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How To Use Bitcoin – The Most Important Creation In The History Of Man

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Belz... said:
510$ now. Boy, that thing just keeps on ticking, doesn't it ?
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In the 6 weeks since the last "it'll be down below $150 soon, mark my words" post, it's managed to bobble around merrily from the $350 or so it was at at that time. Even with all the things that were supposed to make it all fall apart.

I have to say, I'm surprised at its current resilience. Be intrigued to know what's holding it all together.
 
psionl0 said:
It's probably worth adding that if the cost of electricity rose, then the cost of mining wouldn't rise as much as it otherwise would if the mining difficulty was constant. However, as the unprofitable miners bail, the mining difficulty reduces.

This is no different to any system whose equilibrium has been disturbed.
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What I have not seen in this discussion is that the miners are operating in different countries, and different parts of large countries (such as the US) where power costs vary considerably. The 'entry cost' of the market is fairly significant, so it's not as though there will be a quick uptake or a quick surrender of position in the market. The 'cost of electricity' is not equal over the market, but the reward rate is. Doubtless the interviewee was speaking of his personal involvement in the market, not the participation of any and all Bitcoin miners.

Hope this clarifies things a bit, Miss_Kitt
 
The good folks who like to pirate games via peer to peer have just found that a version of an eagerly as yet unreleased game came conveniently packaged with a very sneaky background mining program.

Rofl etc etc.
 
psionl0 on 8 December 2013 said:
Belz... said:
A "prediction" that has no set time limit isn't much of a prediction: at no point can you say "here, you were wrong", because the person making the prediction can claim that it's not quite time yet.
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If you really want me to make a guess that you can hang me by then I might as well indulge you.

Bitcoin prices will probably follow a similar path to what they did during the Cyprus crisis. After the current kerfuffle settles down, the price will probability hover around the $800 mark for a few weeks before taking off again. It is not unreasonable to suppose that prices would hit the $2000 mark sometime before June next year. Of course, the volatility being what it is, it's anybody's guess what the actual price will be in June.

You can regard this prophecy to be a failure if the price doesn't exceed $1200 some time during the next 6 months, there is no recovery phase, the price hits the $1200 mark but then falls back and for most of the 6 months it doesn't exceed $1000 or if the price has dropped below $500 in June.
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Well, it's official. My decision to consult a crystal ball instead of a magic 8-ball has resulted in a failed prophecy.

Not only did I cause the price of bitcoin to plumet but I am also responsible for the demise of MtGox and a major crackdown on Chinese users (some of the biggest users of bitcoin) by the Chinese central bank

Of course, now that my jinx on bitcoin prices has expired ...................
 
Snarf said:
A fortnight is still better than 6 months ;)
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At least I didn't wait until after the price dipped then claimed that I knew it would happen all along.

According to https://bitcoinwisdom.com/ there has been a spike of heavy selling. I don't know if this is a reaction to a bad news event or just some nervous nellies cashing in but I do know that wrs didn't pick it.
 
Belz... said:
Wait, I did mention you. This thread is way too quiet, now. I tend to forget what I write, it seems.

Scratch that. Thanks for confirming what I said.
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LOL!


You have confirmed that you have sour grapes about my guess from the beginning. You goaded me into it and I got it right to your chagrin. My "prediction" was for a low of at least $500 and possibly $150 back when the price was around $1100. I also predicted the top within just a few hours of it being the top. Furthermore, that top hasn't been approached since (last Thanksgiving) so that was a pretty damn good call.

Anyone that wants to can go read the thread back then. I even tried to start a bitcoin crash thread at the time but the mods killed that.
 
Oh, look, Bitcoin now has their own de facto Central Bank/cartel. Who could have predicted that?

Actually, it seems this pool is worse than a regular cartel or Central Bank, that canonly control their own supply

So-called 51 percenters, for instance, have the ability to spend the same coins twice, reject competing miners' transactions, or extort higher fees from people with large holdings. Even worse, a malicious player with a majority holding could wage a denial-of-service attack against the entire Bitcoin network.
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Granted, there's no evidence GHash has done anything unscrupulous yet. But, they also promised that they would never cross the 51 percent threshold* and have been accused of attacking an online casino**.

* So they either willingly broke their pledge or don't understand their capabilities and the market. Not a comforting thought in either case.

** Using the exact same type of attack against the casino that they can now do against the entire Bitcoin market.
 
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