Here's why Bitcoin is the future of money - Page 6 - TigerDroppings.com

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gizmoflak
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re: Here's why Bitcoin is the future of money


quote:

I have an order of two ASIC miners from Butterfly Labs.

prayers sent






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gizmoflak
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re: Here's why Bitcoin is the future of money


quote:

Because if I need to sell today I can't say "well frick, let me sell for the price it was a month ago. Because it was higher then". You sell for todays rate.


well duh


But doesn't the past performance provide an indication of whether selling today is a good idea from an investment standpoint? Shouldn't it be at least one factor in the analysis?







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WikiTiger
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Member since Sep 2007
40721 posts

re: Here's why Bitcoin is the future of money


quote:

I have an order of two ASIC miners from Butterfly Labs. They have started shipping and I need to confirm my order before they ship mine. Do you think I should keep the order or cancel it?


Depends on your own attitude towards risk. I never trusted Butterfly Labs enough to order anything from them.

What is your expected ship date? I mean, if you do eventually get your miners within the next 6 months, you will at the very least break even, and most likely will make money with them in the long run, however it ain't like you're going to be living high on the hog either.







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Poodlebrain
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Member since Jan 2004
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re: Here's why Bitcoin is the future of money


What is the breakeven point for your investment? Your costs are the cost of hte ASIC miners plus the cost of operating your computer (mostly electricity and internet access). Compare your costs to the number of Bitcoins you would have to mine at various conversion prices. You will then be able to make a more informed determination if the expense and effort are worth the possible rewards.

My gut instinct says cancel the order.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
13825 posts

re: Here's why Bitcoin is the future of money


Dear God, really? Would you have any other use for those Miners? I suppose you could use them in the winter if your heater broke. I can think of a lot of other things that would be a better use of your money, like putting it in a bag and throwing it off the edge of a cliff, and that's just off the top of my head.





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Poodlebrain
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re: Here's why Bitcoin is the future of money


How can you state that he will at the very least break even without even determining the number of Bitcoins required to break even? Suppose Butterfly Labs ships 100,000 units of ASIC miners with equal or greater computational power, then what are his chances of mining any Bitcoins? Your answer completely ignores any economic considerations. That is the ticket to success in any business venture.





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LSURussian
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re: Here's why Bitcoin is the future of money


quote:

you will at the very least break even,

Wow. Just.....wow!






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C
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The Woodlands, TX
Member since Dec 2007
21594 posts

re: Here's why Bitcoin is the future of money


Do miners get transactions fees?





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WikiTiger
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Member since Sep 2007
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re: Here's why Bitcoin is the future of money


quote:

Do miners get transactions fees?


Yes.







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WikiTiger
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Member since Sep 2007
40721 posts

re: Here's why Bitcoin is the future of money


LINK

that's a link to the stats from a popular mining pool

look at the "Block value" column in the table. The current block reward is 25 bitcoins. Anything above that is transaction fees from transactions that were included in that block.

Then look at the shares column. That's "shares" of work that were contributed by the miners in the pool for that block.

For block #234168 the block value was 25.29510000 and the shares contributed were 2539889.

That comes out to 0.000009959136 bitcoins per share.

So, if you were a miner in that pool, and you contributed 100,000 shares, you would earn almost 1 whole bitcoin for that block.




This post was edited on 5/2 at 1:07 pm


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LSURussian
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re: Here's why Bitcoin is the future of money


quote:

Do miners get transactions fees?

Wiki says the fees are low, fractions of a btc carried out several decimal places. So how many times does a single bitcoin have to turn over before the fees become significant? A hundred times? A thousand?

And with the btc being available for mining getting smaller (I think I read where 25 is the largest number "released" at any one time now and a miner shares what is mined with the pool he is in), it is just incredible that wiki would promise someone "you will break even at least."






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LSURussian
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re: Here's why Bitcoin is the future of money


quote:

and the shares contributed were 2539889.
Which begs the question, what is a 'share'?

I know you won't answer me because you're still pouting, but maybe someone else will ask you the question. (Hint, hint...)

Also, I see 5 blocks down that list, #17798, there were 25 btc mined but required almost 19 million 'shares.' Why the big difference in number of shares for almost the same number of btc mined?

That's almost 800% more 'shares' to mine the same number of btc.






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Poodlebrain
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Member since Jan 2004
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re: Here's why Bitcoin is the future of money


The news items at your link are not exactly reassuring. Would you care to explain the entries for 12.03.2013 and all more recent news items for those of us technically challenged?

Is it common to earn 4% of a mined block since that is required to earn your almost 1 whole Bitcoin? What does "invalid" mean with respect to block 234107?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Here's why Bitcoin is the future of money


quote:

Would you care to explain the entries for 12.03.2013 and all more recent news items for those of us technically challenged?


the 12.03.2013 event was the well publicized unintended blockchain fork. it was resolved quickly. it was heavily discussed here on this board with many of the famous bitcoin haters proclaiming the death of bitcoin.

the other events seems pretty minor, did you have a specific one you wanted addressed?

quote:

Is it common to earn 4% of a mined block since that is required to earn your almost 1 whole Bitcoin?


It all depends on how much power you have to contribute. The more computing power you have, the more shares you can contribute.

quote:

What does "invalid" mean with respect to block 234107?


It's an orphan block. It's a normal occurrence and nothing to be concerned about.



This post was edited on 5/2 at 2:17 pm


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LSURussian
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re: Here's why Bitcoin is the future of money


quote:

. it was heavily discussed here on this board with many of the famous bitcoin haters proclaiming the death of bitcoin.
I'm willing to bet you can't link to a single post where anyone said it was going to be the death of bitcoin.

quote:

It's an orphan block. It's a normal occurrence and nothing to be concerned about.







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Poodlebrain
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Way Right of Rex
Member since Jan 2004
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re: Here's why Bitcoin is the future of money


Well those answers sure alleviated all my concerns. Just like when the cops say "nothing to see, move along."





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gizmoflak
Georgetown Fan
Member since May 2007
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re: Here's why Bitcoin is the future of money


"This place is perfect. I'll take it. What's the price again? .... 10,000 what????"


LINK






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Here's why Bitcoin is the future of money


quote:

LINK


Don't these people know that LSURussian said it's a ponzi scheme? Someone should tell them.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
13825 posts

re: Here's why Bitcoin is the future of money


Is it a gingerbread house?





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