I came here looking to see if Hashlets were worth it and I came out with conspiracies of GAW being a ponzi. Great.
Well this is an important question to ask. If the company is running as a ponzi then it would obviously be something you would want to avoid. Once you have established that GAW is not a ponzi (if you can reach that conclusion) it is generally easy to measure when you should expect to break even as well as how much profit you should expect to make by using a mining calculator (and inputting in what difficulty increases you think are realistic)
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Gaw has been in the cloud mining business for a while but has only recently started offering bitcoin cloud mining recently. Plus they spend a good amount of money on marketing and have a professional seeming operation. It was also recently confirmed that they placed an order for 1 PH/s worth of miners from (I think it was) bitmantech. I vaguely remember reading somewhere that pbmining controlled ~10% of the network hashrate and that their pool was represented on blockchain.info/pools, however I may be mistaken about this. If they are actually employing a mixer to fund their payouts, then I would consider it very shady, however it is possible they are using the bitcoin from the sales of their cloud mining services to payout their users while keeping the mined bitcoin in other, separate addresses. I think it would make cloud companies even more trustworthy if they allowed users to direct their purchased mining contracts to a pool of their choice (similar to how leaserig operates). This would allow users to be able to truly verify that they have purchased mining capacity as they can more or less independently verify as such.
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The next financial crisis will probably start in China.
If China government bail out their own banking sector, they will need to dump US debt and cause interest to raise in US and value of USD to drop quite a lot compare to RMB.
Can you explain why this would happen? He actually has this backwards. A country that is going through any kind of economic crisis will almost always want to have the value of their currency decline (especially countries that have a trade surplus) as this will make domestically produced goods cheaper and more competitive overseas. Also China could easily give/lend Chinese banks US dollars or US treasuries to bail them out as both are considered to be very safe assets
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Then the person who can sign a message from the earlier address can still get it back, but it isn't ever going to be a foolproof system. Hopefully people won't need to do this with the 2-factor auth on the new forum.
theymos has said that he will investigate any claim of a hacked account thoroughly enough so that he will not recover an account based on a signed message only. If there is evidence that the account was sold then he seems to not recover an account. That's the way to do it but I can see theymos not recovering many accounts because that would be a awfully long process I can't wait for the new forum software so we can rest a little easier with 2 factor authentication. Hopefully we'll have a phone + email choice. I don't get on with google authentication very well. I don't think it is 100% certain that we will have 2FA with the new forum, although I may be incorrect on this. I would think that any 2FA would likely somehow involve the signing of a message from either a PGP key or a bitcoin address as this would be much cheaper then using email/text messages (it costs money to send emails and text messages)
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You're using a service that is notorious for ripping people off with outrageously overpriced coins and complaining that the concept of replenishing doesn't work?
I don't follow that logic.
Use a service where you get your coins at market value. Obviously.
Such as? Pretty unhelpful aggressive comment. I'm in UK and I await your recommendation for an economical way of replenishing (not holding my breath). Coinbase recently expanded to many European countries and I am pretty sure that the UK was one of them. In the US they generally have a spread of ~1% so you would pay an effective trading fee of 0.5% which is competitive with most exchanges (I would assume they would charge a similar amount to UK customers). I believe they actually, (at least at one point) offered a service when a customer could pay for something using bitcoin and have coinbase automatically purchase a similar amount to replenish their total bitcoin holdings. But why i have to go trought all this complicated passages if I have no economic advantage in using btc? The economic advantage of using bitcoin is the fact that it costs the merchant much less to accept your bitcoin. This should result, over time, in lower prices for people who chose to pay in bitcoin verses people who pay with credit cards
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Just ignore 99% 100% of alts and just buy Huntercoin. bitcoin
Makes life much simpler.
FIFY All alts have zero long term value. To date I have seen no alt that can give any real feature that bitcoin does not provide Faster transaction times and genuine anonymity are two features that I can name off the top of my head. I understand where you are coming from, I also don't think that a million altcoins are necessary, but that is the only way that we can have a free and unregulated trading environment where you don't have to use fiat. So I am all for the creation of altcoins because now I am making real money There are not any altcoins that actually offer "faster" transaction times. There are many that offer fast block confirmation times, but this is not the same as faster transaction times. With bitcoin you can know with a good amount of certainty that a TX will confirm after only a few seconds. You can also establish anonymity with bitcoin by simply using a mixer that does not keep logs.
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You're using a service that is notorious for ripping people off with outrageously overpriced coins and complaining that the concept of replenishing doesn't work?
I don't follow that logic.
Use a service where you get your coins at market value. Obviously.
Such as? Pretty unhelpful aggressive comment. I'm in UK and I await your recommendation for an economical way of replenishing (not holding my breath). Coinbase recently expanded to many European countries and I am pretty sure that the UK was one of them. In the US they generally have a spread of ~1% so you would pay an effective trading fee of 0.5% which is competitive with most exchanges (I would assume they would charge a similar amount to UK customers). I believe they actually, (at least at one point) offered a service when a customer could pay for something using bitcoin and have coinbase automatically purchase a similar amount to replenish their total bitcoin holdings.
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Right - they charge people 9.8% for the service of converting loose change into a more spendable form of fiat. However - you may also choose to convert to an Amazon or ITunes gift card as well as other options for ZERO fee (presumably in this case Amazon/Apple etc are paying CoinStar a somewhat reduced fee based on volume.) So why couldn't Coinbase or Circle or? do the same thing? Now - you might be talking paying a 15% or so premium by the time you get the btc - something akin to going the Paypal to Virwox to btc route, but we're again talking about small amounts of btc for the loose change sitting in a jar or on your bedroom floor right now. Anyway - I'm interested to see both the interest and the level of negativity that various users have about this. Glad to at least inspire a bit of conversation at least amazon and itunes offer a retailer a nice commission anyways (probably 10%) and due to the fact usually to activate the itunes / amazon cards costs retailers the labour at a stores cashier desk activating plastic cards. and ofcourse the physical cost of plastic cards and shipping/display, thus its cheaper to offer it via the coinstar box as it removes those costs. so with the savings they make by having a machine do it electronically and automatically plus getting commission from itunes/amazon, a retailer/coinstar can offer the amazon/itunes codes at zero fee from the box. just like if coinstar had a way to do bitcoins. they will make their commission from the variations of the markets (like how some bitcoinATM's and circle pretend to be zero fee) I would imagine that the commission that retail stores get for activating gift cards is much less then 10%, maybe 5% at most, but more likely to be slightly above the cost of processing a credit card transaction. In regards to the OP's suggestion, I would say that it would be possible however it would need to also accept cash bills as well (and likely offer a better rates with the bills). If the machine did not accept bills then the amount of bitcoin that could be purchased would be very small and few people would likely want to buy it this way
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Then the person who can sign a message from the earlier address can still get it back, but it isn't ever going to be a foolproof system. Hopefully people won't need to do this with the 2-factor auth on the new forum.
theymos has said that he will investigate any claim of a hacked account thoroughly enough so that he will not recover an account based on a signed message only. If there is evidence that the account was sold then he seems to not recover an account.
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For: As the article points out we would have a central authority with the ability to audit these exchanges and penalize them for any wrong doing,
Against: this function does not require a central bank. As half of the exchanges' business is fiat, there are already mechanisms in place to police this activity. The function of a Bitcoin central bank would be to protect member banks against bank runs. Because member banks would be at risk from each other, they would agree to follow certain rules and submit to regular audits. The primary function of a central bank is actually to regulate the supply of currency into the economy. Most central banks will increase the amount of currency when inflation is lower then it wants (usually via lower interest rates but they have other tools as well) and will decrease the amount of currency when inflation is higher then it wants (usually via higher interest rates). I would argue that the Bitcoin protocol already serves this function for us via changes to the difficulty every ~2 weeks.
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I think that we need an entire new way of working that fits in with the decentralised nature of Bitcoin - CIYAM Open is a vision for this (with Project Managers who pay Contributors to deliver Project Tasks and where there is no formal "job" at all).
I had read an article by a "futurist" around the same time I was learning about Bitcoin who thinks that "in the future people won't have jobs" but will contribute their skills to many different projects as small paid tasks.
That "futurist" may not have been far off the mark. That is essentially my sole source of income and has been for the past eight years, though I tend to contribute a bit more toward the projects I work on than would be described as small, paid tasks. However, I'm certainly not opposed to taking the small, paid tasks as well as they suit my interests. I've found that I have more success, more freedom and just generally more satisfaction in life since I've given up the wage donkey lifestyle. There's also the added benefit of being able to choose which jobs I do and don't want to do. I strongly encourage anyone who is highly self-motivated to give it a try. It can be difficult in the beginning but the potential rewards are well worth it. What's the worst that can happen? You fail and have to go back to having someone else tell you what to do. In short, take risks and love what you do. I disagree, hes basically just trying to make "freelancing" sound futuristic and cool - freelancing has been around and growing for a decade or more, but its not going to take over - maintream people cant do it, dont like the stress of it.... they NEED to work for someone else solidly and permanently... I'm more "freelance style" myself.. but its not for everyone and I dont think it ever will be. Well the main issue with freelance work is that, for most people it is not going to be steady work, the amount of work available is almost never going to be steady, and you are very vulnerable to variations in the health of the economy; this is very similar to being self employed, however you do not quite have the same upside
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Again , Paypal proove that they don't know what they are doing . I'am planning to let paypal go , and just trade my money to Bitcoins. this image explains all ... now kids can just chargeback after 4-5 months . GG *facepalm* LOL I have lost so much money to these idiots. How can they allow so much fraud to be claimed through their system without ever question the integrity of their platform. You dont extend the time, you fix the issue! Well the issue is that you have two sets of people that need to be protected, the buyer and the seller. The buyer has much more power as many sellers are competing for the buyer's business. The seller also has the option to take legal action against the buyer in the event that he files a dispute that is fraudulent.
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I see this quote all the time, thanks dad but I can figure out how much I have to invest. When the price was $17 I took out $10k from my Roth IRA and bought bitcoins. Was that more than I could afford to lose? What does that even mean? Most people with a job can lose everything and because they still have a job they can keep going.
So fuck it, here's my advice. Invest everything you can put together. The price is damn low and we're probably within 10-20% of the bottom (current price, $325). Drop your damn Roth...they'll find a way to tax it when you retire. Investing more than your company's matching into your 401k? Fuck that, dump it into Bitcoin. Any equity on your house? Refinance, put all of that money into bitcoins...the dollar will lose value in the next 30 years to the point where your $100-$300k mortgage will be pocket change.
This is horrible advice. Bitcoin is far from certain to succeed over the long term, and even if it is successful it is far from certain that it's price will continue to see the dramatic returns that we saw over the past few years. In your "story" you failed to mention the overall value of your IRA as well as what happened to your investment gamble in bitcoin.
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Looks accurate for desktop and laptop hashrates, however with hashrates like that it isn't worth running. You won't ever make anything with those kinds of speeds mining Bitcoin.
I don't think this is a traditional computer mining, AFAIK there is not any desktop that can mine in excess of 100 MH/s, I don't think that even a GPU rig could mine at these speeds. I would speculate the OP is using an ASIC from the very early days of ASICs Many GPU's are able to hash in excess of 100MH/s. For example a 7850 is able to hash anywhere from 300-400MH/s, so 100MH/s is quite doable. Wow that is a lot more then my crappy macbook air can do. I assume that in order to reach these speeds you would need to not be using your GPU for video, correct (you would need a separate video card to connect your monitor to)
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Massive short covering seems to have happened. Still, 11k is substantial.
This massive amount of short positions is important however we will not see a short squeeze unless we see a major uptick in the price of bitcoin first as people with short positions can simply roll over their short position Any squeeze usually happens only after a major move. So, for a short squeeze we must see a significant move up. But what's important is that the larger the amount of shorts, the more dramatic will be the move. Well, there is another possible, but unlikely way that the shorts could get squeezed: if people who hold long positions (and lend out their bitcoin) were to suddenly stop lending out their bitcoin and withdraw their money to a wallet they control then bitfinex would need to force people who are short bitcoin to cover their short position. This could potentially be caused by a competing exchange (that offers leverage or not) to fail and/or run away with depositor's money.
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US economy goes down slowly. We do not know the real things, but US economy is based on wars and oil. If that would be stopped somehow then drop of economy will be more than obvious.
Exactly. Maybe if US will starts to sell a part of their oil, there will be possible to stop the decreasing of economy. Hope that US will stop wars. A country's war machine can actually help stimulate it's economy as massive amounts of money is spent on the war. Plus when the war is over (assuming the country wins the war) it's companies will often participate in the rebuilding in the country that lost the war, resulting in more economic activity
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I keep seeing people state that heating with miners is bad for your health, but with no proof presented. Proof or BS.
Its BS, the chemical that these idiots were talking about is the fire retardant coating. It is toxic IF the board is on fire, within 10 seconds the fire should be self-extinguished. The smoke is toxic gas. Some dumb ass confused this with the "smell" by from the warm exhaust fan. The smell is most likely from cooling oil residue from manufactured metal parts in the miner. Their argument about high temp is laughable. They said its safe from normal computer because its not as hot as bitcoin miners. Dumbest shit i've heard. Pick an IR camera and look into your computer retards. My source: Work in datacentre industry, EE degree. Well to be fair, it is generally bad for your health when things catch fire in your home, but this is regardless of any chemicals inside what has caught fire.
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I've heard that chances are it won't close. Sounds like there are a few people interested in purchasing it. Otherwise it would sure be disappointing to see BTC Guild go. The owner of BTCguild has said that he is in talks to have the pool sold and for him to stick around to help with the pool for a number of years. If the talks end up falling through he is going to restart the process of closing the pool and will not consider selling it
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there has got to be other legit cloud based mining services maybe ones where i can pay with credit card
GAW accepts credit cards (why, IDK, and I am not sure as to the terms of the credit card payment - likek when you can withdraw your earnings for example). It should also be noted that these companies have not proven themselves to be "legit" but are rather a list of companies that claim to own mining hardware they are selling/leasing to customers
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In order to make an accurate comparison you will need to provide more information. The price for PBmining for example includes 5 years of electricity while the others will make you pay for electricity/maintenance out of mining revenue. Another example is that GAW will attempt to have the maintenance fee per Ghs decline over time as they add more efficient miners to their network
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