If you have almost no money, then sure, gamble a large percentage of what you can save on BTC (or other alt-coins).  But anybody who has enough money to distribute savings around should only be investing a percentage of their savings in BTC (or other alt-coins).  I'd say no more than 20% in BTC (or other alt-coins) and you're still being somewhat reasonable.

Again, many thanks!

I'd love some free GRA.  I've been a BTC/LTC/PPC only guy for awhile, but I working on diversifying after seeing that I seriously missed out on some other alt-coins.

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Thanks!

Most folks I know already have several TB of data storage.  It's going to be pretty easy to keep up with this.  10 TB is going to be CHEAP in 4.5 years.

Fontas appears to be planning a LTC pump and dump.  No doubt what he's doing is pumping LTC right now with his little announcement, and wil be dumping LTC shortly.  See the brazen post here:

https://forum.litecoin.net/index.php/topic,4698.0.html

This is the kind of shit you get yourself and your company into when you behave like a fucking ass.  You are taking a huge shit on yourself and your company right now.  Stop fucking around on these forums and go try to do your goddamn job, you idiot amateur.

You understand how business works, and you think it's ok for a business to extort apologies from customers?  The business you'd like to run would be one in which all customers pampered your little butt, eh?  If folks don't pamper your soft little butt, you'd start abusing customers because you can't handle it?  You have no clue how business works.  You're a low-level tech who should be fired from your job.

Wise move.

Josh is a fucking idiot who consumed too much prison hooch.  The hooch damaged his already pathetic little pea-brain beyond repair.

I'm a bit baffled that they are doing this without charging any fees.  How does that work?

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Can't access it.

Because the math looks poor.  If I were to place an order for a Jalapeno now, by the time it arrived I wouldn't pay it off for a year or longer, and after that, I'd be making next to nothing (at current BTC prices).  The investment looks very poor even if one assumes BTC prices will rise a fair bit.  Frankly, the only reason I can see for buying a Jalapeno now is to help the BTC network (and it's not much help!).  You'd have to gather quite a lot of willing folks who don't care about the math in order to sustain a decentralized network.

Now this isn't as significant a problem for folks who are already on Jalapeno preorder.  They'll stand a better chance of making their investment back more quickly, but they'll very shortly be making almost nothing.  The profit motive here is tenuous.  But maybe you think something other than profit is going to motivate all these people?

To the extent that there is a profit motive for speculators, they'll be motivated to BUY BTC with FIAT, not flush money down the drain buying a Jalapeno.

Try to convince me to buy a Jalapeno.  Why should I do it?  Out of the generosity of my heart?  Because I want to promote a decentralized currency even if it doesn't profit me to do so?  Because that's what a good person would do?

This is a good point.  I might even be willing to purchase a Jalapeno just to "help" Bitcoin, and I suspect there are quite a few people who feel the same.  Enough?  I don't know. 

I certainly wouldn't expect a return on my investment, however.  At current difficulty, one could respect a return on a Jalapeno in several months.  Unfortunately, those Jalapenos will come out at the same time as all the other ASICs, and the current difficulty will skyrocket, pushing back a recovery on one's investment to a year or more on the assumption that BTC prices remain the same.

So you really do have to be seriously bullish on the price of BTC or be willing to be in this for the long haul in order to not just flush money away.  It's not clear to me that enough folks will be wiling to do this.


I was referring to a much larger population than the current bitcoin user population.  Something like the population of potential BTC adopters.


So you expect folks to mine, even at no profit, just to help the Bitcoin network?  The question is whether there will be enough such people to keep BTC decentralized and secure when the massive ASIC farms start coming online.


This is a truism.  It adds nothing to this discussion.  You have to think about some of those "ifs".


Interesting point.  But note that you also have to be willing to do this for free (unless BTC prices skyrocket).  Your Jalapeno isn't going to pay itself off for a LONG time (again, unless BTC prices skyrocket).

I'm not going to invest in something unless I think I'll probably make money by so investing.  Are you the kind of sucker who will invest in something even if you know you will lose money by doing so?  We need more suckers like you.

Most of the Litecoin naysayers in this thread have been proven wrong.  Had they been smart enough to invest in LTC, they would have made a ton of money.  Their near religious faith in BTC at the expense of any other cryptocurrency has cost them a lot money.  Their loss. (Laughter follows here: Hahahahahaha.)

If the US government wanted to end Bitcoin, it could do it in a heartbeat.  It would take the tiniest fraction of the US budget to utterly destroy Bitcoin.

No, you aren't.  Also, it's "you're", not "your".


99% of folks are about to be cut out of mining BTC at current prices.  There will soon be NO value in mining BTC unless (i) you run an ASIC farm, or (ii) you speculate that the value of BTC will skyrocket (like, through the fracking roof).


Ok. So hope.  Great.  You hope Bitcoin turns out like Microsoft.  Fantastic.  But your hope is not a good reason to think that this will come to fruition.

When everybody but 1% of the population (that is fiat rich) is cut out of getting any profit from building the blockchain, what's going to happen to BTC?  You can hope that this will work out well for BTC.  But do you have any good reason to so hope?

As for the early adopters who are rolling in BTC's?  See this paper:

http://eprint.iacr.org/2012/584.pdf

You're the romantic type, aren't you?

The only people who are living off Bitcoin purchased pizza are the early adopters who have already accrued BTC before it exploded.  Nobody else is living off BTC purchased pizza (if they are, it's because they exchanged USD for BTC, and then exchanged BTC back to USD in order to purchase pizza).  Nor is anybody trying to purchase an ASIC living off BTC purchased pizza.  And nobody who wants to get into mining now is living off BTC purchased pizza.  99% of people who are getting into BTC mining are currently doing so because it's a hobby, they're bad at math, they're very, very optimistic, or they want to contribute to something good in the world.

When ASICs come out, and they will at some point, building the blockchain and reaping the profit for having done so will be transferred almost entirely into the hands of the fiat rich.  Thus anyone who wants to use BTC will have to purchase it with fiat (or some other cryptocurrency).  I can't see how this looks good for BTC in the long run.