BITCON... WHY its totally FLAWED

I think bitcoins are interesting.. I was into them a year or so ago, bought 5 5xxx cards that ran 24/7, got me about 2.0 GHash for three months til' I had paid off the graphics cards then bit by bit I sold each card off in a few custom desktops, am currently sitting at 1Ghash which pays my electricity bill and gives me $100 on top each month (at current difficulty/price). A fun hobby for a nerd and a nice way to make a profit :)
 
grinners said:
The cost is running a computer for weeks on end to mine a coin.

The people who criticise BitCoins seem to know the least about it :S
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It's always the way. After reading the entirety of this thread 1on1's ramblings (and a few hangers on) reminded me of the old addage:

1. First they ignore you
2. Then they ridicule you
3. Then they say it was self evident
(or words to that effect)

1on1 like a religious zealot skipped point 1 and went on the attack even with a total and utter lack of understanding on how bitcoins function.

Then after dozens of posts trying to explain it to him he finally realises "errrr duh ok maybe I was wrong". Utterly astounding to me, in that anyone with one iota of research skills should have gotten the hint to look into it themselves instead of carrying on like a pork chop.

Don't take this as flamebait it's not my intention. I'm merely flabbergasted at how far some people will go without even knowing what they are speaking about.

Cheers..
 
trav said:
grinners said:
The cost is running a computer for weeks on end to mine a coin.

The people who criticise BitCoins seem to know the least about it :S
Click to expand...

It's always the way. After reading the entirety of this thread 1on1's ramblings (and a few hangers on) reminded me of the old addage:

1. First they ignore you
2. Then they ridicule you
3. Then they say it was self evident
(or words to that effect)

1on1 like a religious zealot skipped point 1 and went on the attack even with a total and utter lack of understanding on how bitcoins function.

Then after dozens of posts trying to explain it to him he finally realises "errrr duh ok maybe I was wrong". Utterly astounding to me, in that anyone with one iota of research skills should have gotten the hint to look into it themselves instead of carrying on like a pork chop.

Don't take this as flamebait it's not my intention. I'm merely flabbergasted at how far some people will go without even knowing what they are speaking about.

Cheers..
Click to expand...

+1 pretty much :)

I've been following this thread vaguely, (Lol) but you are surely correct. There are people whom despise those whom stack silver & gold because their focus is on preparing for "when the SHTF". Then there are "got physical?" people whom stack silver & gold and despise anyone whom entertains any other currency (possibly 1on1's mindset). Do they consider the financial worlds of others. A slow-boat payment of silver via the mail (risky) may not do!. Today's world requires "fast currents" of currency transactions in many cases. I'm just making a general point here. We are surely all capable making similar mistakes to that of 1on1. Well I certainly am, sigh. Mass ignorant mindsets dominate mainstream society.
 
The Bitcoin exchange re-opens!

http://thenextweb.com/insider/2012/09/28/after-250000-theft-bitcoin-exchange-bitfloor-reopens/


Until this thread, I didn't even know what Bitcoins were, but I did also wonder if the inevitable future single world currency would actually be entirely digital and not gold or silver. Technically (mathematically) possible, but I guess this just highlights the problem of safeguarding the underpinning asset just moves. i.e. The private keys that are used in the crypto.
 
willrocks said:
Just want to say, Bitcoin has been one of the better investments I've had. I purchased at $3.20 US, and now it's over $12. I'm holding till about $40.
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Nice one.

Not sure I believe in it yet, but I think it possibly has a lot of potential and I don't want to miss out if it does take off, so I am buying in. I reckon they'll go to a hundred or possibly more. Quite possibly could be a better investment than silver (
sacrilege). Bitcoin stackers :)
 
willrocks said:
Just want to say, Bitcoin has been one of the better investments I've had. I purchased at $3.20 US, and now it's over $12. I'm holding till about $40.
Click to expand...

Ok Nice, im going to mine mine - I enjoy the mining side.

Have not had much of a play with the transaction side but intend on accummulating these like another investment/savings

My key concern is lack of barriers to entry, other similar ideas will dillute the interest in bitcoin.. ie: myspace was before facebook yet facebook ended up winning out.

If i were to speculate on bitcoin price id say that as it is getting incrementally harder to mine bitcoin as more seek to do so the price gradually increases on the supply side, on the demand side i can see awareness growing and more online stores transacting in it which will increase demand.

1for1
 
cam_jp said:
Unless you've got ASIC hardware on the way, mining is about to become completely unprofitable.
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That completely depends on your electricity cost, in my new flat is is included in the rent so only affected by the fact that I'll get less btc/day.
 
I think once the reward halves for the miners, the price will drop considerably as miners start to sell all the hoarded coins they have mined, but then I read the bitcoin forums and most people say the price will rise (?).

I'll probably sell all my bitcoins before the reward halves, it has been a good speculative 'investment' but getting money in and out seems overly complicated due to chargebacks
 
Vredaren said:
cam_jp said:
Unless you've got ASIC hardware on the way, mining is about to become completely unprofitable.
Click to expand...

That completely depends on your electricity cost, in my new flat is is included in the rent so only affected by the fact that I'll get less btc/day.
Click to expand...

Not really - that's a big factor as to whether you should enter the pre-ASIC mining arena but it is a game-changer.

The sheer processing power that ASIC offers at extremely low prices means I'd be surprised if mining covers the wear-&-tear on your graphics card.

I'm not suggesting people should give up mining - the ASIC stuff is very affordable.
 
ASIC hardware ordered. I am going to give bitcoin mining a go.

Hopefully the ASIC solution I ordered does not turn out to be vapourware.
 
rbaggio said:
ASIC hardware ordered. I am going to give bitcoin mining a go.

Hopefully the ASIC solution I ordered does not turn out to be vapourware.
Click to expand...

What one did you go for?

Can't wait to hear a review.
 
Richie said:
What one did you go for?

Can't wait to hear a review.
Click to expand...

BTCFGPA bASIC02 model.

Don't hold your breath for a review though, they are not scheduled to ship till Nov-Dec :)
 
Better than money in the bank? Better than silver?

734_bitcoin.jpg
 
Max Keiser likes bitcoins. This is enough for me to have a second look at them.
 
While I do think the whole Bitcoin concept is innovative, I think it will die a natural death because:

a. As a currency, if you require a ten minute video to explain how it works to your mother, and she still doesn't get it, then she aint gonna use one to pay for her manicure
b. If you can't reach the masses, then few vendors will accept them in exchange for goods
c. Any wealth created or stored electronically.. how's my grandma gonna pay for her new dentures?
d. It doesn't make sense to buy a Bitcoin with fiat currency, assuming it will increase in value (sophisticated pyramid scheme comes to mind)
e. Unless you've got some IT smarts to build a miner, you've got no hope, which is 80% of the population
f. Having computers running full time in your house aint gonna do your health any justice for your measly $100 cyber profit per month nor will it do the environment any justice burning up all that coal to power the computer systems

The list goes on and on. I reckon its a fad, and it has bubble written all over it. And bubbles eventually go POP!!
 
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