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hundreds of millions his fund lost not trillions
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thanks
enjoyed
I like Mike Maloney a lot
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We entered the Bitcoin environment when PFlops of the network were around 600. It was an absolute certainty that the authenticity of the store of value everyone called Bitcoin was incorruptible.
That same network is now 39,000,000 PFlops. Most participants did not want the aggravating circumstance to purchase Bitcoin and instead decided to mine it. 99% of the hashing power out there is completely irrelevant to the stability of the network which, as I said was untouchable at 600 PFlops. However the arms race began.
To our knowledge unless you have created some kind of geothermal electricity and housed your rigs in the Norweigan Arctic while your best friend owned a chip foundry in China operated with one million prisoners, there is no way for mining to be profitable.
There are some indisputable laws of the universe. Gravity, the speed of light, and we will say Moore's Law. We simply could not double the rate of transistors fast enough to satisfy the appetite to mine Bitcoin and now the weight of those huge pieces of infrastructure must collapse. In effect we personally see it as a confidence boost that illustrates the longevity of Bitcoin. Economics will reign in the rate of growth of the network and prevent centralization of mining from falling into a few hands. The risk is simply to great for these enterprises to consider. When a graph of the exponential growth of the network is overlayed on the rigid two year stair-step of Moore's Law one can clearly see where things went awry. Instead the risk will be redistributed over the many. Quite an astounding consequence of design.
Unfortunately this is the first time this phenomenon has been regarded and so many of these players have been blindsided unable to comprehend what has happened. For the rest of us the fall out is regarded in the price but we are comforted to know the network has a built in mechanism where even limits exist for mining to keep everything in balance.
Nice 1st post. agreed nice first post somewhat lost on some other members what he's saying I doubt they even read entire post very good |
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media do a horrible job on stories so if they get hold of this (when), price will dump
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Title correction: Somebody claims that Karpeles made death threats.
Yup, and more importantly who is this guy? the link does't actually show up for me just takes me to a Twitter error page. link works + added allegedly but the guy tweeting has said reported to police and is using real name etc not just a troll |
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don't take personally elwar you are one of members here I respect most  |
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my favourite alt with brightest future
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If you are reading this right now and you do not buy bitcoins at this price, you cannot ever complain about early adopters again.
At this price, anyone can be an early adopter right now.
You probably made this thread when it was ~177$ (Lowest it go to) , it's now 208$ . Anyway , I'am pretty sure that early adopters bought it a lot cheaper , like a lot ... heard someone saying that it was 13$ for 1 BTC or even less. so yeah I guess they can still complain (I don't because I don't really care about the price to be honest) try $162 on btce couple of times lower on some other exchanges |
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haha brilliant qwk  |
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Friday, Adam Guerbuez will announce that he is getting married.
To a 200 piece bucket of KFC, mashed potatoes and 8 gallons of gravy. lmfao |
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guaranteed bulltrap in my humble opinion
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The rumour I heard is that no real bitcoin transactions have ever taken place, and the entire blockchain is just an obscurely encrypted Rick Astley video.
I'd post a link, but honestly, who'd be dumb enough to click it?
lol we've moved on, it's bitcoin 2 i believe it's an epic saxguy vid |
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more details please o/p...........
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