Quote from: Piper67 on September 02, 2011, 03:44:56 PM

Quote from: Synaptic on September 02, 2011, 03:41:39 PM

Quote from: defxor on September 02, 2011, 03:38:26 PM

Quote from: Synaptic on September 02, 2011, 02:25:24 PM

Though the lay man might not understand the finer technical details enough to comprehend the flaws in the Bitcoin system, the entire mystique surrounding the scam is just foul enough to impart the wisdom to stay away.

I explained the, for his use, necessary parts of Bitcoin to my hairdresser (!) yesterday, and showed him Bitcoin Wallet on my mobile.

He wants it, now. If we had what Bit-pay offers in my country he would be standing in line to sign up.

It might be flawed, but not as much as the existing credit card and banking system is for small merchants.

Quote from: Synaptic on September 02, 2011, 02:39:00 PM

Why do you people still believe there's going to be bitcoin ASICs? How many goddamn times does it have to be drilled into your head that the economics will NEVER work out enough to develop one until BTC are trading for well over $50/coin steadily...

Yeah I had this argument in another thread a few weeks ago. People claimed there would NEVER be Bitcoin FPGAs.

I think it's the other way around actually. I won't even touch mining until we're at ASICs, since I consider the price to follow production cost until we hit the uptake vs deflation knee of the curve. GPU miners need to charge $6/BTC. FPGA miners can charge $0.5. ASIC miners can ...

Your fundamental inability to do simple math or understand economies of scale betrays you...

Ah, see, this is where you lost me. I've not found too many forum members with a better grasp of mathematics than defxor. If you stuck around, instead of predictably coming into the forums when there's a dip in price and equally predictably leaving it when the price rises, you'd know that too.

When has the price risen since the hype bubble?

It hasn't.

Every post I will ever make in the future will be at a lower average price than the last.

And anyone that believes FPGAs will ever be cost effective for mining is deluded.

Anyone who believes there will ever be a Bitcoin ASIC is simply fucking retarded.