http://imgur.com/jgwRMJoThis rally is being led by CHINA... Forget US exchanges. The rules have now changed. Bitcoin will see a paradigm shift as China leads for the next few months since US regulators are creating a pain in the ass for US exchanges. Only when we see $250 (my guess is by december), and the media starts talking about Bitcoin reaching new highs again, will US regulators capitulate and finally make it easy for americans to buy BTC. Once we hit $1,000 -- average americans will be calling their investment advisors asking how to invest in bitcoin. Wall street will pile in. The move from $1,000 to $100,000 will happen faster then $10 to $1,000 I would watch the psychological 1000 CNY level on the Chinese exchanges. http://btckan.com/price |
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mining in the cloud is going to be to only way to profitably mine pretty soon.
SURE you can buy yourself a device today, but if you don't consistently expand and keep up with new hardware, no way you will be able to compete with a cloud.
fuck that, the offer is off the table!
In depends on where you live. In warm/hot climates such as the Southern United States, Australia, India, most of Africa etc., I would definitely take the cloud, but in Canada or Russia one can very easily compete with the cloud because it gets really cold outside. This is the reason why more often than not both Virtex and BTC-E are over run with polar bears. |
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it's late I already had a beer so please help me understand , you really bought 5x of those at $949.95 each?day. What the contracts were originally purchased for is not the real issue here. The more relevant question is what they are worth today. With this is mind I have two questions: 1) How long have you had these contracts? 2) What is the amount of BTC they have have produced each week that have been sent to a BTC address under your control? PS: I would post the answers to these questions on the sales thread. Then you may see some offers. i'm totally discouraged.... 1) they are September contrats 2) 0.0000000 but the status says "mining" So you have not received a single satoshi. I can't see how to make any kind of offer here. What I will suggest is some of the suggestions at the end of this thread https://bitcointalk.org/index.php?topic=173316.660, including going after them for a refund or suing in the UK. |
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it's late I already had a beer so please help me understand , you really bought 5x of those at $949.95 each?day. What the contracts were originally purchased for is not the real issue here. The more relevant question is what they are worth today. With this is mind I have two questions: 1) How long have you had these contracts? 2) What is the amount of BTC they have have produced each week that have been sent to a BTC address under your control? PS: I would post the answers to these questions on the sales thread. Then you may see some offers. |
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The fact that everybody knows about bitcoin now yet the volume remains pathetically low is a bad sign... Indicates both that the capitulation is yet to come and we may not recover from this one.
There is volume. One simply has to know where to look for it. http://btckan.com/price40k volume in USD, 40k in CNY. However, you should notice the Chinese exchanges with volume have... drum roll please... NO FEES. Open your eyes; its fake volume. 2. Fees
The process of buying and selling Bitcoins incurs transaction fees, just like the fees you pay when trading other assets. BTC China charges a flat % fee in trading commission, and has recently eliminated deposit fees, to provide an even better value for our users. Bold my emphasis. Just a sample as this one has an English page. https://btcchina.com/page/aboutus#whatweoffer. Just because they have eliminated transaction fees (交易费) on deposits does not mean they have no fees. I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes. |
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A more interesting question is whether the fear of the state dumping 600000 BTC all of a sudden will cause a libertarian panic. There are some details that have been overlooked. 1) The total amount of seized BTC is under 28000 http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX2) The target of the state's seizure may not have anything close to the 600000 BTC left 3) The state may not be able to seize the BTC because of legal or technical reasons or both. 4) The state's bureaucracy will likely tie up the BTC for years with red tape. Nevertheless there is a case for the bear here. Fear of the state runs very high in Bitcoin community and the mere thought of the state been able to sell large amounts of BTC could be enough to start a panic. Such panic could be called the libertarian panic. |
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...
The fact that everybody knows about bitcoin now yet the volume remains pathetically low is a bad sign... Indicates both that the capitulation is yet to come and we may not recover from this one.
There is volume. One simply has to know where to look for it. http://btckan.com/price |
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why would it take 2 years!
Because: 1) The coins will not move until all the court proceedings are over and justice is slow 2) Governments are not known to act fast especially when dealing with a situation where they have little or no precedent. I voted that the USG will sell the coins; however there is a significant chance they will hoard them. This can happen especially if the seize additional coins from DPR's private wallets, and the coins appreciate significantly in value while they are sitting in legal and bureaucratic limbo. |
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2009 Exchange RateThis is a featured page
BitcoinDuring 2009 my exchange rate was calculated by dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days.
Current Exchange Rate
Mid-Market Bitcoin Exchange Rate History
$1.00 USD = 1,392.33 BTC 01/01-15/2010
$1.00 USD = 1,451.83 BTC 12/31/2009
$1.00 USD = 1,555.24 BTC 12/30/2009
$1.00 USD = 1,578.77 BTC 12/29/2009
$1.00 USD = 1,578.77 BTC 12/28/2009
$1.00 USD = 1,578.77 BTC 12/27/2009
$1.00 USD = 1,578.77 BTC 12/26/2009
$1.00 USD = 1,578.77 BTC 12/25/2009
$1.00 USD = 1,578.77 BTC 12/24/2009
$1.00 USD = 1,578.77 BTC 12/23/2009
$1.00 USD = 1,578.77 BTC 12/22/2009
$1.00 USD = 1,594.63 BTC 12/21/2009
$1.00 USD = 1,594.63 BTC 12/20/2009
$1.00 USD = 1,586.70 BTC 12/19/2009
$1.00 USD = 1,622.40 BTC 12/18/2009
$1.00 USD = 1,630.33 BTC 12/17/2009
$1.00 USD = 1,606.53 BTC 12/16/2009
$1.00 USD = 1,626.37 BTC 12/15/2009
$1.00 USD = 1,626.37 BTC 12/14/2009
$1.00 USD = 1,618.43 BTC 12/13/2009
$1.00 USD = 1,562.90 BTC 12/12/2009
$1.00 USD = 1,503.40 BTC 12/11/2009
$1.00 USD = 1,491.50 BTC 12/10/2009
$1.00 USD = 1,455.80 BTC 12/09/2009
$1.00 USD = 1,428.03 BTC 12/08/2009
$1.00 USD = 1,392.33 BTC 12/07/2009
$1.00 USD = 1,364.56 BTC 12/06/2009
$1.00 USD = 1,336.80 BTC 12/05/2009
$1.00 USD = 1,340.76 BTC 12/04/2009
$1.00 USD = 1,297.13 BTC 12/03/2009
$1.00 USD = 1,257.46 BTC 12/02/2009
$1.00 USD = 1,233.66 BTC 12/01/2009
$1.00 USD = 1,213.83 BTC 11/30/2009
$1.00 USD = 1,205.89 BTC 11/29/2009
$1.00 USD = 1,178.13 BTC 11/28/2009
$1.00 USD = 1,162.26 BTC 11/27/2009
$1.00 USD = 1,114.66 BTC 11/26/2009
$1.00 USD = 1,110.69 BTC 11/25/2009
$1.00 USD = 1,078.96 BTC 11/24/2009
$1.00 USD = 999.62 BTC 11/23/2009
$1.00 USD = 944.09 BTC 11/22/2009
$1.00 USD = 940.12 BTC 11/21/2009
$1.00 USD = 928.22 BTC 11/20/2009
$1.00 USD = 932.19 BTC 11/19/2009
$1.00 USD = 904.42 BTC 11/18/2009
$1.00 USD = 848.89 BTC 11/17/2009
$1.00 USD = 840.96 BTC 11/16/2009
$1.00 USD = 809.22 BTC 11/15/2009
$1.00 USD = 777.49 BTC 11/14/2009
$1.00 USD = 737.82 BTC 11/13/2009
$1.00 USD = 745.75 BTC 11/12/2009
$1.00 USD = 769.55 BTC 11/11/2009
$1.00 USD = 809.22 BTC 11/10/2009
$1.00 USD = 793.35 BTC 11/09/2009
$1.00 USD = 793.35 BTC 11/08/2009
$1.00 USD = 781.45 BTC 11/07/2009
$1.00 USD = 777.49 BTC 11/06/2009
$1.00 USD = 765.59 BTC 11/05/2009
$1.00 USD = 765.59 BTC 11/04/2009
$1.00 USD = 785.42 BTC 11/03/2009
$1.00 USD = 796.09 BTC 11/02/2009
$1.00 USD = 820.27 BTC 11/01/2009
$1.00 USD = 802.17 BTC 10/31/2009
$1.00 USD = 796.41 BTC 10/30/2009
$1.00 USD = 790.17 BTC 10/29/2009
$1.00 USD = 778.48 BTC 10/28/2009
$1.00 USD = 791.63 BTC 10/27/2009
$1.00 USD = 789.75 BTC 10/26/2009
$1.00 USD = 776.35 BTC 10/25/2009
$1.00 USD = 785.42 BTC 10/24/2009
$1.00 USD = 795.44 BTC 10/23/2009
$1.00 USD = 819.80 BTC 10/22/2009
$1.00 USD = 826.02 BTC 10/21/2009
$1.00 USD = 810.71 BTC 10/20/2009
$1.00 USD = 801.29 BTC 10/19/2009
$1.00 USD = 816.02 BTC 10/18/2009
$1.00 USD = 805.56 BTC 10/17/2009
$1.00 USD = 803.27 BTC 10/16/2009
$1.00 USD = 854.66 BTC 10/15/2009
$1.00 USD = 880.62 BTC 10/14/2009
$1.00 USD = 885.91 BTC 10/13/2009
$1.00 USD = 907.40 BTC 10/12/2009
$1.00 USD = 867.02 BTC 10/11/2009
$1.00 USD = 892.52 BTC 10/10/2009
$1.00 USD = 833.02 BTC 10/09/2009
$1.00 USD = 922.27 BTC 10/08/2009
$1.00 USD = 952.02 BTC 10/07/2009
$1.00 USD = 1,130.53 BTC 10/06/2009
$1.00 USD = 1,309.03 BTC 10/05/2009 These quotes from http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate. Many of the links from 2010 are dead so the data may have been lost. Here is another link for 2010 http://newlibertystandard.wikifoundry.com/page/Exchange+RateUsing the figure for December 31, 2009 I get at BTC/USD rate of 0.00068879. and a % increase for 2010 of 43554.9% |
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I am curious. What price data are you using for 2009 and 2010? BTC/USD closed at 0.300 in December 2010 and the "pizza valuation" placed the BTC/USD rate at 0.0025 in May 2010. 387% is way low for 2010 by several orders of magnitude. My understanding is a BTC/USD rate of about 0.001 in January 2010.
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I believe BitStamps will soon be #1 on the 30day volume, its been over mtgox volume on most days for a while now. I estimate 1 more month and then GOX will be #2 and will continue to fall in the ranks.
But but but INSOLVENT, and. uh.. PANIC! Its coming! Right now in daily volume it is https://btc100.org/ at 53858.32 dwarfing MtGox and BitStamp combined. We really need to take a very hard look at what is currently going on in China. Thanks to damnek for this excellent link http://btckan.com/price |
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At btckan.com/price you can see that the Chinese exchanges are currently trading slightly higher than bitstamp.
... and with substantial volume. |
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BTCChina is leading at 777 CNY or 126.96 USD closing the gap on MtGox at 136.04 USD followed by Bitstamp at 124.93 USD.
Leading =/= being the closest to gox   I mean a steady upward trend on strong volume while MTGox has been essentially flat for the last 4 days. Edit: It will be interesting to see if BTCChina breaks 790 CNY |
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BTCChina is leading at 777 CNY or 126.96 USD closing the gap on MtGox at 136.04 USD followed by Bitstamp at 124.93 USD.
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Absolutely not. It is not the role of a Bitcoin miner to pass judgement on individual Bitcoin transactions and destroy Bitcoin in the process.
PS: I pledge the hash power under my control (two Avalons) against this insane scheme and ask other miners to do the same.
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