You try hard to make stupidity sound so noble. Do you make trades that you know are bad? Why not? You are a trader! How can you shirk your responsibility to trade even if you know you are going to lose money!
Of course I don't make trades that I know are bad, you won't know they will be bad until days or weeks later and can only go off your gut feeling or market analysis. How many people lost their shirts on Blackcoin thinking it was the next LTC? Does that mean everyone who lost money on that should exit the crypto game for good? Likewise, miners stop mining when they know they are going to lose money. But I will still buy a coin knowing full well I won't make money on it or recover my loss potentially weeks or months down the road. I'm just saying many miners have lost the speculative attitude of crypto, for all they know they could mine at a loss now but Bitcoins price could jump up 2x or 3x or more next month and instead of making ANY money/coins they will wish they had had those coins. Mining is a way to acquire bitcoins at a discount. Speculation on future value is a completely different issue. If a miner can acquire a bitcoin at a cost of $300 through mining, or they can acquire a bitcoin at a cost of $180 from a trader, they will stop mining and buy the bitcoin from the trader. |
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You try hard to make stupidity sound so noble. Do you make trades that you know are bad? Why not? You are a trader! How can you shirk your responsibility to trade even if you know you are going to lose money!
Of course I don't make trades that I know are bad, you won't know they will be bad until days or weeks later and can only go off your gut feeling or market analysis. How many people lost their shirts on Blackcoin thinking it was the next LTC? Does that mean everyone who lost money on that should exit the crypto game for good? Likewise, miners stop mining when they know they are going to lose money. |
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Judging from your post, I assume that you must have a room full of ASICs mining away, supporting the network. If not, then why not?
I don't mine, i'm a trader. But I don't walk away from trading just because I make a few bad trades, lose some money and call it quits. Why are miners expected to break even every single day 100% of the time any more than I am? If a mining company has been losing money for a few months straight then yes I would see the reason for shutting it down, but walking away just because they dipped into the unprofitably stage for less than a few weeks is silly. There are restaurants that can run in the red for months at a time before they finally shut down and their line of credit is dropped. If you claim to run a business then act like one and take the risk otherwise go get a job working for someone else. You try hard to make stupidity sound so noble. Do you make trades that you know are bad? Why not? You are a trader! How can you shirk your responsibility to trade even when you know you are going to lose money! |
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Am I the only one who doesn't get how miners think they have to shut things down the moment Bitcoin becomes unprofitable? Do gold miners quit mining because they haven't found gold in a few weeks and are not making much money?
Well, gold miners do shut down their mines if mining is no longer profitable. Judging from your post, I assume that you must have a room full of ASICs mining away, supporting the network. If not, then why not? |
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Considering that the daily volume is ~350,000 coins and total miner reward is 3,600 coins, it might be a small piece of the puzzle... but the lower the price goes, the more coins the miners have to sell to keep operating (space, electricity, network connection etc). Is it a vicious cycle?
No because even if miners eventually have to sell all their coins and that is still a small amount. |
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Check out localbitcoins.com
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I generally agree with all of that. But why I personally think price is the biggest determinant is because high price is what's attracting the average joe, not the technical aspect of bitcoin. Price has a larger impact on headlines than any other characteristics of bitcoin.
That kind of thinking is what causes bubbles. It is not sustainable and it is not beneficial to Bitcoin. The value of Bitcoin lies only in its usage and its utility. If usage and utility of Bitcoin grows, everything else (including price will follow). If usage and utility go to 0, then so will the price. |
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#1. You are talking about volatility, not price. If the price is steady at $1, it does not have the problems you describe.
#2. As volatility attracts more speculators, the price will become less volatile.
#3. Market cap is not the same as price.
#4. Again, market cap is not the same as price. We could raise the price by cutting the number of bitcoins, but that would not solve anything.
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For the love of god, don't make me laugh. A faucet could never ever be a scam and it seems that BTCFEED doesn't know the definition of the word scam:
Of course it could be a scam. What about sites that promise to pay newbies for clicking on ads and never pay them? |
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My guess regarding the declining prices is that some of the large lots of bitcoin bought at the FBI auction are being dumped back on the market at a loss by the speculators who bought them.
Do you have any information to back you up or are you just making this up? Do you even know who bought the coins? |
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Big companies have money and a power plant producing free electricity.
They can afford to mine Bitcoin even if the price of Bitcoin is only $1 per coin.
Oh? Where does the money to build the plant come from, and where does the energy come from to produce this "free" electricity? |
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This is bad news for the BTC community.
This is good news because cex.io shares are now valued appropriately. Before this move, anyone buying them was a sucker. Why were people paying 1 mBTC per GH/s for negative income? I don't know, but cex.io has done them a favor because zero is better than a loss. |
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Trezor is one of the most secures ways to have your bitcoins stored.
I don't agree, paper wallet or offline computer wallet is more secure and free This 100%. Paper wallets and offline usb is the way I go. If the usb corrupts or fails I still have the paper. If the trezor fails, then what? If the Trezor goes, you have the seed that can be imported into another wallet. |
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What gives Bitcoin its value?
Supply and demand?
Surely, as more merchants accept Bitcoin, more bitcoin gets sold for $$ driving the price down. The lower the price, the more people will panic and sell their BTC or trade it for goods, thus reinforcing the cycle.
I am getting to the point now where I am so tempted to sell my own BTC. I don't normally waver on things like this, I believed Bitcoin had a bright future, but my belief is shaken now.
I can't see anything in the near future that will increase the demand side of the equation....
Don't forget that in order to buy something with bitcoins, you have to buy the bitcoins, driving the price up. I don't see anything in the near term either, but in the long term, Bitcoin looks good. |
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Sorry for stating the obvious: ... Appeal. how to appeal?? l2r |
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If you were to start before, like a few years ago, then you would profit.
Now, the difficulty is so high its not possible in a short term hobby.
It has never been easy for miners to make a profit. Many people believe that early miners used to rake in the dough, but that is a myth. Even back when the difficulty was 20, miners couldn't make much of a profit (if any) because the 50 BTC reward was worth only $0.20. |
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None of those referrals are a good start to getting anyone's first bitcoins. They all take a long time and a lot of effort just to accumulate enough to send to yourself.
The best way to get your first bitcoins is to buy them through localbitcoins or from an exchange. You can have them in a few hours with very little effort.
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Simple problem of supply and demand.
Lesser supply, same demand, price increases.
The supply of bitcoins is always increasing. Halving the block reward only makes the increase slower. |
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http://lmgtfy.com/?q=What+happens+if+the+SatoshiLabs+servers+are+hacked+and+the+firmware+signing+key+is+stolen&l=1What happens if the SatoshiLabs servers are hacked and the firmware signing key is stolen? First off, this won’t happen  . The SatoshiLabs master key is kept very safe. However, you don’t need to rely on the SatoshiLabs signature. You can verify the build yourself. Our hope is that a few trusted TREZOR users will make a habit of verifying firmware checksums. If you are concerned about this, we suggest making a habit of checking our blog or social news channels such as reddit before applying any updates. If there ever was a problem with the firmware not matching the source code, you can be sure someone will have written about it. You don’t need to worry about the firmware being updated by a computer virus. Your TREZOR will ask you to manually confirm the update before anything is written to the TREZOR’s memory.
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She opens the interview with FUD -- so lame!
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