If you're mining bitcoin in order to make a lot of USD, you're doing it wrong (arguably, of course).
The point of Bitcoin is not to turn them into USD, it's to trade them for goods and services. Buy things with your BTC, sell things for BTC -- this is the way you add real value to the community.
Topic: It's Over - page 3. (Read 4827 times)
Well, at least you earned some money, eh?
I don't think you can have people selling BTC for USD and hope to have BTC be a currency in any real sense.
I think the whole concept is very interesting to many people. To my casual probing however the biggest obstacles seem to be getting honest trades and fair deals with people who are not seeking to simply steal your money. Once you get the bitcoins it is not as simple as sticking them in the bank or even the old fashion redneck way...bury that cash in mason jars....LOL
This will keep a lot of mainstream types from pursuing building the trade and "buying" aspect of this currency. The recent attacks on so called credible places to acquire, store and exchange this currency is not helping to settle things down. In ther current market many of us are searching for alternatives to the good old USD...However, opening myself up with wires and bank transfers and the other accepted types of funding accounts to do anything is daunting.
Mining is a whole aspect of the game that I am not understanding completely. It does seem to water down the pool though....
This will keep a lot of mainstream types from pursuing building the trade and "buying" aspect of this currency. The recent attacks on so called credible places to acquire, store and exchange this currency is not helping to settle things down. In ther current market many of us are searching for alternatives to the good old USD...However, opening myself up with wires and bank transfers and the other accepted types of funding accounts to do anything is daunting.
Mining is a whole aspect of the game that I am not understanding completely. It does seem to water down the pool though....
It sure is hard to continue mining @ ~ USD7/btc and I totally understand the OP's feelings. I'm still mining at this point; but I don't think it'll be profitable at any point in time. Whatever your reasons are for getting btc (usd, trade, etc), I don't see it going anywhere. I'm still mining because I hope I'm wrong. HOPE ...
BTC/USD prices has been going down since the $30 high. Those early adopters that sold at $30 have profitted and left the game, probably. Or they are playing with the market with the enormous amount of btc. Bringing the price down with the over-supply, make people leave, then bring the price back up for a profit. Who knows?
it's looking for a resistance, the price went up too fast, the growth of community very quick... now we need to see how many people stays and how many people leave! Consistency will pay back and what this community be challenge is the TRUST factorBTC/USD prices has been going down since the $30 high. Those early adopters that sold at $30 have profitted and left the game, probably. Or they are playing with the market with the enormous amount of btc. Bringing the price down with the over-supply, make people leave, then bring the price back up for a profit. Who knows?
Trade - It's just not enough businesses that know, not to mention adopted btc as payment. I recently had an experience with a handyman (got some work done to my house); to me, he's a very technical person for a handyman. He's got an Iphone and responds to his emails pretty frequently. He's well represented in the web (his own website, etc), and got his rankings taken care in multiple sites. And he accepts checks, credit cards, cash, gold and silver. He is the kind of person that I though would know about btc (because of his acceptance of gold and silver). But he has never even heard of it when I spoke to him about it.
it will take almost 5 years before BTC become of public domain. BTC still too technical!there is only of 6MLN BTC of 21MLN think about there is not enough currency yet to cover a potential market... too much greed, not enough market to be spend it and not too many other currency accept it! BTC will be perfect to exchange between other currency like USD-BTC-EUR... BTW GOLD is up to $100 right now! It could be BTC instead gold in the future! Banks in the international exchange have the own currency to facilitate the transaction and don't lose the value!
The beauty of all of this if people leave the difficulty factor will adjust, it will be more easy to earn them as mining and thinks keep moving. Mean also when some one have a lot of them eventually will be as situation where will have BTC speculate for good purpose like create service exchange, goods and not necessary for greed
It sure is hard to continue mining @ ~ USD7/btc and I totally understand the OP's feelings. I'm still mining at this point; but I don't think it'll be profitable at any point in time. Whatever your reasons are for getting btc (usd, trade, etc), I don't see it going anywhere. I'm still mining because I hope I'm wrong. HOPE ...
BTC/USD prices has been going down since the $30 high. Those early adopters that sold at $30 have profitted and left the game, probably. Or they are playing with the market with the enormous amount of btc. Bringing the price down with the over-supply, make people leave, then bring the price back up for a profit. Who knows?
Trade - It's just not enough businesses that know, not to mention adopted btc as payment. I recently had an experience with a handyman (got some work done to my house); to me, he's a very technical person for a handyman. He's got an Iphone and responds to his emails pretty frequently. He's well represented in the web (his own website, etc), and got his rankings taken care in multiple sites. And he accepts checks, credit cards, cash, gold and silver. He is the kind of person that I though would know about btc (because of his acceptance of gold and silver). But he has never even heard of it when I spoke to him about it.
BTC/USD prices has been going down since the $30 high. Those early adopters that sold at $30 have profitted and left the game, probably. Or they are playing with the market with the enormous amount of btc. Bringing the price down with the over-supply, make people leave, then bring the price back up for a profit. Who knows?
Trade - It's just not enough businesses that know, not to mention adopted btc as payment. I recently had an experience with a handyman (got some work done to my house); to me, he's a very technical person for a handyman. He's got an Iphone and responds to his emails pretty frequently. He's well represented in the web (his own website, etc), and got his rankings taken care in multiple sites. And he accepts checks, credit cards, cash, gold and silver. He is the kind of person that I though would know about btc (because of his acceptance of gold and silver). But he has never even heard of it when I spoke to him about it.
mmh, I though the goal of BC is not to mine and make profit but to create some real value and trade.
good that miners drop out then, good for the BC market saturation.
He's over, tired i guess.
Whats over?
Seems like its too late to get into mining now because it lost the profitability. But I like to mine because I want bitcoin to be the future, at the same time, I do not want to send $ buying it because who knows what happens next. Mining is risk free investment I think.
Sold all my mining equipment. Net profit is $600 over 1 month.
Yes, good, pack up your miner. Only then will your journey to the darkside be complete.
Is it too far away to think about free heat in the winter
Bitcoin still has a long way to go and if it survives and becomes mature it might be one of the next big things in internetland. Anyways I think it's interesting to follow and maybe to invest some in this project because even if it fails someday it will certainly leave it's tracks. But I have high hopes!
All these people who keep saying "bitcoin is over" never define their terms..
What do you mean by "over"? It certainly couldn't be that the network has crashed, or that people have stopped using them (neither of those is true.)
Or by what standard was it "not over" previously, that has now changed?
It just doesn't make any sense to declare a distributed electronic currency like this "over." It almost can't be over.
What do you mean by "over"? It certainly couldn't be that the network has crashed, or that people have stopped using them (neither of those is true.)
Or by what standard was it "not over" previously, that has now changed?
It just doesn't make any sense to declare a distributed electronic currency like this "over." It almost can't be over.
+1. just barely getting started
Over? Shit's just gettin' started!
If everyone starts mining to get USD, then that's a huge increase in bitcoin supply.
Sorry, do not pass go. Do not collect 200 BTC. Please google "bitcoin difficulty".
I'm still making money
As someone that has been using Bitcoin for a month or so, I would double down and buy more if I had some cash on an exchange. If I thought it would still be sitting at ~$7 in a week, I'd mail a check today.
Sure, I lost some value of my BitCoin, but it isn't like I had put my retirement funds in it and it serves too valuable of a service to completely give up.
It's far from over.
Sure, I lost some value of my BitCoin, but it isn't like I had put my retirement funds in it and it serves too valuable of a service to completely give up.
It's far from over.
Jump to: