If you are getting 400, then you are just lucky because the vast majority of us are getting almost exactly 334.
On the just buy BTC theory, you may be correct, but we want to mine! Probably best to do a combination.
On the price drop theory, it seems like people are not remembering Cypress. More and more rumors of Cypress happening here. That will drive the price up. Also, serious rumors of fiat not being fiat anymore because the IMF is moving to a commodity backed system to readjust the values of all currencies. This will include precious metals and everything else like oil, etc. not just gold and silver. If that happens, then we may be in much better USD shape long-term and BTC rise will be much slower. Digital currencies still have the advantages of near instant payment without a bank and middlemen to take a cut.
I must be the luckiest person in the world... I just ordered 50 more and they are all pushing pretty close to 400 MH/s. Edit: updating to cgminer 3.3 lowers my hashrate to 334ish... strange |
|
|
|
|
Just so you know gmaki, I do not intend to pick on you personally. But I have been here for a long time and you are far from the first person to make the claim you are making. In the 2.5 years I've been on this forum (this isn't my only account), I have only seen 1 miner agree that they regularly sell out their take (username fcmatt). I have seen many, many others view it as an alternative means to acquire bitcoins (as opposed to purchasing them outright). I'm sure there are probably more miners who do sell out, but IMO it is not anywhere near "the vast majority". I'll admit I could be wrong, but that's not what the evidence I have indicates. If you have evidence I'm missing, please bring it to light rather than making unsubstantiated claims based on how you view bitcoin and mining since your view has led you to have no skin in the game.
|
|
|
|
|
A. Sure, but good speculation is done with educated guesses, not ass vapors.
B. No, I have never been more than 1% of the network. But when you claim most people in group x act in way y you should have several examples of individuals in group x that you can prove act in way y. I see no such data and the other miners I know do not behave as you suggest.
C. Try reading what I posted. I even quoted the relevant portion. The restrictions only apply to mined coins, and if you register there is no problem (although registration is an expensive and time consuming process). Mined coins can however be spent without issue. Yes it is fairly arbitrary, but that's how the USG rolls.
D. Yes, bitcoin is worldwide, but if we use your arbitrary 5% threshold I'm sure that the US accounts for a significant amount of coins.
One is supposed to make such decisions by looking at historical data, understanding the math behind that data, and making educated estimations. Posting bullshit on these forums will more often get you a through trolling than solid advice.
I would start with reading more about how the system works. If it doesn't inspire awe in you it is not time for you to buy in yet. Bitcoin is years from going mainstream. If it does inspire awe, you'll know what to do.
|
|
|
|
|
I think we are past denial. That was all the rage last week. I'd put us somewhere from fear to panic.
|
|
|
|
|
Panic! It's the end of Bitcoin FFS!
|
|
|
|
more logical would be buying BTC with MtGox money you have in account and take it out there fast  The daytraders deserve to loose the USD from MtGox Without day traders there would be no liquidity. Let them play their zero sum game. They don't deserve to be scammed any more than you or I. |
|
|
|
I am seriously considering getting out of this game. Give some strength bros!
Imo you have invested too much into Bitcoin, if a price drop leads to panic. Just hold an amount that you can afford to lose. Exactly. If you are panicking you are overexposed. |
|
|
|
|
If you are panicking now you might as well sell. We've got a lot more volatility to work out before we can rocket again. If you can't sit tight, sell out or put your coins in a paper wallet and walk away for 3-6 months.
|
|
|
|
Hello, i think asics are devaluating bitcoin and will continue to do so because they are extremely cost efficient (i mean electricity per gh).
You are making the classic mistake in thinking that in crypto coins that the cost of production has anything to do with the market price. If there was no limit as to how many bitcoins could be mined, you would have a point. Production would increase, and the flood of additional bitcoins would suppress the exchange rate until mining no longer is lucrative -- and an equilibrium would be reached. But with mining, difficulty adjusts and thus no matter how much additional mining capacity comes online, roughly the same amount of bitcoins are produced day after day. So the amount of mining occurring (hashing capacity) doesn't drive the price, but instead is simply a reaction to price. Because of how efficient ASIC mining hardware is, the cost of electricity is a trivially low percent of the mining revenue. This contrasts how with GPUs the cost of electricity does now (... or soon will) exceed the revenue. So ASIC has (or will) demolished the profitability when mining using GPUs, but it has little to do with the exchange rate. (other than, perhaps, miners investing their coins to buy ASIC hardware, and in turn ASIC hardware vendors flooding the market with coins when cashing them out for R&D and manufacturing costs.) When there is a delta (as there is right now) between price of BTC and cost to produce BTC then every new BTC created is effectively being purchased for less than market value, and as of right now for a fraction of market value. So it would stand to reason that the vast majority will be converted to $$ or other currency immediately upon creation. It's like insiders caching in options on a normal stock, which drives price down. This does in fact have a become a market mover to the downside if the overall volume is low enough, which it seems to be. Your statement would be true if the outside interest in BTC overwhelmed the miners influence but it doesn't seem like we are there yet. It seems to me that other than the recent media fueled bubble, mining is THE primary factor in determining price. I'm a miner. I don't sell my btc as soon as they are produced, and in fact, as a US citizen it would be illegal for me to do so without registering with FinCEN as a money transmitter. It stands to reason you are just making shit up. http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.htmlA person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. |
|
|
|
Gold collapsing, Bitcoin collapsing, US Dollar UP.
Stocks down No they aren't S&P is up Zoom out. The top was in May. Technically, gold is up today too, but I wouldn't get too excited about daily wiggles. |
|
|
|
I think I'm gonna start a sale for 50 shares for 6 btc/share.
24 hours, flat price.
What do you guys think?
I think it doesn't matter what we think. I think you should start your sale and see what the market thinks. |
|
|
|
Basically the dollar is such a good investment that people are all jumping on board. I cashed out all of my stocks and bought dollars.
I have also taken out a huge loan in the hopes that the dollar goes up a lot.
We are all going to be rich!
How is taking out a USD loan possibly a good thing to do when the dollar is strong? You have to pay it all back and even if it is a fixed rate the real value of the interest payments will rise. Because the dollar kicks ass!!! Print more so we are all rich rich rich!!! If the dollar kicks ass, I still don't understand why you want to give up more dollars. Taking out a loan means giving up more dollars than you receive. (yes, I understand you are trolling, but you should at least be consistent  ) |
|
|
|
Miners are hurting bad today with BTC value plummeting all over the exchanges. The gold rush is already over, those with the first few Avalons were the only big winners to come out of it. The rest still hoping to get their hardware soon will be faced with their units having a pretty low ROI unless Bitcoin rallys up hard. There is nothing saying we won't see another Cyprus that will pump Bitcoin and Litecoin back to a good ROI level, and I actually think there will be in time with more of these "bail ins" and people needing a fiat escape pod, but for now the mining scene is pretty grim  ASICMiner will deliver to your door within 2-3 business days of placing your order. |
|
|
|
Try this one geeks... There are 10 kinds of people, those that understand binary, and those that don't. Wouldn't that be 4 kinds of people? 10 in binary is equivalent to decimal 2 100 in binary is equivalent to decimal 4 LOL, I guess you missed it. Please explain, because I'm still missing it. Unless you are being a grammar nazi and viewing it as a list of 3 items instead of a clause followed by a list of two items because of the usage of a comma rather than a colon. If that's it then you should work on your comedy. If that's not it, you should still work on your comedy since it needs explanation. |
|
|
|
Try this one geeks... There are 10 kinds of people, those that understand binary, and those that don't. Wouldn't that be 4 kinds of people? 10 in binary is equivalent to decimal 2 100 in binary is equivalent to decimal 4 |
|
|
|
the dollar is being pumped by the fed you guys realize that right?
"Printed" money is actually debt and must be repaid with interest. You realize that right? |
|
|
|
Disclaimer: I know nothing about EFTs and TLDR the Winklevii document.
I wonder what the tax implications of the Winklevii moving their BTC into this EFT trust are. They would not need to pay any capital gains tax, since they've not realised their profits. But what about the shares they are selling?
There is no tax implication for them or their corp. the corp does not pay taxes when issuing shares. That money goes to the corp (not to you directly). If they then pay themselves a salary from that money, then they'd pay taxes on it. I guess the difference is that if they just sold the BTC, they would pay taxes on any realized gains. So, actually, I guess this is the perfect way of selling BTC at a profit without paying taxes. The money is technically in the corp, but they can still buy themselves pretty things with it. What it does is make the Bitcoins into an ETF. There are well established rules for ETFs for taxes and accounting, so it hides the fact that your investment is in Bitcoins making the accounting easy, its just another ETF in your list of ETF investments. Whether it is wise to do so is an entirely separate question. Also, the ETFs are the #1 mechanism that the leviathans use to manipulate currencies (such as gold). So the existence of an increasing number of ETFs that can move the market however a central bank desires it to move creates additional issues. The reason there are Gold, Oil, Industry, and Country ETFs is that actually buying a brick of gold, or a barrel of Oil is a huge pain. This is not the case for Bitcoins. Any idiot can overnight a check to CampBx and buy Bitcoins. ...and you don't need to declare anything. If Bitcoins go up in value and you sell them, it is up to you if you want to declare that income (the IRS has not said it's taxable yet) - with an ETF, you WILL have to pay taxes, definitely. The IRS says every profitable transaction is taxable: http://www.irs.gov/taxtopics/tc420.html |
|
|
|
Yea I do not see any reason that exchange of cryto-currencies to other cryto currencies should be regulated, I remember reading an article where bitcoins were deemed a form of storage of memory and not an actual currency I wonder if this argument will be applied in these regulatory talks...
Perhaps elsewhere, but in the US FinCEN has made it very clear that certain bitcoin activities require registration as a MSB and a Money Transmitter. |
|
|
|
Basically the dollar is such a good investment that people are all jumping on board. I cashed out all of my stocks and bought dollars.
I have also taken out a huge loan in the hopes that the dollar goes up a lot.
We are all going to be rich!
How is taking out a USD loan possibly a good thing to do when the dollar is strong? You have to pay it all back and even if it is a fixed rate the real value of the interest payments will rise. |
|
|
|
|
Show Posts
