DrG
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Activity: 2086
Merit: 1035
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February 25, 2015, 06:42:21 AM |
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difficulty is near a record hight but the price certainly isn't. people would expect the price to reflect the higher difficulty.
I was surprised that the price didn't went up after higher difficulty, its harder to get 1 bitcoin now should reflect the price. The unscrupulous mining companies that dominate the scene have no interest in BTC for the most part - they're looking for short term profit and dumping BTC as it's mined - hence no pent up demand. |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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RD965
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February 25, 2015, 08:54:26 AM |
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difficulty is near a record hight but the price certainly isn't. people would expect the price to reflect the higher difficulty.
I was surprised that the price didn't went up after higher difficulty, its harder to get 1 bitcoin now should reflect the price. The unscrupulous mining companies that dominate the scene have no interest in BTC for the most part - they're looking for short term profit and dumping BTC as it's mined - hence no pent up demand. So what everybody is looking to survive here, nothing new |
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picolo
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February 25, 2015, 10:03:27 AM |
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difficulty is near a record hight but the price certainly isn't. people would expect the price to reflect the higher difficulty.
I was surprised that the price didn't went up after higher difficulty, its harder to get 1 bitcoin now should reflect the price. The unscrupulous mining companies that dominate the scene have no interest in BTC for the most part - they're looking for short term profit and dumping BTC as it's mined - hence no pent up demand. So what everybody is looking to survive here, nothing new +5% last activity change and could be an other +5% in 10 days. |
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RD965
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February 25, 2015, 05:49:41 PM |
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difficulty is near a record hight but the price certainly isn't. people would expect the price to reflect the higher difficulty.
I was surprised that the price didn't went up after higher difficulty, its harder to get 1 bitcoin now should reflect the price. The unscrupulous mining companies that dominate the scene have no interest in BTC for the most part - they're looking for short term profit and dumping BTC as it's mined - hence no pent up demand. So what everybody is looking to survive here, nothing new +5% last activity change and could be an other +5% in 10 days. So something big is coming guys  |
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Glucose
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February 25, 2015, 08:40:24 PM |
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difficulty is near a record hight but the price certainly isn't. people would expect the price to reflect the higher difficulty.
I was surprised that the price didn't went up after higher difficulty, its harder to get 1 bitcoin now should reflect the price. The unscrupulous mining companies that dominate the scene have no interest in BTC for the most part - they're looking for short term profit and dumping BTC as it's mined - hence no pent up demand. So what everybody is looking to survive here, nothing new +5% last activity change and could be an other +5% in 10 days. Yeah, not sure I'm really happy with that. I hope price will go up soon ...  |
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noobtrader
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Activity: 1456
Merit: 1000
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February 26, 2015, 04:53:03 AM |
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"...I suspect we need a better incentive for users to run nodes instead of relying solely on altruism...", satoshi@vistomail.com |
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SargeR33
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Activity: 112
Merit: 10
★Bitin.io★ - Instant Exchange
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February 26, 2015, 10:16:50 AM |
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Some people are lucky to have cheap/capped price electricity while others steal it. |
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crazyearner
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Activity: 1820
Merit: 1001
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February 27, 2015, 12:13:37 AM |
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Because it will never go down that's how BTC works more out in the world diff will continue to go up. If it takes a much longer time to generate than last time then it will go down in diff but not for long and BTC mining days are over now given the fact 1 energy 2 equipment 3 prices no wodner the guys gone bankrupt due to many factors it was good mining back in 2011 when/1012 and a little into 2013 but soon into 2014 too mcuh power coming onine raping the heck out of it with corporate company's taking it on and scooping up thousands of coins and then running away. |
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noobtrader
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Activity: 1456
Merit: 1000
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February 27, 2015, 02:21:07 AM |
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Some people are lucky to have cheap/capped price electricity while others steal it. the amount of electricity is capped imho especially the stolen ones Because it will never go down that's how BTC works more out in the world diff will continue to go up. If it takes a much longer time to generate than last time then it will go down in diff but not for long and BTC mining days are over now given the fact 1 energy 2 equipment 3 prices no wodner the guys gone bankrupt due to many factors it was good mining back in 2011 when/1012 and a little into 2013 but soon into 2014 too mcuh power coming onine raping the heck out of it with corporate company's taking it on and scooping up thousands of coins and then running away. but the fact that hashrate keep going up (Hashrate: 342,683,408 GH/s), its ATH atm. with the fact that 1. capped energy, 2. capped hashrate/equipment, 3. bitcoin price at least hashrate should stay lower, not breaking ath all the time |
"...I suspect we need a better incentive for users to run nodes instead of relying solely on altruism...", satoshi@vistomail.com |
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SargeR33
Member
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Activity: 112
Merit: 10
★Bitin.io★ - Instant Exchange
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February 27, 2015, 10:47:27 AM |
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Some people are lucky to have cheap/capped price electricity while others steal it. the amount of electricity is capped imho especially the stolen ones Because it will never go down that's how BTC works more out in the world diff will continue to go up. If it takes a much longer time to generate than last time then it will go down in diff but not for long and BTC mining days are over now given the fact 1 energy 2 equipment 3 prices no wodner the guys gone bankrupt due to many factors it was good mining back in 2011 when/1012 and a little into 2013 but soon into 2014 too mcuh power coming onine raping the heck out of it with corporate company's taking it on and scooping up thousands of coins and then running away. but the fact that hashrate keep going up (Hashrate: 342,683,408 GH/s), its ATH atm. with the fact that 1. capped energy, 2. capped hashrate/equipment, 3. bitcoin price at least hashrate should stay lower, not breaking ath all the time Exactly I agree with this. There is no logical reasoning. If you pay for power, it cannot be profitable anymore to mine bitcoin. How can people invest big money into huge rigs and still profit, especially when the return is so small. Can we expect at the next halving hashrate and difficulty will rise further or will there be a steep drop? Unless power is halved and halved again in terms of price and miners get cheaper, there is no way I could afford to mine for half of what I am now. People are calling Bitcoin mining a gold rush. The rush eventually ends and people move on to other precious metals(opals, diamond, etc). The same will happen with Bitcoin. If the technology for cryptocurrency expands and becomes the norm, people will adopt other coins and difficulty/value will be much more realistic than what it is now. |
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Troonetpt
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March 04, 2015, 06:46:30 AM |
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the difficulty continue to rising.
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noobtrader
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Activity: 1456
Merit: 1000
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March 04, 2015, 07:48:54 AM |
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we should wonder where the electricity comes from ?
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"...I suspect we need a better incentive for users to run nodes instead of relying solely on altruism...", satoshi@vistomail.com |
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RD965
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March 04, 2015, 09:41:53 AM |
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we should wonder where the electricity comes from ?
What do you mean? Eveyone pays its electricity! |
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-ck
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Activity: 4102
Merit: 1632
Ruu \o/
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March 04, 2015, 09:47:31 AM |
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difficulty is near a record hight but the price certainly isn't. people would expect the price to reflect the higher difficulty.
I was surprised that the price didn't went up after higher difficulty, its harder to get 1 bitcoin now should reflect the price. That's because you expect things to work the opposite of how they do. Price has always been driven by the bitcoin economy, not mining. I know it's hard for miners to get their head around since they think bitcoin is about mining but price affects the amount of mining, but the amount of mining does not affect price. Bitcoin is not about mining. This is why alternate currencies created purely because of some "mining mechanism advantage" have no real advantage over bitcoin because the value is determined by the economy surrounding it and the mechanism mining is done doesn't really matter - so long as there's enough of it for the system to be secure. While miners indirectly affect the price, they do so by their use of bitcoin itself; it is not the generation of the bitcoin which has any effect on price. |
Developer/maintainer for cgminer, ckpool/ckproxy, and the -ck kernel
2% Fee Solo mining at solo.ckpool.org
-ck
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noobtrader
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Activity: 1456
Merit: 1000
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March 04, 2015, 10:18:41 AM |
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difficulty is near a record hight but the price certainly isn't. people would expect the price to reflect the higher difficulty.
I was surprised that the price didn't went up after higher difficulty, its harder to get 1 bitcoin now should reflect the price. That's because you expect things to work the opposite of how they do. Price has always been driven by the bitcoin economy, not mining. I know it's hard for miners to get their head around since they think bitcoin is about mining but price affects the amount of mining, but the amount of mining does not affect price. Bitcoin is not about mining. This is why alternate currencies created purely because of some "mining mechanism advantage" have no real advantage over bitcoin because the value is determined by the economy surrounding it and the mechanism mining is done doesn't really matter - so long as there's enough of it for the system to be secure. While miners indirectly affect the price, they do so by their use of bitcoin itself; it is not the generation of the bitcoin which has any effect on price. well... miner always too late, they buy in january and expect to profit in december, guess what price plunges. so they might get little profit in btc (if they buy with btc) but not in USD. we should wonder where the electricity comes from ?
What do you mean? Eveyone pays its electricity! thanks funny  but thats not the answer that im looking for...  |
"...I suspect we need a better incentive for users to run nodes instead of relying solely on altruism...", satoshi@vistomail.com |
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baristor
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March 04, 2015, 11:21:09 AM |
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price has gone up abit but not substantially enough to sustain the difficulty gains... but no 1 can predict what will happen next thats the exciting part of bitcoin, everyone just speculation, proof plz ! |
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RD965
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March 04, 2015, 02:37:53 PM |
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price has gone up abit but not substantially enough to sustain the difficulty gains... but no 1 can predict what will happen next thats the exciting part of bitcoin, everyone just speculation, proof plz ! As ckolinvas said, and who else is better to say it, mining diff is always scheduled to go up, but that wont mean that price will go up too Mining is a reward system that Satoshi created, as an incentive to maintain the network, but doesnt relate to price |
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noobtrader
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Activity: 1456
Merit: 1000
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March 04, 2015, 02:53:34 PM |
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i just hope that difficulty will stay below 50.000.000.000 till next year. but maybe i ask too much ?
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"...I suspect we need a better incentive for users to run nodes instead of relying solely on altruism...", satoshi@vistomail.com |
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RD965
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March 04, 2015, 04:46:53 PM |
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i just hope that difficulty will stay below 50.000.000.000 till next year. but maybe i ask too much ?
Its not about asking, its about a big race Never slows down |
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crazyearner
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Activity: 1820
Merit: 1001
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March 04, 2015, 05:45:43 PM |
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i just hope that difficulty will stay below 50.000.000.000 till next year. but maybe i ask too much ?
Its not about asking, its about a big race Never slows down indeed it will never slow maybe some point when diff gets to a point that putting more power on wont budge it and its getting to that point already. I remember first starting out with avalon aiscs making 2 to 3 btc per day with only 90GH them days are well over. Now you need like 80 to 100TH for making 1 BTC per day and much power is needed for that and right now its not cost effective. Everyone might as well turn their rigs off unles free energy. |
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