ASICMINER: Entering the Future of ASIC Mining by Inventing It

[physalis]

That is, if mining increases more quickly than adoption, we've got a problem.

AND adoption is hard-capped by population, while mining has no cap, so we've got a problem anyway, in the long run.

Mining has a cap in that it is only done as long as it's profitable.
It doesn't just grow unlimited without bitcoin growing.
While you're right that it doesn't directly scale with the number of transactions, it scales with the price of bitcoin, which itself is related to adoption.
I'm confident that whatever level of adoption and bitcoin price we reach, mining energy usage will still be low enough compared to the use in traditional finance.

[Vycid]

That is, if mining increases more quickly than adoption, we've got a problem.

AND adoption is hard-capped by population, while mining has no cap, so we've got a problem anyway, in the long run.

Mining has a cap in that it is only done as long as it's profitable.
It doesn't just grow unlimited without bitcoin growing.
While you're right that it doesn't directly scale with the number of transactions, it scales with the price of bitcoin, which itself is related to adoption.
I'm confident that whatever level of adoption and bitcoin price we reach, mining energy usage will still be low enough compared to the use in traditional finance.

You seem to be implying that Bitcoin will not simply bring with it yet another "traditional finance" paradigm. The electricity use of traditional finance will just be compounded with the latest ecological disaster, Bitcoin mining.

It's my suspicion that, should we see widespread adoption of Bitcoin, nations will undertake Bitcoin mining projects defensively to keep any other nation from controlling the network. This arms race will not be limited by profit margins.

(I also suspect that the loss of the power to levy income tax may lead to the fall of the democratic state and the rise of the autocratic corporate nation-state, but that is another discussion.)

I hope that this financial arms race is conducted in a responsible fashion, like hydroelectric colocation projects. But realistically I suspect that is unlikely for many countries, like China, for whom the bottom line (and an edge in the global marketplace) is more important than preventing rampant pollution.

[mc_lovin]

I'm new to the thread. I was invested in AM in the past and made a nice profit but sold when I saw their network % dropping. I've kept my eye on them. What is the reason they hold such a small % of the network? Shouldn't they be keeping at least 20%. I thought they had the capabilities to do this and if they do, why don't they do it?

As someone once said, perhaps it was more profitable to sell off the hardware instead of mining it.  The fact that most of the money is still sitting there is better than if he paid it all out to shareholders IMHO.  Sucks being in the dark but we don't know if he has the new chips ready next week or in a couple of months.  Question is when, not if, so I think we're still in a great position even if we are slightly behind for the beginning of round 2.

[KCBitcoin]

hashrate increases from 3% to 7% of the network, and the shareprice tanks?

[JimiQ84]

hashrate increases from 3% to 7% of the network, and the shareprice tanks?

there are some problems with btct.co, it is probably closing 

[VeeMiner]

hashrate increases from 3% to 7% of the network, and the shareprice tanks?

there are some problems with btct.co, it is probably closing 

I'm glad I'm holding on to my direct shares...

[KCBitcoin]

lol, wtf, ppl selling @ 1.2?

[lophie]

lol, wtf, ppl selling @ 1.2?

BTCT is CLOSING  . That is why!!!!

[VeeMiner]

I was just thinking that I should move some of my direct shares to a PT so I can trade with them -

[stefffe]

Okay so I read that btctc is closing... Is there any way to keep shares? :O

[KCBitcoin]

Okay so I read that btctc is closing... Is there any way to keep shares? :O

transfer to bitfunder?

[physalis]

Okay so I read that btctc is closing... Is there any way to keep shares? :O

Probably, yes. I highly doubt they'll just disappear...
I think having balls now and loading up on shares in the panic will be quite profitable.

[lophie]

Okay so I read that btctc is closing... Is there any way to keep shares? :O

Probably, yes. I highly doubt they'll just disappear...
I think having balls now and loading up on shares in the panic will be quite profitable.

I am literally crying over my keyboard because I don't have coins to buy them cheap shares........

[101111]

Okay so I read that btctc is closing... Is there any way to keep shares? :O

Probably, yes. I highly doubt they'll just disappear...
I think having balls now and loading up on shares in the panic will be quite profitable.

I am literally crying over my keyboard because I don't have coins to buy them cheap shares........

Me too, but it looks like trading has been stopped. Probably PT shares will be xferd to direct.

edit: trades still occurring, despite this "Effective immediately, in conjunction with this release, trading will be halted," ??

[nomnomnom]

Okay so I read that btctc is closing... Is there any way to keep shares? :O

Probably, yes. I highly doubt they'll just disappear...
I think having balls now and loading up on shares in the panic will be quite profitable.

I am literally crying over my keyboard because I don't have coins to buy them cheap shares........

Me too, but it looks like trading has been stopped. Probably PT shares will be xferd to direct.

Something is wrong with the site too, I have a tiny balance, but it does not show up where you
buy. And I had an ask which is gone hmm... Not trusting site enough to send more btc into atm, lol damnit.

Edit: it works now, if you have this problem,go to account -> settings and enter a share withdrawal address...

[Vycid]

I gotta be honest with you guys, I am considering buying at 1.2. I delta-hedged some options around 1.3 and thought I'd gotten a great deal. Nope.

I think I might wait for 1.0, on second thought. Who knows what's gonna happen to these shares...

[stefffe]

Okay so I read that btctc is closing... Is there any way to keep shares? :O

transfer to bitfunder?

Thanks! Now Im trying to figure out how to do that, allready have an account at bitfunder but Im a little bit confused how to transfer my assets from btctc->bitfunder.

[binaryFate]

Anybody knows if the transfer to direct shares still goes through? I don't want to sell anything in that moment, just find the best way to keep the shares.

[stripykitteh]

Anybody knows if the transfer to direct shares still goes through? I don't want to sell anything in that moment, just find the best way to keep the shares.

I expect your shares will get converted to directs automatically as part of the orderly shutdown of the exchange. It could take several days to organize, though. burnside will have to work something out with each company listed on the exchange, which will take time.

[Fabrizio89]

Many shares were lost when this happened with GLBSE. I'd suggest to put at least part of your investment to a safe place.