/biz/ - Business & Finance

[Anonymous No.896887]

INFO DUMP ON BITCOIN

5 reasons why NOT to buy into the Bitcoin hype
https://archive.is/gbGx1

Block size vs. Transaction Fees: The Achilles heel of Bitcoin explained for the layman
https://archive.is/tryCG

The Bitcoin Mining Bubble: Why Bitcoin’s low price is an existential threat
https://archive.is/77l3J

‘Free Electricity’: The Ongoing Con Job concerning Bitcoin Mining
https://archive.is/mpS85

Bitcoin: A Million-Dollar-A-Day Pyramid Scheme on the brink of collapse
https://archive.is/wGfZi

RECENT NEWS:

- Price down 80%+ since beginning of 'brief correction' almost 2 years ago.

- 'Core' developers (the elite few who decide what Bitcoin is to be for the masses) continue to fail to agree on a block size increase, realizing that the network is well and truly fucked either way: Either you have big blocks which consume HUGE bandwidth, or HUGE transaction fees.

- 'Theymos' declares himself eternal Dictator and challenges King Gavin and his consorts for control of Bitcoin by censoring and ban-hammering all mention of 'Bitcoin XT' hard fork on Bitcoin forums which he has a monopoly on, saying 'If 90% of Bitcoin users find these policies to be intolerable, then I want these 90% of Bitcoin users to leave.' (so much for >muh decentralization).

- Two moderators of the Bitcoin subreddit have been purged by Theymos for questioning his censorship, replaced by several of his goons from Bitcointalk to keep a lid on things.

- The Bitcoin world is divided and a network split could seriously happen, with Theymos and a bunch of top knob developers remaining staunchly opposed Bitcoin XT, but what seems to be the vast majority of ordinary bagHODLers favoring Bitcoin XT (+Andresen, Hearn, others of course).

- BitPay apparently got duped out of $1.85 million in Bitcoin late last year. Their insurer refused to pay out a $950,000 claim for it. Bankruptcy when?

- ChangeTip backstabs Bitcoiners by switching to USD in desperate bid to boost revenue, as nobody wants/uses Bitcoin.

[Anonymous No.897073]

>this pleb yet again

[Anonymous No.897302]

>>896887
can you like..... stop

[Anonymous No.897458]

Bitcoiners are now calling themselves le anonymoose in a desperate bid to try and get some money in so they can at least cash out a sizable fraction of their bagHODLings

[Anonymous No.897469]

>>896887
How much do you get paid per thread?

[Anonymous No.897480]

>>897469

Approximately 2,000 to 3,000 shitcoiner tears

BTW, forgot to mention in my 'Recent News' (although I guess it's not Bitcoin anyway) - Ethereum morons OFFICIALLY on suicide watch as price crashes to less than $1 (now $0.87)

[Anonymous No.897482]

>>897480
>investing in alt-coins

hehehe

[Anonymous No.897483]

>>896887
You are so fucking retarded.

[Anonymous No.897489]

>>897482

Scenario is actually worse for Bitcoiners

Ethereum may have dropped by 75%, but Bitcoin has fallen by 80%+

Pic related

[Anonymous No.897499]

>>897489
>fallen by 80%+

From its all-time high fueled by runaway speculation. And since that adjustment its managed to hold at 230 for the better half of a year.

You could also say btc's risen by 23000% since it was $1. Your manipulation here is laughable.

[Anonymous No.897501]

>>897489
>buying when is its high

[Anonymous No.897505]

>>897489
Holy shit. That's painful.

[Anonymous No.897514]

The Commonwealth Bank has joined with eight other banks to embrace bitcoin. Nine of the world’s biggest banks on Tuesday threw their weight behind blockchain, the technology that powers bitcoin. Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS have all formed a partnership to draw up industry standards and protocols for using the blockchain in banking.

Nope OP your wrong again.

[Anonymous No.897516]

>>897499

>From its all-time high fueled by runaway speculation.

No, since at least ~$5, and probably since ~$1, Bitcoin's bubbles have been primarily fueled by Mark Karpeles who created massive artificial buy orders on his exchange MtGox, to the tune of nearly half a billion dollars, driving the price to high heaven.

More on that here: https://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

Now that MtGox is gone, Bitcoin the pyramid scheme is finished. Even aside from the price collapsing and miners cashing out ~$850,000 in rewards each and every day to keep it that way, potential buyers have already been sapped anyway. Most young people know what Bitcoin is, and those who would fall for it, already have. Pyramid schemes always collapse because even if they are highly alluring and successful, the problem is always that eventually you run out of potential buyers.

[Anonymous No.897520]

>>897489
Literally the only reason bitcoin keeps coming back from crashes is that it's used to pay for illegal shit you buy on the internet.

[Anonymous No.897521]

>>897516
>Bitcoin the pyramid scheme is finished
>potential buyers have already been sapped anyway
>miners cashing out ~$850,000 in rewards each day

Alright, bud.

[Anonymous No.897522]

>>897514
>he invested in bit-coin

[Anonymous No.897530]

>>897514
>The Commonwealth Bank has joined with eight other banks to embrace bitcoin.

No, they're as you say yourself, embraced 'blockchain'.

What Bitcoiners I believe often misunderstand about this is that they think 'blockchain' refers to the Bitcoin blockchain. They either think the people who use the term 'blockchain' thus must be stupid (since you can't separate Bitcoin the currency from Bitcoin the blockchain), or that they are trying to pull the wool over the eyes of the general public by discouraging them from buying Bitcoin whilst getting in on the act themselves.

Rather, what is meant by the term 'blockchain' is not the Bitcoin blockchain, but the underlying technology. They want to run their *own* blockchains, and presumably use this for things like 'smart contracts', which may have a utility value but not a currency value.

Mind you, I doubt there's any serious interest in it, and it sounds like an empty idea to me.

An empty idea because the existing modus operandi is already quite reliable. Keep in mind that we're not talking about removing 'corruption' here. Do you think banks want more government or public oversight/exposure? Don't kid yourself. And more importantly, what would it be used for? Surely not for the general public, as it's unnecessary. From what I've heard about it, I gather they're talking about making the process *within* banks more efficient and reliable. Again, I don't really see why a bank should distrust one of it's own departments, and require something like a 'smart contract'. Perhaps it would be useful for an automated and accurate form of record keeping.

I say I doubt there's any serious interest in it, because all of these ideas are still largely abstractions, and certainly untested. These banks are probably just sending out 'feelers', which is nothing special.

But if you don't believe any of the above, then let me ask you this: If banks and da jewz are trying to get in on Bitcoin, why is the price falling?

[Anonymous No.897536]

>>897516
The difficulty adjusts depending on how many people are mining dude. How do you not get that?

[Anonymous No.897537]

>>897521

Why do you disagree with nay of those statements?

You don't believe that miners aren't cashing out $850,000 per day?

The block reward is currently 25BTC per 10 minutes. The price of 1 BTC is $235.

$235 x 25 = $5875 per 10 minutes

$5875 x 6 x 24 = $846,000 per day

This doesn't include transaction fees.

Most of this money has to be cashed out by the miners just to pay for their electricity costs.

[Anonymous No.897544]

>>897536

The difficulty adjusts once every 2016 blocks. It can also only adjust by a factor of 4.

So if 99% of miners turned off their machines, due to electricity cost exceeding rewards, then the time per block would blow out to 16.66 hours.

16.66 hours x 2016 blocks = 3.83 years

Thus if 99% of miners were to turn off in a 1 week window say, the difficulty retarget would never be reached.

And even upon reaching that difficulty retarget after those 3.83 years, it would only readjust by a factor of 4 - from 100% to 25%, not down to 1%.

[Anonymous No.897555]

>>897537
>Bitcoin the pyramid scheme is finished
>potential buyers have already been sapped anyway
>
>
>
>miners cashing out ~$850,000 in rewards each day

[Anonymous No.897559]

>>897514

BTW, whatever happened to Bitcoin being an anathema to banks?

I remember when Bitcoiners would say that banks are 'afraid' of Bitcoin, because it's going to render them obsolete.

And yet now you say banks are welcoming Bitcoin with open arms, and can't wait to use it.

It's interesting to watch how Bitcoiners have tried to put together these two seemingly contradictory worldviews.

Rather than say that either banks are afraid of Bitcoin because it will destroy them, or that they welcome it, Bitcoiners now say that banks want to keep it from the public by calling it 'blockchain' and telling the public not to invest in what Bitcoiners see as the counterpart of 'blockchain', which is Bitcoin the currency.

Note how that this rationalization has necessitated throwing the 'Bitcoin will make banks obsolete' idea out the window. People like Andreas Antonopoulos still say it, but it's no longer the slogan or a part of the general vision now.

And when you think about the roots of it, this means that the idea that Bitcoin will overthrow the corrupt banking system, the corrupt government, and so forth, is also gone. The people who use/buy Bitcoin are no longer 'libertarian' or 'anarchistic', they are simply speculators who will do anything to get their money back. Hence ChangeTip now accepting USD. Hence BitPay, which is essentially Paypal for Bitcoin. Hence Bitcoiners welcoming the involvement of banks and centralized services, censorship of 'trolls', and the spurting of nonsense you can see in this thread such as 'You are so fucking retarded' and other verbal diarrhea.

[Anonymous No.897564]

>>897555

I don't see the contradiction. As miners cash out, the price is going down, because there are not enough buyers to gobble up the glut.

The price has fallen by over 80% since December 2013, which is when MtGox came undone.

What we are witnessing is the unraveling of the pyramid scheme, and I posit that once the price falls below the cost of electricity for miners (which is not far away!), there will be a sudden and catastrophic collapse of the Bitcoin network, and surely consequently the price also.

[Anonymous No.897572]

>>897564
The price of btc has remained steady over the past 9 months. This "unraveling" you're talking about simply doesn't exist.

[Anonymous No.897575]

>>897555

The beauty of it btw is that even if the bagholders 'HODL', the value of their shitcoins will still gradually fall because miners are cashing out $850,000 per day.

Unless Bitcoin magically gets a massive number of new buyers (it must be a much greater number than 2013, as that's how pyramid schemes work), then the price will be in freefall.

But what could possibly entice these new buyers? They certainly won't be enthused by the falling price. MtGox is gone, so a massive fraud of Mark Karpeles' nerve and magnitude can't be repeated. The Bitcoin network itself has given up on the ideals of pseudonymity, feeleeness, and so forth. Thanks to exchanges, Bitcoin is getting regulated in the ass as we speak, volatility is too extreme for an economy of goods, and everything you do is traceable back to you. Even within the confines of the network itself, you have the transaction fee vs. block size dilemma which must either destroy Bitcoin or raise transaction fees to ridiculous levels. Who would want to bother with, or fall for, this garbage?

[Anonymous No.897576]

>>897572

Just look the image I included with my original post, and you'll see that your statement is self-evidently not true.

[Anonymous No.897588]

What I can't wait for is some big Chinese miner, like the guy who runs the Kangding operation, to think to themselves 'You know what, I'm not sure if this operation will even break-even next month and I'm putting myself through so much stress. I've already made a million dollars in Bitcoin; maybe it's time to cash out, guarantee the future of myself and my family with the money, and get a real job and do something new with my life'.

These Chinese miners actually seem to believe in Bitcoin like their American/European counterparts. They're not just doing it to suck money out of it; they pay their workers $10/hour salaries if that, and keep most of their profits in Bitcoin. They seem to genuinely believe the price of Bitcoin is going to go up in the future.

Surely these miners are eventually going to cash out for one reason for another. Whether it's fear that the value of Bitcoin might disappear, or buying a new house for themselves or their family, or even just becoming jaded and deciding to move on to something else.

Does this sound unlikely? It doesn't to me. Just imagine all those dormant Bitcoins hitting the open market and what it would do to the price!

[Anonymous No.897593]

>>897520
A currency is only a currency if people can buy something with it. We can determine an exchange rate by comparing how many capital goods you can purchase with the same amount of two different currencies. It just so happens that certain illegal items can be bought with the same currency so we know the exchange rate thanks to that. It makes the currency more stable.

[Anonymous No.897596]

>>897576
Try again.

[Anonymous No.897601]

>>897596

You think the Bitcoin price hasn't been in decline. I think it has. I'll let our statements stand, as I think the fact of the matter is apparent to everyone else.

[Anonymous No.897602]

Bitcoin is dead (save a few stubborn libertarians) once the block reward halves. There might be some decent price spikes once the FOMO starts but there's no way the market cap will stay artificially elevated for long enough to even things out. Miners will drop out and dump their coins, causing the price to fall and more miners to drop out. Transaction times will skyrocket until the difficulty corrects itself (which could be months), and the majority of buttcoiners will finally see what a pointless waste of time and electricity it is.

It would be fine if the network was experiencing healthy growth like the last reward halving. But unless there's some amazing new development in the next year this shit is toast.

[Anonymous No.897608]

>>897601
>make false claim
>get called out
>attempt to shut down argument using cherry picked data
>presented with real data
>yeah but that's just like your opinion dude xD

I think we're done here.

[Anonymous No.897620]

>>897608
/thread.

Shut the fuck up OP

[Anonymous No.897635]

>>897608

I think it's self-evident that the Bitcoin price has been in a severe decline for a long time. I am confident that anyone reading will see you as deluded if you believe otherwise. I leave it now for others to make their own judgement as to who is asserting truth.

Thanks for the thread bumps btw; more people will be informed about this Bitcoin scam.

[Anonymous No.897638]

[Anonymous No.897641]

All these teenage/early 20s reddit kids who actually believe bitcoin is going to revolutionize the global monetary sytem are hilarious. OP is dead on except in that he thinks bitcoin is a steady decline. It will keep doing what it's been doing, sudden spikes followed by huge crashes until eventually there are no more spikes.

[Anonymous No.897648]

>>897641

Bitcoin's decline is becoming more steady because speculative interest has dried up as the price has fallen.

Now what you have left are essentially the bagHODLers either looking to sell at higher price points or 'dollar-cost average', and the miners who are dumping a chunk of the $850,000 they receive in rewards per day on the open market.

The price decline is now coming from a combination of bagholders being ground down into selling at a loss, and miners cashing out their rewards.

Once the value of mining rewards goes below the electricity cost though, the price of Bitcoin should plummet as the Bitcoin network will be literally kill.

BTW, here is a linear regression of Bitcoin's price since the $1241 peak (04/12/2013; 654 days).

[Anonymous No.897650]

[Anonymous No.897652]

>this fucking guy
how much did you lose in 2013, op? you make me laugh.

[Anonymous No.897661]

>>897652

If I were a Bitcoin bagholder, it would make more sense to try and pump Bitcoin than reveal it for the garbage it is.

I've observed Bitcoin since late 2010, and I know for a fact that if I had any in 2013 I would have sold it by the time the price was $20-$30 - because that was the old peak set in 2011.

I didn't understand exactly why the price went sky-high in 2013, but I could see very clearly it was a bubble. It wasn't until the release of the 'Willy Report' in 2014 that all became clear - Mark Karpeles had bought up nearly half a billion dollars worth of Bitcoin in just a few months on the open market using money that didn't actually exist.

https://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

The only Bitcoin I have is a small amount (less than 1 BTC) I earned for virtually free through altcoin mining on my HD7970, and earlier, my HD5770. I made a few grand on Litecoin, mining at ~$0.50 and selling at ~$20.

[Anonymous No.897664]

[Anonymous No.897674]

Notice how I am disseminating information and opening up the argument, and all Bitcoiners are doing is trying to shut it down and won't even dare posit a counter-argument to any of my points.

Well, with the exception of one or two posters, who I've replied to with refutations.

These are the responses from Bitcoiners:

>this pleb yet again
>can you like..... stop
>How much do you get paid per thread?
>You are so fucking retarded.
>Shut the fuck up OP
>how much did you lose in 2013, op? you make me laugh.

They don't want the information about Bitcoin to get out because they have realized since 2013 that Bitcoin is garbage and a scam, but they have an 'investment' in it they need to recover their money from.

Of course, none of their inane comments actually shuts down my discussion of Bitcoin. This isn't /r/Bitcoin or Bitcointalk where they can simply alert Theymos or one of their Bitcoiner buddies to get it removed. Rather, it demonstrates my point: Bitcoiners have no valid arguments in favor of Bitcoin, are desperate to get their money back, and are more than willing to abandon these supposed ideals of libertarianism and whatnot they claim (or previously claimed) to represent. Not to mention it bumps my thread, so more people can read my articles and be informed about the pyramid scheme that is Bitcoin.

[Anonymous No.897680]

>>897635
>steady decline
>literally hasn't budged since the year's start

Yeah I give up.

Godspeed, I'd love to pick up more sub-200 coins.

[Anonymous No.897684]

>>897680
>480 this time last year
>230 now
>it hasn't declined at all in a year

When did /biz/ get invaded by millennials?

[Anonymous No.897687]

>>897684
Can you read?

[Anonymous No.897696]

[Anonymous No.897704]

ARKW may stay including bitcoin in their portfolio.

[Anonymous No.897743]

>>897674
I want you to know, I'm going to go and buy $2000 worth of bitcoins out of spite. Just so that I can tell you to go fuck yourself if I make even 1c off of it.
Fucking die you piece of shit.

[Anonymous No.897745]

what sort of profit margins do miners have?
how much do they get with 1k$ of electricity

[Anonymous No.897774]

>>897743

It doesn't matter to me whether you throw $2000 away on Bitcoin or not.

The price is going to zero because of the way Bitcoin is designed, no matter whether Bitcoiners buy, sell or 'HODL'.

Note how I never say 'Sell Bitcoin now' or anything like that. I feel no need to, as the facts I present speak for themselves.

BTW, a small point of note - you say 'Just so that I can tell you to go fuck yourself if I make even 1c off of it', but where does that those profits come from? Where else than from the pockets of other Bitcoiners? It's a zero-sum game, and most of the money has already been cashed out (infamously) in the form of mansions and Lamborghinis in 2013 by the 'early adoptors'. Or, more substantially, stolen by fraudsters such as Mark Karpeles, Charlie Shrem, Zhou Tong a.k.a Ryan Zhou, Danny Brewster, etc.

[Anonymous No.897779]

>>897745

My best calculation is that the Kangding operation in China has a current break even of ~$73/BTC.

The Kangding operation is probably the largest and most efficient Bitcoin operation in the world. They've specially relocated there for the cheap $0.03/kWh hydro-electricity, and they only have a dozen or so guys managing several thousand ASIC miners in warehouses they build from the ground-up.

The global average of the miners' break-even is difficult to estimate, but it's almost definitely in the ball park of $100-$200/BTC I'd say.

A figure under $200/BTC would need to be sustained for at least a week or two before miners start shutting off en-masse, as for many miners who aren't warehouse operations, the losses would only be perhaps $1 per day. For the Kangding operation though, even $65/BTC would be a massive loss in a single day due to the sheer number of machines they run.

The most conservative figure would be something like $35/BTC, as this would be about the break-even of the not-yet-released Antiminer S7 (with a cheap electricity price).

Most miners however are probably using hardware that is several months old. And Chinese warehouse miners use even older second-hand hardware, because they can get it on the cheap.

In terms of overall profit, it seems to me pretty much impossible to make a profit given the hardware costs. Even the new Antminer S7 I calculated will take at least several months just to pay itself off, at just the current difficulty.

[Anonymous No.897781]

>>897774
Cool story man, I might get $3000 instead. Thanks for convincing me.

[Anonymous No.897783]

>>897687
9 months isn't really a long enough period to consider whether a currency is in decline or not.

[Anonymous No.897857]

>>897674
i can't be bothered mate, i'm pretty sure we've been arguing for nearly a fucking year, i'm bored with it.
keep whinging and i might come back at you. right now, it's just tedious. stop being so buttockflustered, and stop pretending this is altruistic/for the good of /biz/, i know i've pocketed some of your cash at some point. nobody is this angry without it being personal.

btc is going nowhere by the way. it refuses to die for good reason.

[Anonymous No.897934]

>>897857

>btc is going nowhere by the way

I agree.

And unlike you bagHODLer, my energy increases as Bitcoin falls apart, because I enjoy gloating over the demise of greedy Bitcoiners.

[Anonymous No.898070]

>>897684
>having zero reading comprehension

[Anonymous No.898352]

>>898070
>thinking 9 months is long enough to consider whether something is in decline or not.
>having zero financial understanding

[Anonymous No.898373]

>>896887
well m8 i'm newfag here and I've read every word you posted. Not sure I know much more than when I started but enjoyed the read. I am probably not going to buy bitcoin.

[Anonymous No.898524]

>>897559
I too found the contradiction amusing.

I think the bottom line is a telling one: If it wasn't possible to make money off of BTC, nobody would give a shit about it. The exception of course is usefulness in illegal activity.

[Anonymous No.898726]

WHOOPSIES!
http://www.econotimes.com/Bitpay-got-hacked-for-$18-million-in-bitcoins-90174
>Bitpay got hacked for $1.8 million in bitcoins
>The phony email sent by the person who hacked Mr. Bailey’s computer, directed Mr. Krohn to a website controlled by the hacker wherein Mr. Krohn provided the credentials for his Bitpay corporate email account. After capturing Mr. Krohn’s Bitpay credentials, the hacker used that information to hack into Mr. Krohn’s Bitpay email account to fraudulently cause a transfer of bitcoin,
>Bitpay made a claim to its insurer to cover $950,000 of the loss, but in June the insurer declined to pay. Bitpay is now suing the insurer.
Just another day in the magical world of Bitcoin.

[Anonymous No.898819]

>>898352
i never implied that you moron. the guy said since this years start and you took data from 2014

[Anonymous No.899140]

Good think i didn't buy a week ago, was about to put all my NEET savings on it, was hoping i'd never have to work again when it reaches 10k each, as some of the tards out there are saying.

[Anonymous No.899237]

http://www.pressexaminer.com/bitcoin-is-now-classed-as-a-commodity-within-the-united-states/74376
>Bitcoin is now classed as a commodity within the United States
>allowing the government to collect taxes from those using it.

[Anonymous No.899644]

"It turns out Bitcoin poster girl Abigail Scarlett was just a big fat liar and was a puppet orchestrated by Ingo Pless who used her to rip people off of forty-thousand pounds."

https://youtu.be/tMQxhBN-gUk

Welcome to Bitcoin folks

[Anonymous No.899647]

>>899644

This is apparently the Bitcoiner 'puppeteer' she is talking about.

He drives an orange-painted van he calls the 'Bitmobile'.

This is the face of Bitcoin.

BTW, here's an RT video she was in: https://youtu.be/tRf9qeclm10

Keep in mind everything she says in the video was scripted by this Bitcoiner scumbag to get money from other Bitcoiners

[Anonymous No.900059]

>>897774
>pretends to know how Bitcoin is designed

[Anonymous No.900194]

Reminder:
http://www.bitcoinblockhalf.com/
in 309 days time, the amount of Bitcoins people will get from mining will halve, effectively halving the income of miners.
If by then Bitcoin is still pissing around near the low $200's (like it has been so far this year), this will kill off mining.

[Anonymous No.900209]

>>896887

dump bitcoin for monero

thank me later

[Anonymous No.900685]

>>900059

>pretends to know how Bitcoin is designed

It's quite simple to understand

Each transaction on the network has a size. A 1MB block holds on average ~2100 transactions in a block, which means each transaction has a size of half a kilobyte.

Since a block is mined on average once every 10 minutes, the current maximum network throughput is 3.5 transactions per second.

If that number of transactions were to increase and exceed 3.5tps (as it already has, including via cheap spam attacks), then there would be a bottleneck and a network backlog would be created. Nodes would start to fail to as storing the backlog would exceed their memory (no nodes = no network), and anyone who wanted their transaction sent in a reasonable time would have to include a higher transaction fee to get priority. Thus if the block size isn't increased, you are faced with ridiculous transaction fees and a bottlenecked network if Bitcoin is to scale.

The obvious solution is to increase the block size limit, or remove it entirely. The problem is, even with just a modest increase to an 8MB block size limit say, the vast majority of nodes will not be able to cope with the bandwidth requirements. A node downloads the blocks, and it reuploads these blocks to perhaps ~100 other nodes. 8MB x 100 = 800MB per 10 minutes, and 90% of that is upload bandwidth, which is severely restricted in many countries compared to download speeds. That's over 100GB a day! No residential ISP would even allow this, and that's just to get 28tps. Visa does, on average, 2000 tps. If Bitcoin were to do the equivalent, the block size would need to be at least 586MB. 586MB x 100 = 58.6GB per 10 minutes.

Keeps in mind nodes are NOT subsidized at all; they do it for free. Right now there are only ~6000 nodes left. Not long ago, that number was 9000. Raise the block size, and that number will plummet. No nodes = no network = Dead Bitcoin.

[Anonymous No.900688]

>>900059

BTW, Bitfury (mining company) did a recent report on this.

Here's a table from their report.

Note how they estimate 90% of nodes will be immediately excluded by a block size increase to 8MB.

[Anonymous No.900696]

>>900209

Thanks bro!

[Anonymous No.900712]

Bitcoiners:

https://www.youtube.com/watch?v=H2YllvbJo6g&feature=youtu.be&t=1362

[Anonymous No.900717]

>tfw Ross will never see the light of day again, and now the only person who gives a fuck about him aside from his mother is his big black fuckdaddy in prison

>tfw Charlie Shrem is spending the prime of his life staring at a blank concrete prison wall day after day after day after getting bashed up for his private keys.

[Anonymous No.901555]

http://www.thefiscaltimes.com/latestnews/2015/09/21/Australias-major-banks-pull-plug-bitcoin-companies
>Banks globally are exiting sectors that present compliance headaches under pressure from regulators to meet tighter anti-money laundering and counter-terrorism financing rules.
So... Bitcoin is all anonymous and shit, and regularly used for buying drugs and child porn.
This makes it really hard for Banks to deal with the things and comply with the law. So they're not going to bother with Bitcoin anymore.
Reading about this on all the bitcoin-news sites is fucking hilarious. So much buttmad that their internet funny money hasn't taken over the world yet.

[Anonymous No.901557]

>>901555
And no, this isn't banks running scared from the glorious currency of the future that will make everyone their own bank:
http://www.fool.com.au/2015/09/22/is-this-the-end-of-australias-fledgling-bitcoin-industry/
>"Acting chief executive of the Australian Bankers’ Association, Tony Pearson, was quoted by Fairfax as saying that banks were obliged to close accounts if they could not see a full payments trail under money laundering and terror financing laws."

[Anonymous No.901567]

>>896887
whats op's agenda wtf, makes me wanna buy more bitcoins LOL

[Anonymous No.901591]

>>901567
yeah! let's not examine bitcoin as an investment rationally, he is disagreeing with us which is an assault on our ego SO LET'S DO THE OPPOSITE OF WHAT HE SAYS THAT'LL SHOW HIM OMFGLOL!!

[Anonymous No.901610]

>>896887
>96887▶>>897302 >>897469 >>897483 >>898373 >>900209 >>901567
>INFO DUMP ON BITCOIN

[Anonymous No.901612]

y'all are fucktards, blockchain is the real deal, bitcoin is a meme, you buy you lose.

[Anonymous No.901614]

>>901610
http://www.econotimes.com/BoE-Chief-Economist-Bitcoin-has-emerged-as-a-monetary-enigma-91685

[Anonymous No.901617]

>>901610
https://medium.com/@21dotco/the-21-bitcoin-computer-1d28d652b57b

[Anonymous No.901620]

>>901610
http://globenewswire.com/news-release/2015/09/21/769543/0/en/New-bitcoin-product-launch-on-Nasdaq-by-XBT-Provider.html

[Anonymous No.901623]

>>896887

[Anonymous No.901625]

>>901623

[Anonymous No.901628]

>>901620
this is all happening within hours, not weeks or days lel

[Anonymous No.901631]

>>901628

[Anonymous No.901633]

>>901631
im done do your own fucking research im to busy getting my dick sat on

[Anonymous No.901669]

>>901567
>>901610
>>901614
>>901617
>>901620
>>901623
>>901625
>>901628
>>901631
>>901633

The desperation is real.

Price is currently $225 and falling

Let's summarize these screenshots and articles of yours shall we:

>BoE Chief Economist: Bitcoin has emerged as a monetary enigma

Argument from authority.

If you read the article, it says that he is not advocating Bitcoin, but rather using the blockchain technology for a 'central bank-issued digital currency' (his words) - and even this he believes may not be worthwhile/feasible, hence the phrase 'monetary enigma' in the article's title.

[Anonymous No.901673]

>>901617
>>901623

>21 Inc. announces a 'Bitcoin computer'

Appears to be essentially $400 Raspberry Pi with an ASIC miner attached.

It's not clear to me what exactly this device is supposed to do. It says it is 'ideal for buying and selling digital goods', but it doesn't explain how it does that, or why it's necessary when I can already buy and sell digital goods online. If I don't understand it, I don't think the general public will either.

What is clear to me though is that it purports to function as a Bitcoin miner, and this I know to be a stupid idea. You have to constantly be at the cutting edge to be competitive in mining, and any mining device will outlive its use after a few months. So how will this mining chip function after a few months?

They don't say the efficiency or hash rate of this palm-sized machine is on that medium page or their Amazon page, but I found it buried in the FAQ:

"the 21 Bitcoin Chip has an efficiency of approximately 0.16 Joules per Gigahash and can calculate 50-125 Gigahashes per second."

It's wattage is also therefore 8W to 20W. I presume the variance is due to a chunk of the power being consumed by the rest of the chipset, but let's assume it does 125GH/s 24/7 7 days a week:

According to the calculator, even assuming a flat difficulty and removing electricity/pool fee costs, this device will only make $102.37 over the next year, if starting today. This device will never recoup it's $400 outlay, and if people buy these things mining competition will just be even greater (reducing the revenue of these glorified block-eruptors).

Side notes: It looks ugly as fuck, you'd think they'd at least put in a case or something. The description also targets it at developers, to make use of these supposed 'buying/selling for Bitcoin' functions, but what tech-savvy person would fall for this shit?

And remember folks, this is the best Bitcoin has got. 21 Inc. is the most funded of these VC companies to do with Bitcoin. It's a joke.

[Anonymous No.901676]

>>901625

>Russia is planning its own cryptocurrency

It's bullshit, just read the RT article.

Some relatively small Russian/Cypriot company called 'QIWI' apparently wants to introduce a currency based on either 'blockchain' or 'Bitshares' technology - note how it's not Bitcoin.

The only impediments to them actually doing this are:

1) They don't have or can't get together a few million dollars to create it

2) It would be illegal under Russian law

lol.

[Anonymous No.901679]

>>901620
>XBT Provider AB, which is on Nasdaq Nordic, to launch a new product

Wow! This is huge!!!!

Is this going to be as big as the Winklevoss Twins' 'Bitcoin Investment Trust'!?

>>901628

>Some no-name Bitcoin exchange operating a tax haven country

What's so special about this one, or are you just running low on 'goods news for Bitcoin!'?

[Anonymous No.901766]

>>901673
>>901676
thanks man, i was about to put down 2000$ last week on bitcoin, coz the bitcoin cultists were saying "its going to the moon", you saved me money.

[Anonymous No.902245]

>tfw one of my friends bought 100 bitcoins back when they were $450 each
>tfw he wouldn't listen to me when I told him he missed the pyramid scheme opportunity and that he was a sucker
>tfw he told me in one year he would make $100k without lifting a finger
>tfw he told me buttcoins would reach $20k (literally literally $20 fucking k) each within 10 years
>tfw he is now about to lose his house because of being so irresponsible with his money
Bitcoin is dead. Only an idiot would invest in mining or the currency itself.

[Anonymous No.902282]

>>897514
In God We Trust

It's the same banks that went bust and needed to be bailed out by tax payers. You don't need to look far beyond - just look at the CDO swaps that they peddled like candies.

[Anonymous No.902292]

>>902245
450 on the upswing wouldn't have been too bad, they did top out around 1100. But yeah, he sounds like a fuckin moron. "A FOOL AND HIS MONEY ARE SOON PARTED"

[Anonymous No.902335]

>>902245
More like this! These little stories give me a giggle...bitcoin is fuckin dead

[Anonymous No.902371]

>>897648
Shitcoin won't crash or devalue more

Junkies and other faggots use it on silk road type websites to buy drugs, guns and other crap

It will be around for a while

[Anonymous No.902419]

>>902371

The drug money meme is overemphasized

For one thing, Bitcoin is not anonymous. It is no good for laundering money either. There are also better altcoins out there for the purpose of illegal dealings.

For another, drug dealers want cash, not Bitcoins. As soon as they get it, they cash out. Just look at 2012, when Silk Road was in its prime and pretty much the only thing going for Bitcoin (i.e. no pumping by Karpeles) - the price didn't go anywhere. It stayed at ~$5.

Anyway, it doesn't matter whether the drug money stays in Bitcoin or not, because the miners are currently dumping $850,000 a day. In 2012, Silk Road was processing ~$60,000 a day. The price will continue to fall.

[Anonymous No.902490]

yfw i have everything in monero and dont give a damn!

[Anonymous No.902518]

>>896887
>
Buy bitcoin now sons last chance

[Anonymous No.902596]

>>902245
>>902292
Why does EVERYONE ignore how MtGox manipulated the market with tradebots to get the price up that high?
It's pretty fucking obvious that Bitcoins current price isn't going anywhere.

[Anonymous No.902596,1]

>>902245
AHAHHAHHAHAHA YOU FUCKING STUPID ANIME LOVING FAGGET. NEVER SAY NEVER