 Guess where we are now  |
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I thought it would be years and years before we hit exohash, but it looks like that could happen in the next year or so.. this is just incredible..
When I was just getting into purchasing asics, yes, I preordered and waited a year. I did worse and best case scenarios, I never thought we would get to 1k per coin, but i thought 1 petahash would be worse case scenario for the first year of asic mining..
If bitcoin hadn't hit 1k per coin and we were still 20 bucks or lower, Id still be in mining and most of early, lower budget guys would be making a nice living...
while I like the price being in the hundreds of dollars, I hate the fact that businesses with deep pockets seized the opportunity..
Nominate for the dumbest garbage spilled of the month? year ?  |
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What happens to Australians who buy bitcoins from another country, like say, in Japan or the Philippines? (They're close enough you could talk to someone there, or you could take a quick vacation and actually do business with an exchange.)
What happens if no one else knows about the transaction? Or to rephrase that, how would the Australian government know if you bought bitcoins?
GST only applies to local tx. Just like when you buy digital product online(from shops outside of AU) = no GST. |
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lol always love this kind of thread of spoonfed babies asking "how to make money"
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If there is a net decrease in computing power on the network (because some people stop mining due to a lack of profit) then difficulty will decline. There will always be someone who is mining. The margin miner (those with lowest efficiency and highest operating costs) will quit first. When they do the difficulty will decrease and the profitability of the remaining miners will increase.
If difficulty is proportional to network hash capacity, then perhaps that solves that aspect (as long as the threshold is set so that sufficient mining population breadth is preserved), but what about the "halving" mechanism? It decreases profitability just as surely as increasing difficulty! Perhaps miner population breadth is a predetermined casualty? All that can survive are the very largest miners (and perhaps even then, only for awhile?) How free can how much electricity, warehousing and maintenance be? Dumbass , look at 2011 and learn from there. Use your brain once in a while can you? |
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Buying and spending. Just like when the price is up.  When it's down I do a little more buying than spending. When the price rises I do a bit more spending. Basically everything I buy, I buy at a discount. I would hope that the drop in price would somewhat encourage people to spend some of their coins. I think one problem that the bitcoin related economy has is the fact that there are too many people hording coins. I would argue that this is preventing merchant adoption from expanding faster then it is because even though accepting bitcoin is very cost efficient, less people spend it then there really should be. Holyshit, the stupidity coming out of your mouth. Spending btc is just like selling btc on the exchange because all merchants are using gateways such as bitpay or coinbase. If the price drops, that means theres MORE selling than buying. |
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I saw BTC china just provided open letter to let third party to audit that database, that is a great step forward, but all the other exchanges provide no such transparency so far
I've been saying this and no1 listened. Most of the westerners dont understand crap about Chinese culture. I'm not discriminating but its the fact that when it comes to money, Chinese are all about cheating. Look at Chinese stock market and all the scandals from "investment brokers" Regulation in China means " corruption". Most Chinese stock traders are actually low income citizens (factory workers, minimum wage labourer), they treat stocks as gambling. I'm shocked and disappointed to see NO ONE asked Houbi , OKcoin at whatever conferences they participated about proof of transparency. Its safe to assume they're all thieves. In China, thats 90% the case. |
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But I don't want to pay more than 15% on top of btc price. So you basically have to use exchanges outside AUS for not being charged +15%. Or you have to use something like localbitcoins. Buy them from someone else. Although this method also introduces a premium Nope, according to the guidance ..... the GST only apply to business tx. So localbitcoiners wont have to worry about double tax (otherwise, it would be impossible to enforce) This guidance is so amusing, whoever came up with this dumbest idea should be shot. |
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Oh boy, i love this comment from "DR. Kris", who claimed to have 2 MIT degrees .... and tackle something difficult such as .....stock market. Ever since my phone was taken over and corrupted by bitcoin miners I'm not so accepting of the "currency." If a company is relying on this form of monetary transaction, I'd be suspicious.
Not saying that virtual currency can't have its place--just not sure how it fits in...
Dr. Kris Can someone ask her, how did bitcoin miners take over her phone and corrupt it? Better yet, contact MIT and tell them some idiot got a PhD from them, speak volume about their "degrees" |
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LOL this is not a problem. You can use exchange outside of AU This tax ruling is useless. Sooner or later, they will change it. Non-business personal transactions using bitcoin would not be subject to income tax or GST. In such transactions, any capital gain or loss from disposal of the bitcoins will be disregarded if the value is under AUD$10,000 (USD$9,300). Actually this seems better for avg person than in US, no capital gain tax for <$10,000 ? |
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The OP doesnt even understand what ROI means.... what a dumbfck.
He only looks at the cashflow from mining. Which means jack.... Take the btc you SPENT to get mining rig, and do an estimate to see if you can MINE that same amount of btc back. Dumb shit are born every day.
At best you're gambling to get back of what you spent.... woohoo. Now go find a job and see what opportunity cost you paid compared to just buy and hold bitcoins.
Yes i do understand what ROI means because i realise what ive spent on my miners and what i spent on electricity ur just angry because u cant have the same experience otherwise you would agree u sit there on your computer and get angry while ive made back the amount of money i spent oon my equipment and psu and electricity so what does ROI mean to u then ? Also if u dont believed that i did ROI very well i can send u pictures of my multibit wallet ill point out all the investments ive made i have them all labeled I have proff where is yours ? Ur calculations that are theoretical thank you too bad im sitting here on my money that i made im not rich but i do make profit also i run a bussiness mostly with trading good would know a thing or 2 about money What you got was fiat ROI. That's what a new miner would hope for. Anybody with a modicum on intelligence would be looking for BTC ROI since that was the whole purpose of mining. If you don't not comprehend this, then either read up on it and come back and ask questions or just assume we're all idiots. Somewhere out there is the truth. Not true as of today if you report on your USA tax return. Fiat is king not BTC. I get tired of pointing this out. But if a USA citizen reports his taxes the way you speak he would be filing an incorrect tax return. The point being is that if you calculated the return based the rise of the btc price, then you will have higher return by simply buy and hold btc since the total amount of btc is higher than your ever mined btc. And i'm tired of pointing this out to idiots like you. Even if the return is the same, mining will result income tax compared to capital gain tax. Anyone with a bit intelligence would look at BTC ROI. Doesnt matter if you sell btc for fiat, as the exchange rate would be the same either way. You're one of the idiots i noticed from BFL's forum and now you're spilling garbage on here. |
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It's crazy to see that people just blindly continue to add power to the network regardless of what the price/difficulty are doing. I think part of this is yet another negative of the pre-order disease BTC suffers from. If you ordered from Company XYZ three+ months ago and the box shows up on your doorstep today what are you going to do, not plug it in? But would you order that same piece of hardware for the same price today even if it would be delivered tomorrow? Too often I think the answer to that question is a big fat NO.
Until people truly keep their hands in their pockets and stop financing the development for h/w Co's. two, three quarters away I don't think it will change.
Even Bitmain who had one of the best reps out there have really left a bad taste in people's mouths with the S3, now they want you to wait until September 20th for the next round to ship and pay .66BTC for it TODAY.
It's 0.58 BTC... but I'm just nitpicking there. I agree with your post. Try to tell somebody they can purchase a 600GH/s miner for $4000 and they'll tell you to go pound sand. Same stuff I have posted elsewhere. According to my calculations, even with a sub 10 cent/kwh electric rate you are not making money at these difficulties if BTC is below 650, 650 being about break even after 3-4 months. And thats assuming (big assumption) that you did not overpay for the hardware (another set of calculations).
PS Forget most online 'profit calculators'. Pie in the sky, not real world earnings by any means. But better than nothing.
You need to stop thinking in terms of fiat here. You need to consider whether or not the miner you purchase will ever make back the BTC it cost to purchase it. If you are going to invest fiat in the hardware, instead of BTC, you need to look at how much BTC that fiat can buy you at the same time you are going to purchase the hardware. For example, if BTC is $100 a coin and your miner costs $3000, you can either buy 30 BTC or the hardware. If you choose the hardware, you need to determine whether or not that hardware will ever get you back the 30 BTC during its useful lifespan. Same applies if the cost of a coin is $10,000. You can buy 0.3 BTC or that miner. If the miner will earn you back more than 0.3 BTC, then pick up the miner. Not true for any USA miner that is declaring the btc on his tax return. I'm confused by your reply. In both cases I have a choice to make: buy BTC or buy hardware I then use to make BTC. I'm declaring the BTC on taxes in both cases. The US treats BTC as property and it is subject to capital gains tax just like a stock. I suppose you could argue that you're able to defer the tax by purchasing hardware but eventually you're gonna have to pay the man. dumbass he means buy/selling is capital gain tax. mining is INCOME tax, and calculated AT the time you receive your coins. |
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This is where I'm coming from...
Once I can no longer profit from mining, I'm done with BTC. I'm simply not an investment speculator. And I see no real advantages with buying BTC on an exchange and using it to make purchases. I'd rather just use a credit card and have consumer protection.
I'm not a libertarian and bank failures and politics scare me less than BTC potentially dropping to zero.
In my opinion, the extinction of home miners will ultimately cause the failure of BTC. Home miners actually use their BTC stash as it's intended, to make purchases. Although they just usually spend their saved BTC on new mining gear, lol. They also hoard their earnings while large-scale mining operations continually dump their BTC and exchange for fiat. Which will ultimately causes the price to crash once home miners are completely out of the picture.
This retard doesnt even know mining is also speculating. He thinks that because he didnt pay for those mined btc, its free!. LOL |
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"Bitcoin is the game for the riches"
Yeah because dumb asses who sell their coins in panic. Happened at $65, then $150, $350.....
Mean while, the billionaires were holding their coins and investing heavily in services/start-ups
I'm glad parasites cant live on forever.
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Could someone explain this to me?
I have 18 btc long from 528 on BTC-e. That order was not margin called today. But 40 btc long from 453$ was. How the fuck is that possible.
Welcome to BTC-E.... If you're serious about trading, BTC-E is not a place. |
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FYI, being laid off =! quitting.
IT engineer lol, is that how they call an IT diploma in your country?
who am I kidding, you are an ignorant idiot, you have no clue about what you are talking about, what do you even know about IT? nothing, zip it, and don't reply to this, because now you are going to the great wall of ignore. dont feel butt hurt.... i'm sure LTC will set you free.... retired too soon? |
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Ppl call unemployment..... retired nowaday.
Its so amusing , entrepreneur = day traders = trollers on forums = shit tons of money.....
I don't have a shit ton of money, my skills makes me an entrepreneur, see I can make things and run systems that people use, what do you do beside trashing people like me on forums ? Lol, calling BS is trashing now? Its very easy to see your lame agenda. Sorry explain my agenda to me and others... tell us more, we have time for that, well at least I do, it is boring since I quit my job, even the mexican series of drama doesnt entertain me anymore, so some hardcore drama like yours is needed  FYI, being laid off =! quitting. IT engineer lol, is that how they call an IT diploma in your country? |
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Ppl call unemployment..... retired nowaday.
Its so amusing , entrepreneur = day traders = trollers on forums = shit tons of money.....
I don't have a shit ton of money, my skills makes me an entrepreneur, see I can make things and run systems that people use, what do you do beside trashing people like me on forums ? Lol, calling BS is trashing now? Its very easy to see your lame agenda. Sorry |
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Little makes sense out of the keyboard of mmitech..... but if you give him the link, then he can go delete it or "fix" it, maybe...
remember that Litecoin went to $50.... and again, I never edit my old posts, never.... find one of my old posts that was edited recently to change context and I will give you 1 BTCThe one that you deleted just last week, and admitted by yourself at that too... think you said you were buying... then you deleted... deleting is editing... you editited it out of the forum all together.. shall I pm you my btc address? I can go and fish it from the mirror site ? if I actually need to "find it" Will you be good to your word? 1BTC S/HE's NOT giving you shit... You know why? B/c S/he is so slippery that you would barely be able to get a grasp on that slimey carcus, and then slipppppp away... Its a he, a failed engineer claim to be "entrepreneur".... i guess start LTC mining when BTC price soared is "entrepreneur" OH yeah, I forgot, almost, that I saw him in a picture on a mountain with his bike, when he retired for two years based on cashing out half of his BTC holdings. Ppl call unemployment..... retired nowaday. Its so amusing , entrepreneur = day traders = trollers on forums = shit tons of money..... |
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