Topic: Anyone willing to loan 24 BTC? (Read 1544 times)
I need a acceptable Property as security for your loan.
I don't have anything.
Then no loan. Sorry.
Then what's the point of a loan if you give to someone who has something already?
Hmm... Maybe something to ask a bank?
Oh that's right, you're broke therefore you cannot lend anything and thus you have no ability to answer!
I need a acceptable Property as security for your loan.
I don't have anything.
Then no loan. Sorry.
Then what's the point of a loan if you give to someone who has something already?
Hmm... Maybe something to ask a bank?
I need a acceptable Property as security for your loan.
I don't have anything.
Then no loan. Sorry.
Then what's the point of a loan if you give to someone who has something already?
I need a acceptable Property as security for your loan.
I don't have anything.
Then no loan. Sorry.
I need a acceptable Property as security for your loan.
I don't have anything.
I need a acceptable Property as security for your loan.
Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new currency, however we have inflation with USD.
I wouldn't say this is a good comparison as there are a finite number of Bitcoins that will ever be produced, as we have all known for a very long time.
1 TH/s, 10k bitcoin users has the same demand as 1 GH/s, 10k bitcoin users.
Yes, I understand that.
edit: Did you see my question in post #27? Again, this will end up useless to anyone except for an elite % in Bitcoin world. The rest will take nothing from this payment system, because it ends up being as corrupt and pointless as any other, including the fiat system. Void of helping the small guy, I wager that Bitcoin is nothing, and is altogether about as useful as a scam.
Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new currency, however we have inflation with USD.
I wouldn't say this is a good comparison as there are a finite number of Bitcoins that will ever be produced, as we have all known for a very long time.
1 TH/s, 10k bitcoin users has the same demand as 1 GH/s, 10k bitcoin users. YOU may earn less bitcoins, but someone else is eating in 'your share'. Generally same amount of BTCs would be dumped on the market or not purchased.
Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new currency, however we have inflation with USD.
I wouldn't say this is a good comparison as there are a finite number of Bitcoins that will ever be produced, as we have all known for a very long time.
Difficulty is not directly correlated with the bitcoin price. It is one of the factors that affect it, yes. However, this is elastic. At a certain point, mining would be pushed out from the hobbyists when it no longer becomes profitable unless you invest great sums, and then we are going to have 25/12.5/etc BTC every 10 minutes, some sold on the market.
In this case, we may see it lose value because there would be little point to use Bitcoin over government money. In the end, it will be an elite group who have it all. Am I correct?
Only the rich bankers (Federal Reserve and FRB Banks) can afford to produce new dollars, however we have inflation with USD, not a increase in values.
Difficulty is not directly correlated with the bitcoin price. It is one of the factors that affect it, yes. However, this is elastic. At a certain point, mining would be pushed out from the hobbyists when it no longer becomes profitable unless you invest great sums, and then we are going to have 25/12.5/etc BTC every 10 minutes, some sold on the market.
Difficulty is not directly correlated with the bitcoin price. It is one of the factors that affect it, yes. However, this is elastic. At a certain point, mining would be pushed out from the hobbyists when it no longer becomes profitable unless you invest great sums, and then we are going to have 25/12.5/etc BTC every 10 minutes, some sold on the market.
Let me show you an example.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
So if that is the case, then I should hold on tightly to the few Bitcoins I have because they are going to be worth millions soon?
BTCUSD is not directly linked with the network difficulty.
If only the rich tycoons of Bitcoin can afford to mine, then scarcity will most definitely increase as mining is completely out of hobbyist ranges.
Let me show you an example.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
So if that is the case, then I should hold on tightly to the few Bitcoins I have because they are going to be worth millions soon?
BTCUSD is not directly linked with the network difficulty.
so you want to spend 30,000 USD on a ASIC Miner? were you born stupid?
Let me show you an example.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
So if that is the case, then I should hold on tightly to the few Bitcoins I have because they are going to be worth millions soon?
Let me show you an example.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
When a new technology was introduced (GPU mining), the network difficulty went from 300 (yes, three hundred) to 55,000 in half a year. That is a 183x increase in 6 months. If you look at one year, it's 5851x. Of course, the ASIC situation is somewhat different because of supply issues, but when the supply issues are resolved...
You 60 trillion network difficulty in 1 year using historical increases. The scarcity of bitcoin does not decrease with the network difficulty, there are always 25 BTCs every 10 minutes. The more difficulty there is, the more your mining hardware deprecates. This is important because we are not talking about GPUs or FPGAs with non-Bitcoin markets, ASICs are ASICs and can only be used for Bitcoin mining.
Also remember, as difficulty goes up, so does the scarcity of Bitcoins and thus the price increases, making the few bitcoins I mine per week worth enough to add more GH/s to my hobby, and if I must, I'll partner with someone to take it to the next level (which I don't personally foresee as ever being necessary.) Let's put this into perspective.
If you're lucky / on the core dev team / foundation and has early access to ASICs, then sure you might be able to make a profit. But for most, their blissful "I'm going to make ROI on my ASIC preorders" imaginations will be shattered.
See this: http://polimedia.us/trilema/2012/the-problem-with-pmbs-ie-perpetual-mining-bonds/
How much depreciation in %/year do you estimate for a miner?
See this: http://polimedia.us/trilema/2012/the-problem-with-pmbs-ie-perpetual-mining-bonds/
How much depreciation in %/year do you estimate for a miner?
Ok, difficult is at 12,000,000 now (rounding by the million). Let's say KnC keeps their word and I get my miner before the end of the year. Is it reasonable to assume that the difficulty won't be 10x what it is today? I know a lot of TH/s will be added to the network, but if I honestly thought it would be over 10x what it is today, I really wouldn't bother. Even at 120,000,000 I'm able to get my mine ฿22~ in only a month. Let's take a more reasonable estimate that within a year, 120,000,000 is the average difficulty I experience, thus a mere ฿264 of the millions mined that year will be in my wallet. Am I being unreasonable? I think the greatest risk would obviously be KnC, but I'm willing to take that risk and leave as little exposure to risk as I possibly can to the lender. That's the circumstance I'm working with and if it's wrong then I have no more to say to you specifically.
If you're lucky / on the core dev team / foundation and has early access to ASICs, then sure you might be able to make a profit. But for most, their blissful "I'm going to make ROI on my ASIC preorders" imaginations will be shattered.
See this: http://polimedia.us/trilema/2012/the-problem-with-pmbs-ie-perpetual-mining-bonds/
How much depreciation in %/year do you estimate for a miner?
See this: http://polimedia.us/trilema/2012/the-problem-with-pmbs-ie-perpetual-mining-bonds/
How much depreciation in %/year do you estimate for a miner?
Do you understand that mining is not something you do as a hobby, but it is an actual business? With employees and datacenters?
Maybe if you're dealing in TH. GH is still doable as a hobby. Don't exaggerate the reality of things.
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