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Post by Admin on Sept 9, 2013 23:02:42 GMT
I know some of us may be a little anxious about the temporary decline in bitcoin value. But to me it makes perfect sense. If you look at how much competition there has been here: bitcoindifficulty.com/ you can see how much people must have invested in ASIC devices. People who want to make their money back to pay off for the machine by selling their bitcoins. That drops the bitcoin value (supply being greater than demand at the time). I believe this will taper off to small averaging growth / decline for awhile (2 weeks?) then grow again at a steady pace. bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv |
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Post by Admin on Sept 16, 2013 11:01:14 GMT
I've noticed a general concern with the profitability of the Bitcoin mining in the future. It's important to understand the following: - As difficulty goes up, in general, so will the price
- as the amount of returns per block decreases, the price will very likely increase
- If it ever becomes too difficult to be profitable to mine, 2 things will likely happen as a result, some miners will stop mining (decrease difficulty), profitability will go up.
- We are purchasing the top of the line devices that are most likely to last a long time in the profitability game (20 cents / GH is a great deal)
- If bitcoins are worth 1/70th of the worlds GDP the total value of all 21,000,000 bitcoins will be around $50,000 USD each (or $1 Trillion total).
As you study the economics of the concept of bitcoins and it's potential, the more you will come to understand it's unique power and position to change the lives of millions and the way the world runs its currency. |
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Post by fundealz2013 on Sept 17, 2013 23:10:46 GMT
So by February how do you think the btc mining difficulty should look? How much bitcoin do you guys think 30 Gh/s will be able to returned by then after mining launches in January? Thanks.
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Post by sdnoone on Sept 18, 2013 0:16:51 GMT
@ Admin - I understand the points you are making there. I would also like to add a few points to that: > The difficulty WILL Increase exponentially, there's no denying that, however, I don't think BTC price will Increase at the same rate - it will increase, but not exponentially. > Some estimates of difficulties range from 1 Billion at least, to 15 Billion one year from now. runeks.dk/2013/08/historic-bitcoin-difficulties/ In order to stay anywhere near profitable, members of this project will NEED to re-invest some of their earnings to go towards buying more machines to increase GH/s per person. We cannot keep our Hashing capabilities static, because as these systems become more widespread and big commercial operations begin to milk the system - we will be left for dust! I personally see the difficulty being almost double what it is currently by early February, whether the price will double remains to be seen. I will be onboard myself, so looking forward to seeing how things pan out. But long-term, I think regular re-investment will be crucial. |
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Post by mjlilley on Sept 18, 2013 17:09:17 GMT
My estimates are showing 563,142,745 by February. Cointerra is 2,000 TH in December this will triple the difficulty. Assuming they release another 2,000 TH in January it the difficulty will rise again by 67% Hopefully the price will increase enough to offset the difficulties, and some (or most) of the BFL devices will switch currencies in an attempt to regain profitability. How about paying off the investors prior to taking your cut admin? Just an idea  |
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Post by Admin on Sept 18, 2013 23:53:50 GMT
After the initial increase in Difficulty I would suspect a possible 1-2 months before the value of bitcoins rise significantly. History has shown that bitcoins have increased in value significantly but only after the reason for its increase had occurred X amount of time before. Or in other words, if the difficulty goes up really high, it may take a few weeks to 2 months for the price to get really high as well. But that's just what I've noticed, it may happen sooner or later depending on more variables than I can put together at one time.
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btc
New Member
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Post by btc on Oct 22, 2013 20:26:47 GMT
Today Bitcoin broke 200 dollars. This time in october, 2014, it will be 2,000 dollars.
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Post by jmp100 on Oct 22, 2013 23:43:40 GMT
Yes, let's hope so.
Massive interest in BTC coming from China now.
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Post by olivernchalk on Oct 26, 2013 0:28:18 GMT
What's your thoughts... Should we mine and sell straight away or wait a while and hop prices go up?
I think I'll sell 1/10 for paying for hosting the website and web security and all those things and keep 9/10 for better prices. Whats your thoughts?
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Post by Admin on Oct 28, 2013 21:24:43 GMT
I would hold onto the bitcoins as you get them personally. Some people say bitcoin is a bubble. But it's backed by all the users and enthusiasts, just like any currency it's just paper/coin/whatever unless someone accepts it as currency. Enough are accepting bitcoin and it seems to be growing in acceptance so I'd hold till a much higher price. But that's just my viewpoint, I don't see all the factors of course.
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Post by Admin on Nov 28, 2013 5:20:41 GMT
Currently I would recommend holding Litecoin and not holding Bitcoin. Right now however, mining bitcoin is more effective.
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Post by fabian1983 on Dec 11, 2013 22:28:49 GMT
Bitcoin is a resource according the china bank a resource what is usable to pay, on the resources they don't have to put warranty on it.... what i understood, its like GOLD, only jewelry's accept gold. Like the nerds in a positive sense alias wizzkids accepts bitcoins  |
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megac
New Member
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Post by megac on Dec 19, 2013 8:41:47 GMT
Hang in there BTC :S
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Post by SIGIL on Dec 19, 2013 22:22:30 GMT
THERE IS A SEASON FOR ALL THINGS
For all things there is a season, be they tulips, wheat on the field or Bitcoin. I was a late comer to the appearance of bitcoin, that is to say that it was in the fifty dollar range and I look longingly at the frozen bookmark of PREEV with the amount of $76.71 from July 8 of 2013. I watched and talked and watched some more as it climbed past $1200.00 but not without trying to participate by investing in this mining contract and setting up accounts with a couple of major exchanges. The verification steps for any reputable exchange are now an ordeal that ranges from tedious to exasperating. I am past 30 days with MTGox but CoinBase seems to be running better although I am still not verified by them yet either. This all stems from the anti money laundering laws that these exchanges must comply with in order to do business and the intense interest in Bitcoin has put a dramatic strain upon their ability to verify new accounts.
During my attempts to become involved I have watched the price of Bitcoin slide down to $560.00 on the news of China’s banking regulators and I view this price change as a fairly normal fifty percent retracement of an overheated commodity. I have confidence that the Chinese people will find other funding options not directly tied to the Yuon so that they can participate, albeit at a slower pace.
I have planted my field for the growth of Bitcoin and I am in the process of acquiring a harvesting mechanism for when the time is right. We are all watching history in the making and trying not to let it pass us by. The potential for a bumper crop in the future truly still exists in our lifetimes provided that we have the tools to work this field.
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