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In the long run Bitcoin mining always moves toward zero profitability. In the state of dynamic equilibrium, the cost of mining would be more or less equal to the value of the mined coins (block reward and fees). Hence there is an upper limit to how much electricity mining will consume. As the block reward halves, the power usage also halves over the long term (assuming a steady price). As the value of BTC increases, the power usage will also increase. This upper limit is independent of the number of users or the number of transactions per second, at least while fees are a small fraction of the block reward.
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Do you have any evidence to post below?
// Do I have any eveidence? No.
post_count++;
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far more daily volume are done privately than on bitstampt/btc-e, etc combined. and while the crappy exchanges are falling whilst they play with satoshi dust amounts of $5, the localbitcoins/otc trades are healthily $450-$550
I wish I could sell a bitcoin locally for $550 Have you tried? I know a guy who is currently selling in that price range on LBC. He is reliable, well trusted and comes to your location. I used to be his supplier of freshly of mined coins, but I am no longer selling (I have electricity and hosting costs covered for the next 12 months so I don't need the fiat). He has offered to buy from me above BitStamp and BitFINEX prices. |
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The weekly chart is pretty weak, though the current downtrend is gentler than the one preceding the April low. I believe that the April low will be tested and momentarily broken. However instead of crashing it will be followed by a trend reversal and the price could get up close to $1000.
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I have approx 300 eligius coins, willing to sell.
Are these technically any different from p2pool coins? I have a quite a bit of those. I don't think there is a premium for fractional block virgin coins though. |
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I guess you have point there, especially with the trust in businesses. However what strikes me is the general attitude governments and other official institutions have when it comes to bitcoins. So far I haven't heard of any real business that successfully works with BTC at the moment apart from exchange platforms and I wonder why? Is it just because of a lack of interest in the public (and particularly in the btc scene) or is there maybe more behind it? For instance why is it that companies like eBay and Paypal are so careful and slow instead of creating a new market?
I have bought a watch, a 47" TV, servers and PC components with BTC on overstock, Dell and Newegg. Aren't these companies legit enough? |
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A virgin 50BTC block is rather cool -- but as you say trusting the seller to discard the privkey (securely) is paramount.
Well they certainly don't make them anymore. Should be worth more than 2 x 25BTC blocks. |
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Yeah, I also use data centers meant for internet hosting and they give you a static IP block with a gateway IP address. This doesn't work well with Spondoolies and KnC default setups.
Huh ? Why not ? Well with the SP30 it apparently is not recommended to use static IP according to another post by Zvi I think. Aslo, The first Neptunes I got came with firmware where the static IP configuration simply did not work (it may work now but I don't care anymore). I have some each miner in a cabinet and I had to make an unplanned purchase of a firewall device to provide the DHCP functionality. |
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anyone knows the weight of this thanks
According to Fedex the SP30 was 18.8 kg. The SP35 can't be much heavier if physically only the PSUs changed. |
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Any password to your wallet will have much less entropy then your private keys
Says who? You can always use long password generators. |
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Whether traded accounts are used for good or bad is down to your own personal opinion of what 'good' and 'bad' is.
Also, I disagree entirely with this statement. Life isn't a grey blur of moral ambiguity. Good = truth = freedom = life Bad = lies = imprisonment = death So there you go. A lot of the time good and bad isn't a matter of personal opinion but is pretty clear cut. It seems to me that you ought to know lying is bad by now, and pretending to be somebody you are not is lying. Maybe, but you need to include people from all countries, backgrounds, religions, political persuasions, etc. After taking all that into account and extracting a common denominator I bet that you'd have a pretty sparse definition of what "good" is. |
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WOW B1 is sold out. I'm surprised people are actually paying that much for 2Th. Oh wait... no I'm not. Plenty of retarded people out there in crypto land.
Seeing as people paid 1.36 btc @ $600 btc price for 2 antminer s3's...... Why would they not pay less for more hashrate and lower power requirement? BTC ROI depends on Bitcoin Difficulty and/or BTC price. So time is money, that time It was affordable but this time its not. It gets trickier now because power costs and mining efficiency are becoming equally important factors to consider. |
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Because of the poor liquidity... Even moderate orders can move the price up or down big time.
Which is a result of poor float (measured in USD or some other fiat). This will improve when the market cap improves, or when large holders start using their coins more. |
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Again, I respectfully disagree. I think banks will take it upon themselves to practice BTC fractional reserve and "mint" coins for their users. 21 million cap: poof!
I'm not an economist, so explain it to me like I'm a mechanic. Bank A sends Bank B BTC IOU. Presently, bank A sends bank B fiat IOU as well, no? I don't see the difference. Only that I as a consumer have the option of saving and transacting without a bank at all.
These BTC IOUs would not be able to replace real BTC, which is a very different property compared to traditional currencies. As long as bitcoin is fungible and the entity issuing the BTC IOUs is reputable enough such that it is reasonably believed they can deliver 'real' bicoin upon request then there is no reason why a bitcoin IOU would have much less value then 'real' bitcoin I would assume that many people would want to redeem any bank IOUs immediately into their wallets where they control the private keys. I certainly would. |
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If the amount is trivial, I'd prefer to pay for everything upfront if it would end up costing less in the long run.
I am assuming that I know more or less what I am getting, i.e. the product or service is more or less homogeneous and that the calculated savings does not factor in crap that I will never use.
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Inflation is an issue, but the image is absurd. Items costing $20.00 in 2013 would have cost $13.99 in 1998.
You believe the CPI numbers published by the govt? |
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Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming  Facts : Difficulty will never lower. What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win. That's easy money, man. No moron would put up 10 BTC on that happening. At least I don't think anyone would. If he somehow does man up on the bet, I'd bookmark this page for sure! P.S. - There's been 8 difficulty decreases in the 5 year history of Bitcoin. Just throwing that out there. All were pre-ASIC, no? I would not be surprised to see a post-ASIC difficulty decrease in 2015 as mining farms start hitting the power efficiency wall. |
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Im a big fan of the Bitmaintech but I been looking at the Sp20 and Sp30 and they look good and even on the math part (all the calculators)
looking for advice on what to get because we are thinking about getting the sp30 with a few sp20s if its recommended.
Note that the SP30 has been replaced by the SP35 which is superior but does not run on 120V. This could be a nuisance if you are in the US. |
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Over the long term, it is impossible to peg Bitcoin to gold. In 2140 when there are no more bitcoins to mine people will still be digging up gold from the ground. There would be a net imbalance that can only be maintained by shorting bitcoins or buying up all the excess gold being mined. Since bitcoins cannot be shorted indefinitely somebody would have to keep spending fiat to buy up gold to keep it scarce. Why would they do that?
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