I doubted that these ASIC rigs would ship any time soon. Wouldn't it be more profitable for the vendors to simply to delay/cancel orders and run the rigs 24/7 themselves?
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Bitcoin ASIC Miner from BFL, finally
41–50 of 104 posts
Re: Bitcoin ASIC Miner from BFL, finally
#42Earlier quoted context omitted.
This waxing and waning of mining devices is certainly going to become the norm. * Buy up $10K worth of devices * Make your money while flooding the market with fast and easy BTC * Sell off all your hardware after the profit margins have cratered * Wait for new hardware and rinse and repeat Personally I will be extremely glad when the first wave hits as the hoarders will start feeling the pinch of inflation.
bitcoin does not work that way. Inflation decreases at a set rate.
Supply will always be constant however how it's divided changes -- people who previously enjoyed lack of competition are now having their feet held close to the fire.
Re: Bitcoin ASIC Miner from BFL, finally
#43The more people get excited about faster ways to hoard bitcoins and eventually make a nice profit (presumably in USD in the end) the dramatically more cynical I become about its future. When the bitcoin discussion was mainly around its use as a currency for things like silkroad, VPNs etc I actually thought it seemed to have a promising future. I really hope I'm wrong, but I have a feeling in 2023 the bitcoin discussi…
Indeed, it is pretty crazy. I know someone with an Avalon ASIC who claims Satoshi is a genius. I think he's biased by the fact he has a small device that plugs into the wall and makes him more money than his day job.
Re: Bitcoin ASIC Miner from BFL, finally
#44I ordered the 60gh/s SC Single the night preorderes opened like a year ago. I think there are maybe ~7 orders before me. I hope I get it soon. I paid 220 btc@5.45 usd for it, let's see if its worth it.
> 220 btc
Holy moly: $27K.
Re: Bitcoin ASIC Miner from BFL, finally
#45The more people get excited about faster ways to hoard bitcoins and eventually make a nice profit (presumably in USD in the end) the dramatically more cynical I become about its future. When the bitcoin discussion was mainly around its use as a currency for things like silkroad, VPNs etc I actually thought it seemed to have a promising future. I really hope I'm wrong, but I have a feeling in 2023 the bitcoin discussi…
> The more people get excited about faster ways to hoard bitcoins
People seem to be oblivious to the fact that a currency must be available in order to be useful. There is a reason that Gresham's Law has achieved "Law" status.
Oddly, the right thing to do for currency acceptance would be to shutdown all of the ASICs.
Re: Bitcoin ASIC Miner from BFL, finally
#46The more people get excited about faster ways to hoard bitcoins and eventually make a nice profit (presumably in USD in the end) the dramatically more cynical I become about its future. When the bitcoin discussion was mainly around its use as a currency for things like silkroad, VPNs etc I actually thought it seemed to have a promising future. I really hope I'm wrong, but I have a feeling in 2023 the bitcoin discussi…
> The more people get excited about faster ways to hoard bitcoins People seem to be oblivious to the fact that a currency must be available in order to be useful. There is a reason that Gresham's Law has achieved "Law" status. Oddly, the right thing to do for currency acceptance would be to shutdown all of the ASICs.
I think people are more oblivious to the fact that a "deflationary currency" is inherently flawed because it by definition results in hoarding, which is not what you want people to do with your currency. Why would you bother loaning or investing it if you can make more money just sitting on it?
Re: Bitcoin ASIC Miner from BFL, finally
#47Earlier quoted context omitted.
> The more people get excited about faster ways to hoard bitcoins People seem to be oblivious to the fact that a currency must be available in order to be useful. There is a reason that Gresham's Law has achieved "Law" status. Oddly, the right thing to do for currency acceptance would be to shutdown all of the ASICs.
I think people are more oblivious to the fact that a "deflationary currency" is inherently flawed because it by definition results in hoarding, which is not what you want people to do with your currency. Why would you bother loaning or investing it if you can make more money just sitting on it?
If USD was limited to currency in circulation then it would not be nearly as inflationary as it is.
Once an established lending system based on bitcoins is established it will have the same problems as our current currencies. It wasn't printing money that caused the real estate bubble, it was the way to banking system has the power to expand credit and the systemic risk that expansion of credit causes.
Once there are fractional reserve bitcoin banks it will no longer be a deflationary currency.
Re: Bitcoin ASIC Miner from BFL, finally
#48The more people get excited about faster ways to hoard bitcoins and eventually make a nice profit (presumably in USD in the end) the dramatically more cynical I become about its future. When the bitcoin discussion was mainly around its use as a currency for things like silkroad, VPNs etc I actually thought it seemed to have a promising future. I really hope I'm wrong, but I have a feeling in 2023 the bitcoin discussi…
> The more people get excited about faster ways to hoard bitcoins People seem to be oblivious to the fact that a currency must be available in order to be useful. There is a reason that Gresham's Law has achieved "Law" status. Oddly, the right thing to do for currency acceptance would be to shutdown all of the ASICs.
Why does the method of mining mean that a currency should not be accepted?
Gold serves as a currency yet the methods of mining have changed drastically in the last 1,000 years.
Re: Bitcoin ASIC Miner from BFL, finally
#49The more people get excited about faster ways to hoard bitcoins and eventually make a nice profit (presumably in USD in the end) the dramatically more cynical I become about its future. When the bitcoin discussion was mainly around its use as a currency for things like silkroad, VPNs etc I actually thought it seemed to have a promising future. I really hope I'm wrong, but I have a feeling in 2023 the bitcoin discussi…
> The more people get excited about faster ways to hoard bitcoins People seem to be oblivious to the fact that a currency must be available in order to be useful. There is a reason that Gresham's Law has achieved "Law" status. Oddly, the right thing to do for currency acceptance would be to shutdown all of the ASICs.
The same number of coins will be mined, no matter how many ASICs are online.
Re: Bitcoin ASIC Miner from BFL, finally
#50Earlier quoted context omitted.
I think people are more oblivious to the fact that a "deflationary currency" is inherently flawed because it by definition results in hoarding, which is not what you want people to do with your currency. Why would you bother loaning or investing it if you can make more money just sitting on it?
If USD was limited to currency in circulation then it would not be nearly as inflationary as it is. Once an established lending system based on bitcoins is established it will have the same problems as our current currencies. It wasn't printing money that caused the real estate bubble, it was the way to banking system has the power to expand credit and the systemic risk that expansion of credit causes. Once there are…
Will people want to borrow in defalationary biased currency though? Better to borrow in Bernanke Bucks where there is an unstoppable torrent being emitted monthly.
IMHO the Real estate bubble was from the Fed bailing the prior tech bubble by suppressing interest rates - which encourages borrowing. When loans are paid back, the currency created by taking the loan is extinguished but they have been juicing the system by continually suppressing rates via QE/bond purchases and not letting the real market decide the risk (ie: price of bonds). Now that interest rates have hit the floor - the next bubble to pop is the USD itself.