Hate to say this but just because a bunch of people vote for it doesn't mean they will begin to accept bitcoin. It might not make financial sense for them to do so right now.

Mining on gaming consoles will NOT be profitable.

You won't even be able to make up the cost of the electricity to runt he console!

It's a complete waste of time, don't even bother.


Let's look at the math:

When next generation gaming consoles come, let's say sometime in the fall, mining difficulty should be around 150 million. It could be much more, I'm being conservative with my estimate.

Let's assume that bitcoins are worth $200. Right now they are barely above $100 so I'm assuming they will double in value (a big assumption).

Let's say your gaming console is in range of the best GPUs currently available and can perform 800 megahashes/second (most likely it will be much much less).

Finally, let's say your console draws 250W and your electricity is 0.15 cents/KWH.

Let's plug it into the mining calculator...

You will make 0.0027 BTC per day or 0.54 cents a day. Power will cost you 0.90 cents a day, so you will lose 0.36 cents a day.

Not a good deal at all!

I'd buy one of your batch 2 avalons bennybong.

No, the money was in my checking account on the 30th (that's when i got paid). It was at MtGox 3 days later. I never keep any money in Dwolla.

This is strange.

I sent $1000 to MtGox using Dwolla on Tuesday, April 30, and it arrived there Friday, May 3.

Doesn't look like a bank holiday to me.

No, litecoin will die.

It offers ZERO advantage over bitcoin.

Bitcoin is highly divisible and is therefore both gold and silver.

Hype means more than anything for bitcoin price right now. Since there are no traditional fundamentals, bitcoin is only about hype. It is almost a pure bubble. Thus what appears in the newspaper means everything to bitcoin right now.

I actually like to see the TA posts here. Kind of like reading my horoscope in the paper from time to time. It is interesting stuff but I have yet to ever see it back by real evidence than it ever works.
If you post it though, expect people to tear it apart if they disagree.

i don't respond to the TA posts in order to start a fight or to piss anyone off. I worry about the newbies who will buy into it without doing their due diligence.

The NSA doesn't want people to know what they can and they can not do. They can use AES themselves because they know no other government can crack it. But it doesn't mean they can't crack SHA2 or anything else we use. They like people to use standards they can crack.

Many of the smartest mathematicians I knew from college went to work for the NSA. They have a monopoly on the crypto brains in the world and the most prestigious academic research done isn't even the same league as what goes on in the NSA.

How could that be priced in? It only happened a couple of days ago.

I don't know what you are talking about.

The volume does not look any different than normal.

And you have offered no evidence that the price is going to drop other than voodoo TA BS.

The price is going to $150 by the end of next week at the latest because of the news from China.

Why would anyone buy this?

It will never pay for itself.

Even at the current difficulty, it would take more than 6 months to make your money back.

And the difficulty is only going to increase, A LOT in the next couple of months.

These units won't pay for their own power in a month or two.

The NSA doesn't need to brute force mine bitcoins so their hashrate doesn't matter.

They have likely cracked SHA2 (SHA-256) which is used in bitcoin because they are decades ahead of the public when it comes to cryptanalysis.

So if they would like to create a new block they can just create one that hashes to the chosen value no matter what the current difficult and without brute forcing anything.

Another issue, even if difficulty has only quadrupled when you receive in in August or September, the difficulty will continue to go up as other miners continue to ship. A difficulty of a couple hundred million by the fall/winter is not that unlikely. So while you might be on track to pay off your miner for the first 2-3 months, there is no way it will keep up for 8 months until you've made back your investment. If you are going to buy a miner, only pay as much as you can expect to make back in 3 months or so.

Don't do it.

Batch 2 hasn't even shipped yet, so batch 3 is a ways off.

You can buy batch 2 avalon miners on ebay for about the same price (15 to 20k). I wouldn't buy a batch 3 miner right now because the uncertainty of when you will actually receive it.

If you get it after Butterfly Labs starts shipping and they actual ship 400 units a day like they claim they will (it's doubtful, but you never know) then your avalon miner could be worthless.

who nose

The difficulty has not changed, so no,mining did not get easier.

Almost none at all.

Nah, you are wrong, bitcoin is going to hit $150 in the next week or two. There will still be dips, but it is on its way up.

I just $1000 arrive in my mt gox account today (sent with dwolla). I don't know how the banks being closed has affected got at all.

I don't know why people keep saying this.

I had money that arrived at Gox this morning. I don't think the holiday is preventing money from getting to gox.