• Quick note - the problem with Youtube videos not embedding on the forum appears to have been fixed, thanks to ZiprHead. If you do still see problems let me know.

Bitcoin - Part 2

Status
Not open for further replies.
psionl0 said:
...when miners drop out of the race, mining becomes cheaper for the remaining miners. The overriding principle is that the block generation rate is constant regardless of how many miners there are.
Click to expand...

If we could arrange a world-wide power outage while maintaining our servers on battery-powered back-up, we could mine millions of coins in a short period of time and be rich!




And Batman won't be able to stop us this time.
 
Mycroft said:
If we could arrange a world-wide power outage while maintaining our servers on battery-powered back-up, we could mine millions of coins in a short period of time and be rich!
Click to expand...
Nope. The mining rate (currently 12.5 BTC every 10 minutes) is roughly constant regardless of how few or how many miners there are. It's all in the algorithm.
 
psionl0 said:
Nope. The mining rate (currently 12.5 BTC every 10 minutes) is roughly constant regardless of how few or how many miners there are. It's all in the algorithm.
Click to expand...

So if you could arrange to be the sole miner, you could mine 75 coins an hour, 1800 coins in a day, and net about 6 million dollars in a day at current prices.
 
Samson said:
Sometimes it IS different this time.
It is different this time,
Click to expand...
Yes, it is different this time. For the first time ever, Bitcoin has charted the super-rare Stegosaurus Pattern!

What will it do next? Who cares? Bitcoin has now created a unique piece of art that will never be repeated. And it only required an 'investment' of $325 Billion!
 

Attachments

  • Btcusd-babypips-1200x650.jpg
    Btcusd-babypips-1200x650.jpg
    46.5 KB · Views: 6
Roger Ramjets said:
Yes, it is different this time. For the first time ever, Bitcoin has charted the super-rare Stegosaurus Pattern!

What will it do next? Who cares? Bitcoin has now created a unique piece of art that will never be repeated. And it only required an 'investment' of $325 Billion!
Click to expand...
Cool picture Roger,
I have been laughing for hours (as technical analyst).
 
Mycroft said:
So if you could arrange to be the sole miner, you could mine 75 coins an hour, 1800 coins in a day, and net about 6 million dollars in a day at current prices.
Click to expand...

If you could arrange to be the sole miner, you could manufacture any ledger you choose including one that transfers all of the bitcoins in existence to you. It would be an extreme version of the 51% attack.

Good luck with converting your newfound bitcoin monopoly to cash, or goods.
 
Last edited:
Could Bitcoin really go to ZERO?

Opinion: Bitcoin is close to becoming worthless
when the price of bitcoin falls and miners exit, the cost of mining decreases. However, the number of miners cannot fall below a certain level, because without the miners providing the computing power to maintain the ledger, the bitcoin blockchain will not remain viable.

Mining at a cost higher than the cost at which you can sell in the futures market destroys value. So, any rational investor — even one who strongly believes the price of bitcoin will rebound — has no incentive to mine if the cost of mining is higher than the future price and is better off buying in the futures market.
Click to expand...


But Bitcoin has always recovered from losses in the past, so why would it not be precisely the same as before?

Bitcoin proponents will argue that bitcoin’s price has dropped by large percentages before. Except this most recent decline is different in three significant ways. First, the magnitude of the recent decline dwarfs the magnitudes of past declines. Second, the losers in the recent decline are new investors who will likely retreat until there is more clarity around bitcoin’s use cases. Third, the futures markets have changed the game, enabling miners to estimate their mining losses and profits at the outset — if you can buy in a futures market at a price below my mining costs, why mine for a sure loss?
Click to expand...


Death spiral

So, it appears bitcoin is now entering a death spiral: If the price continues to drop and the cost of mining does not fall correspondingly (the cost of mining will algorithmically decrease, but not necessarily to same extent as the decline in prices), bitcoin will quickly go to zero.
Click to expand...
 
Nearly through the three's, should cruise through the two's by Xmas, something to celebrate for the environmentalists, which in theory we all are.
 
Wow, 3100. That's quite a fall from not so long ago.

Still, if you managed to acquire a few BTC when they were at half a dollar and got rid of them at peak, that's quite a nice bargain.
 
Bitcoin price is dropping because... the MARKET is wrong!

Unabashed Bitcoin Bull Thomas Lee Says the Market Is Wrong
Back in May, Thomas Lee, head of research at Fundstrat Global Advisors was predicting a rally to $25,000 by the end of the year. And despite things not playing quite in his favor... he’s sticking to his guns.

Bitcoin’s fair value, given the number of active wallet addresses, usage per account and factors influencing supply, is between $13,800 and $14,800, he said in a note Thursday
Click to expand...

So Tommy, was the market 'wrong' in Dec 2017 when the price hit $20,000?

“We are tired of people asking us about target prices,” he said, declining to update his year-end forecast.
Click to expand...

That's OK Tommy, we're tired of you too!

Only 18 days to go before we find out who is wrong - and I'm betting it won't be 'the Market'...
 
Belz... said:
Wow, 3100. That's quite a fall from not so long ago.

Still, if you managed to acquire a few BTC when they were at half a dollar and got rid of them at peak, that's quite a nice bargain.
Click to expand...

3246! The downward trend is over!!1! Yay!
 
Status
Not open for further replies.

Back
Top Bottom