Topic: $504000 per day (Read 16693 times)

This is bad for TRC But what if someone will attack it again after the network gets back to normal? 

Possibly just a big FPGA rig is more likely

As far as most people know ASIC for LTC is not possible or is a far ways off due to different computational method.  It's the SHA256 cryptos that are getting bulldozed.

That will be a problem for the budding sub-currencies under Bitcoin as these super powerful devices come online. Those markets are too fragile to power dump on. Bitcoin went through a natural progression in size and computing power. LTC/TRC may have some headache as that high level tech is being applied to it way too early.

hey friends, TRC was hit by one of the asics and is lagging and they put in a historical fix, and we just need to get through 2 Blocks, and we will be out of our bind.  but the increased difficulty has scared the miners away, if anyone could spare any mining power for half an hour for the TRC cause, it would be so helpful right now.

thank you

and I know TRC doesn't belong over on BTC

As the currency war progresses, and Bitcoin keeps expanding, miners will be forced to start using their coin to buy the necessary hardware to stay competitive. Until now it was more or less a garage experiment that no one predicted would do what it's doing now. There was simply nothing much to do with BTC after you mined it in the early days as no one accepted them really, so it has just been piling up in these accounts a while.

But that is changing now with more and more merchants hopping on board, and competition due to the ASIC wave that is inbound will increase dramatically. Garage GPU mines will either move forward in the new industry and throw down the big bucks to go Pro, move to Litecoin/Terracoin or some other BTC derived economy, or just sell their rigs and shut down altogether.

Such short term thinking, keep focus on the larger picture and the Bitcoin protocol's viability looks a lot rosier. We are about to enter the big leagues here and will involve serious capital, spending within the network will increase as merchants make that available. I'm just waiting for a company like Newegg to start accepting them which will propel Bitcoin's legitimacy, and the real game will begin.

This is just the beginning of something like likes of which the world has never seen, I myself am going all in.

What if you read this in a couple years when one BTC trades for $1000, $2000 or even more?
Sure it may not seem realistic right now but can you rule it out?

BINGO!!

Greed is a powerful thing. I doubt that there is only one entity going hard into ASICs, it will balance out.

Excuse me but that's BS. I buy BTC at all prices, as soon as I get my paycheck, and it's been months now. What's expensive? I guarantee you that when I was buying at 14, 25, 33 or 65 something in my stomach was telling me "what a pity, now is more expensive", just because I knew that just a few months earlier it was WAY cheaper.

But you know what? My brain and my analysis always told me: THIS IS CHEAP COINS

And $140 it's still very cheap coins.

Wake up: there are only 11MBTC in circulation, and there will be a maximum of 21MBTC.

BUY

Buying BTC at $130 is a huge gamble and unrealistic for a most people.  If I had the money to invest considerably in BTC at the current prices, I'd pony up for an existing ASIC.  But, as it stands, the mtgox price is down 2% already.

I think the takeaway for me is, I should have got into mining earlier and/or bought bitcoins at $10.  Just missed the boat.  Nobody to blame but myself.

Buy as main BTC as possible while waiting ASICs second gen to order as soon as its announced. It will be a gamble, but the reward will be much higher

^ This is the problem. 

I'm trying to get into mining, but roadblocks are pretty much everywhere.  ASIC's are being only shipped by one vendor, at the moment - Avalon - but in small numbers and those are all spoken for.  Most miners that have been mining a while can afford the $5k,$10k,$20k USD equivalent price (which keeps going up) for those machines due to the demand.  BFL has reasonably priced equipment, but hasn't really shipped anything and, in my opinion, isn't even close to shipping a real product that meets their advertised specs.  FPGA's and GPU's aren't cost effective to invest in at this point, due to the difficulty.  Besides, even if I wanted to buy FPGA's, hardly anyone is selling those anymore, either.

So really, there aren't options for new people interested in mining.  This "decentralized" currency is ending up in the hands of the few that actually have the few ASICs out.   Believe me, I'd love to "buy an ASIC rig and enjoy", but I can't reasonably do that.

Until more vendors are really shipping equipment or turning out more equipment than they have orders to fill, the ability for someone to break into mining now is slim to none.  That is simply the state of the scene right now.

When 1 Satoshi = 1$ I'd say this is close to top! At least that is my wishful thinking

Sooner or later a reasonably large correction is expected, but we're VERY FAR from the top. The game has just started.

The rate the price is jumping is starting to look ridiculous. 50% in one day, there is no way that will continue very long. Looks like we will see the top soon.

Right, the revenue of VISA should be compared with the amount miners get from the transaction fee. A better comparison would be to compare the block reward to the amount all the banks around the world spend each day on their computer systems and security systems. Any idea how to estimate that amount?

The mining reward encourages the existence of the network.  With out it your transactions do not get processed.  The fact that the reward is so large, is simply the fact that BTC exchange is so high.  It will equalize as the amount of money flowing in matches the amount going out.  The only reason it is so high is because so many people are buying BTC.  It has NO impact on the network how much the miners make.  I think you can easily get away with sending funds with out transactions or very low transaction fees attached.  The amount miners make from transactions is so small anyways.

The fed creates $268000 in debt per one mined bitcoin .

Do you think this amount is a reasonable amount to keep the system going?