600watt
Legendary
 Offline
Activity: 2338
Merit: 2106
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November 18, 2013, 03:38:59 PM |
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Are you going somewhere with these arguments? What is the point?
I guess the point is that the price of 600 is simply unsustainable for Bitcoin, and not a lot of people understand this. Or, 600 is sustainable as long as you have 2 million dollars daily of new investments in Bitcoin. man, you guys sound like experts in the 90ies figuring out that mobile phones will never take off since they use to much energy.  |
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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haightst
Newbie
Offline
Activity: 42
Merit: 0
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November 18, 2013, 03:39:13 PM |
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Are you going somewhere with these arguments? What is the point?
I guess the point is that the price of 600 is simply unsustainable for Bitcoin, and not a lot of people understand this. Or, 600 is sustainable as long as you have 2 million dollars daily of new investments in Bitcoin. typo? >> 2 /\BILLION--LOL!--  |
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mccorvic
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November 18, 2013, 03:39:21 PM |
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What is it that has made stamp so much more prone to walls? Liquidity? Why does liquidity = walls?
Just curious.
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mestar
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November 18, 2013, 03:39:50 PM |
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new mining hardware puts out lot´s of coins, tons of dollars and about 1% cost for electricity. completely irrelevant. i know a miner who made 300 000 400 000 dollars (shit the price rises faster then i can type) with his miners. he sold them after 6 weeks. electricity cost ? You are thinking way way too short term. Mining is very, very profitable at this point. This will not be for long. |
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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November 18, 2013, 03:40:59 PM |
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LTC 7$ on btc-e. WTF
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Taxidermista
Legendary
Offline
Activity: 1147
Merit: 1001
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November 18, 2013, 03:42:10 PM |
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We are over 400 euros at Bitstamp, finally.  |
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mccorvic
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November 18, 2013, 03:44:01 PM |
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LTC 7$ on btc-e. WTF
Yawn. LTC barely breaks 1% of Gox's BTC price. This is normal. It will crash as soon as BTC stabilizes. I don't know why anyone would waste their time or money. |
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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November 18, 2013, 03:46:05 PM |
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LTC 7$ on btc-e. WTF
Yawn. LTC barely breaks 1% of Gox's BTC price. This is normal. It will crash as soon as BTC stabilizes. I don't know why anyone would waste their time or money. It's fantastic price but you're just another Bitcoin snob LTC is next big thing, it might fail down of course but it will easily be 20$ in 2014. BTW, I don't own a single LTC. |
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mccorvic
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November 18, 2013, 03:47:17 PM |
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LTC 7$ on btc-e. WTF
Yawn. LTC barely breaks 1% of Gox's BTC price. This is normal. It will crash as soon as BTC stabilizes. I don't know why anyone would waste their time or money. It's fantastic price but you're just another Bitcoin snob LTC is next big thing, it might fail down of course but it will easily be 20$ in 2014. BTW, I don't own a single LTC. Yes, I am a bitcoin snob if you define snob as someone who calls out BS when he sees it. If ltc is $20 in 2014 it will only be because BTC is $2000+. |
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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November 18, 2013, 03:48:54 PM |
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LTC 7$ on btc-e. WTF
Yawn. LTC barely breaks 1% of Gox's BTC price. This is normal. It will crash as soon as BTC stabilizes. I don't know why anyone would waste their time or money. It's fantastic price but you're just another Bitcoin snob LTC is next big thing, it might fail down of course but it will easily be 20$ in 2014. BTW, I don't own a single LTC. Yes, I am a bitcoin snob if you define snob as someone who calls out BS when he sees it. If ltc is $20 in 2014 it will only be because BTC is $2000+. Doesn't matter at all where btc would be. And Bitcoin snobbery is bit about bullshit yeah |
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accord01
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November 18, 2013, 03:53:07 PM |
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I am getting that the bitfinex server is down. Is this happening for anyone else?
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mestar
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November 18, 2013, 03:53:15 PM |
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I'm just trying to wrap my head around where these daily electrical power usage numbers are coming from...are you implying that 100,000,000 more people will start mining and the price of electricity will quadruple?
Its quite a simple argument. New miners will join as long as it is profitable to do so (and nobody can stop them from joining). And you keep your equipment running as long as your running costs are lower than the bitcoins generated. This two facts together ensure that in a long term situation, a large percentage of new bitcoins generated goes to pay for the running costs. So, just multiply 3600 (25 each 10 minutes) by Bitcoin price, and then take some portion (perhaps 50%) of that as an estimate of the total electricity usage. Right now we are in a transitory state, with all the preorder troubles, non-deliveries of hardware, and the change of ASIC generations. You have to think about the steady state. |
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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November 18, 2013, 03:53:49 PM |
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LTC 7$ on btc-e. WTF
Yawn. LTC barely breaks 1% of Gox's BTC price. This is normal. It will crash as soon as BTC stabilizes. I don't know why anyone would waste their time or money. It's fantastic price but you're just another Bitcoin snob LTC is next big thing, it might fail down of course but it will easily be 20$ in 2014. BTW, I don't own a single LTC. sorry i don't see LTC doing much ~ check out NVC/zerocoin imho!  It's doing much as we speak, from 2$ to 7$ in 3 weeks. |
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Taxidermista
Legendary
Offline
Activity: 1147
Merit: 1001
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November 18, 2013, 03:58:05 PM |
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And you keep your equipment running as long as your running costs are lower than the bitcoins generated. This argument has no sense, I've shut down many times my miners long before reaching that point. Mining for covering costs ONLY is stupid IMHO. |
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beekeeper
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November 18, 2013, 04:00:17 PM |
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Well, the chicken has arisen and its smashing everything around.. |
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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November 18, 2013, 04:01:15 PM |
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It's like flood, it crushes anything in front.
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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November 18, 2013, 04:01:26 PM |
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4K CNY GOOOOOOOOOOOOOOOOOOOOD MOOOORNING BITCOIN! |
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