Yep. But processing power means you go quicker. Earn money faster. Think of it like going from Melbourne to Sydney. A plane will take an hour, driving takes 12. Both will get you there.
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Ah ok, I hadn’t heard it put like that before. I thought you were literally competing with faster machines.
Nice analogy. I’ve never bothered looking to much into mining, as I don’t really have the scmick gear.
Maybe I’ll look at it again.
Google mining cost calculator. It tells you what you need to know to work out if it’s profitable and how much you could earn.
Agree with quite a bit of that, particularly the distinction between the technology (blockchain) and its progeny (crypto currencies) - the technology unquestionably has potential to improve the financial system. The blockchain/cryptocurrency conflation that’s taking place is uncannily like the dot-com boom of the late 90s/early 00s - it turns out the technology everyone was getting excited over (i.e. the internet) was indeed worth getting excited over as it has fundamentally changed the world, but the vast majority of the spoils from the internet boom went to a very small slither of companies while the overwhelming majority of vehicles seeking to benefit from the technology went to zero. This cycle has repeated many times through history whenever a potential ‘game-changing’ technology comes along - railways, aeroplanes, cars, telecoms etc. all went through more or less the same cycle - the lesson for would-be crypto currency trading experts is that it is largely unforeseeable as to which of the swarms of players in the new technology will take all the spoils.
There is a world in which the incumbent banking system is actually the biggest winner from blockchain - the internet itself was supposed to kill the banks, but in many respects they grew stronger as it allowed them to dramatically lower costs by closing physical branches and reducing interbank transaction costs. There’s a reason why they’re very interested in the underlying blockchain technology, and it has almost nothing to do with crypto currencies.
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Most highend systems only use like 500w an hour when under full load.
I am far more excited in Blockchain. Will be interested to see it launch after Australia Day. No more bank cheques to buy/sell cars for a start.
I do remember guys at work wetting themselves in the dot.com boom, and they were buying into all these little companies that “own bandwidth” which they’d bought from big telco’s. They were worth nothing then, and certainly worth nothing when the bust happened.
The concept might be ok, but people keep mentioning all these extra little companies popping up. They’re just jumping on the bandwagon IMO and people’s cash will go down the gurgler if they don’t get out in time. Of course, they’re affordable which makes them attractive, so the percentages work better. And you know it’s time to get out when the taxi drivers/lift attendants/blitz members are telling you to get in.
And what happens when the hackers/Russians hack in, as they’re likely to do.
So the founder of ripple is now the 5th richest person in the world. Not sure his company has any revenue or even any customers at this point.
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so, i now have a BTC Market verified account set up.
If i transfer some AUD via BPay…after it has cleared, it will be in my BTCM account as Bitcoins(?)…and then i can purchase other coins within BTC Market.
But…Im only buying and selling with people who are on BTC Market (seems a bit restricted)
It’ll go into your account as AUD, as i understand it.
You then buy BTC or XRP or whatever.
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Goes in as AUD. Then buy away. It is restrictive in choice. You might consider getting an account with binance. Then buy coins on BTC using AUD and use the coins to buy on binance.
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I could google it but how do you take out your profit
Jutst popped up in my Quora feed, … interesting, and I’d assume very little known fact.
Who are the richest people in Bitcoin?
Robert Parker
Robert Parker, CEO of Holborn Assets in Dubai
Upvoted by Ellery Davies, Co-chair: Cryptocurrency Standards Asso. Producer & Host: The Bitcoin Event
There are over 14 000 000 of Bitcoins out there. According to some sources, there is only one holder that exceeds 100 000 Bitcoin:
However, the shadowy inventor Satoshi Nakamoto is estimated to have mined 1 million bitcoins in the currency’s early days. His stash is spread across many wallets. So, he is the richest person in Bitcoin.
The second largest Bitcoin wallet belongs to the…US government, actually to FBI.
In September, the FBI shut down the Silk Road online drug marketplace, and it started seizing bitcoins belonging to the Dread Pirate Roberts — the operator of the illicit online marketplace, who they say is an American man named Ross Ulbricht.
The seizure sparked an ongoing public discussion about the future of Bitcoin, the world’s most popular digital currency, but it had an unforeseen side-effect: It made the FBI the holder of the world’s biggest Bitcoin wallet.
The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday’s exchange rates. Another address, containing Silk Road funds seized earlier by the FBI, contains nearly 30,000 bitcoins ($20 million).
.
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Who Owns the World’s Biggest Bitcoin Wallet? The FBI
Cameron and Tyler Winklevoss, said that they’d cornered about 1 percent of all bitcoins, which puts them after the FBI wallet.
I hope this helps!
There was heaps of rumours back in the day that Satoshi was the NSA.
it’s made me want to learn how to invest in general, let alone on things like this.
all seems above my concentration abilities alas, i come in here and it’s like looking at gibberish haha.
argh well, one day i may sit down and try and learn it.
I’d read that the FBI sold these some time ago, as the proceeds of crime. One report estimated they got $334 USD apiece.
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I haven’t tried, but I read you reverse what you do to get funds in. So I have TRON now, so if i want to sell, I think I trade for litecoin (I used this to deposit funds in) and then send to BTC markets and convert to AUD.
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Friend of mine was big into mining bitcoin in the early days (had a house full of servers) Sadly he sold out a couple of years ago for a tidy profit. Had he held on it would now be worth $110m+. Gutted for him!
All this discussion got me thinking about the inevitable crash. Its a really odd phenonmon, in that crashes are usually precipitated by events, but the event to cause the crypto crash is hard to predict.
Normal a crash occurs from a) limited supply returning to normal b) lack of credit c) widespread business failures. AS cryptos aren’t normal assets none of these events will really impact price. There aren’t really underlying business so bankruptcy isn’t an issue. The only thing i can think of is there is something that causes a lack of confidence but what is it?
When it does crash its going to be the biggest crash of all time. Every other asset class has some other underlying use other than speculating. If the house market crashes people still need somewhere to live, so theres always a floor to how far it can drop. In houses case its where the rental returns become too attractive to ignore. Same with commodities, if oil prices crashes, people still want to buy oil to consume. When confidence leaves the crypto market the price will go pretty close to zero, because no one needs to buy these things yet, which should concern the legitimate uses of blockchains as it will kill the mining infrastructure.
Interesting times coming up.