I am pretty confident we are the new wealthy elite, gentlemen.

[BitChick]

   The phrase "the US government can and always will control the monetary flow of the universe"


Labelling this as a fact is a better refutation of your credibility than anything I can come up with. You could look up the monetary history of the Roman empire for an example of how a centralized authority disintegrates when the cost of expansion outweighs the returns. It's called entropy, I think it's the second law of thermodynamics. While you may worship the US as an eternal deity, I assure you, it is not. In fact, it is based roughly on the same legislative and administrative structure of empires that have waxed and waned in the past. It's a functional model, but also one that is doomed to failure.

      

    

Perhaps I should have been more specific, but I think it should go without saying that I'm not referring to the times of ancient empires.


So long as the U.S. holds the greatest military force and presence worldwide (which, I don't necessarily agree with...at all) along with NATO being a security blanket in case the world goes ape-sh**...I see no logical reason why they would ever concede power to any other nation(s).  About the only other country that poses the greatest threat is China...but we all know how the rest of the world views them and the rest of southeast asia, in general.  They are one of the richest economies but their society as a whole is about as far from progressive as can be.  (you want to talk government corruption, try seeing how majority of people live there)

I think people just get too caught up in their perfect world, libertarian portrait that they forget to see how good they really have it.  Is the US government corrupt? Hell yes.  But try and live in another country and tell me how much you like their government ideologies.   I've had the privilege of traveling all around the world, and unless you've seen what's really out there...it's always easy to complain your ass off.  But like they say, 'the grass is always greener...'

As an American that has traveled the world a bit, I agree that we are blessed at this point in time to live in the US, even with all of it's flaws.  However, I think we suffer from a belief that our countries power is infallible and so powerful that there is not chance of it's demise.  The saying, "pride comes before a fall" is what comes to mind when I think about how the US operates.

[joeventura]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

[Biomech]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

It appears to be plateauing somewhat at the moment. Interesting times to be sure.

[JayJuanGee]

Very amusing.

What you fail to notice is the fact that BTC is in a slow descent, with no bottom in sight.

Let's talk through the scenario, BTC keeps dropping (down 49% since July 3rd) that's more than 10% a month.

In response to that what is happening?

People spending their BTC? NO!

People selling their BTC? YES!

People continuing to hoard BTC waiting for it to come back? YES!

People mining any great quantity of BTC on their own? NO!

People cloud mining making tiny BTC profits? YES!

These things above never change and if they don't then BTC will be $150 in 4 months, then it becomes cost prohibitive for anyone but the huge farms like KNC to mine.

By June BTC will be down in the double digits ($85ish) and no one will be interested in it any longer.

You heard it here.

Seems like you've lost your drive & hunger for Bitcoin....what you don't understand is Bitcoin isn't just about how much it's worth. It's a concept which at the moment is suceeding maybe not on a huge level but if someone told you about this new concept 6 years ago and said within this amount of time it would reach highs of $1000 you would of laughed.
All it takes at the moment is a whale to delve into Bitcoin and spend a huge amount which will raise the value and bring more attention from media which means more people will be interested in Bitcoin....or we have a major hack again or something similar of nature which would again bring media attention which would be seen by millions & again even though it's bad news many more people will of heard of Bitcoin and will search up on it.
You might be right it dropping down to double digits...but your not right on people not buying...a huge lot of people are buying Bitcoin. What I think is happening is a lot of people are using the payment processor bitpay which sells their Bitcoin for fiat as soon as they recieve it which decreases the value of Bitcoin. If people stop using bitpay & similar companies then we should see a rise again. Everyone thought bitpay was a great company but in actual facts it's damagining the Bitcoin value & community in general. There are a number of other major factors like more sell orders than buy order but thats obvious & talked about far more often than the point I brought up.

Pissedoff:   I agree with some of your assessment, but NOT all of it.

Personally, I believe what is causing the price to go down is manipulation, and there are some that want to continue to push the prices of BTC down so that they can continue to accumulate and at some point (maybe 1 month from NOW or maybe 6 months or possibly longer), there will be attempts to manipulate in the opposite (upwards direction)... One large whale would be within his/her power to manipulate the price upwards into the $3k to $5k territory, b/c was the price starts to go upward, there will be other whales ready and willing to jump on board.

Really, bitpay and similar are good for bitcoin because they cause liquidation opportunities - which people need to have in order to have additional confidence in BTC when prices go to the next upward level.   Surely, if people are NOW using bitpay and similar to liquidate and they are NOT replacing their coins, then surely, you are correct that those services are merely being used to sell coins... but really, I doubt that those services of bitpay and similar are what really is causing downward price pressures... you can watch the market and see that the downward pressure comes from the purposeful and strategic attempts to dump large quantities of coins on exchanges, and while that conduct remains profitable, that exchange dumping conduct is going to continue.

Additionally, some of these dumpers are accumulating coins on the sly.. so that they will have plenty of coins when the time comes for the upward momentum.

You don't have to agree with any of it, you just have to keep watching and realize I was right then, and I am right now.

BTC=$80 by June

Its down $100 since the last time I told you, in 2 months it will be down another $100

You do NOT know what the fuck you are talking about, and you are just guessing.   and you happened to have guessed somewhat correctly in the past regarding some kind of downward price pressures on bitcoin.. so what.... NOW, your goal is to come back and assert that you "told you so" to whoever the fuck will listen to you... and then attempt to assert that you have some kind of knowledge about the future through your continued guessing.

Yes I just keep "guessing" right every single time.

Bitcoin and the current state it is in, is Psychology 101.


If you have a job and you make 10 dollars a week you will spend a percentage of that to food, clothing, gas, car etc. Next week you make another 10 dollars you do the same thing all over again. If the next week you lose your job and you don't get 10 dollars then your spending tends to change, you hunker down and hold what you have.

Replace the word "job" with "bit coin miner"
Replace the word "dollar" with Bitcoin"
above

No one can afford to spend $500 on a miner to create $505 in Bitcoin in 9 months.

The great gold rush is over, every one held on for the next spike, but the next spike isn't coming because Bitcoin production is down a zillion percent and the cost to produce it is up a zillion percent.

Everyone is holding, no one is spending, the Bitcoin economy is circling the drain.

Prove me wrong and quote any event that you see taking place that could possibly turn it around.

I am at a loss.

That's fine if you want to just keep bragging about how smart you are and trying to engagin in an argument, merely because there seems to be a bear trend at the moment. 

I have NO fucking idea how long this bear trend is going to last, and I never claimed to be able to predict short term price directions in BTC, even though in the long term I remain optimistic that the market will turn around and we will return to a bull market in BTC. 

So go around with your cock sureness and be smug... good for you.... that the downtrend continues and you are happy about this (whether your prediction or NOT).

It's called "Advice" just like you get on TV about your stock investments.

Take it or leave it.

I don't have to engage in an argument, my position is being underlined every day.

Am I happy its going down? No.

Did I prepare for it going down: Yes

You seem to be a fucking smug retard.  You are attempting to frame this situation in such way as if you are right and I am wrong (or people like me).  You have NO fucking idea about my financial position besides reading through my posts, and even then you would only get a fragmented picture of such.  You do NOT know my cashflow, my other investments, my purpose for being in bitcoin, my various timelines, my views about the future probabilities of bitcoin, my risk tolerance and a large number of other factors.  You are merely going through some smug post-hoc "i told you so" diatribe in order to attempt to make yourself feel good or something.  Get a life.

Regarding Advice:  I certainly am neither asking for advice or giving advice (except maybe if someone specifically asks me for advice, and even then I tend NOT to give advice but instead allow people to come to their own conclusions).  So I don't know where you get off with some kind of belief that anyone is seeking your advice, either me or anyone  else reading these threads.


Regarding preparations for BTC going down... I am glad that you prepared, and for your information, I am of the impression that I have taken a variety of adequate preparations also.... surely hindsight is 20/20, but I do NOT feel bad about my past choices because I remain of the opinion that I make what I consider decent and reasonable choices based on options then available to me including taking into account a large number of my various personal financial considerations, as described in my first paragraph above.

I am doing no such thing,
I don't care two rats balls about you or your financial position,
See that little button under my name that says "ignore" ? click it and spare me.

Are you asking for anything you see or read on this site? No. But you still read it. Again click ignore.

BTC is $205

You seem to have a tendency to be telling people what to do, when you know little to anything about their particulars.   


I will ignore what I like, and get a life. 

[JayJuanGee]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

[picolo]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

The Dollar has been appreciating against all currencies and there has been a lot of people selling bitcoins so the price of bitcoin went down but we seem to be able to keep a higher price than 200$ and we should go well over this price to go back on the upside track.

[SirChiko]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

The Dollar has been appreciating against all currencies and there has been a lot of people selling bitcoins so the price of bitcoin went down but we seem to be able to keep a higher price than 200$ and we should go well over this price to go back on the upside track.

Dollar price also went down, what do you have to say on this? Also it's inflated every single day.

[joeventura]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

The Dollar has been appreciating against all currencies and there has been a lot of people selling bitcoins so the price of bitcoin went down but we seem to be able to keep a higher price than 200$ and we should go well over this price to go back on the upside track.

Dollar price also went down, what do you have to say on this? Also it's inflated every single day.

I say the US Government can print more money tomorrow (as much as they want)
Can't say the same thing for Bitcoin.

[joeventura]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

FUD spreading to what end?

I am spreading FUD so I can accomplish what?

[JayJuanGee]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

FUD spreading to what end?

I am spreading FUD so I can accomplish what?

Either you are interested in denigrating bitcoin and people's perspectives about bitcoin.  Or you merely want to be a dweeb, and/or a troll. 

With trolling, frequently, there is no real point or explanation for why trolls engage in trolling, except because they are childish and want attention and want to get people riled up based on baseless crap.    That is most likely your motive... attention seeking.

On the other hand, from your current attempted point of persuasion, you are attempting to set forth an image that you want to argue the downfall of bitcoin because you have some kind of superior vision and that you are attempting to save us all from ourselves.. to let us know that there is NO future in bitcoin, etc etc... .

 Thank you for that JoeVentura.

[Gyfts]

Surprisingly enough (with a title like that) there might be some truth to what you say. I wouldn't call the Bitcoin community "the new elite", but it does have potential to make others wealthy if they be smart about it. Seeing as the original post was posted in 2011, Bitcoin has came long way. 10,000 a pop seems very unreasonable though. We won't make it that wealthy in our life times most likely.

[JayJuanGee]

Surprisingly enough (with a title like that) there might be some truth to what you say. I wouldn't call the Bitcoin community "the new elite", but it does have potential to make others wealthy if they be smart about it. Seeing as the original post was posted in 2011, Bitcoin has came long way. 10,000 a pop seems very unreasonable though. We won't make it that wealthy in our life times most likely.

How do you know?  What's the basis for your conclusion?

[Dread Pirate Roberts]

i hopes it will touch 10k usd later . let see and wait the miracle happened

[Guido]

i hopes it will touch 10k usd later . let see and wait the miracle happened

we all hope for that day
lol @ username 

[ChuckBuck]

i hopes it will touch 10k usd later . let see and wait the miracle happened

Mark, is that you?



Why don't you fess up that you're mastermind behind this whole thing first!   

[MUFC]

This thread often humours me and I'm sure it'll be around as long as this forum is, but what's funny is I'm also sure it will continue to be go through cycles of being both true and untrue along with the future peaks and valleys of bitcoin. Today we may not be the new wealthy elite but we could be a few months down the line  .

[oblivi]

i hopes it will touch 10k usd later . let see and wait the miracle happened

Mark, is that you?



Why don't you fess up that you're mastermind behind this whole thing first!   

He looks so damn autistic. How could this kid scam so many millions out of investors and get away with it? Absolutely ridiculous.

[MUFC]

He looks so damn autistic. How could this kid scam so many millions out of investors and get away with it? Absolutely ridiculous.

He does look a bit... weird or immature, but to be fair he does look quite young in those pictures. He's a lot fatter nowadays thats for sure.

[joeventura]

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

FUD spreading to what end?

I am spreading FUD so I can accomplish what?

Either you are interested in denigrating bitcoin and people's perspectives about bitcoin.  Or you merely want to be a dweeb, and/or a troll. 

With trolling, frequently, there is no real point or explanation for why trolls engage in trolling, except because they are childish and want attention and want to get people riled up based on baseless crap.    That is most likely your motive... attention seeking.

On the other hand, from your current attempted point of persuasion, you are attempting to set forth an image that you want to argue the downfall of bitcoin because you have some kind of superior vision and that you are attempting to save us all from ourselves.. to let us know that there is NO future in bitcoin, etc etc... .

 Thank you for that JoeVentura.

Zzzzzzzzz


correction, there is LESS future in Bitcoin.

[botany]

i hopes it will touch 10k usd later . let see and wait the miracle happened

we all hope for that day

We all hope we will live to see that day.