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Meatball

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Quote from: Transisto on September 06, 2011, 11:03:18 AM

Once winter kicks in difficulty will rise hard and when next summer come ASICs will be around the corner.

For the average people that don't have 100k $ to invest in an ASIC setup, I'd say the current price is a good opportunity.

One factor to the actual cost of mining not to forget is that managing a farm take a lot of time and people with the know-how to run a 100+ GPU operation can usually be paid as much per Hours than what they can mine in a day.

Eh, I agree and disagree. Yeah, it takes some work, but once things are going, you can pretty much leave it running on it's own.

Transisto

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Once winter kicks in difficulty will rise hard and when next summer come ASICs will be around the corner.

For the average people that don't have 100k $ to invest in an ASIC setup, I'd say the current price is a good opportunity.

One factor to the actual cost of mining not to forget is that managing a farm take a lot of time and people with the know-how to run a 100+ GPU operation can usually be paid as much per Hours than what they can mine in a day.

caston

hero member

Activity: 756

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If you look at the chart it went up very quickly and has come down much slower. This is a good sign that the much longer trend will continue to be up.

http://bitcoincharts.com/charts/mtgoxUSD#vztgSzm1g10zm2g25

stergium

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Activity: 655

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Quote from: ?? on ??

Dang... It hit almost $6 today.... will this drop ever end? ~$2 in 2 days .... what the heck is going on? Is everyone pulling out? This feels like a big sham!

well imo its better for ppl who don't want to support all of this to go now, when it is a bit unprofitable.
For ppl like me (i hope that there are more) bitcoin isn't about profit.
i didn't "invest" on rigs.I have nothing to lose.
Even if its price is -1$ (just like when it started) i'm still going to be around.
Its a financial burden i can take.
Just like seti/folding and a whole lot of projects that you didn't expect anything in return..

Meatball

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Activity: 378

Merit: 250

Quote from: ?? on ??

Quote from: Meatball on September 05, 2011, 08:27:44 PM

Quote from: AngelusWebDesign on September 05, 2011, 12:56:41 PM

Unless something drastic changes in the next 6-9 months and some really big players (Amazon, Newegg, etc) start accepting BTC, I think we're going to see BTC become more and more niche.

Sup /B/

Silk's is a pretty big player. Not as big as Newegg, of course. I saw a little survey someone did on 4chan about how many people have used Silk Road. If the number is only half true then it must be in the tens of thousands that regularly buy. I guess Chronic is kinda popular worldwide. LOL

What we need is a few more Silk Road type retailers to shore up BTC so that main stream retailers have a chance to increase in number.

Ah, I wouldn't consider Silk as a help to mainstream adoption. If anything, it probably hurts the image of BTC as a viable currency b/c it's being used for what's 'illegal' activity in many countries and news articles paint it as a bad thing.

Beta-coiner1

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Activity: 532

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It's actually now 6.8 it is obvious that the issues concerning BTC is just not attracting investment from people with actual money.BTC requires actual MONEY,despite all the BS people talk about the currencies,BTC simply cannot be sustained without it.

minero1

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Activity: 303

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what could happen if the price hits $1? scary, looking at the all-time charts it really looks like it is collapsing, a mass difficulty decrease could clog the system as the user base leaves

mike678

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Quote from: wndrbr3d on September 05, 2011, 10:53:55 PM

$3.50 is my break even point at $0.091 kw/h. i think anything below $5 for a sustained period and i might shut it down, unless difficulty also keeps creeping back down as well.

since my mining hardware is paid for, i've just been sitting on my BTC.

I'm pretty sure 90% of miners would be losing money to electricity at anything lower then $5. If that happened I'd expect a mass difficulty decrease.

wndrbr3d

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Activity: 914

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$3.50 is my break even point at $0.091 kw/h. i think anything below $5 for a sustained period and i might shut it down, unless difficulty also keeps creeping back down as well.

since my mining hardware is paid for, i've just been sitting on my BTC.

pennytrader

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Activity: 254

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if I'm a big company, I'd buy a huge amount of BTCs first, and then announce I'm accepting BTCs and big profit is mine.

Richard Rahl

newbie

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Quote from: gw4tt on September 05, 2011, 08:01:24 PM

Quote from: hmongotaku on September 05, 2011, 07:52:25 PM

yes there will be more people leaving.. but then again, people with free electricity and dorms etc... or rich will still profit! Once 1 block equals 25 btc.. it wil get scarce and the price will rise 50-100 usd in the future. that's what most are waiting for.

Most are waiting for $1,000+/btc. That's pretty much what it will take to even try and make this a viable currency. (price stability and a big enough market to actually make this work.)

The only thing that will make it a viable currency, is price stabilization. Nothing else. Value of the individual BTC is irrelevant to anyone but a Miner, so long that it's stabilized.

It would be nice for vendors to list in BTC and everyone know what that means, rather than listing in country of origin currency. Companies wouldn't need to adjust their prices nearly as much if it was all in BTC and BTC were stabilized to where people actually knew the value.

The only thing that's going to bring this is a stabilized market and something that doesn't drop 15% in just a week.

As it sits now, people don't know the value of BTC. I haven't checked in a couple hours. As of this post, I have no idea if it's back up to $8.15/BTC or back down to $7.15/BTC. It really could be either or in between. That's just a couple hours. Too much of a gamble for companies to set prices in BTC and too hard for your average person to keep up with.

Meatball

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Activity: 378

Merit: 250

Quote from: AngelusWebDesign on September 05, 2011, 12:56:41 PM

But are people smart enough to adopt it? I can't say I have faith in that.

People (as a group) can be very, very shortsighted and very, very stupid.

Just look at what movies are "popular" and which ones are relegated to the fringe -- I rest my case.

I don't know if you can consider people stupid for not adopting BTC. Seriously. Right now is there really anything you can do with it other than accumulate, speculate or exchange for other currency? Yeah, I know there's some vendor's that accept it out there, but there's nowhere near enough to there be any type of adoption other than niche vendors/buyers.

Throw in all these idiotic othercoin forks and you're just muddying the waters that much more.

Unless something drastic changes in the next 6-9 months and some really big players (Amazon, Newegg, etc) start accepting BTC, I think we're going to see BTC become more and more niche.

Reckman

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Quote from: wndrbr3d on September 05, 2011, 08:20:36 PM

Since the Bitcoin network and how it is currently implemented cannot handle high transactional volume compared to other payment processors (VISA, PayPal), it will only be a novelty and investment vehicle for the brave.

For now, this is being fixed.

wndrbr3d

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Since the Bitcoin network and how it is currently implemented cannot handle high transactional volume compared to other payment processors (VISA, PayPal), it will only be a novelty and investment vehicle for the brave.

gw4tt

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Quote from: hmongotaku on September 05, 2011, 07:52:25 PM

yes there will be more people leaving.. but then again, people with free electricity and dorms etc... or rich will still profit! Once 1 block equals 25 btc.. it wil get scarce and the price will rise 50-100 usd in the future. that's what most are waiting for.

Most are waiting for $1,000+/btc. That's pretty much what it will take to even try and make this a viable currency. (price stability and a big enough market to actually make this work.)

hmongotaku

full member

Activity: 168

Merit: 100

yes there will be more people leaving.. but then again, people with free electricity and dorms etc... or rich will still profit! Once 1 block equals 25 btc.. it wil get scarce and the price will rise 50-100 usd in the future. that's what most are waiting for.

RobertRibbeck

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Quote from: kokjo on September 05, 2011, 12:59:50 PM

Quote from: ?? on ??

Quote from: kokjo on September 05, 2011, 12:52:39 PM

so you have lost faith in bitcoin?

there should be none if i put any i did failed to detach myself

no! by looking at the fundamental priciple of bitcoin, it should, if enoght people have faith in it, rise in price. if no people have faith in it, the price will fall.

i have faith in that people have faith in bitcoin, and im also self having faith in bitcoin.
it have nothing with detachment to do.

unfortunately as of now the price follows the us dollar
if the us dollar slips so does the rate bitcoin

Currently the us dollar is falling
We bitcoin holders need to hold the line
speculators are jumping ship .. didn't need them anyway
I've invested what I can ... I hold and wait

kokjo

legendary

Activity: 1050

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You are WRONG!

Quote from: ?? on ??

Quote from: kokjo on September 05, 2011, 12:52:39 PM

so you have lost faith in bitcoin?

there should be none if i put any i did failed to detach myself

no! by looking at the fundamental priciple of bitcoin, it should, if enoght people have faith in it, rise in price. if no people have faith in it, the price will fall.

i have faith in that people have faith in bitcoin, and im also self having faith in bitcoin.
it have nothing with detachment to do.

AngelusWebDesign

sr. member

Activity: 392

Merit: 250

People ask me that -- I don't think it's a fair question. I mean, is Bitcoin some kind of god?

As the saying goes, "In God we trust -- all others pay cash."

Seriously, I have faith in God, but Bitcoin has a lot to prove yet. It isn't accepted by many merchants, even those on the Bitcoin.org list of merchants that supposedly accept BTC.
Meanwhile, the currency loses $1 of value every week or two.

What kind of "faith" am I supposed to have?

Sure, I believe BTC has strong fundamentals. It's counterfeit proof, etc. and has a LOT of potential, especially for international commerce.

But are people smart enough to adopt it? I can't say I have faith in that.

People (as a group) can be very, very shortsighted and very, very stupid.

Just look at what movies are "popular" and which ones are relegated to the fringe -- I rest my case.

Matthew

kokjo

legendary

Activity: 1050

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You are WRONG!

Quote from: S3052 on September 05, 2011, 12:49:34 PM

catching a falling knife can be dangerous in stocks and also in bitcoins

no shit? of cource its dangerous, and im only buying what i can afford

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