Topic: If you're mining at around break even prices, STOP! - page 2. (Read 4711 times)
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Profits aren't the only reason that people support the network with hashing power. I don't feel it is your (or anyone elses) place to tell miners to stop because they are mining at break even (or even at a loss).
Yes, thank you. Helps strengthen my FX and precious holdings and few are the wiser
If you stop mining at break even and start buying BTC instead:
+ you are lowering the rate of inflation AKA the rate of new coins being created. This is good as it means less coins are flooding the market.
+ you are raising the demand of BTC by eating up some of the sell orders
+ you are lowering the difficulty of mining
+ you are lowering the rate of inflation AKA the rate of new coins being created. This is good as it means less coins are flooding the market.
+ you are raising the demand of BTC by eating up some of the sell orders
+ you are lowering the difficulty of mining
As someone already pointed out, the number of coins is near-constant, so you will have little, if any, effect on the rate of inflation.
You will eat some sell orders, however, the coins you would have mined will now go to someone else who will probably put them on the exchange, so you aren't affecting things as much as you think.
By lowering the difficulty of mining you are weakening the network. Not by very much, but it does make it slightly easier to attack.
I agree with this. I am buying as much as I can for the next ride to $30 and beyond. Remember $100 by Christmas ? It can still happen folks.
I bought a few at $27. If you'd like to split the difference I'll sell you half of those for $13.50 and we can ride to the top together. 8D (I'm with you, long on Bitcoin)
A couple of thoughts...
This will push the volatility to mining, which might cause some interesting and refreshing feedback in discussion groups. (God damn speculative miners!)
It might be great for the Bitcoin economy and give 2nd phase adopters a change to jump in and see what innovation they can come up with.
It would distribute the inflation across more people (the 2nd phase adopters) and strengthen the economy.
This will push the volatility to mining, which might cause some interesting and refreshing feedback in discussion groups. (God damn speculative miners!)
It might be great for the Bitcoin economy and give 2nd phase adopters a change to jump in and see what innovation they can come up with.
It would distribute the inflation across more people (the 2nd phase adopters) and strengthen the economy.
Quote
Profits aren't the only reason that people support the network with hashing power.
this 
It doesn't lower rate coins are produced. Difficulty re-adjusts every 2 weeks to keep rate of coin generation relatively constant.
Lower difficulty = lower hashing rate = network more vulnerable to attack.
Profits aren't the only reason that people support the network with hashing power. I don't feel it is your (or anyone elses) place to tell miners to stop because they are mining at break even (or even at a loss).
Lower difficulty = lower hashing rate = network more vulnerable to attack.
Profits aren't the only reason that people support the network with hashing power. I don't feel it is your (or anyone elses) place to tell miners to stop because they are mining at break even (or even at a loss).
This is probably stating the obvious, but I felt it should be posted anyway..
If you're running a miner and only making a few cents profit or perhaps just breaking even and hoping for the price to go up, then please, STOP!
You should really be BUYING BTC instead.
If you stop mining at break even and start buying BTC instead:
+ you are lowering the rate of inflation AKA the rate of new coins being created. This is good as it means less coins are flooding the market.
+ you are raising the demand of BTC by eating up some of the sell orders
+ you are lowering the difficulty of mining
Other things to note:
+ you have effectively "zero variance", you can control how many coins you want every day.
+ you can put your bitcoin hardware to other uses (I pointed mine towards folding@Home)
Perhaps it's only me personally that thinks that all of these things are a good idea, but I thought I'd share it anyway.
With regard to network security, there are a lot of people that are still making profit with FPGAs and cheap/"free" electricity which will help to hold the network up, so I wouldn't worry about this.
Thoughts?
If you're running a miner and only making a few cents profit or perhaps just breaking even and hoping for the price to go up, then please, STOP!
You should really be BUYING BTC instead.
If you stop mining at break even and start buying BTC instead:
+ you are lowering the rate of inflation AKA the rate of new coins being created. This is good as it means less coins are flooding the market.
+ you are raising the demand of BTC by eating up some of the sell orders
+ you are lowering the difficulty of mining
Other things to note:
+ you have effectively "zero variance", you can control how many coins you want every day.
+ you can put your bitcoin hardware to other uses (I pointed mine towards folding@Home)
Perhaps it's only me personally that thinks that all of these things are a good idea, but I thought I'd share it anyway.
With regard to network security, there are a lot of people that are still making profit with FPGAs and cheap/"free" electricity which will help to hold the network up, so I wouldn't worry about this.
Thoughts?
I agree with this. I am buying as much as I can for the next ride to $30 and beyond. Remember $100 by Christmas ? It can still happen folks.
This is probably stating the obvious, but I felt it should be posted anyway..
If you're running a miner and only making a few cents profit or perhaps just breaking even and hoping for the price to go up, then please, STOP!
You should really be BUYING BTC instead.
If you stop mining at break even and start buying BTC instead:
+ you are raising the demand of BTC by eating up some of the sell orders
+ you are lowering the difficulty of mining
Other things to note:
+ you have effectively "zero variance", you can control how many coins you want every day.
+ you can put your bitcoin hardware to other uses (I pointed mine towards folding@Home)
Perhaps it's only me personally that thinks that all of these things are a good idea, but I thought I'd share it anyway.
With regard to network security, there are a lot of people that are still making profit with FPGAs and cheap/"free" electricity which will help to hold the network up, so I wouldn't worry about this.
Thoughts?
If you're running a miner and only making a few cents profit or perhaps just breaking even and hoping for the price to go up, then please, STOP!
You should really be BUYING BTC instead.
If you stop mining at break even and start buying BTC instead:
+ you are raising the demand of BTC by eating up some of the sell orders
+ you are lowering the difficulty of mining
Other things to note:
+ you have effectively "zero variance", you can control how many coins you want every day.
+ you can put your bitcoin hardware to other uses (I pointed mine towards folding@Home)
Perhaps it's only me personally that thinks that all of these things are a good idea, but I thought I'd share it anyway.
With regard to network security, there are a lot of people that are still making profit with FPGAs and cheap/"free" electricity which will help to hold the network up, so I wouldn't worry about this.
Thoughts?
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