CEX,
Is your GHASH.IO pool currently down (for non-cex.io miners)? I have several proxy servers for blades that currently cannot connect to the pool. Only my CEX.IO account is mining.
I also see the pool just dropped by 300 TH over the last few shifts.
Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App*** - page 130. (Read 422328 times)
November 29, 2013, 11:24:18 PM
November 29, 2013, 03:51:00 PM
Explain something to me, say btc is $1000, i decided to spend 1 btc on 10 gh/s and actually mine with it, and not try to sell it 1 second after i bought it. Now i know i am in the whole $1000 but the btc it will mine for me over TIME will eventually even out then rest is profit..
What am i missing ?
What am i missing ?
November 29, 2013, 01:51:44 PM
Bananas aren't apples... Current GH price $? $70.41... On the high side... Don't buy simple. Whether you like it or not.... People still think in $ as it's a stable(ish) currency. If everything does crash the dollar won't. You are renting gash power not trading. As I said it is very expensive! A pre order won't make you money... Unless you trade it too. Asic Erupters are selling for €45 in Germany (336 not 1000 hashes)! I bought mine for "fun" at 14€ average... I'd make more money selling them and investing for a GH in CEX .. But it's not so much fun.
November 29, 2013, 01:23:50 PM
I do not think you guys understood...
USD is not BTC... but usd can be converted to btc and vice versa... the value FLUCTUATES a lot...
so please stop thinking the GHs price in USD...
should only worry with BTC/GHs
for people who hate CEX so much... go buy some pre-order hardware... and I will wish u luck myself...
November 29, 2013, 10:59:02 AM
Quote
A sort of rolling Ponzi scheme
In a Ponzi scheme the operator pays "interest" to investor A using investor B's investment, which disappears and cannot be withdrawn.
Please identify A and B in the Ponzi scheme you are proposing. Show how investor B's investment cannot be withdrawn.
Investor B's investment losing value due to market forces does not constitute a Ponzi scheme.
Simply that the value of GHS is falling in the long term.
A person buys GHS, which loses value. The holder of GHS never mines enough Bitcoin to cover the loss in GHS value. They then sell out at the lower price to another person trying their luck. They too suffer a loss and sell out to the next. That is the rolling Ponzi.
Yes, some might get lucky trading GHS on a very short term basis.
Overall, it's a zero sum game but with a fee to cover pool expenses.
Those who mine with rented GHS will make a loss. Those who mine the CEX pool with their own hardware will gain BTC. CEX cover their expenses with maintenance fees.
Okay, CEX are not deliberately running a Ponzi. It's those who rent GHS and try to mine with it who are placing themselves into a Ponzi.
GHS is not a valid investment, especially at over $70 a GHS. Hold onto your BTC. It's doing just fine at present.
I don't think CEX.IO thought things out. Well-meaning intentions, yes. Lots of computing types but nobody with an economics background. Like many Bitcoin oriented start-ups, it's the creation of Bitcoins that matters and little else.
Well the price tends to band between $60-$72... If BTC price rises.. The BTC pro GH falls... Of course it does! But when you translate price from BTC/USD you will see that it remains in this tight band... Even though the graph falls... It falls because the proportion of BTC to make the 60-73$/GH price... Is less... So if you bought GH at $60/GH when BTC was $300 and sold your GH at $70 when BTC was $1000... You have technically made $10... Hard way to look at it but... It's only BTC. If you don't like it don't trade... You are Infact just renting HASH because it's hard to find or buy your own hardware... BFL are offering 1gh for $10,83.... But it's not online yet... What will happen to the price here when the competition starts is your guess. I have 167gh coming sometime this millennium it's all a big gamble. I sold out today.. Difficulty change is very close!
November 29, 2013, 10:26:50 AM
Quote
A sort of rolling Ponzi scheme
In a Ponzi scheme the operator pays "interest" to investor A using investor B's investment, which disappears and cannot be withdrawn.
Please identify A and B in the Ponzi scheme you are proposing. Show how investor B's investment cannot be withdrawn.
Investor B's investment losing value due to market forces does not constitute a Ponzi scheme.
Simply that the value of GHS is falling in the long term.
A person buys GHS, which loses value. The holder of GHS never mines enough Bitcoin to cover the loss in GHS value. They then sell out at the lower price to another person trying their luck. They too suffer a loss and sell out to the next. That is the rolling Ponzi.
Yes, some might get lucky trading GHS on a very short term basis.
Overall, it's a zero sum game but with a fee to cover pool expenses.
Those who mine with rented GHS will make a loss. Those who mine the CEX pool with their own hardware will gain BTC. CEX cover their expenses with maintenance fees.
Okay, CEX are not deliberately running a Ponzi. It's those who rent GHS and try to mine with it who are placing themselves into a Ponzi.
GHS is not a valid investment, especially at over $70 a GHS. Hold onto your BTC. It's doing just fine at present.
I don't think CEX.IO thought things out. Well-meaning intentions, yes. Lots of computing types but nobody with an economics background. Like many Bitcoin oriented start-ups, it's the creation of Bitcoins that matters and little else.
November 29, 2013, 09:27:51 AM
Quote
A sort of rolling Ponzi scheme
In a Ponzi scheme the operator pays "interest" to investor A using investor B's investment, which disappears and cannot be withdrawn.
Please identify A and B in the Ponzi scheme you are proposing. Show how investor B's investment cannot be withdrawn.
Investor B's investment losing value due to market forces does not constitute a Ponzi scheme.
November 29, 2013, 09:27:14 AM
CEX.IO makes BTC from charging you a maintenance fee on any GHS you have mining in their data centre so it is profitable for them and all the more so as the price of BTC increases.
An excellent business model. A sort of rolling Ponzi scheme. Less pyramid and more pass the ticking time bomb in a parcel.
The maintenance fee right now is approximately 1.21%, and these funds are not enough to cover even the pool expenses.
Moreover the maintenance fee is established in USD, so whenever a block is mined - the system calculates the fee according to the BTC/USD ratio at the given moment.
Do the math and see for yourself.
What ponzi scheme are you referring to?
We simply made GHS a liquid commodity which can be sold for the market price, established by the supply and demand.
November 29, 2013, 08:02:32 AM
Gh/s prices dramatically dropped. What do you think about cex.io's future?
The price of GHS in BTC has dropped but that is because the dollar price of BTC continues to rise.
In dollars the price of GHS is still over $70 and is therefore a bad long term investment.
So long as people ignore that fact then CEX.IO's future is rosie.
Holding GHS is a bad investment because a week or two later your GHS will have lost in BTC value and your mining would not have made up the difference. Only very short term trading gives you a chance to make some BTC but that is a lottery. Essentially you are trading short term volatility in the price of GHS. However, the trend in the price of GHS is always down. It's a random walk with drift (downwards).
CEX.IO makes BTC from charging you a maintenance fee on any GHS you have mining in their data centre so it is profitable for them and all the more so as the price of BTC increases.
An excellent business model. A sort of rolling Ponzi scheme. Less pyramid and more pass the ticking time bomb in a parcel.
November 29, 2013, 05:31:19 AM
Also there are allegations about double spending in the room. I don't know if they really did that, but the large pool size alone made me switch my miners to a different pool a few days ago.
They are not allegations - they are fact.
Oh, sigh.. They have an official statement about this:
https://bitcointalksearch.org/topic/m.3590355
I think that hateful miners, like yourself, will be always be suspicious and see conspiracy everywhere.
November 29, 2013, 05:19:00 AM
On 11.28.2013 we have identified several attacks on our website.
Hackers were trying to brute-force user account passwords.
They were not able to break into any of the accounts, all accounts are safe.
We have also raised the security level of our system, so that it doesn’t happen again.
However we highly recommend users to change their CEX.IO account passwords to something more complicated, using reserved characters, as well as use google’s 2 factor authentication feature.
We constantly upgrade our security system and are currently developing a novelty security feature, which will be released very soon. Stay tuned.
Hackers were trying to brute-force user account passwords.
They were not able to break into any of the accounts, all accounts are safe.
We have also raised the security level of our system, so that it doesn’t happen again.
However we highly recommend users to change their CEX.IO account passwords to something more complicated, using reserved characters, as well as use google’s 2 factor authentication feature.
We constantly upgrade our security system and are currently developing a novelty security feature, which will be released very soon. Stay tuned.
November 28, 2013, 11:59:32 AM
They are not allegations - they are fact.
November 28, 2013, 09:59:50 AM
Ghash/CEX created over 26% of the last 2016 blocks, so they get too large in my opinion. Also there are allegations about double spending in the room. I don't know if they really did that, but the large pool size alone made me switch my miners to a different pool a few days ago.
November 28, 2013, 09:54:13 AM
Gh/s prices dramatically dropped. What do you think about cex.io's future?
It was a correction long over due.
November 28, 2013, 04:22:29 AM
Gh/s prices dramatically dropped. What do you think about cex.io's future?
November 28, 2013, 02:55:25 AM
November 28, 2013, 02:29:23 AM
it was about time, i think cex.io should put a cap on ghs at the estimated future profit. (meaning offering new GHS cheaper?)
November 27, 2013, 09:47:43 PM
The big correction is finally coming! at .07 and falling!
November 27, 2013, 02:16:15 AM
Deposits will not work.
The deposited btc's are mysteriously missing...
For over 8 hours now.
Read cex.io chat
The deposited btc's are mysteriously missing...
For over 8 hours now.
Read cex.io chat
November 26, 2013, 11:06:46 PM
Good job I'm mining PPC which is currently 16% higher than mining BTC
How do you do that?
You can't on CEX but my rig points to FIXX pool. Now 138%
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