Is bitcoin dying?
 

Fuck! I just checked mtgox and bitcoin is at $70 now, I know this doesn't matter for anybody except people who already have or are waiting on a heavy duty miner, but in order for this to continue to be viable, the value has to go up along with the difficulty rate, otherwise mining loses its power every day.

I'm also infuriated by these con-artists who call themselves "butterfly labs" and have kept people waiting for over a year for their mining units, including me. I pre-ordered their shitty little jalapeno at the beginning of the year, and at the time it was calculated to mine $50-$60 worth of btc per day, but even if I got it now, it would make me $7.50 per day, so by the time I get it, it'll probably be closer to $2.00 per day, which is a nice jr bacon cheeseburger every day, but it ain't no fucking $60 that I was hoping for.

What do you guys think? is bitcoin just in a slump? or is it circling the drain?

ltc is up

if i ever get my jalapeno do you think i could mine litecoin with it?

if you're asking on the internet, good chance there is a few others who have asked, discussed, and concluded.. :pimp

You can't, ASICs are specifically designed to mine Bitcoin. Litecoin uses a different encryption.

Bitcoin = SHA-256
Litecoin = Scrypt

Also LTC isn't up, it's down in price just like Bitcoin.

LTC is down from $2.7 to $2.4 today currently as I write this

Money is draining out of Bitcoin as people cash out their positions, MtGox lifted their 2 week freeze on US dollar withdrawals and people are cashing out and the flow of new money is nowhere near enough to keep prices stable so the price continues to fall.

The only thing keeping LTC from dropping below $1 is the continued speculation that Mt Gox will start trading LTC which is never ever going to happen. First it was April, May, June, July, of coarse it'll be this month :pimp

Supply & Demand in fully effect :2 cents:

and it's up as i write this.. but thanks for the info

Quick everyone panic and cash out now! I`m looking to buy in around $40-50...

We cashed out a few days back,, waiting on prices to drop a little more then we'll scoop up a hundred or so BTC :)

BitInstant hasn't processed for the past 3 days - that should tell you something.

Look, the price is simply getting back to its true value. It's stabilising..
When it went crazy a few months ago the people that bought into the frenzy created a bubble, of course this was unrealistic.
Eventually the tide will change and the value will start to increase again, slowly at first but gain momentum as the
Mining difficulty increases.
If this creates another bubble we will have he same again.

I think it will come down a lot more and then eventually become more stable but I think it is far from dying

Can you short Bitcoin on the stock market?

lol haahahahh lol ahahahah lol ahahahah

Apparently they are local to me, I had not realized that.

http://www.madspiders.com/images/butterflylabs.jpg

Just saw a post on coindesk that says they have just shipped all orders through July 2012. So, they are only a year backlogged now. So, let's see, you ordered at the beginning of this year so maybe you will see it by December :thumbsup

http://www.coindesk.com/butterfly-la...lapeno-orders/

hate to tell you its summer all the money traders are on Vaca.

it will slump to around $50 to $55.
settle around there.
After September it will go back up to around $70 hit around $80 in December.:2 cents:

Yeah - what is the value if MTG has so much of the traffic. As always be the middleman, not the owner.

That's what I'm hoping to do. Buy when it gets low.

your best bet is to unload the pre-order on ebay or somewhere else, it's unlikely you will get your investment back if you wait for it, even if you got the miner right now you would pretty much come out even... :2 cents:

So, you tell me that, if nobody wants tomatoes, but they are hard to grow, they should be expensive? :1orglaugh

Terracoin is rising :)

Was interesting to watch how miners shifted from BTC to TRC on coinotron. Their BTC pool is at 32.0 GH now, TRC at 407 GH. Due to the new TRC diff adjustment profitability of TRC jumps between 0.6 and 3.7 what led to a lot of pool jumping till coino switched to PPLNS.

If very few people want tomatoes and they are hard to grow yes, the price will increase.

Supply and demand.

You should write a book on market economy. Make sure you include the tomatoes in it.

is bitcoin dying?

Yes.

Sell them all to me. See sig. :thumbsup

it has to level off

Already have one on swing trading that does quite well, thanks for the suggestion though :)

Also have one on BitCoin mining which is selling 'ok' :winkwink:

this thread needs realtime btc price image too

http://bitcoinity.org/markets/image?span=7d&size=medium

Now is the perfect time to invest in bitcoins, buy low, sell high.

oh ok so since there is a logical reason why it's tanking, then there's a logical reason why it will come back. either way the guy who said i should probably just throw my jalapeno pre-order on ebay is probably right about making more money that way, I might just do that and get a grand for it and make more then it would ever make mining, I just won't tell that to the idiot who will pay $1000 for it!

did you think gold would stay at $1500? take a biz class