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Author Topic: At what pricepoint is bitcoin dead?  (Read 25801 times)
saethan
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October 20, 2011, 12:10:33 AM
 #121

Bitcoins at 2 bux are just not worth it.  Why would you need it or buy it at 2 bux a coin?

Um, how is ten BTC at $2 a coin any different than two BTC at $10 a coin?

The same way buying 1 gallon of gas at $4.50 is at buying 1 gallon of gas at $45.00 is not the same.

If you, like mine, mine 0.5 BTC a day, $1 a day versus $5 a day makes a difference.

If BTC STAYED at $2, fine, but when every day you sign on its continuing to depreciate (in other words, runaway inflation, which is what it was touted as preventing) aside from mining or trading or ponzi schemes or buying or losing, it becomes a question of "I can buy a loaf of bread for 1 BTC today, and next week, I need 2 BTC to buy that same loaf of bread".

I know everybody here doesn't like to hear it, but when it takes the same amount of effort to acquire BTC, but they become worth less and less, that is called inflation.

It's not about the price being $2 or $200 a bitcoin, it's about it being STABLE, which it isn't.

 1GH/s today will not find btc at the same rate as it will after the next retarget, nor does it find btc at the same rate as it did before the last retarget.  But you should definitely leave the competition for creating btc - you'll make it easier for me to find btc.
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mizerydearia
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October 20, 2011, 11:24:44 AM
 #122

I think one answer to title of this thread is 0.
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October 20, 2011, 06:01:25 PM
 #123

but mining is shot too expensive to mine with electricity and difficulty, and unlike what some people say, you need miners to create bitcoins so you cant ignore the cost of creating a bitcoin in this equation

Mining Bitcoins is virtually the same as mining gold. With the current rise in gold prices, it has become profitable to dig deeper in the earth to extract gold that was not profitable a few years back. Mining gold is REALLY EXPENSIVE too.

Bitcoin can be considered a commodity. If the BTC price rises, miners will be willing to invest higher on mining hardware and electricity. Exactly in the same way as gold. This is one of the reasons why the design of the Bitcoin protocol is so powerful.

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October 20, 2011, 06:17:42 PM
 #124

but mining is shot too expensive to mine with electricity and difficulty, and unlike what some people say, you need miners to create bitcoins so you cant ignore the cost of creating a bitcoin in this equation

Mining Bitcoins is virtually the same as mining gold. With the current rise in gold prices, it has become profitable to dig deeper in the earth to extract gold that was not profitable a few years back. Mining gold is REALLY EXPENSIVE too.

Bitcoin can be considered a commodity. If the BTC price rises, miners will be willing to invest higher on mining hardware and electricity. Exactly in the same way as gold. This is one of the reasons why the design of the Bitcoin protocol is so powerful.

Except when you mine gold you do not validate any transactions.  Generating a block for bitcoin validates and secures transactions into that block.
mizike29
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October 21, 2011, 02:01:09 AM
 #125

Yeah I guess you people are just in denial and dont understand the difference between 2 bitcoins at 2bux vs 2 bitcoins at 20 bux lol.  WTF,  Its pretty simple.  IT COST MONEY, ELECTRICITY and TIME TO CREATE A BITCOIN.  If it costs more to make bitcoins then there worth then it makes no  damn sense to make them, if you dont make them then there will be no more bitcoins being made.  The gallon of milk was a perfect example or gas.  On top of that at 2 bux a bitcoin, and then going down to a dollar a bitcoin, down to 50 cent a bitcoin, your just having issues and going no where no stability no businesses will take the risk of accepting bitcoins, so bad for bitcoins, if they were 10 dollars a bitcoin and stable at 10 dollars a bitcoin, it would make sense to create bitcoins, it wouldnt cost more to make a bitcoin then its worth, and businesses, real businesses would be willing to accept bitcoins for payment.  Until those two things happen, bitcoin is dead except to play with period.

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October 21, 2011, 03:06:00 AM
 #126

Yes I absolutely agree with that, after the fact, but the problem is there is no stability, so if your not mining bitcoins then your paying cash for bitcoins, so if you bought the bitcoins at 5 bux a bitcoin, then there worth 2 dollars a bitcoin, you cant buy the same product for 2 bitcoins.  Mining, not for profit, but just to be able to mine a bitcoin to buy something worth a bitcoin, if it cost 2 bux to make 1 bitcoin and 1 bitcoin is worth 50 cent, then were going to have major issues, which is where were at.  Then if you want to buy a product for those 2 bitcoins today that you just paid 2 bux for, and you buy it tomorrow when bitcoins are worth only 1.50 each then again we have a major problem.  This is where we stand and at such a low low low price it makes a major problem for miners, businesses and bitcoin itself.

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October 21, 2011, 03:49:08 AM
 #127

Yeah I guess you people are just in denial and dont understand the difference between 2 bitcoins at 2bux vs 2 bitcoins at 20 bux lol.  WTF,  Its pretty simple.  IT COST MONEY, ELECTRICITY and TIME TO CREATE A BITCOIN.  If it costs more to make bitcoins then there worth then it makes no  damn sense to make them, if you dont make them then there will be no more bitcoins being made.  The gallon of milk was a perfect example or gas.  On top of that at 2 bux a bitcoin, and then going down to a dollar a bitcoin, down to 50 cent a bitcoin, your just having issues and going no where no stability no businesses will take the risk of accepting bitcoins, so bad for bitcoins, if they were 10 dollars a bitcoin and stable at 10 dollars a bitcoin, it would make sense to create bitcoins, it wouldnt cost more to make a bitcoin then its worth, and businesses, real businesses would be willing to accept bitcoins for payment.  Until those two things happen, bitcoin is dead except to play with period.

ONCE AGAIN AND A LITTLE SLOWER .... (sorry no pictures)

mining $2 per BTC @ 1M difficulty is the same as mining $20 per BTC @ 10M difficulty.

You have a point on VOLATILITY but that isn't the same as saying BTC is dead @ $2.00 or $x.00.   The best thing ever for BTC in the short term would be for it to hit $2.00 and VOLATILITY collapse.  That would massively increase adoption.   BTC @ $2.00 w/ 1% daily volatilty is better for everyone except specualtors.  BTC @ $20.00 w/ 30% daily volatility only benefits speculators.  Yes you can mine and profit less @ $20 BTC than @ $2.00 BTC.
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October 21, 2011, 03:51:48 AM
 #128

1 dollar per btc... then it's all for grabs by greedy stock traders like the "short selling" geekwads from bitcoinica & nerdy "buy silve & gold" trolls.

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October 21, 2011, 04:32:53 AM
 #129

a reduction in price to help spread the supply of bitcoins to an increasing number of people is a good thing

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October 21, 2011, 05:33:17 AM
 #130

Did you ever go to school stupid? Did you come out the same way?

[/quote]

It's the new math:



[/quote]

Here is a real math leasson.   http://www.youtube.com/watch?v=rLprXHbn19I

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October 21, 2011, 05:45:46 AM
 #131

Did you ever go to school stupid? Did you come out the same way?
Quote


It's the new math:




...
I'm too sleepy right now, but i think in at least one of the steps you are supposed to take in that sequence there you're dividing by 0...i'm not sure what to make of this...i need sleep...

edit: alright, i forgot, dividing by zero is the Godwin's of math, if that comes up it's over, now i'm on a horse.

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bitcoinminer
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October 21, 2011, 12:43:22 PM
 #132

Yeah I guess you people are just in denial and dont understand the difference between 2 bitcoins at 2bux vs 2 bitcoins at 20 bux lol.  WTF,  Its pretty simple.  IT COST MONEY, ELECTRICITY and TIME TO CREATE A BITCOIN.  If it costs more to make bitcoins then there worth then it makes no  damn sense to make them, if you dont make them then there will be no more bitcoins being made.  The gallon of milk was a perfect example or gas.  On top of that at 2 bux a bitcoin, and then going down to a dollar a bitcoin, down to 50 cent a bitcoin, your just having issues and going no where no stability no businesses will take the risk of accepting bitcoins, so bad for bitcoins, if they were 10 dollars a bitcoin and stable at 10 dollars a bitcoin, it would make sense to create bitcoins, it wouldnt cost more to make a bitcoin then its worth, and businesses, real businesses would be willing to accept bitcoins for payment.  Until those two things happen, bitcoin is dead except to play with period.

^^^ this.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
bitcoinminer
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October 21, 2011, 12:44:51 PM
 #133



ONCE AGAIN AND A LITTLE SLOWER .... (sorry no pictures)

mining $2 per BTC @ 1M difficulty is the same as mining $20 per BTC @ 10M difficulty.

You have a point on VOLATILITY but that isn't the same as saying BTC is dead @ $2.00 or $x.00.   The best thing ever for BTC in the short term would be for it to hit $2.00 and VOLATILITY collapse.  That would massively increase adoption.   BTC @ $2.00 w/ 1% daily volatilty is better for everyone except specualtors.  BTC @ $20.00 w/ 30% daily volatility only benefits speculators.  Yes you can mine and profit less @ $20 BTC than @ $2.00 BTC.

You say again like that's what you said the first time...

Slowly for you:

Mining $2 per BTC @ 1.7M difficulty is like scouring the roadside for aluminum cans to return, except imagine every day the cans are worth a little less.

INFLATION

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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October 21, 2011, 12:47:31 PM
 #134

Well if you are able to produce autonomous robots which could do this task you could make quite a fortune. And the city might even pay you with a litter removal contract  Grin

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.
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October 21, 2011, 02:19:12 PM
 #135



ONCE AGAIN AND A LITTLE SLOWER .... (sorry no pictures)

mining $2 per BTC @ 1M difficulty is the same as mining $20 per BTC @ 10M difficulty.

You have a point on VOLATILITY but that isn't the same as saying BTC is dead @ $2.00 or $x.00.   The best thing ever for BTC in the short term would be for it to hit $2.00 and VOLATILITY collapse.  That would massively increase adoption.   BTC @ $2.00 w/ 1% daily volatilty is better for everyone except specualtors.  BTC @ $20.00 w/ 30% daily volatility only benefits speculators.  Yes you can mine and profit less @ $20 BTC than @ $2.00 BTC.

You say again like that's what you said the first time...

Slowly for you:

Mining $2 per BTC @ 1.7M difficulty is like scouring the roadside for aluminum cans to return, except imagine every day the cans are worth a little less.

INFLATION

Thanks to continuing drops in difficulty, it's like finding cans that are worth less, but finding more and more of them every day.

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October 21, 2011, 08:08:43 PM
 #136

Mining $2 per BTC @ 1.7M difficulty is like scouring the roadside for aluminum cans to return, except imagine every day the cans are worth a little less.


Difficulty hasn't been 1.7M for some time now. 
Also when difficulty was 1.7M price wasn't $2 so I am not sure what you are trying to say.
Then again I don't think you are sure what you are trying to say.

Also none of this has anything to do with your claim that mining @ $2 is impossible.  If difficulty fell back to 200K would it still be impossible?  If BTC was $20 USD but difficulty was 40 million how profitable would you be.

Simply claiming $20 BTC is better than $2 BTC is meaningless.  Higher BTC is better for speculators.  It has nothing to do w/ economics of mining.
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October 21, 2011, 08:40:27 PM
 #137

It would be safe to say Bitcoin is officially dead when you can't get a pizza (or two) for 10.000 BTC...

I'm out of here!
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October 21, 2011, 08:43:19 PM
 #138

It would be safe to say Bitcoin is officially dead when you can't get a pizza (or two) for 10.000 BTC...

It was already like that for months (a year?) once. Maybe it was dead and rose from the grave? If it can do that then death is not so scary, eh?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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October 21, 2011, 08:49:31 PM
 #139

It would be safe to say Bitcoin is officially dead when you can't get a pizza (or two) for 10.000 BTC...

It was already like that for months (a year?) once. Maybe it was dead and rose from the grave? If it can do that then death is not so scary, eh?

Or that Bitcoin is as good as Jesus. And yes, I do recognize that there is a lot of deep irony in that statement.

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October 21, 2011, 08:50:32 PM
 #140

It will only die when there is little to no incentive to mine. Just imagine the price when there is only hobbyists mining Bitcoins. That's what the bottom will be.
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