been a while since huobi lead stamp price wise  On the 6-hour chart there are more green candles at HuoBi. Interesting. Everyone is wondering if the bottom is behind us. |
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I will continue to mine when this happeneds to my miners, why?
Well if/when BTC jumps in price again.. all that "unprofitable" mining becomes widly profitable.
This is why I never understand anyone who turns off their rigs. They may eat the loss on electricity for a while, until the price rises again and all that coin you mined while "unprofitable" suddenly makes it very profitable. Perhaps an example can illustrate the widely held truth about unprofitable mining. Suppose bitcoin cost $500 each and your power bill is $2000 per month. Suppose that mining at a certain difficultly yields 1 bitcoin earned per month. Then yes the 1 bitcoin earned per month will be very valuable at the peak of the next bubble - say $6000 per coin. By running the mining farm in this manner, you pay $1000 in electric cost, and earn 1 bitcoin currently worth $500. If you cash in at the peak of the bubble you net $6000 revenue minus cost of $1000 equals net profit of $5000 . But suppose you instead shut down the unprofitable rig and spend the $1000 of newly available funds on purchasing two bitcoin for $1000. If you cash these in at the peak of the bubble you net $12000 revenue minus the cost of coin of $1000 equals a net profit of $11000. This is why I always understand anyone who turns off their rigs.The best case for running an unprofitable mining rig is if circumstances prevent you from otherwise buying bitcoin on an exchange. This is exactly the situation in China where the government, seeking to control the value of Yuan, limits the transfer of funds outside of China by its citizens to only $50000 per year. This law may be circumvented by someone purchasing say $200000 worth of mining gear - which may not as easily be monitored by authorities, and running it even though unprofitable, in order to create bitcoin valued in excess of the legal limit that can be sent out of China via the Bitcoin network. |
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I sold some unused gold jewelry yesterday and bought bitcoin at my local Robocoin ATM.
I expect the next bitcoin price bubble to occur in the next few months - at which point the issue of 1 BTC vs 1 oz Gold will be history.
Uh, isn't the whole point of bubbles that they're artificially inflated and then harshly corrected? You can have the bubble, I'd stick with gold, which is much less likely to be inflated. Particularly since the powers that be work so hard to make sure the price is permanently depressed, just to keep the illusion of value in the fiat. Here is my first projection of what I think will be the next bubble this summer. Peaking at $6000 July-August, and collapsing to $3000 through the fall. The crucial assumption in my simple model is that the next bubble will be similar to the previous two. Summer 2014 Bitcoin Bubble - First Projection. I do not see an ounce of gold being worth $3000 anytime this year. Therefore no chance to gold to catch up according to their respective historical price trends. |
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The money will come pouring in as soon as the BTC media coverage turns positive.
This cycle has already repeated several times, just pay attention.
This. After a few months of stability and slightly rising prices - the first sign of a rally will cause the return of funds from those who cashed out the last rally, plus the inflow of funds from those who held off last time because they were too late. By the time we reach a new all time high the mass media will be more than ready to headline the rally - at which point 10x new investors enter the market. This phenomenon happened back in January-April 2013 and again in September-November 2013. I believe that the circumstances will be similar enough this summer to produce the same dramatic result. See Summer 2014 Bitcoin Bubble - First Projection. |
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I have trouble reading the prediction lines of this chart and wonder also how you timed the future bubbles. Based upon a simple projection of the past, and assuming that the next bubble is similar to the previous two, I expect a july-August bubble peaking at $6000 and collapsing through the fall to consolidate at about $3000. Summer 2014 Bitcoin Bubble - First Projection. I am continuing to buy fractional bitcoin daily, in accordance with this analysis. |
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More precisely . . .
According to the new Texas regulations, a bitcoin exchange like Bitstamp would be subject to money transmitter regulations because they handle fiat.
A bitcoin exchange like Cryptsy would not be subject to money transmitter regulations because they do not handle fiat.
A Robocoin ATM that merely fronts an exchange such as Bitstamp would be subject to money transmitter regulations.
A Robocoin ATM that operates out of the owner's hot wallet would not be subject to money transmitter regulations even if the hot wallet is automatically recharged from Bitstamp.
Texas State is a thought leader with respect to financial regulations - Yay Texas!
"What Starts Here Changes The World"
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Looking for the exits.
Yet another negative sentiment indicating that bitcoin is nearing the bottom of the November 2013 bubble.
I have been steadily buying fractional coin from my local Robocoin ATM. Should bitcoin crash down to say $380 as some envision, then I would be happily be buying more.
My GPU mining rigs are currently leased to scrypt-miners. New scrypt ASICs will make me migrate to scrypt-N by this fall I think.
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Boris, i think a lot of people ( especially GPU miners ) including me are a bit uncomfortable with the momentary situation in the whole market.
BTC is getting worse and worser and all other coins also. I would say nearly no coin is profitable to mine if you have to pay more than 0.15€ / kwh
(0,20uS$ / kwh ) mining with GPU´s. In germany it´s impossible. We have to pay between 0.25 and 0.35€ / kwh
Supposing that the next bitcoin bubble begins this summer and that it is similar to the previous two bubbles, then I expect altcoin prices to follow bitcoin upwards after the rally is obvious. In the months between now the rally, high-cost GPU miners will power down and await the rally. Miners are very likely to be postponing hardware purchase with coin as perhaps 5x more mining hardware can be purchased with the same held coin when coin values again dramatically rise. When the next rally does occur, and maybe at the tail end of the rally in fall 2014, new scrypt ASICs will forever push scrypt coin difficulty out of reach for GPU miners. I continue to rent my GPU rigs to scrypt miners at low profit, and I am awaiting a more developed scrypt-N rig leasing demand before I switch over. |
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Between the fucking captcha and the damned password I can't log in! This isn't my first time using a captcha but the damned thing is saying wrong captcha like half the time.
I've also had an unusual amount of trouble with the captcha. I tried 3 times before it accepted my input. Perhaps the captcha images have become more difficult in the face of improved AI character recognition bots. What I did was to refresh the captcha image ten or so times until I found an obvious one. I also tried the audio version which was sometimes easier - but slower. |
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Thanks for the analysis. While the Global GDP is 87 Trillion. Online Sales is just 1 Trillion.
Now I'm wondering how much bitcoin can grow online sales, increasing Global GDP along with it. Physical stores enjoy the same cost savings that online stores gain via bitcoin. However, online stores must overcome privacy and identity theft issues that customers are more likely to associate with them. Consequently, as trust in the bitcoin payment method attaches itself to online stores, then indeed a barrier to online sales growth diminishes. I believe global GDP growth will accelerate as bitcoin adoption removes the immense friction caused by the current financial infrastructure and reallocates the 10% of the developed nations' workforce who maintain that legacy. |
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My user id is SlipperySlope. The login page would not accept the password you emailed me. Furthermore I could not open a support ticket because that form said that my email address was invalid - yet it was the same one that your system used to notify me.
Whats up?
That's odd. PM'd Fixed as you suggested - my fault for using the wrong password. Thanks!! |
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Maintenance is over: This was an initial security over-haul for the ownership transition. Due to the nature of the maintenance the timing and specifics were not announced before hand and maintenance schedules were not publicly released. We apologize as we know it is inconvenient and quite honestly just sucks to have the site offline. What was done? All user/administration passwords have been rotated. All dogecoin addresses and private keys have been rotated. All bitcoin addresses and private keys have been rotated. Customer password change system. Slight UI redesign for navigation menu. Various other minor/major security and performance enhancements. If you did not receive the email below please search your junk and spam folders. With consideration to recent management changes, LeaseRig.net has performed a mandatory password reset for your customer account. Your new password is: xxxxxxxxxxxxxxxxxxxx Additionally, we have migrated all wallets (and funds) to new keysets, with new deposit addresses. DO NOT DEPOSIT FUNDS TO THE OLD ADDRESSES, OR YOU MAY LOSE YOUR COINS!!! Please login to your account at your earliest possible convenience to retrieve your new deposit address. To report an issue or to open a trouble ticket, please visit our helpdesk at: http://leaserig.freshdesk.comWe appreciate your patience during this transition, and will be available to answer any questions regarding this latest update. Best regards, LeaseRig.net LLC admin@leaserig.nethttps://bitcointalk.org/index.php?topic=544732.0My user id is SlipperySlope. The login page would not accept the password you emailed me. Furthermore I could not open a support ticket because that form said that my email address was invalid - yet it was the same one that your system used to notify me. Whats up? |
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According to MWI of QM (Everett's), bitcoin in the future will have value between $0 and $1 mil or even $1 bil (by 2200), but futures of each of us are also spread between multiple outcomes (worlds). Some of our alternative selves will be associated with the $0 scenario, some with $1mil. However, nobody knows the probability graph of this distribution, hence bitcoin future is an enigma. It could be that there is only 0.1% chance that it succeeds or 99.9% chance. I don't think that this could be established right now. Of course, Mr. Pietila is highly (99.9%?) certain based on the 5.3 year graph, and I sympathize with his position much more than I am with bitcoin at $0 scenario.
Perhaps the probability distribution is unknowable without a complete model of human economic behavior. But its clear that the distribution has been moving away from the zero probability as evidence of adoption accumulates. I suppose that there is a correlation between speculators' perception of the distribution and the current price. Periodic surveys of the general population in accordance with the wisdom of crowds might also give some insight into changes in the shape of the distribution over time. Another aspect of the distribution is that informed analysts suggest that the distribution is bimodal, in that its supposed to be very likely that either (1) bitcoin price goes to zero, or (2) bitcoin price goes very high. Maybe as we get closer to the halfway point of adoption, expectations of the general population will tip towards (2). |
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There are three Robocoin ATMs installed in Austin Texas. The closest to me is about a kilometer away. Just today I made another Bitcoin purchase from it. It took 90 seconds from start to finish.
I enter my mobile number, enter my PIN, put my hand on the palm reader, scan my QR code for the receiving Bitcoin address, take a paper ticket, then insert fiat bills, then receive a receipt. 10 minutes later the transaction is confirmed and present in my Blockchain.info hot wallet.
Robocoin ATMs recognize me, complying with US AML/KYC laws, so there is no need for an attendant.
The fees are higher than Coinbase, but I prefer supporting my local Bitcoin economy.
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I have been looking on the internet and have yet to find any information about the exchange markets' gross and net. Anyone have any source information on this? Oh and how much has been invested in the market of exchanges?
Check OKCoin in China. http://www.crunchbase.com/company/okcoin |
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Just suppose . . .If all the world's currencies and bank accounts were replaced with bitcoin, then an implied price of bitcoin is determined by dividing M2 by the number of bitcoin available for transactions. It is assumed here that 80% of bitcoin will used as a relatively permanent store of value. Coinbase has found that about 80 percent of its bitcoin wallet customers are viewing bitcoin as an investment. $61,000,000,000,000 world monetary base M2
20,500,000 estimated maximum bitcoins - 21M less those lost
20% estimated fraction of bitcoin available for transactions
$14,878,049 implied price per bitcoin
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This scalability issue is mostly bullshit FUD. It may be a practical problem, temporarily, but we haven't exactly spent a lot of time optimizing it yet, and worst case, hardware improvements will solve it permanently. Hardware speed is increasing exponentially and it's not going to stop anytime soon. The number of transactions all earthlings need to do per day is not going to increase exponentially unless cryptocurrency specifically facilitates it. And even then it would level off pretty soon.
The Bitcoin Wiki has a good article and discussion on scalabiity that addresses the issue to my satisfaction. https://en.bitcoin.it/wiki/Talk:Scalabilityhttps://en.bitcoin.it/wiki/Scalability |
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Fear.
Yet another sign we are near the bottom of this bubble collapse cycle. As for me, I am going to stuff some more fiat bills into my local Robocoin ATM today.
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Despair.
Yet another sign we are close to the bottom of this bubble collapse cycle. A sad fact of the Bitcoin Economy's trajectory to completely replace the existing financial infrastructure is the repeated bubble phenomenon. 10x more new investors enter during the mania phase of the bubble. How many can withstand a drop of 75% from peak to trough?
Back in the summer of 2011, it was the worst. We saw prices go from 32 to 3 in successive painful capitulations. I expect that future bubble collapses will not be as painful as the past, when US retirement funds, pension funds, and other long-term wealth get allocated to future Bitcoin exchange traded funds.
As for me, I will be making another visit to my local Robocoin ATM, happily stuffing some fiat bills into it for what I think is bargain priced coin.
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I suppose that a financial treaty between a sufficient number of developed countries could establish a mining pool cartel. The cartel would consist of a majority of the current mining pool incumbents. Cryptographic medallions would be one-time generated and sold to the cartel. Each such medallion would give the bearer the legal right to consume a certain amount of electric power for the purpose of mining bitcoin. The medallions would be treated as property and could be sold. Furthermore, they could be somehow combined and divided by some mathematical mechanism. The treaty would specify the total amount of power that could be spent worldwide for Bitcoin mining. The free market would allow the exchange of medallions from one mining pool to another. I think that this could be done without forking the blockchain, provided that another shared database contains the cryptographic proof that a coinbase block was signed by a certain medallion. There are likely loose ends and various faults with this scheme, but the main idea is similar to how New York City controls the number and profitability of its taxi cabs. Because a small number of mining pools effectively control bitcoin, I believe they could reject as invalid any new blocks created outside of this medallion process. That sounds like something out of a sci fi novel Not really, this sort of marketplace mechanism has also been used to control pollution. http://en.wikipedia.org/wiki/Emissions_trading |
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