So if I flip burgers and buy BTC, I'm indirectly mining BTC? (Minimum wage paycheck) => (BTC), voila?
Some twisted thinking, but K.


Mining BTC with GPUs is only feasible if by "subsidized power" you mean stolen, as in stolen from Mom or your national grid.


Flat electricity bill doesn't mean you can run an aluminum smelter in your apartment, or run bitcoin mining gear, or run an extension cord to your next door neighbor, who *doesn't* have a flat electricity bill.

You are simply looking for sneaky ways to swindle your landlord, and, in the process, fuck ordinary folks who don't steal electricity, because their rents go up because of *you*.  You're actually *worse* than Chinese miners stealing subsidized power, because you are *literally costing your neighbors money.*
No wonder people shy away from bitcoiners

TL;DR: There is no such thing as free electricity. Unless by "free," you mean "steal without getting caught."

^^Are you currently smoking meth, or using auto-translate and can't be arsed with formatting?

The miners won't want to do anything *unprofitable for the miners*, "bad" is neither here nor there.

What's your point? Of course the difficulty will eventually go down if people stop mining. Duh.

So you're telling me that since BTC price went up some time after the halvening, it went up *because* of the halvening? Just like Obama scratched his ear, and a few weeks after that thhere was an earthquake on the other side of the globe, therefore if he scratches his ear again, expect earthquakes?

And why didn't this halvening thing work for LTC? Observe:

http://s32.postimg.org/57ixtqzyd/Capture.png

Yeah, that vertical line is the halvening

Right. And if the price halves? Or do you think the price will double just because miners want it to double?

Again, you don't understand how mining works. Here:
1. You buy a "money fountain"
2. You work your "money fountain" for a few months.
3. You shut down your "money fountain" or buy a new one, because your old one is obsolete. Your old money fountain is a doorstop. If it didn't pay for itself in these few months, you're shit out of luck.

You do understand that when miners "invest millions of dollars into a mining farm," that investment becomes worthless in less than half a year, because increasing hashrate & having to invest more millions of dollars on new gear? Or do you think those Butterfly Labs rigs you invested millions in are still worth millions?

@AlexGR: Mining is centralized in china due to government-subsidized electricity. Production is centralized for the same reason everything else is made there: dirt-cheap labor.
The invisible hand works in mysterious ways, in this case through Communist government trying to modernize its country.

Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct?

The same argument applies to central banks: Why would they debase the very currency they issue, how does that even make sense

Ya, they so dum they tried to buy me out for one billion dollars. You no wat I tolded them? I sez 2 them no, keep your filthy fiat toilet paper!


Bitcoin would threaten the banking system if:
1. More than a fraction of one percent of the population used it.
2. That fraction of one percent was otherwise productive members of society, not child-like criminals stealing from each other.
3. IRL adults considered Bitcoin to be more sound, as a store of value, than Beanie Babies (which are the REAL threat to the banking system, with NSA spending billions in taxpayer money to discredit Beanie Babies and suppress beanie trade).

Oddly enough, those parameters aren't met, so bitscoin is used as a honeypot, corralling the world's most inept criminals into an ecosystem where their shenanigans are monitored on the blogchain and this forum. On computer screens, by a couple of chubby agents who are otherwise useless, too weak and fat to actually be useful in the field, dealin with smart IRL criminals.

What am I looking at, and why is your second link asking me to download an executable?

http://s32.postimg.org/d2kzfhyo5/Capture.png

Please provide a link to an official public statement made by Bitclub. ty.

Link to Bitclub official statement plz?

Lol no, the guy who started the "Bitclub is trying to return the coin" story was trolling.
Everyone instantly believed him because desperate for news that doesn't involve bitcoiners robbing each other.

And totally not because Bitcoin accounts for over 40% of criminal-to-criminal online payments

Wasn't that forum mostly ded? maybe 10 posts/day total, if that?

^Sorry ur platinum mad, bro, didn't mean to pop ur bubble.
Just go back 2 wat u waz doin' pl0x

http://opioids.com/images/opiumsmoker.jpg

@--Encrypted--: how many people actually use BTC "not just for trading"? How is LTC fundamentally different from BTC?
P.S. Feel free to play my game above, see boldface

Since we're clearly not getting anywhere, how about some data to ponder? Here's Litecoin halvening, I think Aug. 26 is when it happened.

http://s32.postimg.org/xtvi2yzs5/Capture.png

Would you be able to point to Teh Halvening on the chart if not for the helpful vertical line?
Why did the price not go up, as the halvening faithful predicted?

Let's give analogies one more chance, let's imagine again.
The Princess (from our last game) issued a decree: "On Jan. 1, 2017, Princess Satolestia will buy all your Bit coins @ $10k/BTC."

Taking into account that you are the cunning and rational trader I know you to be, wat do?
Do you wait until Jan. 1, or do you start buying now?
If you chose to wait until Jan 1, why? If not, why?

While we have to imagine that Princess never lies, we can be 100% sure that Teh Halvening will happen, because algorithmically determined and maths. It's been announced back in 2009, and will surprise no one who cares

Perhaps "margin trading" is not the phrase you were looking for?

^^You misunderstood me. The supply/demand chart simply doesn't apply when you're buying money with money. The more a dollar is worth, the more you want it.
Let's say there's an imaginary coin called Bitcoin. See fig. 1 below.

http://pre05.deviantart.net/cb2d/th/pre/i/2013/076/5/7/ten_bit_coin___royal_equestrian_mint_by_tidalkraken-d5ydcl1.jpg

                                                     Fig. 1

1. Let's further say that there's a queen, we'll call her Satolestia, who is totally trustworthy and buys and sells those coins for exactly 1 US dollar. She promises to buy all the coins we have to sell, forever, and we trust her, because she's a queen and also an imaginary one, the kind that doesn't lie.
If we're bored enough, we'd buy and sell those coins from/to Satolestia day in and day out.  Pretty pointless, but hey...

2. ...until Satolestia changes the terms: she starts charging a penny more, but still pays a dollar when we sell her a coin.
Wat do?
Obviously, the dumb thing to do would be to keep buying, and losing a penny a coin. But we're in it for PROFIT, so we stop buying altogether. Not just some of us, not slow down our buying, but both of us. Stop buying. Because buying shit for $1.01 and selling it for a penny less is an excellent way to go broke.
Which we don't wanna do.

3. Conversely, if Satolestia starts charging us 99 cents per coin, while still paying a dollar, we'd be on that shit like white on rice -- we'd go into a frenzy, buying a coin and selling it right back to Satolestia at a profit, rinse, repeat, until we're satiated.

You see where I'm going with this?
It doesn't matter to us how many dollars or how many Bit coins there are, the only thing we need is the price, and knowing what someone will pay for our coin. This is an imaginary thing, we know exactly what Satolestia will pay (because she told us & does not lie), so the problem is trivial: If Bitcoin price is < a dollar, buy; If => dollar, don't.

The fun part -- and what makes purely speculative assets fun, is that there is no Satolestia. We have to guess what people will be willing to pay. We might convince them that our Bit coins are worth more than a dollar because there's a limited number, but you and I know that's just a pitch, a nice backstory, a coldblooded thing to say to a motherfucker before you put a cap in his ass.

Other than "too many words," do you see what I'm saying?