I am likely only to break even and am OK with that.
fuck that, you may be OK with that but i will bet you my soul the majority of people will not be OK with that. people dont invest to break even. they expect or hope for a healthy return.
Topic: did ASIC ruin bitcoin ? - page 6. (Read 8995 times)
fuck that, you may be OK with that but i will bet you my soul the majority of people will not be OK with that. people dont invest to break even. they expect or hope for a healthy return.
why the fuck would anybody spend money on ASIC equipment pay electric and commit time if you cant make money?
if its not profitable to mine people wont mine and bitcoin will fail. at least people had a reason to spend money on GPU ASIC worthless if its not profitable.
If a restaurant is too crowded, nobody will eat there and it will go out of business.if its not profitable to mine people wont mine and bitcoin will fail. at least people had a reason to spend money on GPU ASIC worthless if its not profitable.
if a restaurant is too crowded will cheesecake factory buy all of them and turn every one into cheesecake factories?
=D I want Buffalo Blasts
why the fuck would anybody spend money on ASIC equipment pay electric and commit time if you cant make money?
if its not profitable to mine people wont mine and bitcoin will fail. at least people had a reason to spend money on GPU ASIC worthless if its not profitable.
If a restaurant is too crowded, nobody will eat there and it will go out of business.if its not profitable to mine people wont mine and bitcoin will fail. at least people had a reason to spend money on GPU ASIC worthless if its not profitable.
why the fuck would anybody spend money on equipment pay electric and commit time if you cant make money?
if its not profitable to mine people wont mine and bitcoin will fail.
if its not profitable to mine people wont mine and bitcoin will fail.
Difficulty adjusts. If SOME people stop mining then difficulty will fall and those remaining will see their revenue rise and become profitable. If difficulty falls too much then some people will turn rigs back on or buy new rigs and difficulty will rise again. The network will adjust either way.
Also once hardware is purchased it is a sunk cost. So long AFTER it becomes unprofitable to buy MORE NEW hardware, miners will continue to still operate their miners. The only time it makes sense to a rig to be idle is when value of BTC < electricity used and that is at a difficulty much much higher (closer to 1 billion difficulty). Even there it won't affect all miners equally. The least efficient miners (lowerst MH/W and highest electrical cost) will idle first and help to lower difficulty.
So yes some miners may quit (and sell their rigs to other miners will cheaper power) and NEW hardware sales may flatline but miners will still keep mining as there is no economical reason not to.
At some point, miners will be left only with TX fees, or contracts for fast confirmations.
I am not in agreement with OP generally, as I am presently mining with a couple ASICS and see no reason why he couldn't be as well. I am likely only to break even and am OK with that.
when you spend up the ass for the equipment it takes months to deliver and when you have the equipment in hand the difficulty is so high you risk losing money cause you cant make ROI i think that makes bitcoin look like a joke and a huge gamble thus making bitcoin less attractive and could lead to panic selling and collapse.
To me it makes the company look like a joke, not Bitcoin. Like any consumer, speak with your wallet. MtGox has shown time and time again to be incompetent, so I've taken my business elsewhere. BFL is known to be run by people who have criminal pasts, so I choose to not conduct business with them. This isn't about Bitcoin, it's about due diligence and personal responsibility.
if there is money to be made i WILL be making it. but unless something drastic happens i dont think there is any money to be made for the core community. the power has shifted from the community to the companies. if there is money to be made big companies WILL spit out the machines corner the market and make it impossible for average users to earn cause by the time we get the new equipment they already made all the money and difficulty will be to high for us to earn. big money wins and the little guy gets fucked, as always. and its not your average fuck job cause they will make all the coins then turn around and make money off selling us the machines that are worthless cause they already made all the money. its a double money grab with a double fuck at the end.
why the fuck would anybody spend money on equipment pay electric and commit time if you cant make money?
if its not profitable to mine people wont mine and bitcoin will fail.
if its not profitable to mine people wont mine and bitcoin will fail.
Difficulty adjusts. If SOME people stop mining then difficulty will fall and those remaining will see their revenue rise and become profitable. If difficulty falls too much then some people will turn rigs back on or buy new rigs and difficulty will rise again. The network will adjust either way.
Also once hardware is purchased it is a sunk cost. So long AFTER it becomes unprofitable to buy MORE NEW hardware, miners will continue to still operate their miners. The only time it makes sense to a rig to be idle is when value of BTC < electricity used and that is at a difficulty much much higher (closer to 1 billion difficulty). Even there it won't affect all miners equally. The least efficient miners (lowerst MH/W and highest electrical cost) will idle first and help to lower difficulty.
So yes some miners may quit (and sell their rigs to other miners will cheaper power) and NEW hardware sales may flatline but miners will still keep mining as there is no economical reason not to.
why the fuck would anybody spend money on ASIC equipment pay electric and commit time if you cant make money?
if its not profitable to mine people wont mine and bitcoin will fail. at least people had a reason to spend money on GPU ASIC worthless if its not profitable.
if its not profitable to mine people wont mine and bitcoin will fail. at least people had a reason to spend money on GPU ASIC worthless if its not profitable.
No it doesn't. I didn't say nobody mine. Someone will always be mining. It might not be you, and Bitcoin won't fail just because YOU are no longer mining.
One thing I do think about is if ASICS will lead to the slow erosion of the decentralized nature of bitcoin. As rewards half, solo miners might step out. Leaving pools, which then could consolidate (or go bankrupt)
The reward halving has nothing to do with ASICs. Prior to ASICs the overwhelming majority of GPU miners operated in a pool. I don't see anything that makes ASIC miners more likely to use pools. Most will but most always have.
Then don't mine.
EXACTLY, this leads to FAIL
when you spend up the ass for the equipment it takes months to deliver and when you have the equipment in hand the difficulty is so high you risk losing money cause you cant make ROI i think that makes bitcoin look like a joke and a huge gamble thus making bitcoin less attractive and could lead to panic selling and collapse.
Then don't mine. Seems a pretty simple solution. If you believe the risk of ordering, combined with potential delays, limited upside, and rising difficulty make it unattractive to invest in new mining hardware .... THEN DON'T.
"Bitcoin" (the network) needs someone to provide computing power. It doesn't need everyone to do so, it doesn't need any particular individual to do so. Eventually the mania will die down and Bitcoin mining will return to a high capital, low return operation just like ANY OTHER commodity production.
Sounds to me like OP's complaint is more like, "Bitcoin ASICs (and the companies who created them) ruined my (and other's) ability to earn money mining Bitcoins".
This: http://blockchain.info/charts/miners-operating-profit-margin
There is correlation between ASICS and the margin decline, however this does not imply causation.
when you spend up the ass for the equipment it takes months to deliver and when you have the equipment in hand the difficulty is so high you risk losing money cause you cant make ROI i think that makes bitcoin look like a joke and a huge gamble thus making bitcoin less attractive and could lead to panic selling and collapse.
Then don't mine. Seems a pretty simple solution. If you believe the risk of ordering, combined with potential delays, limited upside, and rising difficulty make it unattractive to invest in new mining hardware .... THEN DON'T.
"Bitcoin" (the network) needs someone to provide computing power. It doesn't need everyone to do so, it doesn't need any particular individual to do so. Eventually the mania will die down and Bitcoin mining will return to a high capital, low return operation just like ANY OTHER commodity production.
when you spend up the ass for the equipment it takes months to deliver and when you have the equipment in hand the difficulty is so high you risk losing money cause you cant make ROI i think that makes bitcoin look like a joke and a huge gamble thus making bitcoin less attractive and could lead to panic selling and collapse.
Bitcoin != miningBFL is the devil.
This is undisputed.
BFL is the devil.
they have that equipment and have been mining with it for months.
Yes, ASICMiner also sold stock shares paying dividends on that hashing.Or were you speaking of BFL...
I just tested my bitcoin, and they seem to be working as well as ever. I guess ASIC had no effect on them.
they have that equipment and have been mining with it for months. they act stupid but they arent. they are con artists. they know what they are doing.
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