Fact 1# it has obsoleted everything  I think Fact 1# is quite accurate, trying to compare bitcoin with papal or VISA is similar to comparing car traffic vs train traffic. Even some devs are openly use this comparison, showing that their poor knowledge when it comes to finance People should be aware that unlike bitcoin, any transaction between financial institutions (Banks, exchanges, payment processors) do not move money at all, it barely change numbers in a centralized database that stored in those institution's server, so that the debt between those institutions changes as a result. This makes it possible to do thousands or even millions of transactions per second, because all the change is towards one database on one server, and the memory bandwidth of this server can be over 100 Gigabytes per second To put the same traffic on bitcoin network, you have to make sure the internet connection of each user is 100GB per second, e.g. 1T bps, several magnitudes larger than the fastest home internet speed, not even mention cross continental traffic bandwidth, which typically is 100KB per second today Another difference is the storage. Bitcoin has to store everyone's balance on blockchain. Financial institutions only store their customers balance data, they don't store data of customers of another institution, or even another branch in the same institution. This makes the size of their database highly manageable You left out the part where Bitcoin Ledger is public and distributed, and due to this finally solves the “Byzantine General's" problem. |
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This next gen of hardware may change things for the average miner with low overhead.
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I haven't been following much of Bitcoin for a while now. Is what I read true that the Bitcoin network has lots of congestion and that transactions take too long?
I am not sure what your talking about as I am having no troubles with transaction speeds. |
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... I asked you how you plan to do that with less than 25% of the hashrate of Classic.
Obviously you're slow. I'll repeat it once again for you. We'll stick to main bitcoin branch. Period. You're free to fork it under whatever name you wish - XT, ClassicBitcoin, UnlimitedBitcoin whatever. Percentage of current hash rate you'll take after forking is irrelevant. Bitcoin doesn't care. Bitcoin existed and flourished with far less hash rate few years ago. May the games begin who loves cheep coins!  |
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I got into bitcoin mining in 2011 as a way to earn a free 6970 GPU. I used the profit from those coins to buy 4 5970s and subsequently sold thousands of bitcoins for around $2 and an insubstantial profit. It was fun and also necessary for the growth of the currency.
If people weren't spending their bitcoins when they were worth pennies, the currency would have died off and we wouldn't be where we are today.
I agree. Some of us spent considerably more then that amount in btc that would look foolish at today's prices. Much like gold and silver in the late 1800's. |
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And it's the Chinese exchanges doing all the manipulating, specifically OkCoin and Huobi. All the other exchanges are just following them doing some arbitrage.
China manipulated up and Bitfinex manipulated down. Then even after Finex dropped, China refused to budge for a long time. So right now we're in a stalemate between China pumpers and Bitfinex shorter manipulators. Have you not considered that the reason why China is higher is because they are moving "fiat" by buying btc ltc and moving it to other exchanges to trade for usd? Hence why the discrepancy? |
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Thanks for sharing ! Your welcome |
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The only question is whether we retake 504 on this run or not.
If we do best the previous high then expect the media to start to wake up and everyone prepare for a clamour and cacophony about retest of the ATH.
Interesting times.
All I know is that after reviewing my hardware vs difficulty vs return document home miners can still profit if btc is over $450 and only pay $0.10 kWh of power. If you pay $0.03 kWh of power btc can be down at $150 USD and still profit. I have revised my old hardware return vs network difficulty increase chart to shine some light on this. This document has been shared for anyone to use. BTC at $150 USD power costs at $0.03 kWh.  BTC at $450 USD power costs at $0.03 kWh. <---- it should be 0.10 kWh https://docs.google.com/spreadsheets/d/1ZphwgPk2lySm3sNlHnow6tuwx6YUV0G7qGDtRZ2xFbk/edit?usp=sharingYou will also find other sheets that contain estimated returns that only factor in power costs. Please note that this does not take into account hardware or other overhead costs. great work Its an old document however it helps those understand the economic implications. |
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Wha wha wha so many whiny bears, you carry on talking about irrelevant bids and asks and ignore the bigger picture, be my guest. But but blocks lol
Halving.
Difficulty increase.
Increased interest.
These are things that are affecting price. I fully expect to see nearer to $100mil in leverage longs when this really starts bubbling.
Good point. Because everyone wants to use a currency they can't use because it doesn't work yea right who the he'll wants stocks you can't use You mean stocks which represent nothing beyond the paper they're [not] printed on? Good question. You don't understand stocks much do you? Perhaps not. Teach me? @Sitarow, so what you're telling me is I could make money if I got my gear for free? Yes or on the cheep or don't have to pay power like some locations oh and if your looking I think their is a franchise option from Bitfury as long as you can provide the facility and power site. |
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The only question is whether we retake 504 on this run or not.
If we do best the previous high then expect the media to start to wake up and everyone prepare for a clamour and cacophony about retest of the ATH.
Interesting times.
All I know is that after reviewing my hardware vs difficulty vs return document home miners can still profit if btc is over $450 and only pay $0.10 kWh of power. If you pay $0.03 kWh of power btc can be down at $150 USD and still profit. I have revised my old hardware return vs network difficulty increase chart to shine some light on this. This document has been shared for anyone to use. BTC at $150 USD power costs at $0.03 kWh.  BTC at $450 USD power costs at $0.03 kWh. EDIT: <---- it should be 0.10 kWh https://docs.google.com/spreadsheets/d/1ZphwgPk2lySm3sNlHnow6tuwx6YUV0G7qGDtRZ2xFbk/edit?usp=sharingYou will also find other sheets that contain estimated returns that only factor in power costs. Please note that this does not take into account hardware or other overhead costs. |
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Does anyone have any info on the life span of Antminer S7 Batch 8 or Batch 9?
Or at least approximately
Lifespan in terms of making money or reliability? I am asking because this is going to be my first miner ever. I am planning on running it 24/7 in a really cold room. Noise is not a problem. Electricity is $0.089 kW/h. In my country the average monthly payment for a job is $220... With my calculations this machine is going to be bringing me around $415 per month and around $330 profit. Break even in 3 months . Break even will be longer my friend. But "free" heat is always good no ? With the difficulty rise, you will make 400, then, 350, then 300 per month (im pulling numbers out of thin air), etc. But you will make a profit even after halving hopefully, you electricity isnt too bad. Also consider that you will sell the miner after a while. How much will it be worth after the halving ? Hard to say. Judging from experience, it will retain much of its value. Its a lot of money (even though some people here dont hesitate to drop 50k on miners...but then again its all re-invested money). Also dont forget customs and taxes, I had to pay over 300$cad (god damn...). I have revised my old hardware return vs network difficulty increase chart to shine some light on this. This document has been shared for anyone to use. BTC at $150 USD power costs at $0.03 kWh. BTC at $450 USD power costs at $0.03 kWh. https://docs.google.com/spreadsheets/d/1ZphwgPk2lySm3sNlHnow6tuwx6YUV0G7qGDtRZ2xFbk/edit?usp=sharingYou will also find other sheets that contain estimated returns that only factor in power costs. Please note that this does not take into account hardware or other overhead costs. |
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nicy nice  Those transactions may be the result of tests from other projects (side chain) type. Are we expecting less of these projects? If not... No and it is welcomed |
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nicy nice  Those transactions may be the result of tests from other projects (side chain) type. |
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Well here we go again and its only Monday  Just checking in,,, so what's up with ripple? lol Don't worry ill go read up on it later Rippletrade is being shut down in early 2016 at a date yet to be determined. There is about a month to get your XRPs, Bitcoins, and fiat out of your rippletrade wallet. They announced it about half a day ago, and ripple's been crashing ever since. This time last year ripple had been pumped up six times its starting price, a year later and it's dying. https://forum.ripple.com/viewtopic.php?f=1&t=15818... we are discontinuing support for Ripple Trade in early 2016. The reason they gave... we ultimately found that interbank payments underpin them all. More specially, cross-border interbank payments carry the most friction and can benefit the most from Ripple. So, as a company, we’ve been focused the past two years on building the business case, customer pipeline and products to deliver on that specific use case. Here is the proof many needed and why centralized platforms .... |
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Perhaps some think this is next  |
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settling in the 400s would be lovely. so lovely, but it seems the turbulence is here to stay now  i kind of liked the long $230, meant i could focus on my actual life. words of truth... who wants coffee? |
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It's not just the dump, it's the paper thin orderbook I was warning about yesterday. During most of the rally, the bfx order book went up from 30k to 42k and then over the past 3 days it has gone back DOWN from 42k to 28k even BEFORE the dump.
Like you have pointed out, I noticed a few people were not confident with the market rise. Nothing wrong with taking profits. |
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 hmm |
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