Miners are killing bitcoin

[bounst]

no, no,

the true killer is endless short trader and exchanges

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[cyberpinoy]

So how do you expct us to pay for our electricity, do you have a place that accepts bitcoin where I can purchase my electricity? how about internet, what internet companies accept bitcoins. Its not the miers fault. No Miners means No transactions get processed. If not for miners you idiot there would be no bitcoin.

Its the coin dumping merchants, the chinese unethical mining equipment manufactures, and last but surely not least it the developers of bitcoin sitting on their asses waiting for a damn handout. DEVELOPERS GET OFF YOUR ASS and do SOMETHING, DO ANYTHING to get this coins value to go up. ITS IS your responsibility to raise awareness to your project, it is your responsibility to create a demand for bitcoin, it is YOUR responsibility to do your job. We are investors in your project, in your dream. If this were a fortune 500 company you would be broke and all your investors would have sold your stock and left your company. You and others need to realize whose responsibility it is to work this project. We pay you as investors and you do your job pure and simple. I want to see some facebook adds promoting Bitcoin, some google ads promoting bitcoins use, we need an a merchant area where only bitcoins are used, we need an Auction site, we need a lot of simple things that you can do. Takle some of that fortune we gave you and pay some web designers a team dedicated to running these kinds of things, STOP sitting on your ass waiting for the people who invest in your prtoject to do the work for you!!!!  You have the money thats for sure to put these programs together. USE IT TO STRENGTHEN YOUR COIN. . I want to see developer counters on all the bad press we get in bitcoins. FOR GODS SAKE DO SOMETHING!!!!!

[CoinRocka]

Maximum pain soonish.   

[twister]

While the coin generation is slower than before because of halving.  I think he does have a point though - in the past, individual miners mine the coin - quite a lot of them keep the coins.  Now, corporation is mining the coin, but they are dumping it.

I agree with you and also not many people are going to mining now because it's not profitable since they can't compete with big farm miners. What this did is, rich got even richer and little guy lost their slightest chance of making any money.

[serje]

So how do you expct us to pay for our electricity, do you have a place that accepts bitcoin where I can purchase my electricity? how about internet, what internet companies accept bitcoins. Its not the miers fault. No Miners means No transactions get processed. If not for miners you idiot there would be no bitcoin.

Its the coin dumping merchants, the chinese unethical mining equipment manufactures, and last but surely not least it the developers of bitcoin sitting on their asses waiting for a damn handout. DEVELOPERS GET OFF YOUR ASS and do SOMETHING, DO ANYTHING to get this coins value to go up. ITS IS your responsibility to raise awareness to your project, it is your responsibility to create a demand for bitcoin, it is YOUR responsibility to do your job. We are investors in your project, in your dream. If this were a fortune 500 company you would be broke and all your investors would have sold your stock and left your company. You and others need to realize whose responsibility it is to work this project. We pay you as investors and you do your job pure and simple. I want to see some facebook adds promoting Bitcoin, some google ads promoting bitcoins use, we need an a merchant area where only bitcoins are used, we need an Auction site, we need a lot of simple things that you can do. Takle some of that fortune we gave you and pay some web designers a team dedicated to running these kinds of things, STOP sitting on your ass waiting for the people who invest in your prtoject to do the work for you!!!!  You have the money thats for sure to put these programs together. USE IT TO STRENGTHEN YOUR COIN. . I want to see developer counters on all the bad press we get in bitcoins. FOR GODS SAKE DO SOMETHING!!!!!

Wtf are you talking about? Why don't you do something? Why you want someone else do something? You can't change the world by waiting! Start be the change you want to see in the world! Don't wait for someone else to do it!

Bitcoin is not their project! It's OUR project! We are all in it! And as long as big companies were late to our project they will try hard to make it cheap so they can recover what they don't have because they were a little late!
Stop crying and start doing something!

[bf4btc]

So how do you expct us to pay for our electricity, do you have a place that accepts bitcoin where I can purchase my electricity? how about internet, what internet companies accept bitcoins. Its not the miers fault. No Miners means No transactions get processed. If not for miners you idiot there would be no bitcoin.

I agree. The miners should be expected to sell at least a portion of the bitcoin they mine in order to pay for their expenses like electricity. This is especially true considering how much electricity the overall Bitcoin network uses to secure itself

[takagari]

I run a Prisma.. a few between my partners. They break even in 6 days... each month...

Guess it depends what you pay for power

[flipstyle]

What this did is, rich got even richer and little guy lost their slightest chance of making any money.

Hmmm, kinda like the fiat system, amirite?

[doof]

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.

You are a god damn fool.

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.

They cant "pump" out more than anyone else.  25/10min

[LordSonjai]

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.

You are a god damn fool.

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.

They cant "pump" out more than anyone else.  25/10min

You are aggravating me,let me begin to tell you why.

When you paint a picture of the average miner what does his set up look like?Does his set up look like a HANGER FILLED WITH MINING RIGS?

So...So what if that is the most bitcoin THEY can produce. The point is,THEY ARE PRODUCING BITCOIN AT A ALARMING RATE.

The average miner cant even make 25 bitcoins in a single month. You know,the miners everyone is saying "without them,their would be no bitcoin." You know,the modest miners,them. I don't even know why you wrote that it just frustrates me,whats the point?They are raping bitcoin and you don't even see it.

[Lethn]

You don't understand how currencies work, especially deflationary ones like Bitcoin, so please, don't act like you know everything, especially when you're very, very wrong.

[cyberpinoy]

So how do you expct us to pay for our electricity, do you have a place that accepts bitcoin where I can purchase my electricity? how about internet, what internet companies accept bitcoins. Its not the miers fault. No Miners means No transactions get processed. If not for miners you idiot there would be no bitcoin.

Its the coin dumping merchants, the chinese unethical mining equipment manufactures, and last but surely not least it the developers of bitcoin sitting on their asses waiting for a damn handout. DEVELOPERS GET OFF YOUR ASS and do SOMETHING, DO ANYTHING to get this coins value to go up. ITS IS your responsibility to raise awareness to your project, it is your responsibility to create a demand for bitcoin, it is YOUR responsibility to do your job. We are investors in your project, in your dream. If this were a fortune 500 company you would be broke and all your investors would have sold your stock and left your company. You and others need to realize whose responsibility it is to work this project. We pay you as investors and you do your job pure and simple. I want to see some facebook adds promoting Bitcoin, some google ads promoting bitcoins use, we need an a merchant area where only bitcoins are used, we need an Auction site, we need a lot of simple things that you can do. Takle some of that fortune we gave you and pay some web designers a team dedicated to running these kinds of things, STOP sitting on your ass waiting for the people who invest in your prtoject to do the work for you!!!!  You have the money thats for sure to put these programs together. USE IT TO STRENGTHEN YOUR COIN. . I want to see developer counters on all the bad press we get in bitcoins. FOR GODS SAKE DO SOMETHING!!!!!

Wtf are you talking about? Why don't you do something? Why you want someone else do something? You can't change the world by waiting! Start be the change you want to see in the world! Don't wait for someone else to do it!

Bitcoin is not their project! It's OUR project! We are all in it! And as long as big companies were late to our project they will try hard to make it cheap so they can recover what they don't have because they were a little late!
Stop crying and start doing something!

You and Bitcoin devs need to learn how business and investments work
You have a bbusiness, and idea a project you get investors money and YOU not the investors do the work PERIOD thats life and thats business. I did my part I invested My part of the deal is over. It is NOT "OUR" project it is their project, their vision their dream. We just are the financers. As a financer I want them to make my investment worth while not sit on thier ass with their hands out If I want to do all thier work might as well just start my own coin huh??? "you cant change the world by waiting" that si a perfect line to be directed to the developers who are "WAITING" for you and me to make thier already full wallets overflowing.

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.

You are a god damn fool.

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.

They cant "pump" out more than anyone else.  25/10min

You are aggravating me,let me begin to tell you why.

When you paint a picture of the average miner what does his set up look like?Does his set up look like a HANGER FILLED WITH MINING RIGS?

So...So what if that is the most bitcoin THEY can produce. The point is,THEY ARE PRODUCING BITCOIN AT A ALARMING RATE.

The average miner cant even make 25 bitcoins in a single month. You know,the miners everyone is saying "without them,their would be no bitcoin." You know,the modest miners,them. I don't even know why you wrote that it just frustrates me,whats the point?They are raping bitcoin and you don't even see it.

I kind of see your point now so your title should actually be Large Scale mining outfits are killing b itcin. not miners in general, But I hate to tell you , but you will never get the large scale boys to give up, they have to much invested and right now they are nt making huge profits. they havge no choice but to dump the coins at 260 bucks a pop, the electricity they use can be upwards of 70,000 USD a month in costs, how can they pay that.

What i agree with is these huge farms are certainly not doing anything for the difficulty and make it only harder and harder to mine but I think that is thier point. They want to certalize a system that was supposed to no be centralized. By owning the most hardware in a group you in a sense control the difficulty you control the ability for everyday nobodies to get involved. You have the feeling of controlling something like the big banks do. JMO

[Lethn]

Where the fuck did you assholes come from all of a sudden? If you think there's a better way of maintaining an network, implement it, Bitcoin is open source, that's the reason why devs don't bow to your every whim, if you want to make changes you need to download the code yourself and get to it. Something tells me though you guys definitely don't have the expertise to even organise something like that let alone code which is why you're here bitching at the developers instead.

[haoyun456]

no miners killing bitcoin also

yes, Regardless of the past now or in the future,The miners are necessary,At this time, the biggest trouble is that arbitrage coin dealers  !

[cyberpinoy]

Where the fuck did you assholes come from all of a sudden? If you think there's a better way of maintaining an network, implement it, Bitcoin is open source, that's the reason why devs don't bow to your every whim, if you want to make changes you need to download the code yourself and get to it. Something tells me though you guys definitely don't have the expertise to even organise something like that let alone code which is why you're here bitching at the developers instead.

Oh get over yourself bro what are you doing for bitcoin NOTHING where is your mining pool, your merchant site, where is your casino, what are you doing to help bitcoin, Hell do you have even a basic informational site, a facebook group what do you have?? YOU HAVE Nothing so so dont bitch at us like you are all high and mighty. Oh my bad you have a very basic website store that does not sell anything people need or wants in order to sue bitcoins to buy them. HAHAHA

I have an informational website
a facebook group
I hold seminars all over the Philippines to raise awareness (FREE OF CHARGE)
I have a mining farm
I have trading accounts.
I have 2 projects in the working because those other projects just got finished

I am doing something

and I do know how to code thank you dont judge a cover bro.


This is how investments work no matter if your pea brain wants to accept it or not, YOu start a project from an idea, you get investors to give you the money to get it to work, and YOU not the investors do the work to make it happen, if it fails YOU are responsible to pay the investors back. Thats where bitcoin problem is they have a bunch of investors and absolutely NO responsibility to pay them back, so they can easily sit on thier ass and wait for people like ME ( NOT YOU) who are willing to work hard to come up with ideas, and programs to make thier dream a reality. they have no advertising, nothing promoting that the Bitcoins devs are responsible for the past 2 or maybe even more years, no facebook ads no google ads, NOTHING they are doing nothing, probably have other jobs and this is just a hobby to them.

[Lethn]

What are you even ranting about? O_O

[ujka]

The point is,THEY ARE PRODUCING BITCOIN AT A ALARMING RATE.

No, they are not.
Miners are producing new bitcoins at a predetermined rate (+/- few %). That fact was known at the very start of the Bitcoin network.

[ujka]

and quite frankly with the sub 250USD price, it makes it not profitable to mine.

I think this is the biggest problem facing bitcoin right now.  Selling pressure + non profitable mining is not a good situation in this very pivotal time.  Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss if the price continues tanking.

That's where Bitcoin network self-adjustment comes into effect.
Difficulty doesn't drop by some king of magic, or God intervention. If mining is not profitable for some miners, they will stop mining. Less hashrate on the network - difficulty drops, and miners that are still mining get more coins.

[turvarya]

I have a lot to lose, when Bitcoin fails, but I still enjoy this threads. A lot to laugh about.

[NeuroticFish]

So how do you expct us to pay for our electricity, do you have a place that accepts bitcoin where I can purchase my electricity? how about internet, what internet companies accept bitcoins. Its not the miers fault. No Miners means No transactions get processed. If not for miners you idiot there would be no bitcoin.

Its the coin dumping merchants, the chinese unethical mining equipment manufactures, and last but surely not least it the developers of bitcoin sitting on their asses waiting for a damn handout. DEVELOPERS GET OFF YOUR ASS and do SOMETHING, DO ANYTHING to get this coins value to go up. ITS IS your responsibility to raise awareness to your project, it is your responsibility to create a demand for bitcoin, it is YOUR responsibility to do your job. We are investors in your project, in your dream. If this were a fortune 500 company you would be broke and all your investors would have sold your stock and left your company. You and others need to realize whose responsibility it is to work this project. We pay you as investors and you do your job pure and simple. I want to see some facebook adds promoting Bitcoin, some google ads promoting bitcoins use, we need an a merchant area where only bitcoins are used, we need an Auction site, we need a lot of simple things that you can do. Takle some of that fortune we gave you and pay some web designers a team dedicated to running these kinds of things, STOP sitting on your ass waiting for the people who invest in your prtoject to do the work for you!!!!  You have the money thats for sure to put these programs together. USE IT TO STRENGTHEN YOUR COIN. . I want to see developer counters on all the bad press we get in bitcoins. FOR GODS SAKE DO SOMETHING!!!!!

Actually in this world there are plenty of things you can do where you'd earn less than invested. It's called bad business.
Now, if you, BTC miners, would wake up, stay one week away from your precioussssss mining systems, then try to think clear, you'll see that a lot of you should do what cex.io/ghash.io did (I will assume that they were legit, I don't know for sure, I don't want to start another discussion about that.) : pause; stop. Because it's not worth it. At least for most miners.

There are technical details on how this could be done to not harm the network, but after "the big step", even 5-10% of the current network would be as good as the current full network (as block speed and rewards).

Of course, then there would be issues to be prevented, like 51% attack, but as I don't see the network go down to 5-10% it's not worth talking about the rest.