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61  Economy / Economics / Re: If your investment looked like this... on: January 17, 2015, 01:41:38 AM
Charts tell you nothing. The value of an investment depends on it future value. It's past value is irrelevant.


Every stock market and exchange in the world use historical charts. They use sophisticated analysis software to predict how the market will behave. Are they all wrong?
62  Economy / Economics / Re: If your investment looked like this... on: January 16, 2015, 12:35:29 PM
The question everyone should be asking is "Why aren't you buying more BTC at the current low price?"

If you bought 1 BTC at $700 six months ago and you refuse to take a loss, then you have to wait until it gets to above $700 before you make a profit.
At the current price, you can buy 1 BTC for $200, and to make a profit, it only has to go above $450.  That would be a lot more likely than reaching $700.
If you bought 10 BTC today for $2000, you'd start making a profit at $245.

My question to everyone who is holding, why aren't you buying more today?  (besides being broke)


63  Economy / Economics / If your investment looked like this... on: January 16, 2015, 10:27:27 AM
If your investment looked like this chart in the last 180 days, what would you do?

Are you still going to hold? If you do hold, why haven't you bought more? After all, if you are holding, that means you believe that BTC is going to the moon. And if you believe that, you should buy more, a lot more, while the price is low.




64  Economy / Speculation / Re: Just dumped all my BTC :( on: January 14, 2015, 03:09:47 AM
As with all types of investments, you need to diversify. Don't put all your eggs in one basket.
If you plan to invest in cryptocurrency, diversify with BTC, LTC, and some riskier alt coins.

As for me, I owned 200 shares of Apple stock when it was $19 per share. It split half a dozen times since then. If I held on to it, it's probably worth around $600K today.
65  Bitcoin / Bitcoin Discussion / Re: stolen bitcoins on: January 14, 2015, 03:04:37 AM
In the US (I don't know about other countries), all paper money have unique serial numbers.  That means my $100 bill is different than your $100 bill. If someone stole my $100 bill, I can try to recover it by looking for the serial number. Somebody has my $100 bill, but I don't know who it is. If some body else came across the serial number that I'm looking for, I still don't know who the thief was.
Bitcoins have unique addresses. You don't know who owns it. If that address is used somewhere else, still no one knows who it used to belong to.
66  Bitcoin / Bitcoin Discussion / Re: stolen bitcoins on: January 09, 2015, 11:06:06 PM
Merchants are probably not going to help anyone in recovering stolen cons.
Let's say I stole a bunch of bitcoins and bought a nice 70" LCD HDTV from Newegg (value of $3000 USD)
Newegg shipped it to me and they know who I am.
Three weeks later some guy in Japan tracked the transaction/address and contacts Newegg to get his stolen bitcoins back.
What is the incentive for Newegg to do anything at all? If they do all the work how will Newegg benefit from it? If it is proven that I did buy the HDTV with stolen bitcoins, Newegg has to give the bitcoins back to the owner, and then they have to go through more trouble to get their HDTV back or sue me for the $3000 USD value.
Why would any merchant go through the headaches and lose money to help someone in another country?
If they sit and do nothing, their bitcoins gets exchanged and they get their money for the products they sold.



I think at some point an address can be tied to a person  Some examples would be:

Pay for lunch with BTC - Cameras/Witnesses
Trading BTC for fiat - Identity is known for Wire Transfers
Buying a TV through NewEgg - Name/Shipping Address
Selling Coins to People - WU has cameras, Loading cards gives places you spent at which have cameras not to mention phone numbers and IP addresses

Pretty much anything that involves you getting a good or a physical service you can be identified.

The only thing I can think of you can do with BTC that is anonymous is trade between coins, make more BTC, and look at them.

Citizens might have a hard time tracking down a person, but law enforcement with warrants and all their other goodies could find people easy enough.
67  Bitcoin / Bitcoin Discussion / Re: Why can't I use Bitcoin everyday!! on: January 09, 2015, 10:53:28 PM
I heard Las Vegas has a bitcoin scene. There are some bitcoin ATMs and probably a few shops that accept it for face to face transactions.
68  Bitcoin / Bitcoin Discussion / Re: Bitcoin in 2015: Your Predictions on: January 05, 2015, 08:52:40 PM
I think BTC will stabilize around $100 - 200 USD.
Why?

#1: My gut feeling
#2: No new large investors
#3: Small / home miners turning off their rigs
#4: Mostly controlled by a few large players
#5: Investors & home miners who lost money will speak negatively about their experience with BTC.
#6: Because of #5, no new home miners due to their friend's advice.
#7: Slow innovation of new ASICs due to low BTC value.
69  Bitcoin / Bitcoin Discussion / Re: Bitcoin in 2015: Your Predictions on: January 05, 2015, 08:45:12 PM
Currently feeling that it drops to 220$. I've never seen the drop comin' so fast.

Yikes! Almost there!
70  Bitcoin / Bitcoin Discussion / Re: Do Vanity Address Generators hurt bitcoin? on: January 04, 2015, 12:17:26 AM
Back in the 70's they thought two digits for the Year field is all anyone needed. Use 2 bytes instead of 4 and save a ton of memory. When Y2K came around, people panicked.

The Unix doomsday is Jan 19, 2038, when Unix time rolls over to 00000000000000.  Someone decided that a double precision data type is all they needed (8 bytes) for Unix time. When 2038 comes around, everyone will be scrambling again.

FAT file system allowed for storage devices up to 4GB. Who's ever going to use for than 4GB? That's an unheard of amount of memory back in 1980 when 10MB hard drives cost $2000 and floppy disks were the norm.

Oh wait, 4GB isn't enough. Let's make FAT32 with a limit of 2TB.  No one will ever use 2TB on a home computer.

Oh no! 2TB isn't that much after all. Let's go to NTFS.  What's the limit on NTFS? I haven't had time to look it up.

Mistakes after mistakes have been made and will continue to be made. Although it seems that Bitcoin addresses are nearly infinite, there still is a limit. While that limit cannot be reasonably achieved right now, that may change in the future.
71  Bitcoin / Hardware / Re: A sucker born every minute on ebay on: January 04, 2015, 12:02:06 AM
I supposed these $10 U2's are one of the cheapest ways to get your feet wet on the Bitcoin madness.
Any serious mining rig is going to cost some serious bucks. At $10 a pop, it's a nice educational tool for someone to get a taste of what Bitcoin mining is about.

When I had a small mining farm (12 Antminer S1's) in the garage, my kid asked me what are all those machines doing? (lots of blinking lights, fan noise, and heat). I couldn't explain it the way a young person could understand. So I gave him an explanation that isn't exactly true, but easily understandable:
"You know how people have solar panels on their houses to generate electricity? Electricity costs money. So if they generate electricity themselves, they make making money. These Bitcoin machines are kind of similar. When they are running, they are making money."


72  Bitcoin / Bitcoin Discussion / Re: Bitcoin Price Dropping ? How can I Protect The Value Of My Bitcoin. on: January 03, 2015, 11:50:44 PM
My point of view on this topic is if you are a miner and you pay for electricity in fiat, then the fiat value of Bitcoin matters a lot. If you pay for your hardware, electricity, and whatever else with Bitcoins, then the fiat value doesn't matter much.  Because whatever Bitcoins you mine, you decide whether it is worth it using the Bitcoins that you mined to pay for the mining expenses.

Example 1: Your mining rig costs 1 BTC.  Monthly electricity for that rig costs 0.5 BTC.  You average 2 BTC each month. The fiat value does not matter because you still gain 0.5 BTC each month.

Example 2: Your mining rig costs $500 USD. Monthly electricity costs $250. You average 2 BTC each month. The fiat value of BTC is $300 USD. It matters A LOT what the fiat value is. If 1 BTC is valued at $1000 USD, the entire strategy changes. You might even overclock and use twice the amount of electricity for only a 20% gain in GHs.
73  Bitcoin / Hardware / Re: A sucker born every minute on ebay on: January 03, 2015, 09:14:59 AM
Thanks for pointing it out.  I just now listed the last 3 I had.

HAHA! I hope you make a few bucks from those suckers  Wink
74  Bitcoin / Hardware / A sucker born every minute on ebay on: January 03, 2015, 01:27:49 AM
I find it completely ridiculous that people are still buying Antminer U1's and U2 for about $10 to $15 each on Ebay.  
$10 for a miner that does 2GH/s.  At today's difficulty (if it doesn't increase again), they can stand to make about 5 cents in a year! LOL

Here's a link that show the U1's and U2's that have been sold on ebay recently:
http://www.ebay.com/sch/i.html?_from=R40&_sacat=0&_nkw=antminer+u1&LH_Complete=1&LH_Sold=1&rt=nc

75  Bitcoin / Bitcoin Discussion / Re: Bitcoin Price Dropping ? How can I Protect The Value Of My Bitcoin. on: January 03, 2015, 01:21:46 AM
The only way that Bitcoin's fiat value won't matter is if you can pay your electrical bills with Bitcoins, as well as buying food and ordinary household items with Bitcoins.  Other than that, fiat value is always going to matter.
If 1 BTC is valued at 1 USD, how many people would still be mining? How many manufacturers would continue to produce mining hardware? Yes, you can hold on to technology like you can hold on to an Atari 2600. But when there's no value, there's no point in holding on to it except for sentiments. And one day you can say to your grandchildren, "When I was a boy, we had these things called Bitcoins and I mined it with this Antminer..."
76  Bitcoin / Mining speculation / Re: just looked at the pie. How come ghash.io collapsed? on: December 29, 2014, 07:38:55 AM
I guess that 51% thing with ghash.io worked itself out exactly the way Bitcoin was designed to do. 
That is a huge difference between 51% and 10% in terms of total network hash power.
77  Bitcoin / Mining speculation / Re: just looked at the pie. How come ghash.io collapsed? on: December 29, 2014, 12:09:06 AM
Many people speak of China as if it's one person. Although that may be true in some respects, it's not the case for Bitcoin mining.
There are thousands of miners in China. Each one operates independently not controlled by one person or one organization.
If someone were to say, "What would happen if USA has > 51% of hash?"  People would say, "So what?" There are thousands of independent miners in the USA. 51% in one region or one country doesn't mean anything at all.

As for ghash.io, maintenance fees have gone way over profit returns. People are losing money every single day at ghash.io. Wouldn't you turn off your cloud mining rigs if you were losing money every day? The remaining ones are probably not customer-owned.


I wonder how long until >51% of hash is in China    Huh

Pretty damn close right now.... ~46% for certain, and 20% "unknown".

guojin mintui.

Seems like China is really becoming the 800lb gorilla in the Bitcoin equation, from build to run to store.

What would be the benefit, if any, to China to potentially control/manipulate the Bitcoin economy as it moves forward?

Hmmm....
78  Bitcoin / Mining / Re: List of Mining Rig Spec on: December 28, 2014, 11:50:31 PM
I just added a few more rigs to the list and also removed some of the vaporware. Have a look!
Also added color coding for power efficiency.
79  Other / Off-topic / Re: What should I do with my domain "bitcoinedelic.com" ? on: December 28, 2014, 10:30:00 PM
Just steal the video (gif) and change the captions from "Bees" to "BTC"
80  Bitcoin / Hardware / List of Mining Rig Specs on: December 28, 2014, 10:13:40 PM
Many of you have seen my web site for calculating Bitcoin ROI.  On the site, I also have a list of mining rigs and their specs.
I haven't updated this list in several months because I haven't been keeping up with new hardware.  
If you are willing, please take a look at the list and tell me if there are any new rigs that I've left out, and their specs (if you know it). I'll update the list shortly after I verify the info.  Just post the info in a reply to this message. Thanks.
The list is here: http://www.bitcoineval.com/hardware.php

Btw, I'm also thinking of taking out some of the older hardware such as the Antminer U1 & U2 since they are outdated and very unprofitable. What do you think? Take them out, or leave them on the list?

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