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Old 7th December 2018, 10:42 AM   #3321
applecorped
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3220......intersection!
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Last edited by applecorped; 7th December 2018 at 10:43 AM.
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Old 8th December 2018, 08:54 AM   #3322
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Originally Posted by psionl0 View Post
...when miners drop out of the race, mining becomes cheaper for the remaining miners. The overriding principle is that the block generation rate is constant regardless of how many miners there are.
If we could arrange a world-wide power outage while maintaining our servers on battery-powered back-up, we could mine millions of coins in a short period of time and be rich!




And Batman won't be able to stop us this time.
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Old 8th December 2018, 10:41 AM   #3323
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Originally Posted by Mycroft View Post
If we could arrange a world-wide power outage while maintaining our servers on battery-powered back-up, we could mine millions of coins in a short period of time and be rich!
Nope. The mining rate (currently 12.5 BTC every 10 minutes) is roughly constant regardless of how few or how many miners there are. It's all in the algorithm.
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Old 8th December 2018, 11:24 AM   #3324
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Originally Posted by psionl0 View Post
Nope. The mining rate (currently 12.5 BTC every 10 minutes) is roughly constant regardless of how few or how many miners there are. It's all in the algorithm.
So if you could arrange to be the sole miner, you could mine 75 coins an hour, 1800 coins in a day, and net about 6 million dollars in a day at current prices.
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Old 8th December 2018, 11:57 AM   #3325
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Originally Posted by Mycroft View Post
So if you could arrange to be the sole miner, you could mine 75 coins an hour, 1800 coins in a day, and net about 6 million dollars in a day at current prices.
1800 BTC in a day is a lot less than "millions of coins in a short period of time".
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Old 8th December 2018, 01:58 PM   #3326
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Originally Posted by psionl0 View Post
1800 BTC in a day is a lot less than "millions of coins in a short period of time".
That is true. You have definately won the internet points for that.
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Old 8th December 2018, 04:09 PM   #3327
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Originally Posted by Samson View Post
Sometimes it IS different this time.
It is different this time,
Yes, it is different this time. For the first time ever, Bitcoin has charted the super-rare Stegosaurus Pattern!

What will it do next? Who cares? Bitcoin has now created a unique piece of art that will never be repeated. And it only required an 'investment' of $325 Billion!
Attached Images
File Type: jpg Btcusd-babypips-1200x650.jpg (46.5 KB, 5 views)
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Old 8th December 2018, 06:04 PM   #3328
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Originally Posted by Mycroft View Post
That is true. You have definately won the internet points for that.
Are you trying out for the condescension award?
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Old 8th December 2018, 10:10 PM   #3329
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Originally Posted by Roger Ramjets View Post
Yes, it is different this time. For the first time ever, Bitcoin has charted the super-rare Stegosaurus Pattern!

What will it do next? Who cares? Bitcoin has now created a unique piece of art that will never be repeated. And it only required an 'investment' of $325 Billion!
Cool picture Roger,
I have been laughing for hours (as technical analyst).
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Old 9th December 2018, 11:54 AM   #3330
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Originally Posted by Mycroft View Post
So if you could arrange to be the sole miner, you could mine 75 coins an hour, 1800 coins in a day, and net about 6 million dollars in a day at current prices.
If you could arrange to be the sole miner, you could manufacture any ledger you choose including one that transfers all of the bitcoins in existence to you. It would be an extreme version of the 51% attack.

Good luck with converting your newfound bitcoin monopoly to cash, or goods.

Last edited by jeremyp; 9th December 2018 at 11:57 AM. Reason: Added a link to an explanation of the 51% attack
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Old 9th December 2018, 11:55 AM   #3331
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Originally Posted by Roger Ramjets View Post
Yes, it is different this time. For the first time ever, Bitcoin has charted the super-rare Stegosaurus Pattern!

What will it do next? Who cares? Bitcoin has now created a unique piece of art that will never be repeated. And it only required an 'investment' of $325 Billion!

It needs a Thagomiser.
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Old 10th December 2018, 06:45 PM   #3332
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Could Bitcoin really go to ZERO?

Opinion: Bitcoin is close to becoming worthless
Quote:
when the price of bitcoin falls and miners exit, the cost of mining decreases. However, the number of miners cannot fall below a certain level, because without the miners providing the computing power to maintain the ledger, the bitcoin blockchain will not remain viable.

Mining at a cost higher than the cost at which you can sell in the futures market destroys value. So, any rational investor — even one who strongly believes the price of bitcoin will rebound — has no incentive to mine if the cost of mining is higher than the future price and is better off buying in the futures market.

But Bitcoin has always recovered from losses in the past, so why would it not be precisely the same as before?

Quote:
Bitcoin proponents will argue that bitcoin’s price has dropped by large percentages before. Except this most recent decline is different in three significant ways. First, the magnitude of the recent decline dwarfs the magnitudes of past declines. Second, the losers in the recent decline are new investors who will likely retreat until there is more clarity around bitcoin’s use cases. Third, the futures markets have changed the game, enabling miners to estimate their mining losses and profits at the outset — if you can buy in a futures market at a price below my mining costs, why mine for a sure loss?

Quote:
Death spiral

So, it appears bitcoin is now entering a death spiral: If the price continues to drop and the cost of mining does not fall correspondingly (the cost of mining will algorithmically decrease, but not necessarily to same extent as the decline in prices), bitcoin will quickly go to zero.
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Old 12th December 2018, 11:49 AM   #3333
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Originally Posted by psionl0 View Post
Are you trying out for the condescension award?
Afraid of some competition?
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Old 12th December 2018, 12:01 PM   #3334
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Originally Posted by Roger Ramjets View Post
Yes, it is different this time. For the first time ever, Bitcoin has charted the super-rare Stegosaurus Pattern!
Nonsense. That's a Dimetrodon.
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Old 14th December 2018, 11:49 AM   #3335
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Nearly through the three's, should cruise through the two's by Xmas, something to celebrate for the environmentalists, which in theory we all are.
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Old 14th December 2018, 12:09 PM   #3336
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Wow, 3100. That's quite a fall from not so long ago.

Still, if you managed to acquire a few BTC when they were at half a dollar and got rid of them at peak, that's quite a nice bargain.
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Old 14th December 2018, 03:54 PM   #3337
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Bitcoin price is dropping because... the MARKET is wrong!

Unabashed Bitcoin Bull Thomas Lee Says the Market Is Wrong
Quote:
Back in May, Thomas Lee, head of research at Fundstrat Global Advisors was predicting a rally to $25,000 by the end of the year. And despite things not playing quite in his favor... he’s sticking to his guns.

Bitcoin’s fair value, given the number of active wallet addresses, usage per account and factors influencing supply, is between $13,800 and $14,800, he said in a note Thursday
So Tommy, was the market 'wrong' in Dec 2017 when the price hit $20,000?

Quote:
We are tired of people asking us about target prices,” he said, declining to update his year-end forecast.
That's OK Tommy, we're tired of you too!

Only 18 days to go before we find out who is wrong - and I'm betting it won't be 'the Market'...
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Old 14th December 2018, 04:04 PM   #3338
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But man, if he's right, and if I buy in time .. wouldn't that be nice ?
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Old 14th December 2018, 04:24 PM   #3339
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Old Yesterday, 09:31 PM   #3340
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Originally Posted by Belz... View Post
Wow, 3100. That's quite a fall from not so long ago.

Still, if you managed to acquire a few BTC when they were at half a dollar and got rid of them at peak, that's quite a nice bargain.
3246! The downward trend is over!!1! Yay!
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