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Author Topic: EVERYONE CALM DOWN  (Read 13482 times)
gw4tt
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September 06, 2011, 11:32:34 PM
 #61

Bitcoins are awesome, they just got inflated.  $1/coin is a stable price.

I think $0.005/coin is a nice and sturdy price.
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Minsc
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September 06, 2011, 11:34:18 PM
 #62

Bitcoins are awesome, they just got inflated.  $1/coin is a stable price.

I think $0.005/coin is a nice and sturdy price.

No, keep it around 1 euro so it's easy for people to think on.

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Surawit
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September 06, 2011, 11:43:15 PM
 #63

lmao you retards think that the market price is dictated by the mining difficulty

mining difficulty varies with the number of chumps that are mining
market price varies with the number of chumps that are buying in

Earlier this summer: there was an explosion of interest in bitcoins
- Lots of chumps bought in and the price rose.
- Lots of chumps also started mining so the difficulty rose.
- The difficulty rise didn't drive the price up

Now:
- Lots of chumps are still mining. Because they don't want to admit the $1200 they spent on computationally advanced space heaters wasn't a great investment.
- Difficulty stays the same or drops slightly.
- No more chumps are looking to buy into bitcoins. Price falls.

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Minsc
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September 06, 2011, 11:44:21 PM
 #64


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ElectricMucus
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September 06, 2011, 11:51:13 PM
 #65



First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
Ghostofkobra
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September 07, 2011, 12:00:21 AM
 #66


Two years ago, a top of the line Video Card, wouldn't compare to CPU mining of those days. To think that a video card would be better at mathematical equations than a CPU (designed for computing) would be idiotic.

You dont honestly be leave that do you?
(You did set the tone with the "idiotic"-comment)

Firstly a CPU is designed to run programs not compute stuff (yes i know the difference is fine but its there), the CPU's does not focus on common integer operations.

Secondly this stuff is any vector processors wet dream. And the problem GPU's had a few years ago was double precision floats not integers.
Which should be obvious to anyone that have taken computer architecture/hardware 101 and read about Flynn's defs. more specifically  the SIMD architecture.

Thirdly, two years ago they the 5750 (which is what i use) was released and it delivers ~180Mh/s

And last, the speed at which stuff is mined doesnt matter at all. Its just a game of who has the most equipment - how large is your share.
The stuff that matter is how much the mining capacity varies (look at current namecoin difficulty the 2 week cycle will be finished in jan.).

/GoK

Coin Reaper @ http://coinreaper.com - Your expressway to FREE Bitcoins!
Bunny Run @ http://bunnyrun.us and win every time. No Bets required
Minsc
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September 07, 2011, 12:06:27 AM
 #67

Right now I am watching it crash from 6.80 back down to 6.30 http://mtgoxlive.com/orders
I wish I could place a bet on how fast it will fall.

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ElectricMucus
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September 07, 2011, 12:10:15 AM
 #68


another graph for ya  Cheesy

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nelisky
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September 07, 2011, 12:11:14 AM
 #69

With how thin the market is right now, I could bet on the same side as you, sell the coins, collect the bet and buy back on the panic that follows... double gain!
mizike29
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September 07, 2011, 12:27:01 AM
 #70

If people built there mining rigs early enough, I built quite a few for people early 2011, then all of them got there computer paid for and more, so they were not chumps.  People that are seriously mining now, are not chumps either, there showing there beliefe in the bitcoin system and are working to mine them to have and hold for the next two years as an investment.  If bitcoin works, succeeds, then they will go up to 20 to 50 bux a coin because there is only 21 million that can ever be made and they can be broken down into decimals  If it doesnt succeed, all the early adopters made big money, got a nice computer for free, the middle investors got a nice computer for free.  The only ones that will be hurt and bitching are the ones that came in real late, spent 1200 on a rig, to see the price drop to single digits with the difficulty rising.  But even then, there not chumps because they still have a useable and sellable computer to use or recoup most of there money spent anyways.  Many can also still make a profit mining bitcoins if they live anywhere where there rent includes elextricity.  So it could die, it could grow, no one knows, but no one is a chump for giving it a shot, except for you.

Synaptic
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September 07, 2011, 12:28:55 AM
 #71

If people built there mining rigs early enough, I built quite a few for people early 2011, then all of them got there computer paid for and more, so they were not chumps.  People that are seriously mining now, are not chumps either, there showing there beliefe in the bitcoin system and are working to mine them to have and hold for the next two years as an investment.  If bitcoin works, succeeds, then they will go up to 20 to 50 bux a coin because there is only 21 million that can ever be made and they can be broken down into decimals  If it doesnt succeed, all the early adopters made big money, got a nice computer for free, the middle investors got a nice computer for free.  The only ones that will be hurt and bitching are the ones that came in real late, spent 1200 on a rig, to see the price drop to single digits with the difficulty rising.  But even then, there not chumps because they still have a useable and sellable computer to use or recoup most of there money spent anyways.  Many can also still make a profit mining bitcoins if they live anywhere where there rent includes elextricity.  So it could die, it could grow, no one knows, but no one is a chump for giving it a shot, except for you.

Correction: I know.
Surawit
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September 07, 2011, 12:44:39 AM
 #72

If you haven't paid off your sweet rig by now you are a chump. If you already paid it off you are a lucky chump.

We are now hitting the point at which mining is close to the margin of electricity costs. There are no longer big bucks to be made mining. Even with free electricity, payoff will be measured in years. Your 2-year-old ATI cards that have been overclocked and running 24/7  for months are worthless as far as resale goes, nobody wants to buy that crap.

You are idiotically hanging on to the insane notion that ~*some day*~ the price will rise again to $50 and UP UP UP. This is not going to happen. The only way the price can go up is if you can convince new chumps to join in and add a lot of money to the system (but its totally not a ponzi scheme though guys). Limited quantity and divisibility alone do not mean high value. I'm only going to produce a limited amount of shit in my lifetime (~50,000 pc?), and you could slice it into as many pieces as you want. This does not mean one of my turds will eventually trade for $50.

Anyone with any sense is staying away. Anyone without any sense already got involved in the first wave. It's over, bitcoin is a joke that is slowly dying over the course of a few months. The best option at this juncture is to swallow any pride you have remaining and cash out

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PseudoCode
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September 07, 2011, 12:57:09 AM
 #73

Of course, you're right..    Tell me o'Guru where should we go now after "cashing out" ?

You must have a better place in mind ?
US$Dollahs perhaps ?  Paypal ? LOLCoins ? Gold Certificates ?  Actual chunks of Metal ?

Oh, you dont have a better alternative that can do what Bitcoin can ? 

Then GTFO and stop crying abandon ship when your best alternative is the empty ocean.
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September 07, 2011, 01:03:46 AM
 #74

Of course, you're right..    Tell me o'Guru where should we go now after "cashing out" ?

You must have a better place in mind ?
US$Dollahs perhaps ?  Paypal ? LOLCoins ? Gold Certificates ?  Actual chunks of Metal ?

Oh, you dont have a better alternative that can do what Bitcoin can ? 

Then GTFO and stop crying abandon ship when your best alternative is the empty ocean.

surewhynot

http://www.rfreitas.com/Nano/TangibleNanomoney.htm

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Surawit
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September 07, 2011, 01:09:56 AM
 #75

Of course, you're right..    Tell me o'Guru where should we go now after "cashing out" ?

You must have a better place in mind ?
US$Dollahs perhaps ?  Paypal ? LOLCoins ? Gold Certificates ?  Actual chunks of Metal ?

Oh, you dont have a better alternative that can do what Bitcoin can ? 

Then GTFO and stop crying abandon ship when your best alternative is the empty ocean.
Someone is angry at being the bagholder

I didn't list an alternative because p much anything is a better investment vehicle than bitcoin. Ideally you'd want something that can't lose 80% of its value in 3 months. Something that a human being without crippling mental deficiencies might concievably want to buy from you in the future. A good trick is to browse Ron Paul forums to find out what the libertarians are buying - Purestrain gold, silver, solidcoins etc. - and avoid it like the plague. Libertarians are canaries for terrible financial decisions.

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Synaptic
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September 07, 2011, 01:22:59 AM
 #76

Of course, you're right..    Tell me o'Guru where should we go now after "cashing out" ?

You must have a better place in mind ?
US$Dollahs perhaps ?  Paypal ? LOLCoins ? Gold Certificates ?  Actual chunks of Metal ?

Oh, you dont have a better alternative that can do what Bitcoin can ? 

Then GTFO and stop crying abandon ship when your best alternative is the empty ocean.
Someone is angry at being the bagholder

I didn't list an alternative because p much anything is a better investment vehicle than bitcoin. Ideally you'd want something that can't lose 80% of its value in 3 months. Something that a human being without crippling mental deficiencies might concievably want to buy from you in the future. A good trick is to browse Ron Paul forums to find out what the libertarians are buying - Purestrain gold, silver, solidcoins etc. - and avoid it like the plague. Libertarians are canaries for terrible financial decisions.

Hey You!

Do NOT come in here insulting Bitcoin.
PseudoCode
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September 07, 2011, 01:32:33 AM
 #77

Not at all..

I have a small amount of Bitcoins that I bought and hold as a fun gamble - a known hi-risk, potential high-reward investment,  I have spent more of them to help do what one should do with money to make it work

and I am more interested in the value of the system as a potential future replacement for Paypal and other centrally managed ways of moving value to people without interference than I am in caring what their momentary value is according to the opinions of some lily-livered speculators and day-traders are.

Their current value as "an investment vehicle" is purely driven by speculation on their perceived future value and amateur investors who care nothing of their actual usefulness crying "OMG, They're losing their value, The System is Dying, Quick Get out, they're a joke" is what makes me angry...  not any "wah! my BTC holdings arent going up in value" as you seem to think.

So, without a useful actual functioning alternative that you can demonstrate to be better, you are just sounding like an upset short-term value investor yourself, and your "its a dying joke" claim is baseless and ridiculous.
Synaptic
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September 07, 2011, 01:35:38 AM
 #78

Not at all..

I have a small amount of Bitcoins that I bought and hold as a fun gamble - a known hi-risk, potential high-reward investment,  I have spent more of them to help do what one should do with money to make it work

and I am more interested in the value of the system as a potential future replacement for Paypal and other centrally managed ways of moving dollars to people without interference than I am in caring what their momentary value is according to the opinions of some lily-livered speculators and day-traders are.

Their current value as "an investment vehicle" is purely driven by speculation on their perceived future value and amateur investors who care nothing of their actual usefulness crying "OMG, They're losing their value, The System is Dying, Quick Get out, they're a joke" is what makes me angry...  not any "wah! my BTC holdings arent going up in value" as you seem to think.

So, without a useful actual functioning alternative that you can demonstrate to be better, you are just sounding like an upset short-term value investor yourself, and your "its a dying joke" claim is baseless and ridiculous.


Step One: Open and eTrade account.

Step Two: Buy any fucking stock you like, randomly if you feel so inclined.

Step Three: Wait.

Step Four: Profit.
PseudoCode
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September 07, 2011, 01:39:04 AM
 #79

Step One: Open and eTrade account.
Step Two: Buy any fucking stock you like, randomly if you feel so inclined.
Step Three: Wait.
Step Four: Profit.

How does this do what Bitcoin does ? 

Or are you just offering general dollar-based investment advice ?
Synaptic
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September 07, 2011, 01:41:30 AM
 #80

Step One: Open and eTrade account.
Step Two: Buy any fucking stock you like, randomly if you feel so inclined.
Step Three: Wait.
Step Four: Profit.

How does this do what Bitcoin does ? 

Or are you just offering general dollar-based investment advice ?


Bitcoin doesn't do anything but move a graph-line,
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