Gold collapsing. Bitcoin UP.

[satoshis_sockpuppet]

Still a depressing picture imho:
http://coinmarketcap.com/charts/#btc-percentage

 

[AdrianX]

BitMain S9

https://www.bitmaintech.com/productDetail.htm?pid=0002016052907243375530DcJIoK0654

16nm miners to the masses

This looks awesome. Just running the numbers though assuming all income is going to come post halving it's unlikely you'll make a ROI if the BTC price stays in the $530 zone.

Still very exciting. I'm tempted none the less.

 

[Tomothy]

Adrianx, Do you know what sort of price we would need to hit per coin for home miners to be profitable; compared to industrial miners with lower electricity costs and what their required profitability would be? It seems with these new miners there will be a war of attrition to secure market share and push competitors out.

 

[cypherdoc]

@Tomothy

it's always like that; you just have to get in there and duke it out with the insider knowledge that coin price is highly likely to appreciate thrusting you into high profitability.

 

[Richy_T]

Oh lols.

Someone should do a version of core with just this added. Would scare the shit out of them.
[doublepost=1464708923][/doublepost]

BitMain S9

https://www.bitmaintech.com/productDetail.htm?pid=0002016052907243375530DcJIoK0654

16nm miners to the masses

Nice. 14x the hashrate of my S5 with only 2x the power usage. That price though and would have to provide extra equipment for providing the power and we're going into summer.

 

[cypherdoc]

to be balanced, Eth having a nice day. can't but help thinking it's a dead cat bounce, though:

 

[cypherdoc]

Chinese/Western spreads coming in nicely, all the while holding beautifully well above $500, in preparation for the next ramp.
[doublepost=1464711245][/doublepost][doublepost=1464711634,1464710783][/doublepost]Although Gavin Andresen pointed to Ethereum’s recent rise in popularity as a warning sign for Bitcoin, that does not mean he is bullish on thesmart contract-focused blockchain. When asked for his thoughts on Ethereum, Andresen stated, “I think most of the interesting things you can do with Ethereum you can also do with multi-signature Bitcoin transactions.”

https://www.coingecko.com/buzz/gavin-andresen-ethereum-rise-warning-to-bitcoin?locale=en
[doublepost=1464711712][/doublepost]nice attempt to sell it off but Bitstamp ain't budgin':

[doublepost=1464712443][/doublepost]i mean, seriously, how could you not love Bitcoin?

how many times over the years have i said, "most ppl investing in cryptocurrencies are going to lose money"? with every selloff, large or small short term or long term, Bitcoin sheds another load of bears/bulls to altcoins or whatever; only to force them to chase the next rally/ramp later on in an "oh shit" moment. and it just happens over and over again. i mean, it's the perfect investment since most everybody doesn't know what the hell is going on. and now, we have a whole camp of small blockists spouting nonsense over in N. Korea that only worsens matters for most investors, not to mention themselves.

what's not to like?
[doublepost=1464713606][/doublepost]the infamous @juice or /u/pokertravis reveals his true intentions:

 

[albin]

Jameson Lopp's observation there is what I always assumed would be the most likely plan for Satoshi's coins as well.

 

[Peter R]

@Bloomie: Tom Zander wants to start participating here but he needs access over Tor. Any way we can give it to him?

 

[cypherdoc]

one seriously has to keep an eye on these mofos:

Anger after HSBC demands right to ‘snoop’ into safe deposit boxes of Hong Kong customers

“This is a ridiculous and grossly invasive power which makes a nonsense of the whole purpose of a safety deposit box,” Sarony said.

“Granting HSBC the unlimited right to snoop in your box and dispose of its contents without prior warning makes a total nonsense of the word ‘safe’.”


http://www.scmp.com/news/hong-kong/article/1958803/anger-after-hsbc-demands-right-snoop-safe-deposit-boxes-hong-kong
[doublepost=1464715651][/doublepost]gimme a break. such hypocrisy:

“HSBC has a clear commitment to defend the integrity of the financial system against activities such as money laundering,” the spokesman said.
[doublepost=1464716166,1464715562][/doublepost]silver back to leading mkts; DOWN:

 

[79b79aa8]

yeah, HSBC is committed to paying nominal fines when caught.

(the bank was accused of failing to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of USD from HSBC Mexico, allowing for money laundering. HSBC also violated U.S. economic sanctions against Iran, Libya, Sudan, Burma and Cuba. they paid a fine of $1.9 billion, about 5 weeks income.)

 

[AdrianX]

Adrianx, Do you know what sort of price we would need to hit per coin for home miners to be profitable; compared to industrial miners with lower electricity costs and what their required profitability would be? It seems with these new miners there will be a war of attrition to secure market share and push competitors out.

@Tomothy as @cypherdoc says you just have to to make some assumptions. Apart from the limited block space wall (central control issue) we need to get over, it's a sure bet that mining is only going to become less profitable as the block subsidy reduced every 4 years so grab them while you can. FYI the Coins I mine today aren't for sale today.

You can check out this calculator https://bitcoinwisdom.com/bitcoin/calculator be sure to adjust the block reward on the left hand side near the bottom of the page to get an accurate projection.

I think Home mining has many advantages over industrial miners. At the moment industrial miners are at an advantage because Asic mining equipment is scarce, in the hands of a select few crazy risk takers, if there is anything humans are good at it's innovating for profit and mitigating risk so I don't think Asic mining equipment is always going to be scarce. That said at the moment home miners have a disproportionate upfront investment cost - which is directly proportional to the industrial miners reducing risk the fact that you can buy an S9 says they're nervous about future profitability. the fact your paying $700(x3) for a PCB that probably costs $10 to make (sunk investment costs aside) should give you an idea on their level of uncertainty - get a bird in the hand now sell an S9 and offload the mining risk and operating costs.

When you look at energy efficiency industrial miners blow the heat out the windows (very wasteful) home miners use the heat (6 months of the year - or in the case with hot water all year - 0 waste)
Industrial miners have security costs, home miners that's incidental
Industrial miners have maintenance staff, home mining its a hobby
Industrial miners need warehousing Home miners housing is an incidental cost.
but realistically if your paying over $0.20 / kWh you may never be able to complete with $0.04 / kWh

The thing all these people who say you'll never ROI on mining don't understand is the main cost in making bitcoin is not the upfront investment, its the cost of you energy. Your upfront cost is a sunk cost that give you an opportunity it can be made with fiat. In the investment world a 5% return on capital is considers OK in bitcoin historical if you just hold your going to see returns like in no other assent class.

if the block size limit was removed today, I wouldn't hesitate to buy more mining rigs.
[doublepost=1464718712][/doublepost]

the infamous @juice or /u/pokertravis reveals his true intentions:

yes Core implicated in freeing stolen coins, lets see where the first lightning hubs are located?

 

[AdrianX]

“HSBC has a clear commitment to defend the integrity of the financial system against activities such as money laundering,” the spokesman said.

LOL,
an independent reporter would be free to say:

HSBC announced today that they how have unlimited right to snoop in your safety deposit box and dispose of its contents without prior warning, a sportsman added that “HSBC has a clear commitment to defend the integrity of the financial system against activities such as money laundering," despite HSBC having recently paying over $1.9 billion USD in fine for money-laundering.

 

[Aquent]

Is there an update to this graph https://www.cryptocoinsnews.com/wp-content/uploads/2016/04/bitcoin-metcalf-law.gif

The correlation is so striking. Seems like it ends around Dec 2015 when price (around 430 I think) was way below what tx volume suggested at the time. Considering the recent price increase, an update would be nice, especially to see whether Metcalf's law stands.

 

[Peter R]

Towards Massive On-Chain Scaling: Block Propagation Results With Xthin

Part 2 of 5: Xthin blocks are faster than standard blocks

Medium post:

https://medium.com/@peter_r/towards-massive-on-chain-scaling-block-propagation-results-with-xthin-a0f1e3c23919#.upkcfzs8m

r/btc discussion:

https://www.reddit.com/r/btc/comments/4lwsl4/part_2_of_5_xthin_blocks_are_faster_than_standard/

/r/bitcoin discussion:

https://www.reddit.com/r/Bitcoin/comments/4lwtgp/part_2_of_5_xthin_blocks_are_faster_than_standard/

 

[awemany]

@Peter R, @Peter Tschipper , everyone: Thanks for writing this, very nice and very understandable, should be palatable even by the Core audience!

@Peter R, @Bloomie: If you disabled tor to cut down on the spam - maybe it would be an option for Tom Zander to have tor access only through log-in?
Freenode IRC does something like that (you have to register by email before it is accessible through tor), and I think most people are happy with that.

I think we definitely want him onboard!

EDIT: @Peter R. : LOL @ p-value ~ 3e-329

 

[Peter R]

@ZB: they went straight to "enable sorting by controversial"

And the post was nearly instantly downvoted to 33%. They are trying to burry it.

 

[satoshis_sockpuppet]

@Peter R You should give lectures. Easy to read as a non native speaker with very rudimentary statistics knowledge and your short explanations should be sufficient even for someone with quasi no mathematics knowledge.
The results are great imho. Do we get 2 MB blocks when part 5/5 is public?

btw, did the rally already hit the ceiling? .. https://www.reddit.com/user/totheceilingguy

 

[cypherdoc]

lol, look at this. a year long ban. and i didn't even post in /r/bitcoin. they must be down to measuring upvotes. i may not have even done that today as i don't remember doing so:

https://www.reddit.com/message/messages/5n19je
[doublepost=1464726398][/doublepost]probably retribution for funding the China BU nodes...

 

[Peter R]

@cypherdoc: we can't follow the link because we're not logged into your account. Can you post a screenshot or tell us what it says (and what happened)?