Let's hope you still have the private keys Tbird, or they're lost forever. Best to print out the wallet or have it in cold storage.
@ChrisRx said:
I fear the casualties of precious metal dealers that accept bitcoin because when bitcoin falls, they might as well (bag holders.)
Most of the time, the incoming Bitcoin (or whatever crypto they accept), gets exchanged into fiat immediately and deposited into their account. Much like a Paypal payment. Coinpayments.net is the new "paypal" for crypto payments for merchants.
@ Elite CNC Routing & Woodworks on Facebook. Check out my work. Too many positive BST transactions with too many members to list.
Is there a point at which it becomes too difficult to mine so folks move on to other things? Would interest wane, and thusly prices?
Very few people mining, it is difficult and expensive to "mine." Doubt the speculators are paying attention to this. Reduction in mining does low down available supply. Most likely the same bitcoins are just being flipped, and flipped, and flipped. . .
Much more flipping bitcoins than spending of bitcoins.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Is there a point at which it becomes too difficult to mine so folks move on to other things? Would interest wane, and thusly prices?
Very few people mining, it is difficult and expensive to "mine." Doubt the speculators are paying attention to this. Reduction in mining does low down available supply. Most likely the same bitcoins are just being flipped, and flipped, and flipped. . .
Much more flipping bitcoins than spending of bitcoins.
Gonna have to disagree with you on this derryb (something I have rarely or have never done). More miners have been sold in the past few months than ever. There is a backlog of them for delivery. More and more mining farms are popping up everywhere and are selling "mining contracts" to buy hashrate power for a certain period of time to get rewarded in newly mined coins. The more miners there are on the network, the faster and more secure the network is. It currently costs about $1000 to mine 1 Bitcoin. The reward payout now for finding a Bitcoin block is 12.5 Bitcoins, split among the network of miners that find that block (could be hundreds of miners from all around the world in a "mining pool" using their collective computing power to process the equations and try to secure a new block. At the current rate , the last Bitcoin block will be mined in year 2140 I think. The reward payout gets halved every so often, but the incentive to keep on going after all of it is mined is transaction fees within the network.
@ Elite CNC Routing & Woodworks on Facebook. Check out my work. Too many positive BST transactions with too many members to list.
I have a friend who mines Bitcoin and Bitcoin Cash with 2 ASIC's miners. The power consumption is about $14/day and he makes about $80-90/day in Bitcoin (at current Bitcoin price $16,500) running them 24 hrs/day. He is with a mining pool.
Other coins can be mined on your personal computer (might not be economical) but you can do it. Most people set up graphics card rigs (GPUs) in their home and mine other coins (Ethereum, Vertcoin, Dash, Zcash, etc).
@ Elite CNC Routing & Woodworks on Facebook. Check out my work. Too many positive BST transactions with too many members to list.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
@guitarwes said:
I have a friend who mines Bitcoin and Bitcoin Cash with 2 ASIC's miners. The power consumption is about $14/day and he makes about $80-90/day in Bitcoin (at current Bitcoin price $16,500) running them 24 hrs/day. He is with a mining pool.
Other coins can be mined on your personal computer (might not be economical) but you can do it. Most people set up graphics card rigs (GPUs) in their home and mine other coins (Ethereum, Vertcoin, Dash, Zcash, etc).
So how are bitcoins entered into the system once you mine one?
@grote15 said:
Lite coin price has doubled over past 5 days.
I'm glad I bought in the $40-range a couple months ago. Litecoin price projected to be a grand by mid-2018........or higher.
Bitcoin = crypto gold.
Litecoin = crypto silver
Litecoin has 4X as many available coins as Bitcoin. Most say it will be 1/4 the price of Bitcoin in the next 3 years.
@ Elite CNC Routing & Woodworks on Facebook. Check out my work. Too many positive BST transactions with too many members to list.
@guitarwes said:
I have a friend who mines Bitcoin and Bitcoin Cash with 2 ASIC's miners. The power consumption is about $14/day and he makes about $80-90/day in Bitcoin (at current Bitcoin price $16,500) running them 24 hrs/day. He is with a mining pool.
Other coins can be mined on your personal computer (might not be economical) but you can do it. Most people set up graphics card rigs (GPUs) in their home and mine other coins (Ethereum, Vertcoin, Dash, Zcash, etc).
So how are bitcoins entered into the system once you mine one?
The newly mined Bitcoins get deposited into the wallet of the mining pool that mined them. They are then distributed in fractional units to the participants in the mining pool depending on the hash (computing) power contributed by the different members.
A rough example: Say me, you, derryb, and cohodk were mining gold. I worked 1 hour with a pick axe, you worked 2 hours with a pick axe, derryb and cohodk each worked 3.5 hours. Once finished, the pile of ore was piled up in a big pile. We then processed it thru the mill and produced 100 oz of gold. To be fair for the labor payout, I would get 10oz of it, you would get 20oz of it, derryb and cohodk would each get 35oz.
There are lots of miners all working as fast as they can to find gold (blocks). The more they put into it (computer hardware cost, power consuming, etc.) the more their payout it is.
@ Elite CNC Routing & Woodworks on Facebook. Check out my work. Too many positive BST transactions with too many members to list.
I'm still downloading the flipped database. Three more days to go. Wish I'd of kept that file.
I've got 3300kwh to burn because my utility will only pay me for a percentage over the total of what I generate and use. An acquaintance is running a niffty 240v quadruple Antminer S9 setup (doing 55 Terahash) out in my garage for a few weeks. He's paying 11¢/kwh at home and that rig pulls 6kwh, or 144kwh/day ($15.84). He's giving me a percentage and tossing in a percentage if the pool gets lucky. I'll say one thing, those miners keep that 1600sq/ft shop warm.
Here's the nitty gritty. He's got nearly 20K in equipment. I remember when the S9 was 2K, now it's 5K. So that's a game in itself. On an average day it pulls in 0.0095 btc or about $155 at current spot. After electricity cost of $16 and the extra cost to keep the house cooler lets just say $22/day. That's $133/day with a drop of 10% per difficulty increase that kicks in every few weeks.
Same game I played in 2013-14 just the numbers are bigger. What surprised me the most was that even though bitcoin halved in value and mining was not profitable I still made a killing on reselling the equipment. In all I did a 3X ROI and lived in a hot room that year. Which also set a precedent for my power use and solar sizing limit through my utility. Win-Win.
It's 9857 right now... you're telling me it dropped over $1000 in a day?
No Thanks, not for me.
It was at 5800 two weeks ago.
And two weeks from now?....
17,000+
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
So is mining a bitcoin the equivalent of actually physically having an ounce of gold in a vault in order to print $1200 worth of paper money?
If I go to Coinbase and buy a bitcoin, what do I get besides an electronic record saying that I own one?
@BAJJERFAN said:
So is mining a bitcoin the equivalent of actually physically having an ounce of gold in a vault in order to print $1200 worth of paper money?
If I go to Coinbase and buy a bitcoin, what do I get besides an electronic record saying that I own one?
Not much that's quickly tangible. Thrill of the ride maybe. Just like a stock but you are responsible for that record of purchase. Just one big solar flare or EMP attack and it becomes only your memory.
@BAJJERFAN said:
So is mining a bitcoin the equivalent of actually physically having an ounce of gold in a vault in order to print $1200 worth of paper money?
If I go to Coinbase and buy a bitcoin, what do I get besides an electronic record saying that I own one?
Not much that's quickly tangible. Thrill of the ride maybe. Just like a stock but you are responsible for that record of purchase. Just one big solar flare or EMP attack any from it becoming only your memory.
So then what really is the point of it? The IRS is now all over it like stink on poop and it's vulnerable to theft/loss and its anonymity is apparently now a pipe dream, so even that's gone. Sounds like the "greater fool theory" just waiting to happen. With a stock, I have to sell it and convert it to dollars in order to buy something with the proceeds. Even tho BitCoin is "measured" in dollars, it doesn't have to be converted to dollars in order to be useful, so I suppose that would be a plus.
Read a stat today that the energy required to mine and transact bit coins annually is equivalent to the energy demand of the entire country of Denmark in a year.
@cohodk said:
Read a stat today that the energy required to mine and transact bit coins annually is equivalent to the energy demand of the entire country of Denmark in a year.
"I believe governments are currently in the process of vetting the cryptocurrency space and using bitcoin as its primary test case. Their goal is to allow the public to gain trust and familiarity with electronic currencies before crushing private cryptocurrencies altogether, then replacing them with one government-sanctioned “bitcoin”—call it Fed-coin."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
"I believe governments are currently in the process of vetting the cryptocurrency space and using bitcoin as its primary test case. Their goal is to allow the public to gain trust and familiarity with electronic currencies before crushing private cryptocurrencies altogether, then replacing them with one government-sanctioned “bitcoin”—call it Fed-coin."
I thought we already had a Fedcoin...the US dollar; each has a unique number, it's not backed by anything intrinsic and about 90%+ are digitized.
I wonder if the digital dollars have unique numbers as well?
The advantage (for the government) of a digital currency over paper dollars is that negative interest rates can be imposed and you won't have the recourse of taking dollars out of the bank to avoid the negative interest rates - no more runs on the bank.
With paper money holders can avoid negative interest rates by taking physical possession of their dollars. Can't do that with an all-digital currency. Also, with a digital currency money manipulators can influence money velocity (spending) by using a negative rate on your holdings to encourage you to spend instead of save.
The FED sees the controlling advantages of an all-digital currency. The government sees the taxing advantages of an all-digital currency. Expect them to make it happen.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Yes, finally squared away the blockchain issue. Total 100+Gb download PITA btw. I found my .04530495 btc. With 1 BTC = $16280.42 then I just found a cool $737.58. Time to order a few more bars of silver.
Thanks, apparently it's getting worse. Same kind of thing on a shorter time scale was happening in 2015. Mining was simple comparatively speaking, it's using them conveniently that carries the risk especially in the fast paced exchange environment we've grown accustomed to.
The blockchain concept is a good security concept with many applications. Unfortunately causal monetary transactions are not going to be it imho.
Guess I need an idea on cashing out. I'd never paid a ''network fee'' back then. Many hands in the cookie jar I guess.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
Been trying to get an accurate current value for one Bitcoin, and get results varying by literally more that $1,000 from source to source.
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
Fascinating parallels, little companies adding "-coin" or "-blockchain" to their name and then skyrocketing, just like the ".com bubble" of 1999-2000 when there was a stampede to be "an internet player"
Sure, some of those companies became successful, and a lot of money was made (and, often, lost) in the process.
Comments
Be careful... the gov. Tracks all the currencies.. they can shut down your ability to get at these currencies
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
I have no idea what wrote you wrote tbird. Lol
Knowledge is the enemy of fear
Tbird said that inoperative old hard drives can sometimes be put in a freezer to get them working.
He also said discarded hard drives may have bitcoin wallets stored on them.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Let's hope you still have the private keys Tbird, or they're lost forever. Best to print out the wallet or have it in cold storage.
Most of the time, the incoming Bitcoin (or whatever crypto they accept), gets exchanged into fiat immediately and deposited into their account. Much like a Paypal payment. Coinpayments.net is the new "paypal" for crypto payments for merchants.
Too many positive BST transactions with too many members to list.
The increasing difficulty of mining with a PC
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
Is there a point at which it becomes too difficult to mine so folks move on to other things? Would interest wane, and thusly prices?
Knowledge is the enemy of fear
Very few people mining, it is difficult and expensive to "mine." Doubt the speculators are paying attention to this. Reduction in mining does low down available supply. Most likely the same bitcoins are just being flipped, and flipped, and flipped. . .
Much more flipping bitcoins than spending of bitcoins.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Gonna have to disagree with you on this derryb (something I have rarely or have never done). More miners have been sold in the past few months than ever. There is a backlog of them for delivery. More and more mining farms are popping up everywhere and are selling "mining contracts" to buy hashrate power for a certain period of time to get rewarded in newly mined coins. The more miners there are on the network, the faster and more secure the network is. It currently costs about $1000 to mine 1 Bitcoin. The reward payout now for finding a Bitcoin block is 12.5 Bitcoins, split among the network of miners that find that block (could be hundreds of miners from all around the world in a "mining pool" using their collective computing power to process the equations and try to secure a new block. At the current rate , the last Bitcoin block will be mined in year 2140 I think. The reward payout gets halved every so often, but the incentive to keep on going after all of it is mined is transaction fees within the network.
Too many positive BST transactions with too many members to list.
I have a friend who mines Bitcoin and Bitcoin Cash with 2 ASIC's miners. The power consumption is about $14/day and he makes about $80-90/day in Bitcoin (at current Bitcoin price $16,500) running them 24 hrs/day. He is with a mining pool.
Other coins can be mined on your personal computer (might not be economical) but you can do it. Most people set up graphics card rigs (GPUs) in their home and mine other coins (Ethereum, Vertcoin, Dash, Zcash, etc).
Too many positive BST transactions with too many members to list.
Lite coin price has doubled over past 5 days.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
So how are bitcoins entered into the system once you mine one?
I'm glad I bought in the $40-range a couple months ago. Litecoin price projected to be a grand by mid-2018........or higher.
Bitcoin = crypto gold.
Litecoin = crypto silver
Litecoin has 4X as many available coins as Bitcoin. Most say it will be 1/4 the price of Bitcoin in the next 3 years.
Too many positive BST transactions with too many members to list.
The newly mined Bitcoins get deposited into the wallet of the mining pool that mined them. They are then distributed in fractional units to the participants in the mining pool depending on the hash (computing) power contributed by the different members.
A rough example: Say me, you, derryb, and cohodk were mining gold. I worked 1 hour with a pick axe, you worked 2 hours with a pick axe, derryb and cohodk each worked 3.5 hours. Once finished, the pile of ore was piled up in a big pile. We then processed it thru the mill and produced 100 oz of gold. To be fair for the labor payout, I would get 10oz of it, you would get 20oz of it, derryb and cohodk would each get 35oz.
There are lots of miners all working as fast as they can to find gold (blocks). The more they put into it (computer hardware cost, power consuming, etc.) the more their payout it is.
Too many positive BST transactions with too many members to list.
Any bitcoin detecting clubs sprouting up ? I need a bitcoin detector.
I'm still downloading the flipped database. Three more days to go. Wish I'd of kept that file.
I've got 3300kwh to burn because my utility will only pay me for a percentage over the total of what I generate and use. An acquaintance is running a niffty 240v quadruple Antminer S9 setup (doing 55 Terahash) out in my garage for a few weeks. He's paying 11¢/kwh at home and that rig pulls 6kwh, or 144kwh/day ($15.84). He's giving me a percentage and tossing in a percentage if the pool gets lucky. I'll say one thing, those miners keep that 1600sq/ft shop warm.
Here's the nitty gritty. He's got nearly 20K in equipment. I remember when the S9 was 2K, now it's 5K. So that's a game in itself. On an average day it pulls in 0.0095 btc or about $155 at current spot. After electricity cost of $16 and the extra cost to keep the house cooler lets just say $22/day. That's $133/day with a drop of 10% per difficulty increase that kicks in every few weeks.
Same game I played in 2013-14 just the numbers are bigger. What surprised me the most was that even though bitcoin halved in value and mining was not profitable I still made a killing on reselling the equipment. In all I did a 3X ROI and lived in a hot room that year. Which also set a precedent for my power use and solar sizing limit through my utility. Win-Win.
Bitcoin Problem.
17,000+
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
So is mining a bitcoin the equivalent of actually physically having an ounce of gold in a vault in order to print $1200 worth of paper money?
If I go to Coinbase and buy a bitcoin, what do I get besides an electronic record saying that I own one?
Not much that's quickly tangible. Thrill of the ride maybe. Just like a stock but you are responsible for that record of purchase. Just one big solar flare or EMP attack and it becomes only your memory.
edit,,, I hate spell checker
So then what really is the point of it? The IRS is now all over it like stink on poop and it's vulnerable to theft/loss and its anonymity is apparently now a pipe dream, so even that's gone. Sounds like the "greater fool theory" just waiting to happen. With a stock, I have to sell it and convert it to dollars in order to buy something with the proceeds. Even tho BitCoin is "measured" in dollars, it doesn't have to be converted to dollars in order to be useful, so I suppose that would be a plus.
But, but, it's the New Paradigm!
Liberty: Parent of Science & Industry
Read a stat today that the energy required to mine and transact bit coins annually is equivalent to the energy demand of the entire country of Denmark in a year.
Knowledge is the enemy of fear
Pollution-free it isn't.
And now mid 16's. Point is it's as volatile as roulette.
And I still haven't been able to download that 150Gb blockchain. Frustrating!!!!
A good summary about bitcoin.
https://finance.yahoo.com/news/74-bitcoin-questions-answered-202033293.html
A bitcoin consipiracy theory Christmas story
"I believe governments are currently in the process of vetting the cryptocurrency space and using bitcoin as its primary test case. Their goal is to allow the public to gain trust and familiarity with electronic currencies before crushing private cryptocurrencies altogether, then replacing them with one government-sanctioned “bitcoin”—call it Fed-coin."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I thought we already had a Fedcoin...the US dollar; each has a unique number, it's not backed by anything intrinsic and about 90%+ are digitized.
I wonder if the digital dollars have unique numbers as well?
The advantage (for the government) of a digital currency over paper dollars is that negative interest rates can be imposed and you won't have the recourse of taking dollars out of the bank to avoid the negative interest rates - no more runs on the bank.
With paper money holders can avoid negative interest rates by taking physical possession of their dollars. Can't do that with an all-digital currency. Also, with a digital currency money manipulators can influence money velocity (spending) by using a negative rate on your holdings to encourage you to spend instead of save.
The FED sees the controlling advantages of an all-digital currency. The government sees the taxing advantages of an all-digital currency. Expect them to make it happen.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Yes, finally squared away the blockchain issue. Total 100+Gb download PITA btw. I found my .04530495 btc. With 1 BTC = $16280.42 then I just found a cool $737.58. Time to order a few more bars of silver.
Great job @66Tbird
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
Awesome @66tbird, now dump it while you still can
@66Tbird ,You might want to read the post by..... @stevebeb........... here if you have not already.
https://forums.collectors.com/discussion/comment/11872222#Comment_11872222
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
Thanks, apparently it's getting worse. Same kind of thing on a shorter time scale was happening in 2015. Mining was simple comparatively speaking, it's using them conveniently that carries the risk especially in the fast paced exchange environment we've grown accustomed to.
The blockchain concept is a good security concept with many applications. Unfortunately causal monetary transactions are not going to be it imho.
Guess I need an idea on cashing out. I'd never paid a ''network fee'' back then. Many hands in the cookie jar I guess.
Here comes the crash..
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Bummer! Missed it by a day. Hate it when that happens.
SPLUNGE!
Didn't someone post a list of places accepting bitcoin?
As I stated elsewhere earlier, the new bitcoin futures market provides the opportunity to short and drive price down.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Liberty: Parent of Science & Industry
$3,600 drop this am.
Thank you for that very appropriate chart.
Been trying to get an accurate current value for one Bitcoin, and get results varying by literally more that $1,000 from source to source.
Are futures traded on Lite coin or Etherium also?
Knowledge is the enemy of fear
Aka easy money
Fascinating parallels, little companies adding "-coin" or "-blockchain" to their name and then skyrocketing, just like the ".com bubble" of 1999-2000 when there was a stampede to be "an internet player"
Sure, some of those companies became successful, and a lot of money was made (and, often, lost) in the process.
All of this is so interesting to observe..
Liberty: Parent of Science & Industry
All aboard! Destination: Bulltrap!
Bitcoin Plunges Below $13,000 as Selloff Enters Day 4
fortune.com/2017/12/22/bitcoin-selloff-13000-day-4/
It certainly does appear the crash is starting. I figured this would happen. It was just a matter of time.
My YouTube Channel
This really shouldn't be news to anyone.
You can keep your bitcoin, lol.