Topic: I am pretty confident we are the new wealthy elite, gentlemen. - page 106. (Read 631982 times)

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

The Dollar has been appreciating against all currencies and there has been a lot of people selling bitcoins so the price of bitcoin went down but we seem to be able to keep a higher price than 200$ and we should go well over this price to go back on the upside track.

Pure baseless speculation that rises to the level of attempts at FUD spreading.

So getting back to the discussion as Bitcoin hits $197,

Folks have to realize that there is a dollar amount (unknown to me) that when Bitcoin hits it,
will make mining for .....

EVERYONE

a losing proposition and when it takes 100TH to create 1BTC a day

Lets use easy math.

1TH miner takes 1000 Watts to run per day, 100 of them take 100,000 watts.

Power is 10 cents a Kwh, 100,000 watts per day (24 hours) costs $240 a day

BTC is $197, to make one you have to spend $240 a day (not counting the cost of the miner)

So its a losing proposition already.

So you solo mine and get a little luckier perhaps.

but at this point we should be plateauing right now.

You seem to be a fucking smug retard.  You are attempting to frame this situation in such way as if you are right and I am wrong (or people like me).  You have NO fucking idea about my financial position besides reading through my posts, and even then you would only get a fragmented picture of such.  You do NOT know my cashflow, my other investments, my purpose for being in bitcoin, my various timelines, my views about the future probabilities of bitcoin, my risk tolerance and a large number of other factors.  You are merely going through some smug post-hoc "i told you so" diatribe in order to attempt to make yourself feel good or something.  Get a life.

Regarding Advice:  I certainly am neither asking for advice or giving advice (except maybe if someone specifically asks me for advice, and even then I tend NOT to give advice but instead allow people to come to their own conclusions).  So I don't know where you get off with some kind of belief that anyone is seeking your advice, either me or anyone  else reading these threads.


Regarding preparations for BTC going down... I am glad that you prepared, and for your information, I am of the impression that I have taken a variety of adequate preparations also.... surely hindsight is 20/20, but I do NOT feel bad about my past choices because I remain of the opinion that I make what I consider decent and reasonable choices based on options then available to me including taking into account a large number of my various personal financial considerations, as described in my first paragraph above.

   The phrase "the US government can and always will control the monetary flow of the universe"


Labelling this as a fact is a better refutation of your credibility than anything I can come up with. You could look up the monetary history of the Roman empire for an example of how a centralized authority disintegrates when the cost of expansion outweighs the returns. It's called entropy, I think it's the second law of thermodynamics. While you may worship the US as an eternal deity, I assure you, it is not. In fact, it is based roughly on the same legislative and administrative structure of empires that have waxed and waned in the past. It's a functional model, but also one that is doomed to failure.

      

    

Well put.

I'm on both sides of this argument. I think that long term, digital currencies are the wave of monetary future. Fiat currencies always fail, due to the simple fact that central banks can inflate at will, and frequently do so to cover their own tracks or attempt to mitigate against the stupidity of governments. It never works in the long term, but it does "wonders" in the short term. Digital currencies, by contrast, inflate at a very controlled and largely unmanipulable manner. This makes them a better vehicle for finance in many ways. Also, their quick settlement period will make them attractive to financiers and businesses alike, once third party processing becomes prevalent.

And yes, I do realize that removes the "trustless" paradigm for day to day purchases, but that is necessary if BTC or other digital currencies are to break into the mainstream. The average purchaser does not give a damn that his VISA card actually doesn't settle for 14 days, but he does give a damn that his bitcoin transaction takes an hour to be confirmed. With something like a VISA for BTC, that would change, as settlements up the line are cheaper and faster.

Yadda, yadda, yadda...they put GMO's in our cornflakes and the Boston Marathon was a inside job with paid actors!!

You are so erudite, it's almost unbelievable.


Sorry.  You're still in dillusion.  Somehow trying to place my attachment to reality to me being some 'pro government ultra right wing drone' was cute, though.  I'll give you that.

Then again, trying to get any sort of legitimate counter-argument out of bitcoin shills is like pulling teeth.  Actually, extracting molars is probably a lot easier...and a ton more feasible.

Keep living your life in the dark room paranoid about how the 'Man' is out to get you, and how your uber secure buttcoin investment will shield you free you from the shackles that bind you from an anarchist happiness on your secluded farm in the middle of Nof*ckingwhereVille.    I'm sure your messiah money mined by 18 year old scammers in Yugoslavia will soon become the 'world currency' and every government from here to Siberia will just have to bow down and accept it.

'Lets overthrow dem gubernmints n spend these here data coinz!! Hold on real quick though, I have to use this tainted devils money to buy it first' lolol.

    Your irrational belief that US hegemony will endure in spite of massive trade deficit, threats to petrodollar, and growing inflationary and deflationary pressure, the costs of maintaining a huge military that is increasingly being rendered obsolete by the fast paced changing nature of conflict, suggests an emotional attachment to the same entity that has been feeding you lies in order to enslave and control you in exchange for a few gadgets and a false sense of security that leave you with a gaping hole in your soul which you unsuccessfully try to fill by insulting people on internet forums, which is similar to the feeling of affection that captives sometimes develop for their captors, which might explain why you feel an emotional need to defend the established financial and monetary infrastructure, for however miserable you may be, you are haunted by the terror that the unknown and undefined alternative might just be worse.

Yes, the animals in the zoo are generally better fed than those in the wild, but they can be very neurotic, irritable, and aggressive.

   By the way, you are chronically misusing the word 'shill.'

Counter me instead of making yourself look foolish with a baseless reply.

Since when has the u.s. government not been in control of the monetary system?

And no pre-industrial philosophical replies either.

I'll wait.

Counter me instead of making yourself look foolish with a baseless reply.

Since when has the u.s. government not been in control of the monetary system?

And no pre-industrial philosophical replies either.

I'll wait.

wrong on all counts ... smacks a lot of stockholm syndrome also.