Topic: EVERYONE CALM DOWN - page 4. (Read 14341 times)

Of course, you're right..    Tell me o'Guru where should we go now after "cashing out" ?

You must have a better place in mind ?
US$Dollahs perhaps ?  Paypal ? LOLCoins ? Gold Certificates ?  Actual chunks of Metal ?

Oh, you dont have a better alternative that can do what Bitcoin can ? 

Then GTFO and stop crying abandon ship when your best alternative is the empty ocean.

If you haven't paid off your sweet rig by now you are a chump. If you already paid it off you are a lucky chump.

We are now hitting the point at which mining is close to the margin of electricity costs. There are no longer big bucks to be made mining. Even with free electricity, payoff will be measured in years. Your 2-year-old ATI cards that have been overclocked and running 24/7  for months are worthless as far as resale goes, nobody wants to buy that crap.

You are idiotically hanging on to the insane notion that ~*some day*~ the price will rise again to $50 and UP UP UP. This is not going to happen. The only way the price can go up is if you can convince new chumps to join in and add a lot of money to the system (but its totally not a ponzi scheme though guys). Limited quantity and divisibility alone do not mean high value. I'm only going to produce a limited amount of shit in my lifetime (~50,000 pc?), and you could slice it into as many pieces as you want. This does not mean one of my turds will eventually trade for $50.

Anyone with any sense is staying away. Anyone without any sense already got involved in the first wave. It's over, bitcoin is a joke that is slowly dying over the course of a few months. The best option at this juncture is to swallow any pride you have remaining and cash out

Correction: I know.

If people built there mining rigs early enough, I built quite a few for people early 2011, then all of them got there computer paid for and more, so they were not chumps.  People that are seriously mining now, are not chumps either, there showing there beliefe in the bitcoin system and are working to mine them to have and hold for the next two years as an investment.  If bitcoin works, succeeds, then they will go up to 20 to 50 bux a coin because there is only 21 million that can ever be made and they can be broken down into decimals  If it doesnt succeed, all the early adopters made big money, got a nice computer for free, the middle investors got a nice computer for free.  The only ones that will be hurt and bitching are the ones that came in real late, spent 1200 on a rig, to see the price drop to single digits with the difficulty rising.  But even then, there not chumps because they still have a useable and sellable computer to use or recoup most of there money spent anyways.  Many can also still make a profit mining bitcoins if they live anywhere where there rent includes elextricity.  So it could die, it could grow, no one knows, but no one is a chump for giving it a shot, except for you.

With how thin the market is right now, I could bet on the same side as you, sell the coins, collect the bet and buy back on the panic that follows... double gain!

another graph for ya 

Right now I am watching it crash from 6.80 back down to 6.30 http://mtgoxlive.com/orders
I wish I could place a bet on how fast it will fall.

You dont honestly be leave that do you?
(You did set the tone with the "idiotic"-comment)

Firstly a CPU is designed to run programs not compute stuff (yes i know the difference is fine but its there), the CPU's does not focus on common integer operations.

Secondly this stuff is any vector processors wet dream. And the problem GPU's had a few years ago was double precision floats not integers.
Which should be obvious to anyone that have taken computer architecture/hardware 101 and read about Flynn's defs. more specifically  the SIMD architecture.

Thirdly, two years ago they the 5750 (which is what i use) was released and it delivers ~180Mh/s

And last, the speed at which stuff is mined doesnt matter at all. Its just a game of who has the most equipment - how large is your share.
The stuff that matter is how much the mining capacity varies (look at current namecoin difficulty the 2 week cycle will be finished in jan.).

/GoK

lmao you retards think that the market price is dictated by the mining difficulty

mining difficulty varies with the number of chumps that are mining
market price varies with the number of chumps that are buying in

Earlier this summer: there was an explosion of interest in bitcoins
- Lots of chumps bought in and the price rose.
- Lots of chumps also started mining so the difficulty rose.
- The difficulty rise didn't drive the price up

Now:
- Lots of chumps are still mining. Because they don't want to admit the $1200 they spent on computationally advanced space heaters wasn't a great investment.
- Difficulty stays the same or drops slightly.
- No more chumps are looking to buy into bitcoins. Price falls.

No, keep it around 1 euro so it's easy for people to think on.

I think $0.005/coin is a nice and sturdy price.

I now make you the new OP of this thread.

The price per coin is now over 6.85.

Bitcoins are awesome, they just got inflated.  $1/coin is a stable price.

And it will always be so, unless it crashes and burns like I hope it does.

the fundamentals of Bitcoin are fucked.  And the insane cottage-currency-market-industry that surrounds it is a testament to this fact.

This thread went from a "Don't panic" to a "Defend why Bitcoin works" I'm not into defending it, so as OP I will gracefully step down. Discuss as you will. I will hold my position.

The bubble did burst, then blew up, then burst, then blew up, then burst, thats the freaking problem.  Who can accept it as a digital currency when its 10 bux one day per coin and 5 bux the next, just wont work.

In addition, the Seti@home GPU client was released before the launch of Bitcoin (http://www.overclockers.com/forums/showthread.php?t=588736) in December 2008.

Well the people who think it's funny, are buying a lot of at 6.66, but I think that will fall.  Bitcoin will be good when it finally drops down to before the big media buzz.  It's just over-inflated now, but I believe when the bubble bursts, it will be good!