not another scammer. just another overeager young'n that think they can build the next 8 bitcoin opportunities in a couple weeks.

I will pull my two rigs offline at around $7.50 at current expected difficulty increase. Not worth it with the heat and my electricity prices and the headache of having a noisy relatively unusable room.

sure just saying its an option for ppl that want to "buy btc quick!" and don't have USD/EUR in a trading account.

Vig is a bit high at VirWox and volume is thin, but it's no problem and quick

You can however buy Second Life Lindens instantly with Visa/MC and sell them for bitcoins on VirWox

Correct, so even if your mythical ASIC miners are willing to sell at $2 a bitcoin, doesn't mean anyone else will be. Mining technology only affects mining profitability not bitcoin price! Not sure why you think you have proved otherwise. Did the price crash when ppl started using GPUs?

more or less than $100 a month?

call me if they dip below $5!

#1) Many more bitcoins will be in the hands of non-ASIC miners.

#2) No other resources dynamically adjust their difficulty to a fixed rate. If you get a magic gold finding machine, the gold doesn't automatically become harder to find after you use it a few times.

#3) All of the price is dependent on miners nonsense only holds true if other bitcoins were being destroyed after use so the only way you could get bitcoins was to buy from a current miner and if the difficulty of mining bitcoins didn't change with technology. It is impossible to have a major disruption in bitcoin supply. Disruptive technology may quickly drive previously profitable mining operations out of business, but it won't do jack to the BTC price which is determined by buyers and sellers. Some of those sellers are miners, many aren't.

I agree with you that GPU mining will eventually be made unprofitable as ASIC mining (and botnets) takes over, but that has to do with difficulty adjustments, not price adjustments. Difficulty is a lagging indicator of both price and technology available (ie; difficulty will tend to reach an equilibrium where mining with whatever technology is available is slightly profitable - which is why mining is a "race to the bottom"). However, barring cartel action by miners, price doesn't really reflect whatever technology is being used to mine bitcoins. You could blow up all the ASICs and GPUS in the world tomorrow and mining difficulty would still try to adjust to where mining was just barely profitable for most operators at whatever the current price was.

 

There is very little resistance between here and $8 or so.

Interestingly enough, I think $6-$8 is a good consolidation price for BTC for the forseeable future until more infrastructure comes online, better clients are built, etc.

I sold the few hundred BTC I had laying around yesterday and will buy back in about $7 or so. In the meantime, I will use bitcoins as I need them but not hold them.

By your analysis, bitcoins should have been super expensive when they were being mined by CPUs.

Mining difficulty/expense has absolutely nothing to do with the price of BTC, only the profitability of mining, since the network autocorrects to produce a known amount of coins no matter what mining power is.

BTC price is determined by demand for BTC. Nothing more, nothing less. A mining equilibrium can settle it at any bitcoin price, from .01 USD to $1000 USD (and likely will).

FlipPro: There's nothing good about this bill from a "Democratic Socialist Liberal" standpoint.

In fact, there's pretty much nothing good about this bill from ANYONE's standpoint, unless you like a combination of kabuki theatre, delaying the inevitable, and fucking over the poor even more.

Bet the stock markets will get a nice boost this week though. All you traders may want to sell into that rally since by any metric, the US economy is frigging screwed.

But hey, now we get to watch most of Europe default before the US does!

Passes out of committee.

Think of the Children!

http://www.theatlantic.com/politics/archive/2011/08/the-legislation-that-could-kill-internet-privacy-for-good/242853/

http://techland.time.com/2011/08/01/house-approves-data-mongering-isp-snooping-bill-and-what-that-means-for-you/

Those "small-government conservatives", always looking out for your best interests.....(to be fair, I recognize that most conservatives in this forum don't see the Republican Party as being legitimately conservative. But some do.)

(Seriously, this is a scary fucked up bill.)

In the list of entities I'm scared of, the US Government is a lot higher on the list than Al Qaeda

or end up in ditches.

Of course I do! (think that the USG is guilty of mass murder and torture) - The US is a police state at home and a nightmare abroad if you happen to live in one of the countries they are currently targeting. The USG is quite literally the Evil Empire at the moment, with the highest rate of incarceration at home and more military spending than most of the rest of the world combined

The hidden hand of the market will never work without a hidden fist. McDonald's cannot flourish without McDonnell Douglas, the designer of the F-15. And the hidden fist that keeps the world safe for Silicon Valley's technologies to flourish is called the US Army, Air Force, Navy and Marine Corps. (Tom Friedman, NYT persistent defender of US capitalism/globalization)

Of course the Pinochet regime was a reign of terror -- What else do you call it when a dictator assumes power in a military coup and systematically kills, imprisons, or destroys his political enemies, embezzles millions from the government, etc. Really, you have absolutely zero moral ground to stand on here if you are trying to make the case that Pinochet's regime was somehow "freer" or "more democratic" than Allende's

you're comparing Chile under Allende to North Korea? hyperbole much? A democratically elected government to a megalomaniacal dictator?

Christ compare Allende - a democratically elected leader to Pinochet's reign of terror, torture, disappearances, and imprisonment of dissenters. Seriously, you do know that Chile is like something out of a capitalist horror show right? Military takes over greatly helped by the CIA, installs dictator, who rules by terror/murder and installs US technocrats and economists as consultants....

You do realize that the "pure" phase of reforms (arguably the most Austrian phase) was by and large a failure, not only because the only way it could be sustained was through massive authoritarian structures of terror but because there was little GDP growth (late 70s and early 80s) and a full scale collapse that pushed 50% of the population back under the poverty line in like 83 or 84.

Anyway, end thread derail, if someone wants to debate Chile let's do it elsewhere.

Global Jubilee?

and let's visualize some of the spending that got us there

hoooly shit. i can't believe JohnDoe is seriously pointing to Chile as a free market success story. Are all libertarians creeping authoritarian fascists or just this one? (yes yes, I know you're not all secret authoritarians, but really there need to be more AnCaps in this thread denouncing Chile wholeheartedly as it is about as far from a voluntary society as you can get) For god's sake I realize that a dictatorship is a "smaller government" than a democracy, but each step towards smallness is not the same folks. You are as bad as Communists that defend Stalin or Mao.