Seems to be dying overall, certainly in the media. Anyone here still mining?
The price has been climbing over the last few weeks
http://www.coindesk.com/price/
But what is the future of bitcoin usage? Niche only?
> Niche only?
In it's current form, I think so.
However, I do think the Big Corp will take the principles of a distributed and verifiable ledger system and create something meaningful with it. It may not be financially related the way Bitcoin BTC is, but the ledger itself.... I think that's something special...
33 Indicators That Bitcoin Growth Isn't Slowing Down in 2016
https://news.coinify.com/33-indicators-bitcoin-growth-isnt-slowing-2016-infographic/
According to this article Bitcoin did have great potential, but now it is damaged beyond repair and a replacement is badly needed. http://techcrunch.com/2016/01/19/is-bitcoins-promise-going-up-in-smoke/
We saw a big BitCoin price drop after this article...
Posted this in another thread
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.xuovc596o
I haven't meddled much with BitCoin. Mined a few in the winter to heat my computer room a few years ago, but other than that...nada. Loved the idea of a crypto currency, but that article quelled a lot of my enthusiasm.
Mining is bollocks. The cost does not stack up. Did at $1000 but now, don't think so.
I love the idea, but it is too wild west to be serious.
http://techcrunch.com/2016/01/13/coindesk-acquired-by-digital-currency-group/
Shak is pretty switched on, when he bows out so quietly, you know he is not keen.
My mining foray didn't last too long. Having multiple CPUs and GPUs pegged at 100% for a few days made me realize the futility of it all pretty quick. I probably broke even with the amount I made vs. the electricity bills, but I thought it would be nice to actually use my machine again.
QuoteShak is pretty switched on, when he bows out so quietly, you know he is not keen.
That's telling. I'd trust his judgement more than a lot of the "pros" in the field.
Looks like bitcoin has jumped the shark. You can buy a miner on amz now
http://www.amazon.com/AntMiner-S3-441Gh-0-77W-SHA-256/dp/B00NZDBWKG/
Interesting perspective on growing energy requirement to mine a coin
http://motherboard.vice.com/read/bitcoin-could-consume-as-much-electricity-as-denmark-by-2020
I wonder what sort of impact quantum computers would have on this. Using current processor technology doesn't look like it will be very affordable to mine new bitcoins. Unfortunately the whole process depends on continued mining...
>quantum computers
I think they'd work well, as they're good at the kind of parallelism that works so well with bitcoin. If you take today's most powerful classical computer and wanted to double its speed, you could just double the amount of machines. With a quantum computer, you'd simply add 1 more qubit (or bit) as each qubit provides an exponential increase in computing power. Truly a game changer.
It does seem like the tech is a while away from the Desktop though, as they're still having to freeze the computing environment to near absolute zero. A lot is being learnt from biology (at room temperature), though.
http://futurism.com/hacked-bitcoin-exchange-bitfinex-distributes-losses-to-all-users-equally/
I just found out bitcoin atms are a thing. I got excited until I realized you can only buy BTC with cash, not cash them out.
I am shocked, *shocked* (hhh). Bitcoin use is a red flag for the taxman.
Coinbase Promises to Fight the IRS in Court Over Data on All Active US Bitcoin Traders
QuoteU.S. government filed a civil petition in federal court intending to disclose all Coinbase U.S. customers' records over a three year period.
http://www.coinspeaker.com/2016/11/21/coinbase-promises-fight-irs-court-data-active-us-bitcoin-traders/
Is NOTHING sacred? >:(
Capital gains, income as a result of bartering, money in foreign accounts, payments to US entities for services over $599 in a year ...just about any way you turn, they have a tax for that.
I considered mining at one point but the returns are just going to continue to diminish so decided against it. I agree, if Shak is bowing out that is a good indicator. He is not only switched on, he is in the thick of it with people who are/were most likely heavily BitCoin pro. However, as someone who does a lot of cross currency transfers I love the idea and I noticed it is now in the list of currencies in woocommerce which is an indication that demand for this feature has gone up. In principle, I think the idea and system is awesome, it speaks to the geek in me and the possibilities are endless, however the practicalities have got in the way of me really doing anything with it.
The thing that has put me off now, is that at some point you are going to want to cash out unless it becomes mainstream, then you are losing on percentages buying in and cashing out, which turns it into an investment rather than a currency in my head.
Mining is hard. Unless you live in a country where electic is chesp it's not wort it.
Buy a few and hold.
Maybe look at ETH for a punt too.
Would the economics of mining change if one lives in a cold climate and heats the house, garage and the workshop with electricity?
It occurs to me that every BTU of waste heat from a processor would be a BTU that didn't have to be produced by the regular heating system.