Bitcoin price is always so strange, two days ago also once close to $390, Paypal a message about Paypal made the price get up to $460, Then slowly decline. This lets the human mind is always anxious ah, buy or sell it ?Next, the price is up is down?No one can give correct answers.
The rally is real on good news, but there are still more miners selling than speculators buying. Speculators can only buy so much bitcoin. What we need to see happen is more people buying bitcoin that will actually use bitcoin to stimulate the bitcoin economy. If we only have speculators buy bitcoin then they will eventually wish to sell causing the price to decline Speculators can only buy have so much bitcoin fiat. And for every seller, there's a buyer. |
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100 times difficulty ~ 100,000,000 GH/s ~ 1,000,000,000 USD investments in mining gear
Who's gonna pay that?
You assumed prices of $10 per Ghash/s. It is well-known current ASIC vendors have insane margins on the raw silicon. As a matter of fact, Cointerra is already selling pre-orders $3 per Ghash/s. Watch the price drop to $1 or less per Ghash/s over the next 12 months. Therefore a $100 million investment in mining hardware is all you need for the network to grow to 100 Phash/s. This will happen by September 2014. Watch. One year later... It is now September 2014, and the network has grown from 1.0 Phash/s to 250 Phash/s: I was right. In fact we crossed 100 Phash/s in June 2014, so my estimation of when we would grow by 100x was correct with an error margin of ±90 days. (Man, it has been a while since I logged on bitcointalk.) You're right and I'm still amazed. My assumption of $10 per Ghash/s was indeed way off and then there's still a lot of money invested in the mining rush. |
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... If you no longer have the private key to the address, you're pretty much screwed.
Here you're touching the bare nature of Bitcoin: private key = bitcoin at hand. And just like cash, if it's gone for real, it's gone, nothing to do about it. Unfortunately with contracts, like giving your cash or bitcoin to someone else, you replace available bitcoin with hope. And hope is hard to kill. Mostly expensive also ;-) |
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Check the mailbox associated with your BitFunder account for a message from loan@graet.netAt least I've received a message. |
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Tnx hurricandave, for answering the first part of this question, which they indeed still state on bitmaintech.com.
The second question remains open to BITMAIN:
There seems to be not so much space for the LAN-cable to enter the socket of the horizontally mounted S1 controller board. Could you please provide a picture with a ordinary network cable inserted on bitmaintech.com or should one go with a right angled connector anyway.
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Heat dissipation is the same as the S1 (ca. 360 W), so why not? Only with half the number of chips, heat production will be more concentrated, that's why there's a second heatsink on top of the chips. I assume the double fan configuration of the S3 is due to the closed box chassis, while the more open S1 is able to dissipate more heat to its local environment.
But assumptions ain't enough for me in this case.
EDIT: site BITMAIN is updated
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BITMAIN: will you include a secondary fan, since the S1 was single-fanned, or could we just run the upgrade kit with only one fan...
It's a bit confusing for me, seeing the upgrade kit mounted on a S3 chassis.
There seems to be not so much space for the LAN-cable to enter the socket of the horizontally mounted S1 controller board. Could you please provide a picture with a LAN cable inserted on bitmaintech.com.
EDIT: site BITMAIN is updated
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nxt:blockchain
Alias already claimed?
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blockchain.nxt  |
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Why push aldrin to do anything? He can do whatever he wants with his stake. You can rest assured he's going to use it well, no need to blabla in my eyes. Supporting contributions to the project sounds fine.
The system won't work if all the big stakes just hoards a big stake. If he finally does as he said, basically his nxt become dead because it is only sitting there for forging without entering the economy. If this would be the case, then the initial distribution of NXT to stakeholder is in fact the problem. It was decided to do it the way it was done. There is no way to change the rules now. IMHO, aldrin has every right to do what he want with his NXT - technically and morally. Apart from that, I think that the system DOES work even when all the big stakes just hoard a big stake. There is still a certain percentage of NXT moving around. Big stakes will probably not hoard forever. It depends on the price made by the moving NXT, the potential NXT still has (over time) and the temptation of cashing out. Marcus (small-stake) It is just like adding a feature to nxt network to counterreact hoarding. If you want all kind of cool stufs for nxt why don't you want a feature that will make nxt a sustainable system? I am big stake definitely in top100. I am also economist. I am taking a position for the best of nxt network and the idea of decentralization. You can't live in a NXT, nor eat them and they won't satisfy any real world demand without transferring them to someone else. So there are always natural incentives to spend them. The flow or availability of a certain amount of currency isn't a useful target or goal (except for gaming systems like Central Banks do, blowing bubbles and supplying only those directly around them with free money), but the consequence of exchanging goods and services. Currency is a mean to facilitate the trade of non-fungible goods and services. Demand and supply will find the circumstantial sweet exchange spot for NXT. Hoarding won't hurt any other holder of NXT, on the contrary. When they get definitely lost, they won't drain any more NXT from the market by forging, but also less NXT remain in circulation anyways. 1 billion units is a rather low number, so they will get further divisible to keep a practical unit of exchange. |
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Thanks for the update, much appreciated, and keep an eye on yourself.
Let the new year fireworks chase the bad luck spirits of 2013 away.
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Im a new user who wants to invest on bitcoins and i feel the price for 1 bitcoin is absurd. Im certain is just this way because of some greedy chinese who took most bitcoin out of circulation and are waiting to cash out when they feel like. ...
Who has kept most bitcoin out of circulation until now? Would you call 'him' greedy? Why are you entitled to invest and other folks not? You're probably planning the same as your subject of accusation of some evil deeds. |
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Just give them a PM. They are on this forum.
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Well, my starter kit (high cost per hash, but no VAT: 18.0182 BTC to be exactly) made a little over 7.1 BTC by now and I'm just gradually overclocking over the months while getting comfortable with it.
Just 11 BTC to go in the coming 5 years or so, running around 62 GH at the moment. In this time span it's only possible with around 6% average growth in difficulty per 2160 blocks.
Now the applied voltage and the voltage regulator seem the main bottlenecks for approaching the theoretical 5 GH per chip. A small selection of chips do or don't hash on a irregular basis.
Is the voltage regulator alone replaceable (if RF02 is replaced like a board designer pointed out) and what could be the following bottleneck?
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The first sales were in the order of 20 BTC per miner, now they seem around 1 BTC. Which one was a definitely losing proposition?
Diff went only up about ten times (while exchange value exploded and is twentyfold of preorder time for Augst delivery).
(Punin's) BTC price doesn't seem very unfair to me. Let go those fiat mind warps and just praise those smart ASIC producers, who will make an awesome lot of fiat and actually work for it. And if you disagree, just sit tight on your coins and make an awesome lot of fiat without any significant labour involved.
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1. Regarding the mining problem in your scenario:
There's a globally a great variance on out of pocket expenses on electricity prices ($ 0.00 .. $ 0.40), of which near zero could consist of wind / solar / hydro installations. Also the environment (tropics vs. nordic) will add to expenses or savings on cooling, not speaking vast differences of management, housing and financing costs. Hardware prices won't matter in this case, since the hardware is already up and running in your scenario.
Next to these marginal costs, there's a large range of power efficiencies of mining gear, together with dynamically power saving settings like undervolting it.
Imho, these two factor mitigate the pace of decreasing hashrate to a great extent and smoothen it out.
Also, 'old' mining companies go in stasis till better times or go bankrupt. Other, better situated and more efficient companies buy up their gear for their operations at an appropriate market value. The zero sum game mining is, will deliver more BTC to the remaining companies, which compensates them for the lower market value of BTC. Lots of negative feedback loops to decreasing computing power in the network.
2. Regarding the plummet of the exchange value against the USD:
If BTC reaches those height, many real economy and financial contracts will also be stated in BTC, so there's also some guaranteed exchange and buffered value.
When block times increase, trading is slowed down, new supply of BTC from miners decreases and most humans are anxious anyway to take any loss. Demand could plummet, but so will the supply to the market.
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This part doesn't require government. Just an established policy and willingness of conference organizers to enforce it.
Aha, enforcing policy... Government usually starts small in the most basic form of community. And off you go in the virtuous power circle, up up, up, towards big government! |
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Mits zij inderdaad nu bij zijn met productie, is dat een direct beschikbare miner rechtstreeks van de fabrikant op dit moment met een prijs in USD. En Block Erupters zijn veel duurder.
Mijn eigen ervaring was was een binnen 7 maanden geleverde Jalapeno, waarmee ik nog van geluk mag spreken (newbie order van eind januari). De gelijktijdige investering in BTC is vele malen profijtelijker geweest, maar zo draag ik wel een hashje bij aan de stabiliteit van het netwerk en verzamel ik een paar eurootjes per dag. Heel wat beter dan mijn spaarrekeningen ;-) Een pre-order bij hen lijkt me sowieso af te raden.
Een Baby Jet of Sierra van HashFast Technologies is ook nu te bestellen en prijstechnisch veel aantrekkelijker, maar volgens mij hebben zij nog niet bewezen dat hun apparaat überhaupt hashes produceert. De rest heeft niets te bestellen of wekt (bij mij) geen enkele vertrouwen op.
Maar uiteindelijk maak je grotere klappers met speculeren of handel dan met mining.
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