51–60 of 104 posts
I work this out to be about 180 Mhash/J, which is 80-100x more energy efficient than any GPU mining. Also, for anyone wondering: At current difficulty and rate of exchange this will cost you <$0.10 a day to run and generate $40 of Bitcoin.
Earlier 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.
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.
Not for the last 80 years it hasn't..
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?
Only if they're "long BTC". What makes you think they are? They're just providing shovels & tools to "miners in a gold rush". Historically, such providers have always done phenominally well.
At least they get the rigs at production cost to run them---selling them for good ol' USD may just be a hedge or sideshow, only time can tell.
Earlier 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.
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.
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?
> 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? Only if they're "long BTC". What makes you think they are? They're just providing shovels & tools to "miners in a gold rush". Historically, such providers have always done phenominally well. At least they get the rigs at production cost to run the…
The 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 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.
I work this out to be about 180 Mhash/J, which is 80-100x more energy efficient than any GPU mining. Also, for anyone wondering: At current difficulty and rate of exchange this will cost you <$0.10 a day to run and generate $40 of Bitcoin.
$40 per day?
As ASICs come online, the difficulty is going to go up, which will reduce the daily generation rate for any given miner. I've been trying to decide whether or not to order a device now based on my profitability prediction for months from now when I might actually get it. I'm guessing by the time I get one I might be able to produce at least 0.05 BTC/day. Assuming that's $6/day, the $274 device will take about six weeks to pay for itself. Not too bad, but I don't know if keeping tabs on it afterwards is worth it for $6/day. It'd only be worth it if I think BTC are going to be worth a lot more in the future... getting back to hoarding coins as an investment rather than using them as currency.
Earlier quoted context omitted.
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 b…
Loans are generally repaid in currency, paying back a loan creates even more currency as the additional currency created by the interest becomes an asset against which loans can be issued.