In other word, if BTC cannot be used as a real currency Should I take a picture of me eating a meal cooked exclusively from ingredients produced by local farmers who accept Bitcoin? You know what I mean. I mean it is used widely so we don't need to say 'sell' it anymore. |
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it usually makes sense Bitcoin isn't usual. All it takes is one mistake when it moves against you and you've permanently ended up with half the BTC you could have owned if you'd have just held. For most people, holding 100% of the initial amount is not a wise choice. It is good to diversify by selling into strength to account for the possibility of a black swan event in Bitcoin technology. This way you steadily accumulate also non-BTC assets, and can learn how to handle wealth. You sleep better and don't see dips in price as an opportunity to panic, but rather an opportunity to buy back if you really feel like so. The selling plan must be based on percentages, which means that no matter how high bitcoin goes, you still have more value in your remaining BTC. If you have BTC1,000 and you absolutely want to have the same number when it hits $million, then it is best to just bury the paper wallet into ground and wake up when you are a billionaire. Trading only makes you lose the most of it over time with no gain. But it is not healthy for anyone to suddenly become a billionaire. If instead, you flex your Excel muscle and devise a plan to sell BTC900 in decreasing increments at exponentially rising price points, you will already be rich and well-established when bitcoin hits $1 million, and totally content with the idea that your remaining stash is still worth a cool $100M. That is incredibly sage advice and I just might take it. Really. Some people should read this carefully. You are absolutely right, being a billionaire overnight is not healthy. Not even being a millionaire overnight is healthy. I kind of don't believe BTC will be $1M but still cannot be used as a real currency. In other word, if BTC cannot be used as a real currency, I don't think it's price will increase a lot further. |
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Now that your average entry price of $350 per BTC has been eclipsed and the price is now at $800, I urge you to cash out your base investment and put it back in your college fund. I suspect your parents will be much happier to know that you haven't squandered their cash, but just borrowed it to make a smart investment.
Yes, good advice. They might not be able to understand bitcoin as you did so cash out and keep the rest. Don't be fooled by the recent price inflation. It can go down. +1 Now you have enough fund by yourself, it's not proper any more to put your parents' fund at risk. |
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I think we're at or approaching 1 tx a second.. so we need 7x as many were getting now before we start to worry about that.
Imagine the utopian mass adoption that's being fed to the public. Take a small country (or a large American city) with about 15 million inhabitants, or 5 million households. Every household will have to do groceries about each other day, so that's 2.5 million customers in supermarkets each day countrywide. Day has 24 hours, so that's 104166 transactions per hour = 29 transactions per second And this is for one small country only, for only the basic needs (food), and that's already 4 times what the Bitcoin network can physically handle. You're not going to convince me that the Bitcoin protocol will ever be able to sustain a world economy for day-to-day transactions. Hence why I'll always be bearish, even though it's a great market to profit from atm. Just like not all the transactions are using cash, majority transactions will not use in blockchain transaction then. There will be many bitcoin banks (yes although seems ironic, but I am sure there will be a lot) to provide out-chain transactions. There will even be BTC credit cards and debit cards, etc... Moreover, the 7 per second limit will be increased certainly that time. |
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Itunes and App Store should accept btc  apple accepting BTC would make an example for the world to accept BTc as they are one of the biggest companies around Apple will be the last one will accept BTC because they charge 30% commission in their payment system. |
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Bitshares and Mastercoin are similar but Bitshares is more decentralized and pays dividends.
What makes you say Bitshares is more decentralized? What I've seen and read, I can't find anything that would back this up. The amount of PTS that was mined in a week surprised everyone and what I've learned it was/is mostly done by big players. There was only a few days when regular folks could find blocks by themselves. I'm happy to be proven wrong, but so far I haven't seen anything that would back up the claim that PTS mining would have been better model for the little people who can't invest a lot up front versus Mastercoin's "Exodus August" model, where even small players had an equal possibility to invest. Small players can BUY PTS today just like they could buy Mastercoin. Furthermore, there are 1000's of small players who have received PTS and anyone mining within the first 48 hours generated at least one block. How many people currently own Mastercoin? From a speculator's point of view, obtain 2-3 hundred coins from both projects and wait...Sure win! 200 PTS ( < 2BTC) is fine, but 200 MSC ( > 20 BTC) seems really a lot to invest. |
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we can also lawsuit BTC-TC
Yes, if you have plenty of money to spend on lawyers. I'm not supportive of this. #1, BTC-TC doesn't have a ton of assets. #2, it won't get you anywhere - what are you going to sue the now defunct exchange for? They clearly state that nothing is verified, so it would be hard to hold them in breach of contract. I'm not supportive of this lashing out at everyone mentality - let's just target Fabrizio, Sam, etc - only those directly associated with i-Tec/LC. I was just joking. I mean that was just waste of lawyer fees and energy, and as you said Btct never guarantees the issuers are verified. I think currently we have to find out who owns the IPO money, and find him. |
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we can also lawsuit BTC-TC
Yes, if you have plenty of money to spend on lawyers. You could also sue those who sold stocks to you if you are not IPO buyers, but be prepared to be sued by others if you also sold some shares. Just joking, no offend intended. |
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I understand that but if Bitcoin drops in price under his profit threshold he will loose money and being a small time farmer every penny counts.
I agree that Bitcoin is too volatile at the moment to really be a workable, daily currency. I am thinking that Litecoin and DigitalCoin may be better alternatives. Just a thought. Edit - I have been monitoring most currencies by their USD value instead of BTC or LTC exchange and some of the smaller currencies are quite stable. Albeit liquidity becomes an issue then. Holding smaller currencies is much more riskier than holding BTC or LTC in my opinion. They could disappear in any time. Moreover, if you want fiat back, you have much less choices of reliable exchanges to sell them. |
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Hi Deprived,I have some new ideas.
can you use the DIV to buy some new equipment to increase the hash?
There's no hashing. MINING is like a virtual mining bond, and the mining income is supported by the SELLING holders. I suggest you to spend some time learning this fund more first. |
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Hi 24Kilo,
I don't think its a good idea for a small time farmer to risk profit with a currency that is not 100% proven or 100% stable.
If i was you i would keep it in mind for the future and keep your eye on the coin market, In my opinion Crypto-Currency is to immature for a gamble of this nature.
But hey i could be wrong.
Bitpay can exchange to the local currency for you if you prefer to. |
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Good day,
I am a small, organic fruit and veggie farmer located in the Southern Highlands of NSW and am considering adding crypto-currency as a possible method of payment for our produce. I am also experimenting with mining on a very small scale with the farm computers that sit idle for long periods of time. I know very little about crypto-currencies, so just learning and investigating the how this could be done and if it would be viable.
We provide regular deliveries to the Sydney basin and attend a several farmers markets in Sydney and the Highlands each weekend with our produce. The farm has been operating since 2008 and is a small operation with organic certification and a goal of sustainable food production.
If anyone is interesting helping with this project in any way, as a customer, consultant, etc, contact me via PM.
Thanks!
Edit - Apologies on the geographic vagueness... the farm is located in NSW, Australia and our primary market is Sydney, Australia.
You can consider trying Bitpay first. |
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The user base is still too small, and potential user may choose to ignore the link point to a new forum, or at least more reluctant to post because of the trouble of registering another account.
I prefer to have a sub board in bitcointalk.
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If our concerns about AM still concentrate on mining income, then I am quite confident that we will be disappointed. One bitfury has already caused the big drop of shares of AM, then KnC, and now BitMain. BitMain is also in China and their first 30 units were sold in 2 hours, and then they will produce mass batch of their 55nm chips shortly. That will not only hurts the mining share of AM but also the hardware sales.
If there's no big news about cooperation of Gen2 chips out in this month, then the following 3 months are miserable for all AM investors, who will see big loss in revenue (both mining and sales).
The only hope is the Gen3 chips, which may be ready no earlier than Jan 2014. Forget about cooling technology now, cause it will not help in the short term. Even finally it is sold to big companies, I doubt AM have the ability to produce them in large quantity.
In short, now mining income almost becomes irrelevant in evaluating AM's future. There's no point to look at their hashing rate.
KNC 28nm is not even more efficient than an am cube... bitmain is not selling only accepted pre-orders. 1) KnC 28nm watt/G is less than one half of AM chips. Cube is still using the Gen1 chips which are > 7w/GH 2) bitman is selling on stock units. |
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If our concerns about AM still concentrate on mining income, then I am quite confident that we will be disappointed. One bitfury has already caused the big drop of shares of AM, then KnC, and now BitMain. BitMain is also in China and their first 30 units were sold in 2 hours, and then they will produce mass batch of their 55nm chips shortly. That will not only hurts the mining share of AM but also the hardware sales.
If there's no big news about cooperation of Gen2 chips out in this month, then the following 3 months are miserable for all AM investors, who will see big loss in revenue (both mining and sales).
The only hope is the Gen3 chips, which may be ready no earlier than Jan 2014. Forget about cooling technology now, cause it will not help in the short term. Even finally it is sold to big companies, I doubt AM have the ability to produce them in large quantity.
In short, now mining income almost becomes irrelevant in evaluating AM's future. There's no point to look at their hashing rate.
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havelock down at the moment? Back up now. Down for about 15 mins.
According to havelock:
Market Cap ฿4672.1613
Which is less than the ฿5484.66 AM listed as assets on 27th October, plus the 4480310.50￥ (about US$700,000)
So this company is worth less than the cash assets they have? Please explain to a layman
It's just the market cap of all PTs in Havelock, which is a very small part of all shares. |
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havelock down at the moment? Back up now. Down for about 15 mins.
According to havelock:
Market Cap ฿4672.1613
Which is less than the ฿5484.66 AM listed as assets on 27th October, plus the 4480310.50￥ (about US$700,000)
So this company is worth less than the cash assets they have? Please explain to a layman
As always, the markets are not rational but keep in mind that Havelock only has a certain number of shares, a large majority of the rest of the shares are still direct shares. One line of thought with the very low price of shares on havelock is that havelock only holds like 5% of the total shares Asicminer gave out, so anyone selling like ten shares on havelock will cause a massive price drop but if the same were to happen with the exchange having say 50% of total shares then the price drop would only be a smidgen. But considering the possibility of more shares will be sold in that case. In statistics, sample size of 5% is good enough in many cases. |
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Has any one mentioned about Bitmain chips and mining machines here? https://bitcointalk.org/index.php?topic=330665.0They are selling their hardware (55nm, 2W/GH, 180GH) at around $15.5/GH. I think this will greatly affect the sales of AM machines. Friedcat mentioned there're some ongoing negotiations with some other gen-2 chip teams. How's the progress and whether Bitmain is included? If not, then apparently AM has lost a very good opportunity. |
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icbit.se leaderboard. Dayyyumm.  How did they get these data? |
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Any chance of this turning southward tonight? I want to go to sleep but not sure if I should. Seems like when I go to bed the opposite happens from what I want it to do.  No one can be sure about that. Recommend to use a reliable bot to set up stop loss hidden orders. What bot would you recommend? Sorry, I am not using one. My suggestion is to traders with frequent buy/sells. My way to handle this is just put some small bids along the way down to a reasonable bottom during the sleep time, and watch the EMA and MACD for buying/selling signals during the daytime. But all these are just for a small part of my holdings, and the majority is just in the storage and I will never sell them unless something really bad happens. BTW: I found that I could've earned more if I put all my BTC in cold storage. So apparently I am not a good trader and please take my advice with a grain of salt. |
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