Check out the historical chart at http://bitcoin.clarkmoody.com/ (put the time frame on D1). Aside from the parabolic run up into the USD 200's, the level of 100 seems to be, for now, a new baseline valuation. When markets don't know what things are fundamentally worth, they tend to trade around "round numbers." Currently 1BTC = 1 Barrel of oil, approximately. hmmm interesting...not saying that 1 btc should equate to a barrel of oil, but would like to see the cost of mining one btc compared to the cost of drilling for one barrel of oil. of course the costs of mining one btc cannot be broken down like that and the costs of producing one barrel of oil cannot actually be determined what with all the government intervention in oil markets...but it would be a good thought experiment nonetheless. You mean basically seeing which one is more profitable? I've got to think that oil would be, just because while the barrel of oil may be $100 or whatever, the cost once it's been refined has a much higher profit margin. |
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I've been planning to mine my first BTC and then put it in CoinLenders to get interest on it. So far, I'm 12.87% of the way there in terms of mining, but with the increasing difficulty, will I ever reach 1 BTC? I get free electricity and my 7970 is overclocked so it does 675 MH/sec on average.
Theoretically you will get there someday. How long that takes, however, is another story, :p. |
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Of those in power:
The unintelligent ones won't be able to adapt and fight to preserve what they have, only postponing the inevitable.
The intelligent ones will takes this time to adapt and preserve their power. Honestly, not even that much intelligence is needed for them to pull that off.
Good point; those who aren't quite so bright will think they have a better chance trying to fight Bitcoin. But that's like trying to fight the Internet; you just won't win, and from what I've gathered about men in power, they're not very tech-savvy, so I don't predict many will attempt to adopt Bitcoin, or even see why it's the path of least resistance. The US dollar's a sinking ship, and those who take the time to understand why Bitcoin is so vital at a time like this will persevere in the end. Agree with this completely. Good post sir. Well for the most part. The not-tech savvy is not so important as the core concepts of Bitcoin are completely unrelated to the (extremely elegant) technical mechanism behind it. Everyone can understand scarcity. The cryptographic security might be harder to grasp but one can argue this is not technical but mathematical (although this depends on ones definition of technical). I think most or all people in power who achieved that position under their own strength and not by being taken under someones wing, will manage to migrate most of their power to the new status quo. Most of those that don't deserve to be there will fall from their pedestal unless taken by the hand by those that do. Heh, your post reminds me of "a fool and his money will be soon parted." I don't quite agree to the fluctuation of power, though. Power is about who you know, not what you know. I think once you are in one of "the circles" it's very hard to be removed. |
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I see he says the coins are insured. How can that possibly be?
He says the coins are insured by his own wealth (probably in a lot of other investments), so obviously if he defaults or decides to run it's no help. On the other TF cannot run with lend coins, he is a trusted long-term member and probably there are people that know his personal data (doesn't mean it's secure though). Yep, in fiat and non fiat forms, including shares stock of certain Bitcoin companies.  Fiat forms too? Are you rich? If so, will you be my daddy? And... WHEN U DIE CAN I HAS UR STUF |
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lol, I didn't know about that site. Thanks for the link! I think this could be very helpful, assuming it's all accurate. |
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I haven't used my wallet for a month and today I tried updating the client and moved my program folder from c: to a different drive. Afterwards, my wallet's balance is remaining unconfirmed, even though bitcoin-qt says it's "up to date". I tried to update the balance by sending 0.01 BTC from another address to my wallet, but all it did was bumped my (confirmed) balance from 0.00 to 0.01.
What should I do to make it confirmed?
Edit: My transactions show up as unconfirmed. Only my latest test transaction is confirmed.
What is the amount of the unconfirmed transaction? If it's small and didn't have a fee it could take days or months to be confirmed (if at all), due to the importance factor (look up the "bitcoin transaction fees" on Google for the mathematics behind it). |
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The thread title here somewhat scares me. I hope whoever purchases this (if anyone) chooses to use escrow.
I'd also like to know the proposed price for this.
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I thought you purchased an ebook using Bitcoin in Amazon . But I really hope Amazon can cancel their own planned currency and used Bitcoin instead. Why reinvent the wheel. Wait, Amazon is planning to create their own new currency? What would be the point in this when they already have gift cards? lol. That's basically their own currency as it is. |
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Could be many things. BTC is still volatile to individual events and the market is still a bit nervy IMHO.
I think it's prudent to not worry too much about short term prices. I haven't invested any more than I'm willing to lose and with such a good potential upside, I'm pretty relaxed about it. In the least a small stake is still being part of change. I think it is interesting to follow all the developments - who knows where it will go?
Can't believe you were put down for this post. I agree 100% with both points. The system is definitely volatile right now and will likely remain so until media attention starts to plateau. As for short-term prices, that follows the volatility and BTC is just like anything else: only invest what you can afford to lose. |
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As an old school gamer I'd have to decline this system. Several problems exist that make me pucker my asshole. One being thepprice. Second the lack of retro games support and this shit of no more pre owned games. I understand that if you purchase a used game the dev doesn't see any of that cash. But don't they make most of the money out of the title at launch?
Another factor is the online aspect. I'm one out of a small number of people who have no desire to play online or have my unit connected to the internet. So I would not get the full use i f any use out of this system. It's a bummer as I was just going to wait for the new system after my 360 shit the bed. I believe what I'll do now is get a ps3 and entertain myself with the exclusive titles i haven't played for that system. People will be unloading them pretty cheap once this all hits the market
The One will undoubtedly be hacked at some point for backup games. If you only play offline, this is definitely an option; while I don't condone piracy, I see no problem with hacking the system and using pre-owned games on it. |
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Power wise we are aiming for a maximum of 6KW with a CM4 solution but we are hoping to get 500GH/s at that. There is still more work to be done on this to confirm that so that number may be a little off. A CM3 solution is likely to be somewhat better at maybe 3KW at 300MH/s based on published figures. For some customer/countries the 6KW may be an issue and we may alter the unit spec a little to work in with what customer sites can support. In the UK many domestic ring mains are 30A at a nominal 230V so you can see why we are aiming at the 6KW. As most houses here only have mains feeds of 60-100A it is also something of a practical rig limit in taking half or one third of an available supply. Obviously if we are looking at industrial units or data centre operation that is maybe a different situation.
I'm not sure where your focus is at. You are building 19" racks for the home?? I would be interested in a solution that can be integrated in a DC. Right now that means no more than 10A @ 230V usual and 16A peak per half rack. Double for full 42U rack. So, rack space is not an issue but power usage is (meaning 3KW or 6KW are problematic values). We are using the 19" rack as a convenient and cost effective building block and to keep our mechanical design effort down. At least for the moment a big percentage of Bitcoiners operate their rigs at home and that is what we are thinking of in the design. It may be that the comms side of Bitcoin mining will eventually force everyone into data centres but that may be countered by better broadband rollout. Many miners won't want to pay for a data centre. The full rack with CM4 will give you an issue in your data center if all you get is 20A for a full rack. A single full CM3 based rack should be ok if you have 20A. Beyond what we are doing initially there may a couple of things that may. First is the use of a different technology may bring down the power. Secondly we have a project still for our own custom data center and that is on-going. It won't be restricted by power feed as you are. The finished CM3/4 rack is expected be 12-18U high once we have all the cooling and power supplies in site. As that mechanical design is not finalised I may be a little off and it might grow to 24U high but I doubt any more than that. When we get to the water coooled version we may also be able to increase density as well. OK. So it's a very expensive home system, not DC oriented equipment. One thing we can do with this is use multiple power feeds. A CM3 based system will use 2-4 power supplies and a CM4 based one 4-6 PSUs. So if you can get enough feeds that may be a way around your issue. Until lower power options exist then you will always have an issue in your data centre whatever kit you use. Isn't there a way to spread the various "modules" to one or more (adjacent) rack(s) to allow for correct power distribution and cooling? Technically that would be possible but makes a bit of a mess of the concept. I would probably think you need a better specified data centre than trying to do all of that. The CM3/4 boards could be run totally independently for the cost of a controller per board and these smaller type systems will get looked at later. That is all part of our modular concept in these Goliath Miners. We are trying to keep the initial build simple and not be unachieveably ambitious like certain unmentioned companies. Our aim as always is to do what we have said that we will do. As part of that we don't want too many variations to handle until we get it all bedded down as a system.Assuming you stick with this principle, that's a huge step forward from where other companies have been! |
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faucets are much better than completing tasks
Care to elaborate? I'd really like to use a faucet or set of faucets allowing me to make 0.02+ BTC in like 3 hours. So far even using ranlos very nice faucet rotator I can squeeze out only a small fraction of that from the faucets. And don't come argumenting with raw time use. I'm speaking of real time passing by until the amount is earned. I agree with Chrithu, to a point. Faucets are decent for the raw time used. If you really want to earn, you should do other things for filler. Ex. hit the faucets, then do tasks for 30m, hit faucets again, and rotate. Faucets are great because they are quick, but they also leave a lot of downtime. Ex. if you knock them out while watching tv, they're good. If you do them while you're reading news, they're good. But if you're wanting to maximize the earnings, definitely do filler stuff. And one site I'd recommend for this is ABitBack as you can earn from tasks *while* also earning every 10m while listening to music. This gives essentially three earning venues. |
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I've had to institute a minimum of 1 coin to cash out (all currencies).
We are getting killed by LTC transaction fees (down 30 LTC as of this post).
I really think you need to add a mining fee to at least cover your expenses (server, transactions, other?). It's more long-term stable, and would allow you to add many more coins without it being about server costs. I'm sure not everyone would be happy about it getting added, but I think adding 10 new coins (even if enabled for multi-port only) would more than make up for them. And thanks for monitoring fees... < 1 coin payouts is ridiculous! I hate the idea of forced donations. I'd be much more apt to donate if it's a personal choice. And many more are the same way, as proven by "Free to Play" (with optional cash shop) games earning more than they did when they were "Pay to Play." |
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are "TAT" and "DMS" acronyms that are not specific to just the Bitcoin world/cryptostocks?
They are ticker tags meant to let people know who is running them. Any asset I release will have TAT. on it, so you know it's me! Ohhh, does this mean that nobody else is allowed to use that tag then? Ex. is it basically "locked" to you? That is correct, however, it should be noted that I only trade on BTCT.co, Bitfunder.com, and HavelockInvestments.com currently. So if you see that tag elsewhere, it might not be me. Cool. Thanks for clarifying this! |
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For me some articles require tables and graphs but normally I cite the works used as in academic papers under the terms of fair usage. It is definitely not to earn that 10 words.
All my images are mine so I don't have to worry about any of that stuff, :p. |
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are "TAT" and "DMS" acronyms that are not specific to just the Bitcoin world/cryptostocks?
They are ticker tags meant to let people know who is running them. Any asset I release will have TAT. on it, so you know it's me! Ohhh, does this mean that nobody else is allowed to use that tag then? Ex. is it basically "locked" to you? |
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I like pc gaming too but local multiplayer is important to me and that's pretty much nonexistent in pc gaming.
Uhh...what? In my mind I believe you're referring to something along the lines of "split screening" for multiplayer / coop ...otherwise, LAN party anyone? People still have LAN parties? :p. And I think he means like... on a console (split screen, as you said) you can have 4 people playing one copy of a game. On PC you need 4 copies. Yup that's it. No way i'm buying 4 copies of a game just to play with family members. Also most don't allow more than 1 controller at a time so you need a bunch of keyboards it's just a hassle. Playing with family is usually considered casual gaming and consoles are very well suited for this case. However if you're into hardcore gaming, a PC is a necesity. Consoles are used for some hardcore gaming too. Started with the last gen (er, current gen? 360/PS4). So that's not always true now, although I do agree that I'd rather do hardcore gaming on a PC. |
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It does seem delayed sometimes, i am liking multipool so far!
It's always delayed. It updates every 15m I think it was, so depending on how close you refreshed to that 15m mark you may see updated stats sooner. |
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Another small update:
To make it a bit more transparent, the raffle history now contains links to the transactions of processed payments!
How much historical data do you save? I was thinking it may be cool (worthless for some, cool for people like me, :p) if you could set up a listing of the addresses, tickets earned, how many times they've won and how much they've won. Not really that "useful," but for data-enthusiasts like me it's awesome. I figured if you already have the data stored, it shouldn't be too bad to run the calculations. |
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What people seem to be getting horrifically wrong with their predictions is difficulty simply can't rise forever. Follow the chain now:
Proposed: Difficulty will rise to the point that the only widely available ASIC won't be viable [B3 @100 for example. Note that Avalon homebrews are only ~40% cheaper]
-> So if no unit purchased will ROI, ever, who is buying additional ASICs?
-> If no one is buying ASICs, why is hash rate still rising?
-> If hash rate isn't rising, difficulty isn't going up
-> Difficulty plateaus.
Some of these calculations just don't make sense, reaching difficulties of several million. Yes ASICs are POWER profitable until several billion in some cases, but they're not PURCHASE profitable. Not purchase profitable = no new ASICs = no rising difficulty.
Its a catch 22 that difficulty will rise at an extreme rate for a sustained period of time, making everything unprofitable.
Yes, but...even if we have 6 months or so of say 25% increases every two weeks, that's enough to make this and many other ASICs unprofitable. It doesn't have to rise exponentially for years. There are a zillion preorders, chip orders, ASICMINER upgrades, etc. in the pipeline which will likely be produced and put online. That is sufficient for the difficulty increases that make blades, USB eruptors, 250 BTC Avalons, etc. unprofitable. I think we will see 100M by November, and maybe 200M by 1Q2014. And at 200M with ZERO growth you'd need to be able to buy hardware at 0.1btc/GH, ie 3% of the price you'd pay today. No ASIC will achieve such numbers, probably even for the manufacturer. Hence, its very, very unlikely that a 200M would be sustainable and would likely fall off. People seeing no return for mining -> turn off equipment. Anyone know what a GPU miner makes today? I want to plug in the number and see when they no longer make anything substantial. 0.32 USD/24h@100MHash/s At pretty much 1btc=100$ So a 600MH 7950/70 = 0.0192btc per day at 15.6M difficulty. So at 200M, that'd be 0.0015btc per day. = 15cence a day. 200W per card = 4.8Kwh which at 0.15cence/kwh = $0.72 tldr: 7970 revenue @ 200M = 0.0015btc = 15cence a day. Power costs a day = 72cence a day =fucked. Even at today's difficulty it would take a fresh $350 7970 =182 days at fixed difficulty This all also assumes you bought it today. If you bought it late last year, you've made a pretty nice profit already and it's still under warranty, :p. |
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