Bitcoin is dead

[Odalv]

To da elephant :-)

[grappa_barricata]

I started with Bitcoin 4 years ago. At that time it could be used on a handful of sites.

Now I spend more with bitcoins than I do with fiat. Pulling out my credit card when buying something online is very rare.

Price != Bitcoin

Start using it, the price is irrelevant.

So true, people are waiting for their get-rich moment and are missing their get-free one.

[Robert Paulson]

Wake up people already. Bubble can't last much longer, it's game over. You can sell at $500 and get any value out of it, or wait until it goes to zero. Ask yourself, would you rather own 500 dollars (backed by US military and economy) or one Bitcoin (backed by nothing but speculation and held by obscure early miners and adopters).

you mean the USD backed by 17.7 trillion USD of debt?
i wonder how much of the military will be operational when the paychecks stop coming (or when the soldiers won't be able to buy anything with it due to inflation).
the US economy? you mean the same economy who crashed twice in the last 14 years and is being artificially propped up by QE printing and loans from China and Japan?

yeah, i'll take the unprintable bitcoin anyday.
the USD is dead, abandon the titanic and get on the bitcoin lifeboat.
if not bitcoin at least get on the precious metals lifeboat.

[galbros]

I have to agree with Robert, the US military strength is today built on a house of debt and so is inherently unsustainable in its present form.  Couple that with a barely functioning political system and I don't see how that ends well for the USA, though obviously, it will take 20 years or so to really fall apart.

Anyway, that makes me not so down on cryptic early adaptors.  

[chairforce1]

Wake up people already.

I think you need to wake up buddy. The CEO of bitcoin died in February. It's disgusting how grossly misinformed the general populous is.

[Odalv]

a) Network total (NT): 220,000,000 Ghash/s
b) best(or one of best) ASIC miner(AM)
 parameters
  - 3,000 Ghash/s 
  - price $5,400
  - 0.57 watt/Ghash

1.) If we want to build same network with ASICs  then we need 
  NT/AM = 220,000,000 [Ghash/s] / 3,000[Ghash/s] = 70,000 ASIC miners

2.) It will cost  70,000[miners] * $5,400 [USD/miner] = $378 000 000 USD to build this network.

3.) This network consumes  220,000,000[Ghash/s] * 0.6[watt/Ghash/s] = 132,000,000 [watt] = 132,000 kW.
  - if electricity price is $0.25 kW/h then daily mining costs 132,000[kW] * $0.25[kW/h] * 24[h] = $792,000 USD/DAY (we daily spend on electricity)
  - and if we mine 4,000 BTC daily then electricity for mining ONE bitcoin costs:  $792,000[USD] / 4,000BTC = $198 USD/BTC (only electicity)

4) one ASIC will mine AM/NT * 3,6000[BTC/DAY] = 3,000[Ghash/s] / 220,000,000[Ghash/s] * 3,600 [BTC/DAY] = 0.05 BTC/DAY.
  - initial cost  of asic $5,400 (10 BTC)  =>  10BTC/0.05[BTC/DAY] = 200 DAYs 

[Odalv]

Bitcoin is not dead ! To mine one it will costs you only $200 USD/BTC (of electricity) if you have best ASIC miner. But you have to pay your initial investment of $5,400 USD. And you are limited to mine only 0.05 BTC/DAY
 

[simon28]

Bitcoin is not dead ! To mine one it will costs you only $200 USD/BTC (of electricity) if you have best ASIC miner. But you have to pay your initial investment of $5,400 USD. And you are limited to mine only 0.05 BTC/DAY
 

Where did you get those figures from?

[Odalv]

Where did you get those figures from?

[Ibian]

Bitcoin is not dead ! To mine one it will costs you only $200 USD/BTC (of electricity) if you have best ASIC miner. But you have to pay your initial investment of $5,400 USD. And you are limited to mine only 0.05 BTC/DAY
 

Where did you get those figures from?

Wow. Read the damn thread. Or at least the last few posts.

[bigasic]

To da elephant :-)

Is that real? If it is, WOW! Being its the op's first post, he's gotta be someone that wants it to dump so he can buy back in since he panic sold. Im sure there are tons of them here, trying to spread panic. But, if you look at the volume, its very thin, so it wont take much to bring us back.. This is just another bump in the road..

Edit: Just looked it up.. that picture is false.. it was a satire for a tv show...

Now, this is real.. Its from the french version, but the question was "what rotates around the earth Moon, sun, Venus, mars?" He chose the sun, as he asked the audience and the audience chose it as well, probably because he was too stupid to know the right answer, lol..

http://www.snopes.com/radiotv/graphics/elephant3.jpg

[falllling]

Wake up people already. Bubble can't last much longer, it's game over. You can sell at $500 and get any value out of it, or wait until it goes to zero. Ask yourself, would you rather own 500 dollars (backed by US military and economy) or one Bitcoin (backed by nothing but speculation and held by obscure early miners and adopters). It's so obvious but people always become blind during the mania. If cryptocurrency was ever to live, it wouldn't be bitcoin. Nations can create their own cryptocurrencies, and then your "algorithm agenda" goes down the toilet. Algorithm is basically useless, since it can easily be recreated. Price of bitcoin is nothing but speculative bubble with no fundamentals.

agreed, bitcoin is going to nowhere but down! drop your hope and sell to cut loose now!

[btcxyzzz]

Wow, what a utter complete bullshit topic. OP, you're in for the prize. 1st prize among all the retarded trolls I saw here, so far.

[simon28]

Where did you get those figures from?

I mean where did you get the figures from for the post quoted below?

[Ayers]

Bitcoin is not dead ! To mine one it will costs you only $200 USD/BTC (of electricity) if you have best ASIC miner. But you have to pay your initial investment of $5,400 USD. And you are limited to mine only 0.05 BTC/DAY
 

this depend what it's your cost of electricity, i don't think is profitable at all right now, for some country with high cost of it

[giveBTCpls]

If a lot of people stop mining, it means those that do continue mining will get a bigger slice of the pie. Some guys seem to not get it. It's all mathematically studied to not fail or enter dead end territories. Satoshi was a legit genius. Enjoy your 2050 FIAT crash and BTC at ridiculous all time highs.

[Coinfan]

This drop has nothing to do with fundamentals. The fundamentals (users, miners, Ghash/s, merchants) were never as good as they are now.

This drop is technical. We went a lot up, too much for the fundamentals, now we are going down and, as always, we are going down much more than what we should taking in account the fundamentals.

But the market is crazy, we just have to take advantage of that.

[seventhgear]

In my opinion the downtrend will break within some weeks, the good news will affect the price sooner or later...

[ElectricMucus]

Some of these trolls have got to be paid shills. Tinfoil 8-ball says attempts to spread panic and lower the price for the purpose of cheap accumulation.

Just bored enough to make fun about Internet Funnymoney.

[botany]

Some of these trolls have got to be paid shills. Tinfoil 8-ball says attempts to spread panic and lower the price for the purpose of cheap accumulation.

Believing that posts here would impact prices sufficiently? Not so smart.