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Coinbase is terrible lately, http://www.talkbitcoins.com/talk-bit...-purchases/60/
Can't even buy anymore |
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If that means the collective group of bitcoin exchangers or simply mtgox itself, someone needs to try make sure the government doesn't turn on it, and having a voice in Washington is simply how shit gets done when having to deal with the US government. You can have a long term cyber currency that is useful, like how the tobacco industry does with smoking even though it has been proven to cause cancer, or you can stick your head in the sand and hope nothing bad will ever come to it and lose it all when it does. I personally don't care what happens to BTC, I'm just stating some simple and obvious facts. |
I want to buy $1000 per day as long as its going up and sell X per day
How can I do it? |
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invest in bitcoin domains
i'm selling bitcoinvideos.com and bitcoinvod.com pm me for info |
Invest in ASIC miners and hope bitcoin price stays high. It will take a few months to break even on the miners but you should be making a steady profit from there. GPU mining will cease to be profitable once ASIC miners flood the market.
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There should be competing currency even if it would be difficult to maintain. We should all have the right to choose our currency. But that is exactly why some balls need to be cuddled in Washington because it is a competing currency and the Federal Reserve and government doesn't allow that. Using mtgox for example, they have bank accounts somewhere as they trade dollars for BTC. Those bank accounts can be frozen in a blink of an eye, as can any other exchanger. I would think they would want to do everything possible to make sure that doesn't happen, and since it is a competing currency, and it is being used openly for illegal goods, the odds are currently not in their favor. Anyway, good luck with it. Hope you make a bunch of money. I'm not getting involved but it's interesting to watch. |
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looks like avalon is getting the gremlins sorted out, this is from a buyer
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2. select one and snag its hash rate and plug that in here 3. http://www.bitcoinx.com/profit/ 4. profit! |
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the BIG factor is the fact that the mining rate is directly tied to the mining activity, when the asic rigs really come on line in the coming months, the # of bitcoins mined per rig will drop significantly.
i don't know if i am explaining that right, using the right terms, but i believe that is the gist of what will happen very soon. |
Has anyone found out what is actually "mined" yet? Just wondering :)
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As far as the average miner it's hard to say. It all depends on how many miners they have and their hardware. Since the difficulty to mine them goes up along with the total hashrate a lot of people were re-investing into additional mining rigs to try and keep a steady flow of bitcoins. Otherwise you'll be mining less and less bitcoins. CPU mining became obsolete once GPU mining started roaring. Now that ASIC miners are starting to hit after a while GPU mining will become obsolete. As always the first people to start using new mining technology always make the most money. (One of the first ASIC miners reported making $1,300 in 9 days) Once the market becomes flooded with the new technology profitability drops like a rock. |
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i plugged in the asic batch #1 rig, at $1299, you make your ducats back in 3 days. the problem is everyone will get their batch #1 rig at the ~same time, completely changing the current difficulty # dramatically- as i understand it, and i have no idea how to guess what the new # will be. :upsidedow |
there ya go, Mike has the experience on it, thanks!
looks like this site gives a 14 day out guestimate on the difficulty http://bitcoindifficulty.com/ so in 14 days there will be a 5% increase in total computing power/economy, which means after the anticipated dip this weekend there should be a super nice uptick in value eh? fair to say?? |
no, value is not driven by difficulty
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If you ordered now you wouldn't get your BFL order for many months. By that time the difficulty will be Sky high. You would get way less bitcoins but, that could also be offset by a way higher exchange rate. Never judge your possible earnings by the mining calculators. |
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ok, so here's the problem- miners are awarded blocks of 50 bitcoins at a time. as a solo miner, your statistical odds of that, compared to mining groups, is very very low, according to this
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nevertheless, the bitcoin calculator states Average generation time for a block (solo)= 53 days. so the calculator is somewhat misleading as it cannot calculate your chances of hitting that 50 bitcoin block, it simply assumes you do every x# days. ( i had 53 in here since i had that plugged in at the time) perhaps others can clarify. :) |
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ok, i see my mistake now. i was looking at that future projections chart wrong. thanks for the headsup!
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How can I short bitcoin?
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this might be a stupid question, but if you break even in 3 days? why even sell it in the first place? why not fill an entire room with these asic rigs and mine 1000s of bitcoins per day yourself?
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The difficulty is already shooting up as more and more ASIC miners come online. The only company that I know of that has them available and has started shipping them in small batches still has a backorder and a wait of 1+ months to get one if you ordered now. Another company butterfly labs hasn't even begun shipping them yet and even if you ordered one now you wouldn't receive it for 2-3 months or more. In the meantime while your waiting for one the difficulty will continue to increase from people who already have ASIC miners from ordering from the earlier batches. There is no way to really tell what the difficulty and profitability will be 2-3 months from now. But let's pretend like you got your 60Ghash/sec ASIC miner today. You would probably be able to mine ~3.9 bitcoins a day. So lets call it $351/day. In 2-3 months the market will be flooded with ASIC miners causing the difficulty to sky rocket. Would the difficulty double, triple, or quadruple in 3 months time? Who knows. But that would knock your potential profitability down dramatically. And that is assuming bitcoins stay at ~$90 per coin. |
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ok, the total computational power is related to the creation of bitcoins. so i looked at it like the dollar, the treasury creates more dollars and that impacts the value of the dollar right? so wouldn't the # of bitcoins mined over a certain period of time do the same thing to bitcoin value? :upsidedow |
i know i must be having a major brain fart on this, i do have something else pressing on my mind right now.
lol |
There will only ever be 21,000,000 bitcoins. Once the 21 million are mined that is it. It's not like the U.S. Government which just creates more "money" willy nilly to pretend the economy is doing better.
The total computational power is only related to the difficulty which is used to control the amount of bitcoins mined. This prevents all 21 million bitcoins from being mined in a short period of time. Also the amount of bitcoins per block halves every 4 years. "Blocks are mined every 10 minutes, on average and for the first four years (210,000 blocks) each block included 50 new bitcoins. As the amount of processing power directed at mining changes, the difficulty of creating new bitcoins changes. This difficulty factor is calculated every 2016 blocks and is based upon the time taken to generate the previous 2016 blocks" |
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Wow I had no idea that only 1/3-1/2 of them exist at this point
http://blockexplorer.com/q/totalbc |
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