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Author Topic: del  (Read 8809 times)
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del
September 05, 2011, 04:59:49 PM
 #1

del
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September 05, 2011, 05:06:06 PM
 #2

w/ the electricity costs now is not profitable for me to continue mining if 1 btc goes under 7$ (or the exchange €/$ get lower)

if that does happen enjoy the diff drop ppl

If the price keeps dropping, I'm sure you'll have company.

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September 05, 2011, 05:10:38 PM
 #3

...or you could mine even if the price went under $7... just waiting selling off until a higher price.
if the price is under $7 for a longer time, the difficulty would even be lower.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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September 05, 2011, 05:11:35 PM
 #4

If you electrical is that high you may be better off with contracts in the long run

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September 05, 2011, 05:20:58 PM
 #5

...or you could mine even if the price went under $7... just waiting selling off until a higher price.
if the price is under $7 for a longer time, the difficulty would even be lower.
profit need to be done before any product is made ... losing money and just wait for the price to go up is like working and waiting to be paid in the future


passion and hope have nothing to do w/ economics
i did not say that it had. but some miners, are keeping thier bitcoins, and paying their bills with fiat money. they are not cashing the bitcoins out. its because they think that bitcoin have a future, and think of the mining as an investment.

and yes! investments have risks. live with it.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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September 05, 2011, 05:37:24 PM
 #6

ofc investments have risk but there also is point where you decide you stop investing if i dint risked i did not continue mining under 10$ because the margin(ROI was crap) was low all the btc mined under 10$ is a poor investment if i sell them now so if i keep then i take the risk of losing all/part the value put into their fabrication
there is a point where feelings/desires collide w/ cold hash math  and math will always win
hmm... im still buying. Smiley

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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September 05, 2011, 05:49:34 PM
 #7

catching a falling knife can be dangerous in stocks and also in bitcoins

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September 05, 2011, 05:52:39 PM
 #8

ofc u have all the incentive to buy until you reach the tipping point then you will have fears or you will be trolling, this point is set by your faith in bitcoin, also faith cant be measured so math cant help you


if this was  stoxx 50 or s&p 350 i will totally jump into this discount and buy allot
so you have lost faith in bitcoin? Smiley

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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September 05, 2011, 05:55:29 PM
 #9

catching a falling knife can be dangerous in stocks and also in bitcoins
no shit? of cource its dangerous, and im only buying what i can afford

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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September 05, 2011, 05:56:41 PM
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People ask me that -- I don't think it's a fair question. I mean, is Bitcoin some kind of god?

As the saying goes, "In God we trust -- all others pay cash."

Seriously, I have faith in God, but Bitcoin has a lot to prove yet. It isn't accepted by many merchants, even those on the Bitcoin.org list of merchants that supposedly accept BTC.
Meanwhile, the currency loses $1 of value every week or two.

What kind of "faith" am I supposed to have?

Sure, I believe BTC has strong fundamentals. It's counterfeit proof, etc. and has a LOT of potential, especially for international commerce.

But are people smart enough to adopt it? I can't say I have faith in that.

People (as a group) can be very, very shortsighted and very, very stupid.

Just look at what movies are "popular" and which ones are relegated to the fringe -- I rest my case.

Matthew
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September 05, 2011, 05:59:50 PM
 #11

so you have lost faith in bitcoin? Smiley
there should be none if i put any i did failed to detach myself
no!  by looking at the fundamental priciple of bitcoin, it should, if enoght people have faith in it, rise in price. if no people have faith in it, the price will fall.

i have faith in that people have faith in bitcoin, and im also self having faith in bitcoin.
it have nothing with detachment to do.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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September 05, 2011, 07:32:43 PM
 #12

so you have lost faith in bitcoin? Smiley
there should be none if i put any i did failed to detach myself
no!  by looking at the fundamental priciple of bitcoin, it should, if enoght people have faith in it, rise in price. if no people have faith in it, the price will fall.

i have faith in that people have faith in bitcoin, and im also self having faith in bitcoin.
it have nothing with detachment to do.

unfortunately as of now the price follows the us dollar
if the us dollar slips so does the rate bitcoin

Currently the us dollar is falling
We bitcoin holders need to hold the line
speculators are jumping ship .. didn't need them anyway
I've invested what I can ... I hold and wait

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September 06, 2011, 12:52:25 AM
 #13

yes there will be more people leaving.. but then again, people with free electricity and dorms etc... or rich will still profit! Once 1 block equals 25 btc.. it wil get scarce and the price will rise 50-100 usd in the future. that's what most are waiting for.

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September 06, 2011, 01:01:24 AM
 #14

yes there will be more people leaving.. but then again, people with free electricity and dorms etc... or rich will still profit! Once 1 block equals 25 btc.. it wil get scarce and the price will rise 50-100 usd in the future. that's what most are waiting for.

Most are waiting for $1,000+/btc. That's pretty much what it will take to even try and make this a viable currency. (price stability and a big enough market to actually make this work.)
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September 06, 2011, 01:20:36 AM
 #15

Since the Bitcoin network and how it is currently implemented cannot handle high transactional volume compared to other payment processors (VISA, PayPal), it will only be a novelty and investment vehicle for the brave.
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September 06, 2011, 01:21:19 AM
 #16

Since the Bitcoin network and how it is currently implemented cannot handle high transactional volume compared to other payment processors (VISA, PayPal), it will only be a novelty and investment vehicle for the brave.

For now, this is being fixed.
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September 06, 2011, 01:27:44 AM
 #17

But are people smart enough to adopt it? I can't say I have faith in that.

People (as a group) can be very, very shortsighted and very, very stupid.

Just look at what movies are "popular" and which ones are relegated to the fringe -- I rest my case.

I don't know if you can consider people stupid for not adopting BTC.  Seriously.  Right now is there really anything you can do with it other than accumulate, speculate or exchange for other currency?  Yeah, I know there's some vendor's that accept it out there, but there's nowhere near enough to there be any type of adoption other than niche vendors/buyers.

Throw in all these idiotic othercoin forks and you're just muddying the waters that much more.

Unless something drastic changes in the next 6-9 months and some really big players (Amazon, Newegg, etc) start accepting BTC, I think we're going to see BTC become more and more niche.
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September 06, 2011, 01:44:28 AM
 #18

yes there will be more people leaving.. but then again, people with free electricity and dorms etc... or rich will still profit! Once 1 block equals 25 btc.. it wil get scarce and the price will rise 50-100 usd in the future. that's what most are waiting for.

Most are waiting for $1,000+/btc. That's pretty much what it will take to even try and make this a viable currency. (price stability and a big enough market to actually make this work.)

The only thing that will make it a viable currency, is price stabilization. Nothing else. Value of the individual BTC is irrelevant to anyone but a Miner, so long that it's stabilized.

It would be nice for vendors to list in BTC and everyone know what that means, rather than listing in country of origin currency. Companies wouldn't need to adjust their prices nearly as much if it was all in BTC and BTC were stabilized to where people actually knew the value.

The only thing that's going to bring this is a stabilized market and something that doesn't drop 15% in just a week.

As it sits now, people don't know the value of BTC. I haven't checked in a couple hours. As of this post, I have no idea if it's back up to $8.15/BTC or back down to $7.15/BTC. It really could be either or in between. That's just a couple hours. Too much of a gamble for companies to set prices in BTC and too hard for your average person to keep up with.

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September 06, 2011, 01:50:18 AM
 #19

if I'm a big company, I'd buy a huge amount of BTCs first, and then announce I'm accepting BTCs and big profit is mine.

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September 06, 2011, 03:53:55 AM
 #20

$3.50 is my break even point at $0.091 kw/h. i think anything below $5 for a sustained period and i might shut it down, unless difficulty also keeps creeping back down as well.

since my mining hardware is paid for, i've just been sitting on my BTC.
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