Hey all. This is my first post on the forums.
Thought perhaps I could get some answers in this thread instead of posting a new one as the topic is fairly relevant to my questions.
Is it worth investing and getting in the ASIC mining game now? I can have it going in about a month or two.
Some of my friends adviced me not to investing in a few ASICs due to the topic here, its dead, or soon to be.
Can these ASIC devices be used for mining any other altcoins, like, name- or litecoins?
Best regards.
Topic: Bitcoin is Dead - page 3. (Read 7684 times)
ASICs appear to have killed bitcoin. I can't see this stopping until the ASIC buyers stop dumping cheap BTC to pay for their rigs.
I believe this is what is occouring.
But this is a sort of redistribution as well so it is interesting.
ASICs appear to have killed bitcoin. I can't see this stopping until the ASIC buyers stop dumping cheap BTC to pay for their rigs.
It's only just begun
is this the start of a new altcoin?
deadcoin?
bitdeath?
dethkoin, the most brutal altcoin. blacker than the blackest black times infinity and here to make everything metal.
Dethklok rules,
hifieli
deadcoin?
bitdeath?
dethkoin, the most brutal altcoin. blacker than the blackest black times infinity and here to make everything metal.
Dethklok rules,
hifieli
I haven't anybitcoins to bet I'm waiting until November to buy them.
BTC IS NOT DEAD !BTC
Who said BTC is dead? We are talking about the price.
The model that BTC is build on, cant die because if all stop mining, difficulty will drop. Demand will start, price will go up e.t.c
BUT THIS AINT HAPPENING.
1 BTC will become 1 US Dollar.
If you want, i put a bet on this. All my coins!
If you want, i put a bet on this. All my coins!
what are you basing this conclusion on? If you can predict prices of assets this well and with this much certainty than I should assume you are already a multi-billionaire
Just trust me
BTC IS NOT DEAD !BTC
1 BTC will become 1 US Dollar.
If you want, i put a bet on this. All my coins!
If you want, i put a bet on this. All my coins!
what are you basing this conclusion on? If you can predict prices of assets this well and with this much certainty than I should assume you are already a multi-billionaire
1 BTC will become 1 US Dollar.
If you want, i put a bet on this. All my coins!
If you want, i put a bet on this. All my coins!
I hope that the exchange rate will go over 100 euro 
bitcoins will never be dead. can certainly lower in price but can also raise 
1 BTC = 1 US Dollar.
Thats the future of BitCoin.
Wanna bet all your coins?
Thats the future of BitCoin.
Wanna bet all your coins?
Maybe ripple save us?
Maybe Litecoin save us?)
As long as Bitcoin will have a use, it will be worth something.
2011
Quote
I really don't get what you're saying. Whether there ends up being 3 big miners, 1 big miner, or even zero.. How does the number of miners effect bit coins usefulness or value as a currency?
The *part* of his point that's valid, and that you're missing, is that the power to control the future flow of coins is represented in the ability to monopolize their generation - it's the problem we have now with fiats - when the central (criminal) bankers own the printing press, then the rest of us have to wait to see how many they make to know which direction the long-term value will go...
On that worry, he's got a point about the centralization of creation of *any* store of value.
BTC is not at risk for this, though. The OP misses that BTC mining is (always will be?) competitive. If ASICMiner takes their farms off-line, or even stops adding to their hashrate, there's an entire planet of other miners still running. This doesn't happen with traditional, centrally-controlled fiat currencies (under penalty of jail, i.e. counterfeiting). THE central authority dictates value (interest rates, minimum wages, tax floors) AND creates the medium of exchange - this is racketeering at it's best.
What the OP is worried about won't happen because one company goes faster than everyone else for a little while.
The part you are missing is that the production of bitcoins is already defined. Half of all the bitcoins that will ever be produced are already in circulation. The amount of bitcoins that any group (or single individual) can mine is limited. While it has some bearing on the worth of all of the coins available, no one can ever monopolize or control it. They cannot increase the amount that will be produced over specified time, and they cannot control the coins that are already out there.
Of course, this is all moot, because the idea of a few miners controlling the mining is insane. Unless someone comes up with such an insanely efficient way to mine bitcoins that it increased the difficulty 100x overnight, which is around what it would take to make Avalon ASICs stop being cost effective at current BtC rates and electricity costs in the developed world, then there will always be many, many other people mining.
The bitcoin system really is quite beautiful. The kind of leap it would take to break it would also change the world as we know it. True quantum computing may be able to do it...but that isn't even a sure thing.
The *part* of his point that's valid, and that you're missing, is that the power to control the future flow of coins is represented in the ability to monopolize their generation - it's the problem we have now with fiats - when the central (criminal) bankers own the printing press, then the rest of us have to wait to see how many they make to know which direction the long-term value will go...
Well no. First of all it is all academic because there won't be only one miner but even if there was, miners don't control the rate of generation the protocol does. This makes Bitcoin unlike ANY fiat currency. Fiat currency is handing the rate of generation to a cartel of elites with 100% implicit trust that they won't abuse that authority through ignorance, corruption, or greed.
Quote
I really don't get what you're saying. Whether there ends up being 3 big miners, 1 big miner, or even zero.. How does the number of miners effect bit coins usefulness or value as a currency?
The *part* of his point that's valid, and that you're missing, is that the power to control the future flow of coins is represented in the ability to monopolize their generation - it's the problem we have now with fiats - when the central (criminal) bankers own the printing press, then the rest of us have to wait to see how many they make to know which direction the long-term value will go...
On that worry, he's got a point about the centralization of creation of *any* store of value.
BTC is not at risk for this, though. The OP misses that BTC mining is (always will be?) competitive. If ASICMiner takes their farms off-line, or even stops adding to their hashrate, there's an entire planet of other miners still running. This doesn't happen with traditional, centrally-controlled fiat currencies (under penalty of jail, i.e. counterfeiting). THE central authority dictates value (interest rates, minimum wages, tax floors) AND creates the medium of exchange - this is racketeering at it's best.
What the OP is worried about won't happen because one company goes faster than everyone else for a little while.
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