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Author Topic: SELLERS: Let's Raise Our Prices to $2/BTC!  (Read 5949 times)
prcarter
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March 21, 2011, 07:47:18 PM
 #41

I was curious about the artificial scarcity that worked fine few weeks ago. But today I also think it wont work so easily again 'cause the major exchanger is involved in turmoil scandals. The volume dropped.

They are working that out. But I think they had better settle soon, otherwise it's going to take months, and the lawyers are going to have a feast.

The next wave of BTC buyers might take a few days, or a week to come and I see everybody is worried about where BTC price is going to go.

I guess it's better to avoid trading like crazy for a few days, and wait for more BTC demand.

Bitcoin will still be Bitcoin, as long as cryptography is still cryptography.

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benjamindees
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March 21, 2011, 08:08:50 PM
 #42

It's cute how you guys think your little gaming rigs are "capital" and that mooching off your parents' electric bill is productive work like "mining" or "farming".

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prcarter
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March 21, 2011, 08:15:32 PM
 #43

It's cute how you guys think your little gaming rigs are "capital" and that mooching off your parents' electric bill is productive work like "mining" or "farming".

This is exactly what I was afraid of: The labelling of Bitcoin users. Given that bitcoiners are a tiny minority, there's going to be serious trouble if this kind of talk "hits the mainstream", so to speak.

There's been some bad press already.

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prcarter
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March 21, 2011, 08:29:23 PM
 #44

A rack full of 20-40 GPU cores isn't 'cute'... [...]

Yep. Bitcoiners are "bad-ass"! Something like that.

Guns! Drugs! Sex...

Bitcoiners have guts!

But it really depends on who you are talking to.

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March 22, 2011, 12:14:55 AM
 #45

It's cute how you guys think your little gaming rigs are "capital" and that mooching off your parents' electric bill is productive work like "mining" or "farming".

A rack full of 20-40 GPU cores isn't 'cute'... Neither is manufacturing custom ASIC's... Yeah, it's like that.

Aside from the fact that the OP did not refer to mining rigs as "capital" but rather the funds used to purchase them... the OP is a brand new member with only one post.  Not sure it represents "us guys".  And who says we are kids?  I pay my own electric bill, thank you very much.

Further, I do think the effort spent in mining is productive work, but for an unexpected reason: it's an accidential creation of supercomputing infrastructure.  The currency aspect aside, Bitcoin miners have accidentally built what amounts to a democratic supercomputer for hire.  You know, China's world fastest computer, Tianhe-1A, which Wikipedia says is 2.5 petaflops?  The Bitcoin community is now well between 3 and 6 petaflops (depending on how you calculate it) and growing, and, in all likelihood, for rent at any rate that brings its participants more income than Bitcoin mining.  At today's rate, the starting cost to rent a percentage of those petaflops is the equivalent of 7200 BTC per day, or the same percentage of USD $5400/day.  Something which a decade ago was only available to institutions with billion dollar budgets, institutions that would definitely refer to their investment as assets.

Supercomputing decodes the human genome and finds cures for cancer.  How's that for non-productive work?

Before you know it, you'll have someone start a mining pool that not only generates bitcoins, but provides a secure platform for automatically distributing and running workloads for hire to pool participants when available, and will mine bitcoins in the remaining time.  I wonder how much computing time on Tianhe costs, and how hard it is to get.  Compare that to, "I've got 1 PFLOP/s in my pool, and we can start as soon as your BTC payment is received."

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
prcarter
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March 22, 2011, 01:09:21 AM
 #46

Supercomputing decodes the human genome and finds cures for cancer.  How's that for non-productive work?

Right now, we are just calculating random hashes, simply because it's difficult to do so, and money is supposed to be hard to make.

The last few weeks the Bitcoin network has been seeing a slight decline in size from the near 900Ghash/sec peak on March 6th. Some people think that was because of bot-nets joining, or some big supercomputer (it then fell to around 500Ghash/sec). If that was the case, then we may be experiencing the negative effects of a sudden injection of BTC (inflation) in this latest price decline that some took the liberty of labeling a "bubble" [but then, it should only be 5000-10000BTC; a few days of market volume].

Network size is making a U now and appears to be starting to go up again.

There should be more people interested in BTC soon.

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