Quote from: lphelps on September 01, 2014, 10:21:09 PM

If I was a rich man and could put a decent wager behind a bet I have, I probably would rake in a nice profit..

I've started to believe the whole BitCoin world was taken over by Central Bankers long ago when they thought it might disrupt their banking cartel.

I seriously doubt that there's that much mining hardware coming online every 12 days that the difficulty jumps up anywhere from 7% to 20%.

That's bullshit!!

How's that happening?? NSA super computers being used to pump up the mining threshold??

I'm mining at 1.5THS and barely making $13 a day... 8 months ago I would have been making over $100 at that hashing power.. Talk about diminishing returns..

If I wanted to make $100 a day today, I'd have to be over 10THS, which I'd have to throw in another $20K in mining contracts. And that would only get up to $100 a day
for about 2 weeks before the fucking difficulty jumped up again..

And since BitCoin is tied to fiat currency, I'm guessing the reason it's down to $480 is because the fucking US dollar has somehow gained in value?!?!? Not in my opinion.. Try going to the grocery store and getting out of the store with 1/5th filled basket without blowing $100.

What happened to the idea that the more BitCoin was accepted by retailers that it would gain in value?? Not from what I'm seeing.. It should be up over $2000 a BTC..

And those of us who have invested tens of thousands in mining would actually be making some good money in return...

Though this is just an opinion, I think maybe we could shed a little light on some of your questions:

1) Honestly have no clue if central bankers are some how trying to undermine BTC but given the attacks and continuous FUD there is a very real possibility you are correct as this competes directly with the people who basically own the planet.

2) Mining difficulty going up is directly due to Big companies who sell us the hardware while they also roll out 11+Megawatt facilities which they use to mine on their next gen equipment (Until they sell it to us once they are done squeezing it) then they use our money to fund R&D and keep it moving off our tears, not very classy AT ALL.

3)I am also an industrial miner who has sunk a good chunk of money into the game while it was at around 8 Billion difficulty (Also saw ridiculously lower returns) which force you to re-invest most of the profit just to stay relevant.

4) The BTC value is due to whales dumping and re-buying to make a profit and acquire more BTC / merchants immediately changing their BTC to fiat via coin base etc / bots and people who soak up all the FUD selling at losses and moving to alt coins in hopes of a brighter tomorrow.

Once the fiscal deficit of the fractional reserve banking system crashes due to hyper inflation we will see some transfer of wealth come to BTC and then my friend you will feel the benefits of being a part of the early wave of "Speculators"

For now don't get caught up in the FUD pricing spikes and focus on how amazing it is that we are actually able to circumvent the banking domination by trading in a peer to peer decentralized world.

In my book that's a fucking +1 win Grin