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It's just really really sad that Bitpay chose to go through normal VC channels to get it's funding, helping the rich get richer is not the bitcoin way! How many of us would be champing at the bit to invest our bitcoin there? I certainly would have.
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they'd be significantly less then 21 mil btc surviving in a usable fashion. and any large mainstream take on would pretty much kill the blockchain.
Yes, less that 21 mil would be usable (because of losses), but that just means less availability so higher bitcoin price. As for killing the blockchain, care to put an argument behind that? It's already widely recognised that not every device is going to be able to carry the blockchain in future as it scales, but that limitation is/has already being addressed by the coders to allow devices to only carry relevant (to them) portions of the blockchain. |
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Bitcoin won't ever become a world currency. Go look at places below or at the poverty line. They can't afford to own a Bitcoin wallet or have access to one.
I beg (no pun intended) to differ, even in places like kenya people like poor farmers are doing bitcoin transactions using SMS services on old (non-smart) 2g phones! ( CoinPip ) And yes ok, not all the world has a phone, but that too is changing very fast. |
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if bitcoin becomes the world currency, we wouldnt pay that:  Does not need to become the world currency for that to occur, simply to have enough credibility with the majority of people. We are not there yet, but I doubt we are more than a couple of years away from that. Then, all hell will break loose, we reach tipping point where the price starts rising suddenly, and all those that are noty on board start realising fiat is dead and they scramble to get on board too. The tipping point (collapse of fiat) will not only play out in bitcoin but in any hard assets/commodities etc. So gold is a good second hedge especially if you want to trade the peaks of bitcoin on the way up but don't want to be exposed to fiat. |
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My Systems Engineering gut says Q5 2015 we will see the 1% shift...hedging 6BTC over the next 3 months towards that shift.
I reckon one day those BTC6 will put you in the worlds top 1% The banksters will shake us HODLERS as hard as they can in the coming years to ensure they continue to be at the top. HODL FOR FREEDOM MEN! Totally agree, this is going to be the greatest wealth inversion the world has ever seen, and all those 'old white men' (The Oracle of Omaha) who are in denial will be on the wrong side of it. |
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Still need a few years to go. Not easy to become the world currency! When the price is down to a low level, I will buy more to save for the future.
You are deluding yourself if you think you are going to get them much cheaper than today. Yes volatility will remain really high in coming years, but the drops will be from much higher bases, I seriously doubt we will ever see $450 again! |
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Not news, just blatant advertising!! read the forum rules
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Still need a few years to go. Not easy to become the world currency! When the price is down to a low level, I will buy more to save for the future.
I wasn't speculating when it would become the worlds currency, I was simply speculating when we take the next factor of 10 climb up the ladder to 0.1% of m3 |
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try localbitcoins.com that will guide you to getting some from a local person.
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My Systems Engineering gut says Q5 2015 we will see the 1% shift...hedging 6BTC over the next 3 months towards that shift.
I reckon one day those BTC6 will put you in the worlds top 1% |
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If you understand bitcoin, you have to acknowlege it's possible that one day national currencies will become a thing of the past, and the world will run on bitcoin.
So I found myself wondering how many bitcoin I would need tucked away in cold store to be wealthy in such a scenario.
There are different ways of calculating this:
BTC21,000,000 Issued (eventually) / 7,200,000,000 people in the world = BTC0.002916 average per head
But the world is not equal, the top 18% of the world currently own 82% of it, so what would I need to be in that top 18%?
21000000/(7200000000*.18) = BTC0.016
I'm sure I can find BTC0.016 to tuck away as a hedge for the distant future!
However, before this switch happens we are going to get degrees of moving away from fiat currency to bitcoin, so what might the value of bitcoin
be at different points on that ladder? Well if we base out calculations on M3 (broad money) of which there is currently about $100 trillion, we can peg out that ladder, and also infer by the current BTC price where we are currently on the ladder:
Transition
100% = (M3)100,000,000,000,000/21,000,000 = $4,761,904 = BTC1
10% = $476,190 = BTC1
1% = $47,619 = BTC1
0.1% = $4,619 = BTC1
PASSED NOV 2013
0.01% = $476 = BTC1
PASSED JUNE 2013
0.001% = $47 = BTC 1
So with:
i. About 30 of the worlds currencies having serious inflation problems (out of 180 ish) driving people to exchange their local currency for BTC to protect themselves from inflation.
ii. About 60,000 retailers accepting bitcoin now.
iii. VC Funds have already invested more than double they did last year in BTC projects (5 months in to year!)
iv. Legislaters starting to react to BTC
Who thinks it will take more than 12 months to reach the next level? $4619
I certainly don't!
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An excellent article, though even with it's unusual length, there were some areas that were not covered at all. For example:
Most informed people recognise that international remittances and currency hedging are the first 'killer apps' for Bitcoin and likely to drive it's immediate growth, but if large portions of the available bitcoin end up in the hands of kenyan farmers (Family sending money home) and argentinian middle class (protecting their savings against hyperinflation), what happens if we reach tipping point with bitcoin? Chaos theory says it can and should happen, where one day bitcoin is $1000 and a couple of days later it's $100,000! Not only would such a switch induce chaos in world markets, but the above would suddenly find themselves rich, and the previously cash rich (as apposed to property/commodity rich) would find themselves poor. The world has never seen such a massive
transfer of wealth from rich to poor occur before. Wonder how we would handle it?
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I would like to see peta switch to p2pool. If ghash.io had floating fees it would natrually solve this problem aswell AND they would make money.
What a great position for ghash to be in, "sorry guys we are going to have to charge fees to protect you from a 51% attack we would never do anyway" |
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Doge Tipping App: Do you see BTC in the supported list? ( "...and more" includes BTC?) Could you imagine Facebook with DOGE plus other alts and no BTC?  Ever since the Winkelwii went public about their Bitcoin investment, Mark Zuckerberg is trying to destroy the digital currency. Adoption of Doge might be a step towards that direction. Mark Zuckerberg should know better than to stand between people and their dreams! Facebook is already seen as old hat by the next gen children, would not take much negative press for it to go the way of myspace. |
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Can you guys calm down a little? This is a group buy organisation. They have giving out mouths off refunds they have to put a line else the hole group buy can't exist. It might went a little amateur this is not the newegg or alternate around your corner so by happy that they still did any refunds. Update:Prospero X3 Control Board / Raspberry Pi We decided to try to use 10 x Raspberry Pi per X3 as a quick fix to be used temporarily. Initial results are encouraging (hashing performed). The test board will arrive tomorrow. If this quick fix will prove satisfactory, we will consider shipping X3 Prospero (RPi) solution on temporary basis until the control board will perform as per original design. X3 Backplane, X3 Hashboard PCB 1.The only problem that we have with X3 can be explained very simple: any hashboard (2 ASICs) will work (240Ghash) in any socket of the backplane but they will not work if we plug more than 2 hashboards in into the same backplane. Investigations took us 2 weeks working 16-18 hours/day as we went through everything from debugging the power supply to debugging the cgminer code and reviewing the ASIC code. We now strongly believe that the problem is due to noise on the 3.3V line which is currently shared between all hashboards. Unfortunately the 3.3V line is inside the backplane (layer 2) and inside the hashboard (layer 3) and we cannot separate them in order to get the current backplane working. We have now almost finished a new design of the backplane which includes all the technical solutions solving the SPI noise and we aim to send it to PCB Factory on Monday. We already have the hashboards manufactured and if the new backplane works as expected we will be able to ship very soon. 2.One of our partners, which is specialised in ASIC manufacturing, has completed brand new versions of X3 Backplane and X3 Hashboard. They are currently running simulations and will send the PCB to manufacturing on Monday. 3.Three other companies have started to redesign other boards for us but their progress is not as advanced as our own. We will be taping out their design when ready and if it performs better we will use it in the next versions. Notes We received queries and suggestions regarding compensation packages. We will address the compensation issues as soon as we resume the shipping of the full spec Prospero X1 and Prospero X3 miners. We recognise the importance of this topic and our management team will address it accordingly. Few months ago we announced that we have a surprise in store for our customers. We will disclose the full details as soon as we resume the shipping of the full spec Prospero X1 and Prospero X3 miners. There are no Prospero miners X1 or X3 which are hashing on any of our facilities. Source: http://minersource.net/blogs/newsWe should already by hashing yes and will happen soon since they are working on a solution using raspberry pis are king since I also got 1 personaly. If we start hashing within 3 weeks you will make more then 100% profit when you got around 20 shares. They have given plenty off chances to step out. Now calm down. Its a investment. No investment is ever 100% sure thats how life is. Who the hell do you think you are to be telling us to calm down? we ARE mad, and with very good reason. Every aspect of this group buy has been a f*ck up from communication, to integrity of DZ people to the competance of BA. Right now I just want my bitcoin back, and am not prepared to accept any more bullshit updates from BA about how 'soon' it will all be. They clearly cannot design sh*t! how much are you out on this howard? I am out 5 shares or 630 usd 4 shares at 130 each = 520 and 1 share at 110 usd total amount is 630. I also lost about 150 usd on the 7 shares refunded so maybe 780 and about 199 usd on round 1 so 979 grand total. I would be bitterly complaining if it was all i had ever done with DZcoop but I think I am 6k ahead maybe 7k ahead on rounds 5 6 9 10 11 12 plus the bailout on a dead ant miner s-1 lastly a good deal on ant miner s-1 sticks. Howard did any other deals with them work out or are you stuck on this with no other off sets. If you are out 2k and had no winning deals being mad makes sense. You are pissed at them and a little at yourself for not bailing right away. I refunded 7 shares really fast got antminers with it. I wish I got rid of the other 5 at the same time. I hope they do some hashing . fuck bfl returned 535 usd to me 13.5 months later pretty stunning. I'm out 14 shares (just under $2k), this was my first and last with DZ. And yes I am a little angry at myself, because if there is one thing I seem to have failed to learn properly in life is that if someone can let you down, they will. |
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Can you guys calm down a little? This is a group buy organisation. They have giving out mouths off refunds they have to put a line else the hole group buy can't exist. It might went a little amateur this is not the newegg or alternate around your corner so by happy that they still did any refunds. Update:Prospero X3 Control Board / Raspberry Pi We decided to try to use 10 x Raspberry Pi per X3 as a quick fix to be used temporarily. Initial results are encouraging (hashing performed). The test board will arrive tomorrow. If this quick fix will prove satisfactory, we will consider shipping X3 Prospero (RPi) solution on temporary basis until the control board will perform as per original design. X3 Backplane, X3 Hashboard PCB 1.The only problem that we have with X3 can be explained very simple: any hashboard (2 ASICs) will work (240Ghash) in any socket of the backplane but they will not work if we plug more than 2 hashboards in into the same backplane. Investigations took us 2 weeks working 16-18 hours/day as we went through everything from debugging the power supply to debugging the cgminer code and reviewing the ASIC code. We now strongly believe that the problem is due to noise on the 3.3V line which is currently shared between all hashboards. Unfortunately the 3.3V line is inside the backplane (layer 2) and inside the hashboard (layer 3) and we cannot separate them in order to get the current backplane working. We have now almost finished a new design of the backplane which includes all the technical solutions solving the SPI noise and we aim to send it to PCB Factory on Monday. We already have the hashboards manufactured and if the new backplane works as expected we will be able to ship very soon. 2.One of our partners, which is specialised in ASIC manufacturing, has completed brand new versions of X3 Backplane and X3 Hashboard. They are currently running simulations and will send the PCB to manufacturing on Monday. 3.Three other companies have started to redesign other boards for us but their progress is not as advanced as our own. We will be taping out their design when ready and if it performs better we will use it in the next versions. Notes We received queries and suggestions regarding compensation packages. We will address the compensation issues as soon as we resume the shipping of the full spec Prospero X1 and Prospero X3 miners. We recognise the importance of this topic and our management team will address it accordingly. Few months ago we announced that we have a surprise in store for our customers. We will disclose the full details as soon as we resume the shipping of the full spec Prospero X1 and Prospero X3 miners. There are no Prospero miners X1 or X3 which are hashing on any of our facilities. Source: http://minersource.net/blogs/newsWe should already by hashing yes and will happen soon since they are working on a solution using raspberry pis are king since I also got 1 personaly. If we start hashing within 3 weeks you will make more then 100% profit when you got around 20 shares. They have given plenty off chances to step out. Now calm down. Its a investment. No investment is ever 100% sure thats how life is. Who the hell do you think you are to be telling us to calm down? we ARE mad, and with very good reason. Every aspect of this group buy has been a f*ck up from communication, to integrity of DZ people to the competance of BA. Right now I just want my bitcoin back, and am not prepared to accept any more bullshit updates from BA about how 'soon' it will all be. They clearly cannot design sh*t! |
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Why are you all giving the Trolls the oxygen of engaging them in conversation? They are paid and obvious so ignore them!
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George, excuse my ignorance, but what 'final numbers' are you talking about? and how do they affect us?
The Neptunes final power draw and hash rate. They affect us because it matters what we will see in terms of BTC and what we need for hosting. Ok, I understand what you mean now, however, I'm one of I believe several, that are of the opinion, at this stage, this late in the difficulty war that this kit is most unlikely to even give an ROI, so would like a vote on refund to take place without further delay. Could you organise that please? I presume refunds are on an original $ basis buying back BTC at current market rate? If so, if we had pressed ahead with this a month ago we would of been significantly better off in BTC terms. |
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George, excuse my ignorance, but what 'final numbers' are you talking about? and how do they affect us?
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I wrote to KNC directly today requesting an update and got this piece of string response: Hi Howard,
We will be issuing an update very soon. Please keep an eye out for this on our website.
Med vänlig hälsning | Best regards
Kurt Radcliffe
Kncminer
www.kncminer.com
Office: +46 8559 253 20 I'm not optimistic on how this is going at all. |
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