Anyone willing to loan 24 BTC?

[🏰 TradeFortress 🏰]

Let me show you an example.

When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...

You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.

[puffpuffpass]

Let me show you an example.

When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...

You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.

So if that is the case, then I should hold on tightly to the few Bitcoins I have because they are going to be worth millions soon?

[r3wt]

so you want to spend 30,000 USD on a ASIC Miner? were you born stupid?

[🏰 TradeFortress 🏰]

Let me show you an example.

When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...

You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.

So if that is the case, then I should hold on tightly to the few Bitcoins I have because they are going to be worth millions soon?

BTCUSD is not directly linked with the network difficulty.

[puffpuffpass]

Let me show you an example.

When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...

You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.

So if that is the case, then I should hold on tightly to the few Bitcoins I have because they are going to be worth millions soon?

BTCUSD is not directly linked with the network difficulty.

If only the rich tycoons of Bitcoin can afford to mine, then scarcity will most definitely increase as mining is completely out of hobbyist ranges.

[🏰 TradeFortress 🏰]

Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new dollars, however we have inflation with USD, not a increase in values.

Difficulty is not directly correlated with the bitcoin price. It is one of the factors that affect it, yes. However, this is elastic. At a certain point, mining would be pushed out from the hobbyists when it no longer becomes profitable unless you invest great sums, and then we are going to have 25/12.5/etc BTC every 10 minutes, some sold on the market.

[puffpuffpass]

Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new currency, however we have inflation with USD.

I wouldn't say this is a good comparison as there are a finite number of Bitcoins that will ever be produced, as we have all known for a very long time.

Difficulty is not directly correlated with the bitcoin price. It is one of the factors that affect it, yes. However, this is elastic. At a certain point, mining would be pushed out from the hobbyists when it no longer becomes profitable unless you invest great sums, and then we are going to have 25/12.5/etc BTC every 10 minutes, some sold on the market.

In this case, we may see it lose value because there would be little point to use Bitcoin over government money. In the end, it will be an elite group who have it all. Am I correct?

[🏰 TradeFortress 🏰]

Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new currency, however we have inflation with USD.

I wouldn't say this is a good comparison as there are a finite number of Bitcoins that will ever be produced, as we have all known for a very long time.

You are living under the assumption that Bitcoin will become more scarce when the network difficulty increases. That is false. We will always have 25 BTC every 10 minutes, and then 12.5 BTC.. It doesn't matter if there are 10000 GH/s or 120 hashes per second, what matters is the amount of people who are interested in Bitcoin.

1 TH/s, 10k bitcoin users has the same demand as 1 GH/s, 10k bitcoin users. YOU may earn less bitcoins, but someone else is eating in 'your share'. Generally same amount of BTCs would be dumped on the market or not purchased.

[puffpuffpass]

Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new currency, however we have inflation with USD.

I wouldn't say this is a good comparison as there are a finite number of Bitcoins that will ever be produced, as we have all known for a very long time.

You are living under the assumption that Bitcoin will become more scarce when the network difficulty increases. That is false. We will always have 25 BTC every 10 minutes, and then 12.5 BTC.. It doesn't matter if there are 10000 GH/s or 120 hashes per second, what matters is the amount of people who are interested in Bitcoin.

1 TH/s, 10k bitcoin users has the same demand as 1 GH/s, 10k bitcoin users.

Yes, I understand that.

edit: Did you see my question in post #27? Again, this will end up useless to anyone except for an elite % in Bitcoin world. The rest will take nothing from this payment system, because it ends up being as corrupt and pointless as any other, including the fiat system. Void of helping the small guy, I wager that Bitcoin is nothing, and is altogether about as useful as a scam.

[ganabb]

I need a acceptable Property as security for your loan.

[puffpuffpass]

I need a acceptable Property as security for your loan.

I don't have anything.

[Vod]

I need a acceptable Property as security for your loan.

I don't have anything.

Then no loan.  Sorry.

[puffpuffpass]

I need a acceptable Property as security for your loan.

I don't have anything.

Then no loan.  Sorry.

Then what's the point of a loan if you give to someone who has something already?

[Vod]

I need a acceptable Property as security for your loan.

I don't have anything.

Then no loan.  Sorry.

Then what's the point of a loan if you give to someone who has something already?

Hmm... Maybe something to ask a bank?

[puffpuffpass]

I need a acceptable Property as security for your loan.

I don't have anything.

Then no loan.  Sorry.

Then what's the point of a loan if you give to someone who has something already?

Hmm... Maybe something to ask a bank?

Oh that's right, you're broke therefore you cannot lend anything and thus you have no ability to answer!

[cheesylard]