Quote from: Biodom on October 06, 2014, 05:17:59 PM

Quote from: nuff on October 06, 2014, 04:56:13 PM

Quote from: Rat_Poison on October 06, 2014, 03:26:57 PM

Quote from: Devin Chow on October 06, 2014, 03:20:02 PM

Sometimes I feel like the only person in the world that actually wants to see the people around him succeed.

I want all of my friends to make millions. It's inspiring.

99% of people want to see everyone around them fail miserably.

I hate humanity.

You want to make millions for yourself, and then you'd like to see your friends make millions as well.

And shouldn't you be saying that you'd like your friends to make a few bitcoins, since each one will be worth millions of dollars in a few years?

People get rich from hard work and wise, long term investing. Not buying a risky, digital asset, going underwater 50% or more, and then magically striking it rich a couple years later.

Very clearly you just think of bitcoin as some new-fangled digital fad akin to an up and coming website or whatever and you're a traditionalist, those who believe in paper money kept in the bank when the bank almost surely uses your money for their own investment without your knowledge but still think your money is 100% safe. When you put money into banks they own your money, not you, and can actually spend your money without your knowledge but none of you would want to believe that. Bitcoin is a way of storing your money safely (if you're not too stupid to safeguard it). The price in exchanges is irrelevant, because there is always the true value of bitcoin disregarding the manipulations that is happening now. The true value will always be how much it cost to actually mine a btc. Add that to the fact that the cost of producing btcs will only increase as difficulty goes up and that there is a fixed number of bitcoins ever to be mined, the value of btc can only ever increase over the course of time. But between now and then, there would be fluctuations although it has matured much, much more than say few years ago when you have daily fluctuations if not hourly. Still, the fundamentals of bitcoin stay, that it is deflationary in nature, and that it is the first mover. If you cannot understand what these two factors really means, then you just do not understand how cryptocurrencies work, and all I can say is, whatever floats your boat.

I agree, but it means that, without considering cost of machines, BTC value is ~1/2 of current. If you input the cost of equipment, the value should be much higher as no publicly available mining equipment currently makes more btc than it costs.

Correction, No eqpmnt we buy at retail price will make any money... But the mining farms make profit even when BTC is in the double digits!!! Recalculate & be amazed...