Miners DUMPING their ASICs - page 4.

kthejung

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Quote from: master-P on April 06, 2014, 09:25:15 PM

Guys it's going to be game over soon. I just read an article explaining how bitcoin is going to reach negative values and bagholders are going to have to pay people to take bitcoins off their hands: http://finance.yahoo.com/blogs/talking-numbers/this-could-be-the-end-of-the-bitcoin-era-220746326.html

First people were dumping their ASICs and now this. Oh what shall we do? Shocked

On a more serious note, it's no surprise that next-gen mining hardware will make the previous generation obsolete. Some of those people buying these unprofitable ASICs probably don't pay for electricity, and may yet see an ROI.

wow... just watched the video. some notable quotes: "bitcoins can be created indiscriminately by the (bitcoin)community" and "bitcoins may be -$100 someday" Huh

BoogieMan82

newbie

Activity: 42

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Eh, I'll likely keep my miners going even with a small negative roi. How many of us leave lights on, or TV's plugged in at night. Far more power is wasted in your house by Phantom Energy Loss. I have no problem helping keep the network going smooth.

... when my miner arrives tomorrow ...

Tripjammer

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Activity: 394

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They dumping the old crappy equipment. Newer equipment is all sold out. Mining will be fine. New equipment is just going to get cheaper. If a bitcoin is worth something people are going to still mine plus bitcoins are not the only cryptocoin that you can mine with asics...there are a lot of other profitable sha256 based coins.

TwinWinNerD

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Quote from: jockular on April 06, 2014, 09:43:44 PM

bitcoin is going nowhere, it's literally the new paradigm, but 99.999999% of people just *dont get it*... yet

Let me guess, you were shouting things like that, since BTC was 1$?

jockular

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bitcoin is going nowhere, it's literally the new paradigm, but 99.999999% of people just *dont get it*... yet

master-P

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Activity: 868

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https://keybase.io/masterp FREE Escrow Service

Guys it's going to be game over soon. I just read an article explaining how bitcoin is going to reach negative values and bagholders are going to have to pay people to take bitcoins off their hands: http://finance.yahoo.com/blogs/talking-numbers/this-could-be-the-end-of-the-bitcoin-era-220746326.html

First people were dumping their ASICs and now this. Oh what shall we do? Shocked

On a more serious note, it's no surprise that next-gen mining hardware will make the previous generation obsolete. Some of those people buying these unprofitable ASICs probably don't pay for electricity, and may yet see an ROI.

serenitys

full member

Activity: 126

Merit: 101

Be Here Now

As much as I've fallen in love with this forum and have gotten maybe 13 hours sleep in 3 days, might I just say that yall are about the nit pickiest buncha people I've ever seen...must yall seriously debate half a dozen pages over a word?

I mean really...

(see ya on page 112) Grin

baller1

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Quote from: amspir on April 06, 2014, 08:19:50 PM

Quote from: serenitys on April 06, 2014, 08:05:31 PM

How is it going to lower prices? Mining just slows the creation of new bitcoin...the usefulness of it and the short supply is what gives it is market value...I'd imagine it would rise since they'd be more scarce.

Not correct. The bitcoin network self-adjusts to keep the creation of new bitcoin on schedule. From an investor's point of view, the creation of new bitcoin has a known, tightly self-regulated rate of creation.

Not correct.. well partly correct, yes it does self adjust... after 2016 blocks have been mined, ie, a very long time. To pretend that the centralization of hashing that is going on, like how the "unknown" petahash has grown about 40% just in the last month, .. you know. KNC's solo mining... Isn't a big problem? .. Is really bad and could be catastrophic to the network if/when one of these giant powers were to go down, power loss, whatever. We've already seen a few occasions where there have been whole days of petahash dropping a bit and block finds were longer than usual throughout those days..

We need to be open and honest about it, perhaps there's a way for mining to still be competitive while helping the network without it becoming just a few huge centralized powers of hash, but I feel that boat has sailed because of skewed information like you and others keeps propagating..

For the record, I've done over a 100 tx with BTC and have yet to have one tx only take 60 minutes for 6 full confirmations, and I always pay fees, there's always a 20-40 min. block in there somewhere... just saying..

raindex

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Quote from: cosmofly on April 06, 2014, 07:34:17 PM

Its like everywhere Miners are dumping their ASICS, on sale pretty much everywhere, i wonder why Roll Eyes

Discuss

The winter is over in the northern hemisphere. We don't need heaters anymore, so we sell them.

amspir

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Activity: 112

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Quote from: vpitcher07 on April 06, 2014, 08:24:17 PM

Quote from: amspir on April 06, 2014, 08:19:50 PM

Not correct. The bitcoin network self-adjusts to keep the creation of new bitcoin on schedule. From an investor's point of view, the creation of new bitcoin has a known, tightly self-regulated rate of creation.

That's technically not correct either. On average 25 bitcoins are created every 10 minutes however that doesn't mean we can't find 5 blocks in 5 minutes adding 125 bitcoins in 5 minutes (Unlikely but possible). It's designed that on average it should be close to 10 minutes but that's not always true. To call it tightly regulated is a bit of an overstatement - it can be a lot quicker or a lot slower.

Compared to the decision making process behind a sovereign centralized bank currency, the rate of creation of bitcoin is much more known and tightly regulated than the creation of USD, for example.

serenitys

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Be Here Now

Quote from: amspir on April 06, 2014, 08:19:50 PM

Quote from: serenitys on April 06, 2014, 08:05:31 PM

How is it going to lower prices? Mining just slows the creation of new bitcoin...the usefulness of it and the short supply is what gives it is market value...I'd imagine it would rise since they'd be more scarce.

Not correct. The bitcoin network self-adjusts to keep the creation of new bitcoin on schedule. From an investor's point of view, the creation of new bitcoin has a known, tightly self-regulated rate of creation.

Which part?

TwinWinNerD

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Quote from: str4wm4n on April 06, 2014, 08:05:04 PM

PANIC

haha yeah. Most miners never do any math and speculate with a rising BTC price to pay for the hardware. When in fact just buying BTC would yield a better ROI overall.

Well, and if the BTC price does not appreciate, they wonder, why the difficulty keeps rising. LOL

vpitcher07

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Activity: 342

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Quote from: amspir on April 06, 2014, 08:19:50 PM

Quote from: serenitys on April 06, 2014, 08:05:31 PM

How is it going to lower prices? Mining just slows the creation of new bitcoin...the usefulness of it and the short supply is what gives it is market value...I'd imagine it would rise since they'd be more scarce.

Not correct. The bitcoin network self-adjusts to keep the creation of new bitcoin on schedule. From an investor's point of view, the creation of new bitcoin has a known, tightly self-regulated rate of creation.

That's technically not correct either. On average 25 bitcoins are created every 10 minutes however that doesn't mean we can't find 5 blocks in 5 minutes adding 125 bitcoins in 5 minutes (Unlikely but possible). It's designed that on average it should be close to 10 minutes but that's not always true. To call it tightly regulated is a bit of an overstatement - it can be a lot quicker or a lot slower.

southerngentuk

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Activity: 1316

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Sugars.zone | DatingFi - Earn for Posting

Quote from: cosmofly on April 06, 2014, 07:34:17 PM

Its like everywhere Miners are dumping their ASICS, on sale pretty much everywhere, i wonder why Roll Eyes

Discuss

Maybe some links to everywhere.

Am sure there are a few, its a dynamic industry,
but hey at least try to back up your claim with some evidence, Otherwise its just....

Thud, Thud Thud Thud

franky1

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Quote from: cosmofly on April 06, 2014, 07:34:17 PM

Its like everywhere Miners are dumping their ASICS, on sale pretty much everywhere, i wonder why Roll Eyes

Discuss

new generations that are higher hashrate and less power use are on the market. and unlike GPU's which they switched over to scrypt coins.. the old gen ASICS get to a point of being useless. so the last ditch attempt to make money is to sell old tech

same applies for gamer's after a while its time to update your gaming machine. at one point playstation 3 was the most sought after item, everyone wanted one but there were not enough to go around. now everyone is buying the new playstation and throwing thier old console onto ebay, cheaper (bt not too cheap to be classed as 'dumping')

jbrnt

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Quote from: cosmofly on April 06, 2014, 07:34:17 PM

Its like everywhere Miners are dumping their ASICS, on sale pretty much everywhere, i wonder why Roll Eyes

They are on sale maybe, but hardly dumping. They are still sold at impossible-to-breakeven price. If they are selling 1TH/s machines for say 0.1 btc, that will be dumping Cheesy

amspir

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Quote from: serenitys on April 06, 2014, 08:05:31 PM

How is it going to lower prices? Mining just slows the creation of new bitcoin...the usefulness of it and the short supply is what gives it is market value...I'd imagine it would rise since they'd be more scarce.

Not correct. The bitcoin network self-adjusts to keep the creation of new bitcoin on schedule. From an investor's point of view, the creation of new bitcoin has a known, tightly self-regulated rate of creation.

serenitys

full member

Activity: 126

Merit: 101

Be Here Now

How is it going to lower prices? Mining just slows the creation of new bitcoin...the usefulness of it and the short supply is what gives it is market value...I'd imagine it would rise since they'd be more scarce.

Plus, given the exponential rate of computing power, eventually the machines will be better equipped to mine in a more productive manner.

And surely some miner out there has managed to figure out how to slash the overall expense by going solar... Huh

str4wm4n

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PANIC

protokol

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Quote from: herebittybittybitty on April 06, 2014, 07:41:39 PM

Quote from: protokol on April 06, 2014, 07:39:41 PM

Well they must be getting bought by other miners then, how else do you explain the exponential graph?

The 1, 2, 3 TH machine pre-order dump is underway.

Yeah that makes sense. I wonder if miners are selling older machines that will never see a +ve ROI (cutting their losses), or selling newer machines for a profit (making money on early pre-orders). I also wonder if some are upgrading their machines to newer models?

Quote from: cosmofly

its like the whole mining game is about to collapse, if not now soon enough

Well the graph shows that the network speed is increasing exponentially, so no, the whole mining game won't collapse. What will happen eventually (as has been discussed a lot) is that some miners with higher costs will drop out, slowing/reversing difficulty, until an equilibrium is reached.

Topic: Miners DUMPING their ASICs - page 4. (Read 6198 times)