So.. how do I mine bitcoins again?
ASICs
At $100/BTC, GPU mining might be profitable again. Slow, but profitable.
Bitcoin exchange rate reached $100 USD per BTC
161–170 of 600 posts
Re: Bitcoin exchange rate reached $100 USD per BTC
#162Earlier quoted context omitted.
Oh, I was going to write about Freicoin. It seems like an incredibly fascinating concept and I'd really like to see an online economy emerge around it. Do you use it?
Why would anyone opt in to demurrage?
I think that's a very good question. People would have to think that its a more stable currency with greater long term value to opt into it.
Re: Bitcoin exchange rate reached $100 USD per BTC
#163Everyone keeps saying that a crash is around the corner and the current price is unsustainable, been hearing it since $40/BTC, maybe earlier. I don't completely disagree, the question I keep pondering though is, if there is a big sustained crash coming, is it from $100 to $30, or $900 to $300?
Been hearing it when it was trading at prices less than $ 1. Not sure what to think. What if it gets hacked ? What if the creator has a backdoor ?
The exchange or Bitcoin itself? The code is open source and actively developed. Many people come over to bitcointalk asking about certain sections of the code. Many many eyes are looking at the main client source. Its highly unlikely there is a backdoor that has been missed.
Re: Bitcoin exchange rate reached $100 USD per BTC
#164Everyone keeps saying that a crash is around the corner and the current price is unsustainable, been hearing it since $40/BTC, maybe earlier. I don't completely disagree, the question I keep pondering though is, if there is a big sustained crash coming, is it from $100 to $30, or $900 to $300?
Been hearing it when it was trading at prices less than $ 1. Not sure what to think. What if it gets hacked ? What if the creator has a backdoor ?
I almost bought $500 worth of BTC back when they were trading for pennies. Now, who knows if they would have survived two hacks, or if I would have had the patience to hold on to them, but I sometimes wish I'd pulled the trigger.
Re: Bitcoin exchange rate reached $100 USD per BTC
#165This feels kinda like a pump and dump to me. I don't mind articles/projects/sites that make use of bitcoins. But the frequency of posts on how much each bitcoin is worth feels like pennystocks/etc on an investing forum. People trying to get more people to buy in. To drive it up. So they can get out while it's high.
The whole "Cyprus people are getting into Bitcoin" narrative is a total lie as well. But I guess Bitcoin is a great learning opportunity for spotting Scams etc., as long as people don't lose too much money, it might even be beneficial.
I'm growing really bored of people who don't know what they're talking about calling Bitcoin a scam.
Re: Bitcoin exchange rate reached $100 USD per BTC
#166Earlier quoted context omitted.
US government declares it an illegal currency, and if you accept bitcoins at your business you will be investigated. Game over.
Some numbers are illegal, but that's because they have particular uses (Crypto etc). How in the world would the US be able to declare possession and exchange of data illegal?
Child pornography stored on a computer is data. The possession and exchange of child pornography is illegal.
Re: Bitcoin exchange rate reached $100 USD per BTC
#167Earlier quoted context omitted.
A new domain name has been 10 USD from Namecheap for the last decade. A new domain name in BTC however, has varied between 1 BTC and 0.1 BTC in just the past two months. BTC as a proxy for USD is still useful IMO, it gives us a way to avoid Paypal and other online processors. But for it to be a USD replacement, it needs to first settle down and stabilize.
"A new domain name has been 10 USD from Namecheap for the last decade. A new domain name in BTC however, has varied between 1 BTC and 0.1 BTC in just the past two months." I agree that the value of bitcoins changes faster than other currencies. However, the fact remains that the prices for all currencies change. Domain names are the exception, but inflation adjusts prices upwards of almost all commodities. "BTC as a…
USD changes at a rate of 3% per year, according to the CPI.
Bitcoin is currently changing at a rate of 50% per month.
Volatility is a bad thing for currency. Bitcoin has too much of it right now.
And sorry, as long as BTC keeps changing by 50%+ per month, it will only be a proxy currency. If BTC is to become a true currency, it will need to settle down to ~3% / year volatility, like the other major currencies of the world.
Re: Bitcoin exchange rate reached $100 USD per BTC
#168Earlier quoted context omitted.
Give it time. I happen to think that bitcoin is still stabilizing. Whether it will stabilize at an even higher price than it is now, or "crash" and stabilize at a much lower price, I think it will eventually stabilize.
"I happen to think that bitcoin is still stabilizing." Considering that this is the largest spike in the history of Bitcoin, I would like to know what makes you think that. "I think it will eventually stabilize." So do I, but that is because I think it will eventually fail (and stabilize at $0/BTC).
"Still stabilizing" means "has not yet stabilized". As in, it's trying to find a stability point.
Re: Bitcoin exchange rate reached $100 USD per BTC
#169That's insane. Only a few months ago 1BTC was going for about $30 USD. There were threads discussing $30/BTC where people were saying that it was too late to get on the wagon...
What's insane is that people here were trying to find out ways to short Bitcoin when it was at here at price.
Oh, there are a number of users that have been nay-saying for months, or longer. I hope they did manage to get a short in. That sounds vindictive, but even in this thread are people that clearly don't understand BTC firing off calling it a "scam". Poor people, should've bought two weeks ago.
Re: Bitcoin exchange rate reached $100 USD per BTC
#170Earlier quoted context omitted.
ASICs
At $100/BTC, GPU mining might be profitable again. Slow, but profitable.
Unfortunately not, I have been watching GPU mining returns vs the BTC price for a while, all the time the hash rate of the network is always increasing a little quicker than the income from mining.
The ASIC's will continue to dominate. Per watt of electricity they are far more efficient and we will see thousands of ASIC coming into existence this year. GPU mining Litecoin and converting over the USD or Bitcoin is actually more profitable.