an upgrade, the unit stopped cycling in that odd behavior. It also restarts by itself when the mining stops for whatever reason.
It still does stop mining every 12 hours, but it resets itself without any intervention on my part. So it is pretty much running itself on NEXT firmware (v3/25/2013).
Thanks, good to know that 0325 version works |
|
|
|
|
Come on, FED print $40 Billion per month without using any electricity and many people even thank them for doing that
|
|
|
|
Miss bitcoin wanted |
|
|
|
I used TNT this time, since they claim to have fastest shipping, but what a nightmare, first they delayed the package due to weather problem, and they did not appologize, and then they charge high fee, custom fee + VAT, and they even charge a VAT upon custom fee  Never gonna use them in the future EMS is generally good, 50% chance to avoid tax if the value is declared not so high |
|
|
|
Most of these are satoshi dice transactions |
|
|
|
If every investment is backed by enough saving, there won't be such problem. One persons debt is another persons money aka saving. And vice versa. You just reinvented the basic idea behind credit money. If you werent almost 5000 years late; Id nominate you for a Nobel prize Im not saying there is nothing wrong with our current financial system; but the basic principles behind it are pretty damn sound. I would expect nothing else after 5000 years of experimentation and (r)evolution. Bitcoin OTOH is technically new and a revolutionary system; but as a financial system its no different than those millenia old systems from which we have long evolved - for good reason. Seems you still don't get this: Only in a debt based monetary system, one person's saving is another person's debt. In a honest money (for example gold) system, EVERYONE can have saving without debt (despite the fact that banks always cheat with FRB) Even the Nobel prize winner Krugman don't get it, I doubt how much that price worth  Maybe you know that price is set by Swedish Riksbanken, if Nobel knows such a price was invented by banks, he will be ashamed |
|
|
|
|
I can only think of two occasions that you need credit money to invest:
1. you are in a war with another country, if you do not produce weapons fast enough, you will lose the war
2. you are extremely shortage on everything after a war that you need to reach a certain living standard quickly
But today is totally another picture: People take out a huge loan to buy a house, and that loan locked in their future income for 20 - 30 years. Due to this loan, banks become rich and start to spend big, economy get boosted. And after they finished their spending, economy start to shrink back, now even those people's future income for 20-30 years are threatened due to less consumption
If every investment is backed by enough saving, there won't be such problem. Housing is just like any other financial gamble game using high leverage. Many people are doing margin trading for house, that kind of risk is just too absurd, but thanks to credit money, every one can bet their life and play it
|
|
|
|
Much higher risk now. Before, both Avalon and BFL had working FPGA products, so it is highly possible that they will deliver ASIC, just a matter of time, but now it is about the speed of hashing power increase
BFL claimed that they will deliver 1000 60GH unit /month when their test finished, that will ramp up the difficulty quickly, make batch 3's return more uncertain, in such a case minirig is a better choice
If... What when not Nothing is certain, everything has a risk, everyone have their own risk evaluating formula |
|
|
|
That's my guess as well (not utilizing PWM). I'm of course referring to the blue LED fan which is the one that cools the far left (power supply) section of the system.
I guess this fan is not PWM The problem is, that it was reporting the FAN RPM on the 3/21/2013 Firmware. Which strongly implies that it is PWM enabled. It is probably a software/firmware bug. Downgrade to previous one then. My rule of thumb is that never upgrade unless you have severe problem with current firmware |
|
|
|
|
Much higher risk now. Before, both Avalon and BFL had working FPGA products, so it is highly possible that they will deliver ASIC, just a matter of time, but now it is about the speed of hashing power increase
BFL claimed that they will deliver 1000 60GH unit /month when their test finished, that will ramp up the difficulty quickly, make batch 3's return more uncertain, in such a case minirig is a better choice
|
|
|
|
Level 1 action: You take a consumer loan of 20K USD and spend it, next year you pay back that loan using a small part of your coin since they have appreciated 100% (2x) against USD. Keep doing this again and again Level 2 action: You take a consumer loan of 20K USD and spend it, next year you take a 40K USD loan to both payback the original loan and finance the new spending, and next year you take a 60K USD loan ... 80K, 100K ... And after 5 years, your bitcoin's USD exchange price has gained 32x so you eventually need much less coin to payback your loan Level 3 action: Someone please continue |
|
|
|
Does 2M$ include Avalon's 3rd batch ?
Of course not, Avalon's batch 3 has $3M in value |
|
|
|
|
Show Posts
