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 Post subject: Re: Bitcoin
PostPosted: Sun Nov 25, 2018 12:05 am 
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Too Big to Fail

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Location: Bogtrotterland!
Are they in negative equity (energy cost to "mint") yet?

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Ronald Coase, Nobel Economic Sciences, said in 1991 “If we torture the data long enough, it will confess.”
"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
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 Post subject: Re: Bitcoin
PostPosted: Sun Nov 25, 2018 12:18 am 
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Planning Tribunal Attendee

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dolanbaker wrote:
Are they in negative equity (energy cost to "mint") yet?


Saw something about $4k being the threshold for it being profitable to mine, be interesting to know if that is a reliable figure.


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 Post subject: Re: Bitcoin
PostPosted: Mon Nov 26, 2018 11:20 am 
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beattie wrote:
dolanbaker wrote:
Are they in negative equity (energy cost to "mint") yet?


Saw something about $4k being the threshold for it being profitable to mine, be interesting to know if that is a reliable figure.


Assuming the miners can no longer operate, what are the implications ?


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 Post subject: Re: Bitcoin
PostPosted: Mon Nov 26, 2018 11:40 am 
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Property Magnate

Joined: Nov 8, 2006
Posts: 519
mr_anderson wrote:
beattie wrote:
dolanbaker wrote:
Are they in negative equity (energy cost to "mint") yet?


Saw something about $4k being the threshold for it being profitable to mine, be interesting to know if that is a reliable figure.


Assuming the miners can no longer operate, what are the implications ?


I think the "target" value will not go up as quickly if hashing power in the network decreases, so as to maintain the ten minute block mining rate.


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 Post subject: Re: Bitcoin
PostPosted: Mon Nov 26, 2018 11:45 am 
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Under CAB Investigation

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Location: A rock drifting aimlessly in the north atlantic
https://www.ccn.com/bitcoin-wont-last-b ... d-snowden/

Quote:
That belief is how cryptocurrencies move enormous amounts of money across the world electronically, without the involvement of banks, every single day. One day capital-B Bitcoin will be gone, but as long as there are people out there who want to be able to move money without banks, cryptocurrencies are likely to be valued.

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 Post subject: Re: Bitcoin
PostPosted: Mon Nov 26, 2018 12:12 pm 
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Too Big to Fail

Joined: Aug 23, 2008
Posts: 3736
Location: Bogtrotterland!
mr_anderson wrote:
beattie wrote:
dolanbaker wrote:
Are they in negative equity (energy cost to "mint") yet?


Saw something about $4k being the threshold for it being profitable to mine, be interesting to know if that is a reliable figure.


Assuming the miners can no longer operate, what are the implications ?

Electricity generator's will see aa drop in demand for starters.

_________________
"Democracy is like sausage, you want it, but you don't want to know how it is made". [John Godfrey Saxe]
Ronald Coase, Nobel Economic Sciences, said in 1991 “If we torture the data long enough, it will confess.”
"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
"To be precise, my mistake. Humans are underrated": Elon Musk


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 Post subject: Re: Bitcoin
PostPosted: Mon Nov 26, 2018 12:17 pm 
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Real Estate Developer

Joined: Jun 13, 2008
Posts: 820
They've been talking about miner support collapsing since bitcoin was 160 USD. It's a non issue. The market will adjust.


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 Post subject: Re: Bitcoin
PostPosted: Mon Nov 26, 2018 12:37 pm 
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taipeir wrote:
They've been talking about miner support collapsing since bitcoin was 160 USD. It's a non issue. The market will adjust.



But that's my question - how will it adjust ?
Does less commercial mining mean less bitcoin or do they just get allocated to private miners (sorry, I know little how it operates).

So do you expect the price to increase or decrease if commercial mining becomes uneconomical ?


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 Post subject: Re: Bitcoin
PostPosted: Mon Nov 26, 2018 1:17 pm 
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Property Magnate

Joined: Nov 8, 2006
Posts: 519
mr_anderson wrote:
taipeir wrote:
They've been talking about miner support collapsing since bitcoin was 160 USD. It's a non issue. The market will adjust.



But that's my question - how will it adjust ?
Does less commercial mining mean less bitcoin or do they just get allocated to private miners (sorry, I know little how it operates).

So do you expect the price to increase or decrease if commercial mining becomes uneconomical ?


Mining is akin to winning the Euromilions lottery - albeit with much larger odds. You can win with just one turn or it make take you on average 2^128 tries to hit the magic sequence of leading zeros. Assuming it becomes unprofitable for large mining pools to operate due to lower rewards we will see an overall decrease in the network hashing power i.e. fewer miners in the network. This will result in the "target" i.e leading zeros value not going up as quickly as it has been in the past few years. However you will still have miners in the network who will try their luck at getting some free Bitcoins.


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 Post subject: Re: Bitcoin
PostPosted: Fri Nov 30, 2018 3:04 pm 
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IMF'd

Joined: Sep 13, 2007
Posts: 31890
Location: Tullamore
Ho hum, it appears even the potential of the ledger is a scam.
https://www.theregister.co.uk/2018/11/3 ... cess_rate/
Quote:
Blockchain study finds 0.00% success rate and vendors don't call back when asked for evidence
Where is your distributed ledger technology now?
...
Blockchain has been wildly mis-sold, but underneath it is a database with performance and scalability issues and a lot of baggage. Any claim made for blockchain could be made for databases, or simply publishing contractual or transactional data gathered in another form.

Its adoption by non-technical advocates is faith-based, with vendors' and consultants' claims being taken at face value,
>>>

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