Ethereum is used 90% for nothing but trading on centralized exchanges for profit. Exactly as Bitcoin is.There is nothing decentralized about any of this ETH / DAO crap ..even if that is what the 'D' stands for  If Mt. GOX opened it's doors and added Paycoin you all would dive on it True, and we would make shitloads of money, while you would cry like baby on forums.So.. all the ETH team has to do is keep organizing spam / hype campaigns then Pump it ! Much preferable to BTC team doing nothing and watching Bitcoin die painful death by fees that already reach $1 per transaction. |
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The money that's come out of bitcoin doesn't appear to have gone into altcoins
It definitely does go into modern coins. Even the hacked and totally dead DAO overtook Bitcoin by 30% in the last 24 hours. |
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Uber - I realize you pay after the trip, but you can deposit something like $200 and get your fare deducted from the deposit.
Tor - if I want faster traffic, find a way to pay exit/hidden nodes to carry my traffic.
Adult sites - very few of them accept bitcoin, maybe because they also want to verify the age of the payer
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Investing in btcjam
NO NO NO! Lost 95% of my coins invested in it, its all scammers! |
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Isn't that - doubling in a year - what Bitcoin has been doing for the last 6 years (well, on average)? And will continue to do for the next 16 years.
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This is often quoted as one of bitcoin's reason d'etre, to "keep off greedy exes".
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My friend holds some bitcoins from long ago, some bought on MtGox, some mined with Deepbit mining pool, and keeps them in a Trezor. But he would prefer to keep them in an official institution, like Circle or Coinbase, for insurance, security and estate planning reasons. The question is, if he deposits it into a Circle account, what's his immediate tax liability? He can't really prove anything about the origin of coins. He has a few emails from Mtgox and Deepbit, but these emails are easily forgeable and don't even account for all of the coins. Does that mean he has to pay 39.6% + state tax + social security + medicare etc?
Moreover, these coins have been bought/mined while being a resident of another country, and imported into US (though again, there is no proof of it). As far as I understand capital imported by immigrants is not taxed.
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Can't login to any of bitmain sites ... error 404
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And what happens to your server when OP's trial Azure account that he uses to run these VPSes runs out?
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Your math is off. You will not receive 622 euro from s7, more like 100-200 euro.
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i would definitely wait for the next tech for mining, this because there is the halving that will kill the s7 completely, if there was not the halving, your idea would have been okish i presume
The only way these machines are going to remain profitable is if the bitcoin price increases when the block reward halves. You forget about dorm room miners, they don't care about difficulty or block reward halves. |
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it was expected, because...
1 antminer s7 can do 0.0164 btc daily equal to 0.5 monthly = $189
consumption of many big farm at 0.03-0.05 cent per kw/h is $45 per month, so you see still plenty of margin
the diff will increase even further at least until 200B, +50% more
Even $0.03/kWH is not low enough to make s7 miner worth buying now. Should be below $0.02. Such prices do exist, in Venezuela, parts of Russia etc. |
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S7 for $925 with DIR=15% is only profitable at electricity rate < 2.5c/kWH
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these numbers do not work the growth in gear is not sustainable with prices at 370 and transactions at 200,000 a day
This simply has to go bust. Or zoom. prices need to be at over 1000 usd for these current numbers to make any sense.
The scary thing is I think some of the big data centers it works with that have a few cent electricity. So it could stay the same and just drive a lot of little/hobby miners out. That is not a fun option, but could possibly happen. I hope it goes zoom as you put it if we could get a jump equal to difficulty change that would be great news. But so far does not seem price has went zoom or bust. So hard to speculate in times like this. I think they still make most money from selling devices, not from hashing (Bitmain at least). So at this production rate all of their customers will never return what they invested into machines, and who will buy the next generation miners? Even the Powerball lottery gives a small ray of hope - someone, somewhere earns money from it. |
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Looking at https://blockchain.info/pools, most of the recent difficulty increase seems to come from BTCC pool. Bitfury or bitmain mostly mine in their own pools, so the question is, what is the mysterious force behind BTCC rise? I don't think it's two mysterious it chances are is new gear. I guess the question is who exactly. It can be people trying to get last bit out of some miners. Say for example on S7 chances are they want to pump some out and get most they can before having. At some point (if not already) bitfury will be pumping out as much as they can. They have shown video off chips, which most others have not on next gen. Next gen is what really will be huge when it replaces older gear. Which some might be doing already. With most mining companies being privately held, them saying their plans does not really benefit them. I repeat: there is no significant increase on bitfury and antpool pools. So it's not S7 and not new bitfury machines, it's something else. |
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No, mining is absolutely unprofitable. The reason is, most people who buy mining equipment are unable to make basic arithmetical calculations, and buy miners at over-inflated prices, so all of them will lose money. The profitability calculators available on the net are mostly put up by miner manufacturers to mislead the public.
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Looking at https://blockchain.info/pools, most of the recent difficulty increase seems to come from BTCC pool. Bitfury or bitmain mostly mine in their own pools, so the question is, what is the mysterious force behind BTCC rise? |
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They aren't going to attack themselves, obviously, but the fact that 51% might be achievable for a company raises some questions and red flags. If a private company can do it, a government can probably do it too, with bigger ease. I think that is the biggest point of these hashrate issues.
No one doubts gov can do it, actually cost to 51% bitcoin is relatively low, no one needs any proof of that. |
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Can you make a picture of a person holding up said that document next to his face? Some websites require that today  |
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What banks are trying to create is a single standard for information sharing. Currently each bank has its own database, and they have a lot of trouble synchronizing data between them. Now they want a single shared db that everyone will use. They call it "blockchain", for whatever reason. Nothing in common with bitcoin.
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