My point exactly. I kinda was under the assumption the Bitcoins were a huge innovation that would eventually be used by the majority of people as an online currency. I think that idea is out the window. I know see it becoming more like a bunch of banks that owe all the coins. And on the other side i see people like us totally losing interest all together as the system will become no different then what we have now. Really sad to be part of and watch a wonderful idea go out the window so fast. I guess it was only a matter of time as it has been predicted to happen. Bad part is its happening way sooner. I will still mine hoping that it survives as i am mainly doing it for fun and because i believe in the concept. I also believe or hope rather that something will change to prevent this from happening the way it is.
Like i said i don't see any other conclusion besides the end of what we call Bitcoins today.But then again it will be a great opportunity for another online currency to take over. Sure i can run out right now and order a few 60Ghz machines right now and set them up but honestly i want no part of the destruction that i personally foresee.
But again im hoping someone can put some ease to my worries.
Another thing if Bitcoins died today i would lose nothing so my worries are not about me but the whole system i really admire.
Take Care
Topic: Am i wrong thinking Butterflylabs is the end of Bitcoins ? - page 3. (Read 5589 times)
Mining coins getting 20 times harder means:
1. price goes up?
2. price goes down?
The value of Bitcoin comes not from being easy to make at home!
Bitcoins are getting out of stock, because the average guy, like you and me, can't make them ourselves any more.
1. price goes up?
2. price goes down?
The value of Bitcoin comes not from being easy to make at home!
Bitcoins are getting out of stock, because the average guy, like you and me, can't make them ourselves any more.
Hiya guys I know I am new to Bitcoins/mining and there is allot I don't understand.But there is allot I do understand also. I knew about Butterflylabs when i recently decided to get into mining Bitcoin's and Investing etc.But don't get me wrong i think are amazing at what they created and i highly respect their intelligence.
But the last few days i cant get it out of my head how this isn't going to really do a number on the whole Bitcoin system. Miners like me who thought they had half decent mining setups now will become totally pointless seeing you can buy the BitForce Jalapeno 4.5 GH/s for $150.00 Thats 1/3 the cost of just 1 7970. My first thought of course was wow im dumping my cards and grabbing a few of those.The i woke up and came back to reallity and realized just about every Miner out there is doing the same.
So ok im going to lose by staying with my GPU's but i dont see how everyone is not going to lose as wont the coins all be held by few people extremely soon? We are talking machines faster then complete pools at the moment. I cant see any future every way i look at it for Bitcoins once a few thousand of these are running.
Problems i see is 1) the majority of the coins will be held and not in circulation. 2) Mining will become kinda pointless or let me re phrase that it will become less attractive. 3) I think the value of the coin will be like pennies really fast.
That is just a few of my concerns. Can someone please prove me wrong and tell me there is a future and why?
As i said i am rather new so take it easy on me as i think i have some valid points even if they are a little off.
Take Care
MybadOmen
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