Gold collapsing. Bitcoin UP.

[cypherdoc]

 

[Norway]

@cypherdoc Samson sounds very desperate.

 

[cypherdoc]

https://github.com/bitcoin-core/bitcoincore.org/issues/50#issuecomment-187705525
[doublepost=1456244767][/doublepost]

@cypherdoc Samson sounds very desperate.

he's running a complicated business; a combined exchange and mining pool. from his arguments, he doesn't understand Bitcoin economics. even the basic one's. he's highly dependent on Core dev as a default and he's dependent on a speculative price rise. that kind of rigid unrealistic thinking is going to get him in trouble.
[doublepost=1456245057][/doublepost]

 

[Farhad]

[QUOTE="I thought we would see a much higher price after the "consensus" promulgation. It appears there aren't to many idiots left to buy company owned bitcoins.[/QUOTE]

The price is likely to go up on accelerated pace from here (perhaps before a $-5-20 drop within the next 2 days). Just wanted to mark my word here time-stamped. There'll be more that I'd like to talk about in a few months.

 

[humanitee]

It's hard for me to take this guy seriously. All I see is this dope dentist's hair cut controlling the Bitcoin blockchain.

 

[Justus Ranvier]

he's running a complicated business; a combined exchange and mining pool.

I've noticed that operators of insolvent exchanges get increasingly obnoxious and arrogant in public in the time leading up to the discovery of the insolvency.

Obviously this is a signal highly subject to false positives, but it's something to keep an eye on.

 

[VeritasSapere]

@Aquent Just a correction here, Ethereum does not have a self funding blockchain, which I personally also think is a very important innovation. You might want to look closer at Dash, Bitshares and Decred which do all have self funding blockchains. Which I think could be a very important innovation, one that might even solve some of the governance issues Bitcoin is going through now. You should know that I am critic of Decred because I think their funding model is to centralized.

 

[Richy_T]

i think if the price stays where it is, come July we'd see around half miners shut down

Likely more than half. If you assume that all miners would be operating at a loss other than those receiving free electricity, rationally only those mining for ideological reasons will keep mining.

However, those miners who face a loss are not likely to just switch off. They'll switch to mining altcoins.

Should be fun.

 

[cypherdoc]

Hodlers don't have any overhead. Exchanges, miners, & businesses planning to exploit SW & LN do. a price stasis where we are hurts them more than us.

unless of course, Bitcoin gets killed along with them, taking us all with it. but i doubt it.

 

[VeritasSapere]

@Richy_T I do not think the majority of miners are mining at a loss, the latest generations of equipment are still profitable, mining at a loss is essentially irrational. Furthermore these miners can not switch to the altcoins since they are using ASICs and there are no where near enough altcoins that use SHA256. SHA256 mining can even be seen as a single self balancing economy across several cryptocurrencies, the profitability of mining Bitcoin is already influenced by the existance of alternative SHA256 cryptocurrencies, in part due to the multipools, when Bitcoin becomes unprofitable for them they will have no where else to go.

 

[cypherdoc]

 

[sickpig]

KnCMiner just minted a classic block:

https://blockchain.info/nl/block/000000000000000003c407e1b682fc0845825a1a7ad94dc2ba14e5887636ba96

 

[bitcartel]

@VeritasSapere Another way to look at changing the PoW so that home computers can mine is that it lowers the entry barrier to mining. There will still be professional miners and good luck to them, but lets get teenagers from England to India to Thailand to Argentina excited and joining the community. We could have hundreds of thousands, perhaps even millions, of enthusiasts setting up mini rigs in their bedroom and garage. Empirical evidence of this is from the early days of Bitcoin and volunteer grid computing - look how healthy it is! http://boincstats.com/

 

[Aquent]

WOW, that's big news. If knc, antpool, slush, and the crowdfunding get going........ something could happen.

 

[cypherdoc]

finally. good to hear from KNC.

 

[satoshis_sockpuppet]

Do they still have enough hash power to block SW?

 

[sickpig]

@satoshis_sockpuppet

if AntPool will take the Classic side Core won't even been able to activate the SegWit SF (75%), leaving aside enforcing it (95%).

KnC, Slush and fund raised pool should be enough to avoiding the SF enforcing, though.

 

[satoshis_sockpuppet]

Hm didn't antpool just surrender to BS and signed the core vow of fidelity?

 

[sickpig]

@satoshis_sockpuppet

yes AntPool apparently gave up, but with Chinese miners you never known.

AntPool have mined 3 Classic blocks already, maybe they won't do it anymore.

We can't be certain though.

 

[cypherdoc]

i think so but i just heard yesterday there's some soft 75% activation threshold. yeah, hypocritical, huh? but full activation not until 95%.