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Author Topic: Will merchants or miners strike it rich?  (Read 1960 times)
Gavin Andresen
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April 01, 2011, 02:12:54 PM
 #1

From wikipedia:
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Recent scholarship confirms that merchants made far more money than miners during the Gold Rush.

So, who are the merchants in the bitcoin rush?

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Grinder
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April 01, 2011, 02:14:04 PM
 #2

mtgox and possibly the pools.
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April 01, 2011, 02:15:31 PM
 #3

vladimir is right of course, and also the power companies.
deadlizard
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April 01, 2011, 02:21:43 PM
 #4

... unless they spend all the mined bitcoins on alcohol and girls.
Unless?HuhHuh? That would be the definition of doing well

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theGECK
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April 01, 2011, 03:34:21 PM
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I can't think of a single time when the miners did better than merchants who were selling to the miners did in the long run. The people selling services to the miners will probably end up doing much better than the miners themselves, who have to pay a fee every time we want to use our BTC outside of the bitcoin economy.

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ColdHardMetal
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April 01, 2011, 04:53:35 PM
 #6

From wikipedia:
Quote
Recent scholarship confirms that merchants made far more money than miners during the Gold Rush.

So, who are the merchants in the bitcoin rush?

Who are the "scholars" and where can we find their research?

theGECK
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April 01, 2011, 04:58:38 PM
 #7

for sake of the argument...

How badly it turned out for gold miners who invested their gold into financing the meeting on Jekyll Island and more generally into banking industry?

I'd say miners who create and maintain viable bitcoin infrastructure long term might do well too. Do not forget miners are positioned well for collecting transaction fees in the future.



You know, that's probably the big difference between previous mining operations - the miners can continue to collect gold "on the side" even though all of it is out of the ground. Forgive the analogy, please.

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gusti
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April 01, 2011, 05:09:17 PM
 #8

... unless they spend all the mined bitcoins on alcohol and girls.
Unless?HuhHuh? That would be the definition of doing well

I know a once rich miner who spent 50% of his wealth on champagne and girls ...
the other 50% he wasted.     Grin



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compro01
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April 01, 2011, 05:09:45 PM
 #9

From wikipedia:
Quote
Recent scholarship confirms that merchants made far more money than miners during the Gold Rush.

So, who are the merchants in the bitcoin rush?

going by a typical definition of "merchant", that would be the people selling stuff in exchange for bitcoin, namely these guys.
theGECK
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April 01, 2011, 06:58:14 PM
 #10

From wikipedia:
Quote
Recent scholarship confirms that merchants made far more money than miners during the Gold Rush.

So, who are the merchants in the bitcoin rush?

going by a typical definition of "merchant", that would be the people selling stuff in exchange for bitcoin, namely these guys.

Probably it would be people selling to the miners for fiat, not bitcoin. The value of ATI's cards went up, as demonstrated by the prices on eBay (so I heard, it happened before I got here). Those who can create specialized equipment and then rent it out or sell it to others. Just like the makers of pickaxes and denim clothing made money off of every miner, where not every miner struck it rich. The merchants weren't paid in gold, necessarily, but made their money by selling to all the hopeful people who were never going to make anything.

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foxmulder
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April 02, 2011, 03:33:17 AM
 #11

Anybody up for bitcoin rush wikipedia article  Grin ?. It just interesting if someone collected stories and such about the senior miner who did mining ever since difficulty 1, what they do with the current thousands of their bitcoin?.

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Fiyasko
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April 02, 2011, 04:08:16 AM
 #12

Merchants, Definity
If we go back to the gold rush, Thousands of Chinese people came to North America in search of gold, and as a result, More gold was mined, and it was in a way less valuble (in the sense that everyone had it, BUT everyone had a LITTLE bit of it)

This caused Hundreds of people to die,go homeless,Or be basically enslaved working ina gold mine to pay off your loan for your mining gear.

Metaphors aside:

ATi is definitly the biggest winner here and im fucking glad, all this PhysX code injection and graphic enconding monopolisation is really pissing me off, IE Nvidia does not offer in-depth graphic options, instead they use preset 'tiers' of graphic capabilites (IE, Low,Medium,High,Gamer,Enthusiast,Hardcore)
rather than, say.... the CS:S graphic menu options, Or the menu options for Dirt2.

In the Nvidia monopolised game Need For Speed: Shift
With my 6870BE, i STILL get a maximum of 20fps on the LOWEST FUCKING SETTINGS INCLUDING RESOLUTION, and with maximum settings, it goes and Locks at 29fps.
And whereas Dirt2 maxxed out i get a rock fucking solid 50fps+


So what am I getting at?
A.)I hate Nvidia
B.)ATi will finally have some money to play with
C.)with everyone buying new cards, your gonna have to buy a new card to compete, and repeat, Or sit thier Panning rather than Mining

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
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