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Taxes on bitcoin?
Bwahahaha
That goes against the whole point, as far as I'm concerned.
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It can easily go lower. Just look at the basic fundamentals.
Bitcoin is a very tiny community.
Over 50K new coins are created every single week.
So much selling pressure would happen if the price started to rise. This would put an end to any rally.
Most people who want bitcoins, own them now. No reason to buy more
The community of bitcoiners is not increasing.
Nothing new has come out in months for bitcoin that would make it mroe desirable to own.
The price of Bitcoin has gotten beat so badly that most people will not risk buying even more bitcoins for speculation.
Bitcon was not made for speculation, it was made as a form of currency. There is no reason why it should just rise in price, especially considering the fact that over 50K new bitcoins are created every week.
Bitcoin still has many competitors. It is risky to own bitcoin when there could possibly be a better replacement at any time. Miners seem to mine what ever bitcoin earns them money. Personally i would buy another currency that put their cap in the billions, not in the millions.
The list could go on, there are so many negatives about bitcoin to speculate your money into it.
this entire list is opinion based. So it's an opinion that over 50,000 new bitcoins are created every week? Most of the rest of what he said is opinion, but it seems to be pretty well supported. I wouldn't argue against him on any of those points. Except that I don't believe any other cryptocurrencies have a chance. Bitcoin is the only horse in the race. Even if bitcoin totally fails and there's a successor, it will be even more of a niche product, as most of the cryptocurrency supporters will have moved on. |
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PPS only? Great, me switch to Deepbit.
Yeah, no reason to stay here any longer. |
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I have more 5830s on ebay if you want 'em. They run hot and they're inefficient as hell. They use more power than a 5850 and only hash at 85% the rate of a 5850.
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Out of the mining rigs I took offline, I made a pretty nice gaming computer. Just needed a processor. I'll be all over BF3 today!
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I find it odd that so many people who were once into bitcoin are now saying that it's dead. The bubble burst. That's all. Get over it.
Bitcoin is stronger now than it's ever been.
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This... BTC is plagued by scammers and hackers, who are the main reason why the price is so low.
The question is, is the price "so low"? It seems like it because it shot up to $32 at one point. However, just one year ago, 1 bitcoin was 20 cents US and if you had told me it would hit $1 by this time this year I'm not sure I would have believed you. That is true. Bitcoins could be worth $1 each tomorrow and some people could legitimately still claim that bitcoin's value has boomed. This is assuming they either mined or bought bitcoins when they were worth a handful of cents each. What we really need to look at is how many people were aware of bitcoin, and had a substantial stake in it when they were worth just a few cents each. If 100 people bought in at 10c each, yet the vast majority of people interested in bitcoin (let's say, 1000) bought in when popularity boomed in early/mid 2011, the vast majority would be disillusioned with the price hovering around $4. There are a few winners, but many losers. Bitcoin's price bubble is still deflating and it's difficult to see what current product or event could see it reach $10+ again. Another huge wave of interest, with lots of new money coming in. That's why a lot of people are trying to introduce bitcoins to the Occupy movement. The only problem is, those people have no money. |
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Wuked, do you plan to add merged mining for namecoins to your pool?
I'm interested in this as well. |
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I wish I could get more money into Mt. Gox faster! We're looking at a prime buying opportunity.
By all means, please keep panic selling.
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yet another reason why we need a new system that punishes people that hoard. i firmly believe that you should not be able to make money simply by having money, it just does not make sense to me. and others think the same, the Christians thought it was usury and the Islam people do too. i think it is a broken system, and needs to be stopped inside the currency its self. although i don't know how loaning would work. but i always go by the principal of save instead of get credit for it. for a rough example take a 165k house for 360 months loan or 30 years at 7% interest. you would pay about 1100 a month. however if you took that 1100 a month and stashed it away every month for 150 months, you could buy that house right up front, and not give any money to the banks. http://en.wikipedia.org/wiki/Islamic_bankinghttp://en.wikipedia.org/wiki/UsuryWe have moderately high inflation built into the system to prevent hoarding. |
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The whole mappers vs. packers epistemology is about how skillfully we are able to model our world. The scientific method vs. our patter-seeking animal instincts. Packers have evolved to survive in the natural world, but the inevitable outcome of all evolution is extinction. If we don't become mappers (positivists), then we will be replaced by species that will better adapt to the environment we create.
It's clearly the mappers, like bitcoin enthusiasts, who steer the world. If the human race followed packers, we might have never left the dark ages. Or even worse, we might all be wearing those godawful cheese hats. Anyway, packers tend to be followers, because they don't have the vision or risk tolerance to lead, so I'm not too worried about it. |
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I think the terrible bitcoin exchanges being run out of Eastern European students' parents' basements are already baked into the cake, so to speak.
Ruxum can't open up soon enough. I still don't trust Magic The Gathering Online Exchange's security.
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I0coin is dead. It had no redeeming features over and above Bitcoin -- in fact it had plenty of disadvantages.
It was a pathetic attempt at a fork -- it was never more than a pump & dump. Its day is done.
Indeed. There's no point in keeping it on life support. Just pull the plug. |
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That was an amusing read, while many of the events are quite plausible. |
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Moore's law is a monster. There is no 5-10 year headstart .... ever.
I don't see GPU as a problem to mass adoption of bitcoin. 99.99999999999999999999999999999999999999999999999999% of the world has no employment as a VISA card processor yet they use VISA card (or paypal, or Dwolla, or etc). Consumers don't need to be part of the hashing network to use the product. The hashing network needs to be distributed but it doesn't need to have universal distribution.
Today bitcoin block generation is worth about $36,000 a day. Now imagine the algorithm perfectly split that among all participants (lets ignore how unfair that would be given hardware and electrical costs).
With 36,000 participants it is $1 per day ea.
With 360,000 participants it is $0.10 per day ea.
With 3.6 million participants it is $0.01 per day ea.
How many people are going to hash 24/7/365 for a penny a day?
Lets look about an end game scenario.
I believe Paypal has 40 million users and generates about $2.23 billion in revenue. Now lets say someday bitcoin gets that large however the goal would be LOWER transaction costs. Say bitcoin someday generates 1/4th that ~$600M in gross revenue. Split among 40 million hashing nodes/users that is $1.50 per person per year (minus hardware and electrical cost).
There is no reason for hashing network to be as distributed as the user network. It simply needs to be distributed "enough" and everything so far indicates it is.
Anything that gets people involved and invested in the network would be positive. I'm thinking of college kids hashing on their PS3s using "free" university provided power. Pretty soon their roommates, neighbors, friends, professors, etc. would find out. It would help spread the meme. As a miner, it would make me sad in the short term, though. |
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As soon as enough traders become convinced it will not move, it will move.
Which direction? I feel that people are becoming more confident now that the price is holding steady, and good news in the next couple weeks may spark a rally. Gut feeling. |
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Another, perhaps even larger, problem is that you can't run unsigned code on the 360 unless you have a JTAG hacked box. If you're that big of a nerd though, you probably have better hardware to hash with anyway  |
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Who's still investing in GPUs at this point?
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The market cap of bitcoin was (and still is) tiny. A huge bubble was easily formed earlier this summer, and a lot of people panicked when the inevitable correction came. I think we oversold after the bubble burst. Keep in mind that many bitcoin owners, and probably miners especially, know little to nothing about markets, which only exacerbated the bubble inflation and subsequent overcorrection. The longer the market stays stable, the more confidence investors will gain back, and the more they'll start buying.
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