Mt. Gox drops to 20, reconsidering your mining rigs? - page 2.

Bitonetta

member

Activity: 66

Merit: 10

Quote from: gat3way on June 10, 2011, 04:50:45 PM

Well, blame it on all those bitcoin calculators. Full of people joining in thinking about "buy 2x5850, then upgrade to 2x5870 in two months, then 2x6990 in two months, then probably 7990s...then probably a second rig...then another rig...then a yacht".

Sorry, no free lunch.

Haha... It's amusing reading these posts. "Hi I've never built a computer before but ready to drop all this money on 4x Radeon cards for my very first attempt. Is this OK?" posts.

rezin777

full member

Activity: 154

Merit: 100

Quote from: gat3way on June 10, 2011, 04:50:45 PM

...then a yacht".

Sorry, no free lunch.

What?! Those calculators are wrong? But I'm so close to my yacht! Wait, can I see what is behind curtain two? Grin

gat3way

sr. member

Activity: 256

Merit: 250

Well, blame it on all those bitcoin calculators. Full of people joining in thinking about "buy 2x5850, then upgrade to 2x5870 in two months, then 2x6990 in two months, then probably 7990s...then probably a second rig...then another rig...then a yacht".

Sorry, no free lunch.

Bitonetta

member

Activity: 66

Merit: 10

Quote from: computerparts on June 10, 2011, 04:13:53 PM

What bitcoin needs to survive the gov't attacks is trust in the buyers. Trust in the buyers = more buyers = more demand = rising value. However, there seems to be more sellers than buyers at this moment.

What bitcoin needs is more support from merchants. More people accepting them. If I'm actually able to buy 'needed' stuff with it, I would spend it. I can't easily buy items directly using bitcoins. If I can just place my newegg order or amazon order and click pay via bitcoin then it'll take off. I have no choice but to 'cash' it out so I can spend it. If a single big merchant accepted it with things that we actually want and use, I'm sure alot of people here would be more then happy to support. *hint*Follow paypal's footprints!*hint*

chungenhung

legendary

Activity: 1134

Merit: 1005

Quote from: rezin777 on June 10, 2011, 03:58:09 PM

Quote from: computerparts on June 10, 2011, 03:56:14 PM

You do know that MtGox website is registered under someone that is on U.S. soil, right?

You do know that MtGox is only an exchange and Bitcoin does not need it to succeed, right?

you do know that someone can easily register another website in another country right?

alexbasasa

newbie

Activity: 16

Merit: 0

Quote from: snoopytime on June 10, 2011, 03:23:45 PM

...without buying 400 suitcases at walmart...

I lold.

Jack of Diamonds

sr. member

Activity: 252

Merit: 251

Quote from: mistersaturn on June 10, 2011, 04:36:56 PM

in advance i apologize for my bad english. i'm not a native speaker.

there are quite a few things to be considered here and most people seem not to see this.
firstly: a market correction was more than necessary, cmon people 19$ per btc and 34$ per btc at the same difficulty, are you shitting me? please, start to think for a second.
secondly: there is no way to wire money to mtgox, it's weekend. weekend always means more fluctuation.
thirdly: maybe most important point. the chain reaction of selling. one starts, price drops, people get scared and sell, price drops even more.

Finally someone with common sense. And your English is fine.

mistersaturn

newbie

Activity: 28

Merit: 0

in advance i apologize for my bad english. i'm not a native speaker.

there are quite a few things to be considered here and most people seem not to see this.
firstly: a market correction was more than necessary, cmon people 19$ per btc and 34$ per btc at the same difficulty, are you shitting me? please, start to think for a second.
secondly: there is no way to wire money to mtgox, it's weekend. weekend always means more fluctuation.
thirdly: maybe most important point. the chain reaction of selling. one starts, price drops, people get scared and sell, price drops even more.

LudwigDG

newbie

Activity: 28

Merit: 0

Well I got myself a plan for bitcoin.

I will mine and mine only and for every 3 bitcoins mined I will sell 1 at the current exchange rate. This way I will try to get my cash out and still have bitcoins left in case it does get higher or gets an other speculators peak.

You can call it. accumulative selling

I will also buy one ati 5870 extra this way getting my computer capacity at 66% wich is good enough cause at 100% the card would sit to close to each other witch will make sure that the one above just sucks the head of the one below in and I don't want that.

computerparts

sr. member

Activity: 378

Merit: 250

Quote from: rezin777 on June 10, 2011, 03:58:09 PM

Quote from: computerparts on June 10, 2011, 03:56:14 PM

You do know that MtGox website is registered under someone that is on U.S. soil, right?

You do know that MtGox is only an exchange and Bitcoin does not need it to succeed, right?

Unfortunately most people are using bitcoin as nothing more than a cash cow. If the exchanges go away, people have no way to convert it to their currency. When people have no way to convert it to their currency, it becomes worthless to those people. Let's be realistic, how many people do you think went into this without the thought of making money? My guess is very few. What bitcoin needs to survive the gov't attacks is trust in the buyers. Trust in the buyers = more buyers = more demand = rising value. However, there seems to be more sellers than buyers at this moment. Even if bitcoin survives the initial gov't attacks, there is the possibility of it gaining popularity and eventually rivaling the ever falling U.S. dollar. It's a slim chance but a chance nonetheless. Here is a fact. The gov't has swiftfully and successfully shut down any currency that has ever been a threat to the U.S. Dollar. The Liberty Dollar and e-gold are prime examples of such. Would be interesting to see what would happen.

Jack of Diamonds

sr. member

Activity: 252

Merit: 251

Quote from: ensign_lee on June 10, 2011, 03:58:44 PM

The same way they shut down pokerstars and fulltiltpoker whenever they decided they wanted to (both of which were based in other countries). Seize the domain and put scary FBI warning signs up (like the one currently on http://bookmaker.com/ which they also did it to) warning people to stay away.

Concentrated sites are easy to take down.

Register the domain in Russia, Finland, Switzerland, Japan, or Cocos Islands -> Problem solved.

Besides, pokerstars.com and fulltiltpoker.com work just fine at the moment, and the .net domains were never down to begin with & their site was fully operational the whole time. I follow the news.

Jack of Diamonds

sr. member

Activity: 252

Merit: 251

Quote from: ensign_lee on June 10, 2011, 03:58:44 PM

The same way they shut down pokerstars and fulltiltpoker whenever they decided they wanted to (both of which were based in other countries). Seize the domain and put scary FBI warning signs up (like the one currently on http://bookmaker.com/ which they also did it to) warning people to stay away.

Concentrated sites are easy to take down.

Register the domain in Russia, Finland, Switzerland, Japan, or Cocos Islands -> Problem solved.

Chucksta

full member

Activity: 168

Merit: 100

Quote from: ensign_lee on June 10, 2011, 03:58:44 PM

Quote from: Jack of Diamonds on June 10, 2011, 03:44:26 PM

Quote from: computerparts on June 10, 2011, 03:34:51 PM

There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.

How are "they" going to go after an exchange that is based in Japan and has currency accounts around the world?

The same way they shut down pokerstars and fulltiltpoker whenever they decided they wanted to (both of which were based in other countries). Seize the domain and put scary FBI warning signs up (like the one currently on http://bookmaker.com/ which they also did it to) warning people to stay away.

Concentrated sites are easy to take down.

USA agencies have no rights over .org, only .com

Which is why the poker sites changed from .com to .net and .co.uk

it's only the people from "the land of the free" who can no longer freely play on those sites. Anyone from anywhere else in the world can use them, lol

BiggieJohn

member

Activity: 70

Merit: 10

my power cost for my 6 GPU's and air conditioning is about $5/day.
As long as the price stays above $10/BTC i will continue to mine.

ensign_lee

hero member

Activity: 886

Merit: 500

Quote from: Jack of Diamonds on June 10, 2011, 03:44:26 PM

Quote from: computerparts on June 10, 2011, 03:34:51 PM

There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.

How are "they" going to go after an exchange that is based in Japan and has currency accounts around the world?

The same way they shut down pokerstars and fulltiltpoker whenever they decided they wanted to (both of which were based in other countries). Seize the domain and put scary FBI warning signs up (like the one currently on http://bookmaker.com/ which they also did it to) warning people to stay away.

Concentrated sites are easy to take down.

kirby9058

newbie

Activity: 50

Merit: 0

Well, I was smart and used my pre-existing gaming rig as my mining rig. Already had a 5830, just bought a 2nd one. If mining stops being profitable for me, at least I've got a decent gaming rig!

rezin777

full member

Activity: 154

Merit: 100

Quote from: computerparts on June 10, 2011, 03:56:14 PM

You do know that MtGox website is registered under someone that is on U.S. soil, right?

You do know that MtGox is only an exchange and Bitcoin does not need it to succeed, right?

computerparts

sr. member

Activity: 378

Merit: 250

Quote from: Jack of Diamonds on June 10, 2011, 03:44:26 PM

Quote from: computerparts on June 10, 2011, 03:34:51 PM

There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.

How are "they" going to go after an exchange that is based in Japan and has currency accounts around the world?

You do know that MtGox website is registered under someone that is on U.S. soil, right?

rezin777

full member

Activity: 154

Merit: 100

Some people freak out when the sun rises every day. Bitcoin is not a sprint, it's a marathon. Anyone selling cheap video cards because of the impending "crash"? Grin

dingus

full member

Activity: 126

Merit: 100

Of course I am happy at $20. I've been here since $0.70!

Topic: Mt. Gox drops to 20, reconsidering your mining rigs? - page 2. (Read 6699 times)