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Re: The biggest market of Vouchers, itunes, Amazon, MP, Ukash, Psc, etc - VOUCHER.CM
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LOL what you scare, anyway shop can be loaded only with perfect money right now, soon like developer said me they will add bitcoin and webmoney, and all that you load you can waste instant in shop
Crazy guys you didnt understand what you talking about. Like sheeps - one said all repeat
Re: I am pretty confident we are the new wealthy elite, gentlemen.
When I first posted here, I had just 0.02 btc. Since that time I got fractions of bitcoin from faucets and ads in my sig and now I hold 0.19712053 BTC. I am watching at the price and seeing that my bitcoin investment costs ~200 USD (and growing!). Hope it will be 200 000 in future 
One benefit of ASICs (and any specialized mining hardware) is that they decrease the threat of this problem. The marginal revenue for an ASIC miner is far higher than the marginal cost--most of the cost is upfront. ASIC miners won't turn their hardware off even if their profit falls precipitously.
On the other hand, anybody mining with a CPU, with marginal revenue close to marginal cost, will shut off the program as soon as revenue falls. This increases susceptibility to this failure as well as other attacks, especially by a 'terrorist' who begins mining at a loss in order to force all of the other miners into negative profit so he can monopolize the network.
On the other hand, anybody mining with a CPU, with marginal revenue close to marginal cost, will shut off the program as soon as revenue falls. This increases susceptibility to this failure as well as other attacks, especially by a 'terrorist' who begins mining at a loss in order to force all of the other miners into negative profit so he can monopolize the network.
I disagree with you. Forget about CPU/GPU mining. Marginal revenue will be very small for ASIC miners in future due to competition. But cost of mining will be very high since Bitcoin will be very expensive. Thus even small decline of bitcoin price could incur significant losses to miners and paralyze the network. Most miners won't be able to tolerate significant decline of price. Please see again my calculations in the original post.
1. Regarding the mining problem in your scenario:
There's a globally a great variance on out of pocket expenses on electricity prices ($ 0.00 .. $ 0.40), of which near zero could consist of wind / solar / hydro installations. Also the environment (tropics vs. nordic) will add to expenses or savings on cooling, not speaking vast differences of management, housing and financing costs. Hardware prices won't matter in this case, since the hardware is already up and running in your scenario.
Next to these marginal costs, there's a large range of power efficiencies of mining gear, together with dynamically power saving settings like undervolting it.
Imho, these two factor mitigate the pace of decreasing hashrate to a great extent and smoothen it out.
Also, 'old' mining companies go in stasis till better times or go bankrupt. Other, better situated and more efficient companies buy up their gear for their operations at an appropriate market value. The zero sum game mining is, will deliver more BTC to the remaining companies, which compensates them for the lower market value of BTC. Lots of negative feedback loops to decreasing computing power in the network.
There's a globally a great variance on out of pocket expenses on electricity prices ($ 0.00 .. $ 0.40), of which near zero could consist of wind / solar / hydro installations. Also the environment (tropics vs. nordic) will add to expenses or savings on cooling, not speaking vast differences of management, housing and financing costs. Hardware prices won't matter in this case, since the hardware is already up and running in your scenario.
Next to these marginal costs, there's a large range of power efficiencies of mining gear, together with dynamically power saving settings like undervolting it.
Imho, these two factor mitigate the pace of decreasing hashrate to a great extent and smoothen it out.
Also, 'old' mining companies go in stasis till better times or go bankrupt. Other, better situated and more efficient companies buy up their gear for their operations at an appropriate market value. The zero sum game mining is, will deliver more BTC to the remaining companies, which compensates them for the lower market value of BTC. Lots of negative feedback loops to decreasing computing power in the network.
You are describing the current situation of emerging bitcoin market. But I am talking about the future. As I said in the original post,
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2. Heavy investments in Bitcoin mining stabilize the mining profitability at ~11% per year or ~0.03% per day.
3. Professional miners with big efficient mining farms control 99% of hashing power.
3. Professional miners with big efficient mining farms control 99% of hashing power.
Companies that have higher costs will leave the market well before we reach such rates of annual mining profitability. Competition will equalize the costs, there will be no significant variance. Only efficient miners will survive. The costs will be high. Really high. Since they only depend on bitcoin price.
2. Regarding the plummet of the exchange value against the USD:
If BTC reaches those height, many real economy and financial contracts will also be stated in BTC, so there's also some guaranteed exchange and buffered value.
When block times increase, trading is slowed down, new supply of BTC from miners decreases and most humans are anxious anyway to take any loss. Demand could plummet, but so will the supply to the market.
If BTC reaches those height, many real economy and financial contracts will also be stated in BTC, so there's also some guaranteed exchange and buffered value.
When block times increase, trading is slowed down, new supply of BTC from miners decreases and most humans are anxious anyway to take any loss. Demand could plummet, but so will the supply to the market.
I am not sure buffered value will be enough to stabilize the currency in case of some economic crisis, FUD & price manipulation. Even established currencies that are regulated to be stable can loose or gain much of their value in matter of days. If Bitcoin looses its value, efficient miners (who control 99% of the network and work for a small profit) will quite mining immediately and sell their hardware to cover the losses.
And it will potentially cause 2 major problems that can kill Bitcoin:
1. Unacceptable confirmation time (16 hours instead of 10 minutes in average)
2. Compromise of the network (by the ones who bought the hardware from miners)
1. Bitcoin price approaches 1M USD.
2. Value of USD quickly goes to zero. Everything is accounted in BTC.
2. Value of USD quickly goes to zero. Everything is accounted in BTC.
It doesn't solve the problem. If for some reason big miners spend on electricity + hardware much more than they get from mining, they will quit business. And it doesn't matter if they pay it in BTC, USD or any other currency. In that case Bitcoin network will be paralyzed and possibly compromised, i. e. dead. Why is it impossible?
Is this scenario possible? [sudden drop of hashing power in far future]
Sorry if this has been discussed. I'd like to know your opinion about the following scenario:
1. Bitcoin price increases up to 1M USD
2. Heavy investments in Bitcoin mining stabilize the mining profitability at ~11% per year or ~0.03% per day.
3. Professional miners with big efficient mining farms control 99% of hashing power.
4. Let's say median miner spends 1 000 000 USD daily to mine 1 030 000 USD in BTC and to receive a profit of 30 000 USD every day.
5. Suddenly Bitcoin price crashes from 1M USD downto 100K USD and stays there for a while.
6. Now median miner spends 1 000 000 USD daily to mine 103 000 USD in BTC and receives a daily loss of 897 000 USD.
7. Miners won't tolerate such losses for a long time. They will shut down their mining farms and sell them for cheap (if they can).
8. Bitcoin network will loose 90% of its mining power. It will take 100 minutes in average to generate new block. And it will take months to adjust the difficulty.
9. Moreover somebody can easily do a 51% (...90%) attack using the hardware bought from big miners.
Does it sound like a possible scenario that could happen naturally or provoked intentionally?
1. Bitcoin price increases up to 1M USD
2. Heavy investments in Bitcoin mining stabilize the mining profitability at ~11% per year or ~0.03% per day.
3. Professional miners with big efficient mining farms control 99% of hashing power.
4. Let's say median miner spends 1 000 000 USD daily to mine 1 030 000 USD in BTC and to receive a profit of 30 000 USD every day.
5. Suddenly Bitcoin price crashes from 1M USD downto 100K USD and stays there for a while.
6. Now median miner spends 1 000 000 USD daily to mine 103 000 USD in BTC and receives a daily loss of 897 000 USD.
7. Miners won't tolerate such losses for a long time. They will shut down their mining farms and sell them for cheap (if they can).
8. Bitcoin network will loose 90% of its mining power. It will take 100 minutes in average to generate new block. And it will take months to adjust the difficulty.
9. Moreover somebody can easily do a 51% (...90%) attack using the hardware bought from big miners.
Does it sound like a possible scenario that could happen naturally or provoked intentionally?
Re: The oldest sig ad campaign - get 0.3 BTC/month for free! No need to keep posting
But you can check this thread for an overview of all the signature ad campaigns:
https://bitcointalk.org/index.php?topic=333916.0
https://bitcointalk.org/index.php?topic=333916.0
Thank you!
Re: 1 Million dollars per coin by year 2020. I am not kidding.
Tax heaven bank accounts hold 30 trillion dollars? But there are only 3 trillion dollars in existence.
You know that dollar isn't the only currency in the world?
So 30 trillion is not the sum of safe heaven usd accounts, but just an usd evaluation of deposits in all the currencies?
Re: The oldest sig ad campaign - get 0.3 BTC/month for free! No need to keep posting
So should I remove the signature or is there a chance I will be paid?
Maybe someone knows some other signature advertising campaigns that don't require spamming the forum?
Trust me, it's completely impossible for you to get paid... This campaign is LONG dead.Maybe someone knows some other signature advertising campaigns that don't require spamming the forum?
So is there another sig ad campaign that doesn't require posting?
Re: 1 Million dollars per coin by year 2020. I am not kidding.
The bubble will pop.
You mean traditional banks, bitcoin rally or both?
Re: 1 Million dollars per coin by year 2020. I am not kidding.
Similarly there are only 21 million bitcoins. But bitcoin banks could hold 210 million bitcoins off the block chain.
A bit on the chain is worth ten in the bank?
If it works this way with USD, why wouldn't it work with BTC?
Edit: virtual BTC will debase the real ones same way as virtual USD debases paper bills, but they will probably have equal value ($100 bill has almost the same value as $100 bank deposit).
Re: 1 Million dollars per coin by year 2020. I am not kidding.
Tax heaven bank accounts hold 30 trillion dollars? But there are only 3 trillion dollars in existence.
Similarly there are only 21 million bitcoins. But bitcoin banks could hold 210 million bitcoins off the block chain.
So I wouldn't compare capitalization of 21 million real bitcoins to capitalization of 30 trillion of virtual dollars.
Similarly there are only 21 million bitcoins. But bitcoin banks could hold 210 million bitcoins off the block chain.
So I wouldn't compare capitalization of 21 million real bitcoins to capitalization of 30 trillion of virtual dollars.
Re: 1 Million dollars per coin by year 2020. I am not kidding.
I don't see how it is possible. Bitcoin capitalization of 21 trillion dollars is not possible in foreseeable future. Bitcoin should be 7 times more ubiquous than US dollar to make that possible. Not going to happen within a couple of years.
Re: The oldest sig ad campaign - get 0.3 BTC/month for free! No need to keep posting
So should I remove the signature or is there a chance I will be paid?
Maybe someone knows some other signature advertising campaigns that don't require spamming the forum?
Maybe someone knows some other signature advertising campaigns that don't require spamming the forum?
Re: 1 Million dollars per coin by year 2020. I am not kidding.
What do you think?
It's so funny to think that we are living a time where anyone with couple of hundreds dollars can just choose to be millionaire in a couple of years.
EDIT: And I am talking 1 million in todays dollars.
It's so funny to think that we are living a time where anyone with couple of hundreds dollars can just choose to be millionaire in a couple of years.
EDIT: And I am talking 1 million in todays dollars.
According to Wikipedia, there are 3 trillion of USD in existence. If bitcoin becomes as big as USD, then 1 btc would be $142000. So probably couple of hundreds dollars is not enough. Maybe couple of thousands of dollars is OK. And I don't think it will take just couple of years... maybe 20 years. Not bad anyway.