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Thread: RIP Bitcoin

  1. #251
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    my point exactly,

    a bunch of chavs are putting their money in casino like currencies and think they have an edge for making money

  2. #252
    Excommunicated baldrick's Avatar
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    Quote Originally Posted by jabir View Post
    for further advice
    the advice they probably need is how to convert to accessable fiat

  3. #253
    Excommunicated baldrick's Avatar
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    I have spoke before about DeCRed and that I think it is a solid crypto with a real future

    this week I decided to make a very long and potentially lucrative bet on the currency and pre order an ASIC - a specialised computer that only does 1 type of calculation - in this case Proof of Work mathematical calculation on the Blake256 algo to mine DCR

    the price for the machine is 2500 USD and is expected to be delivered in june next year and I will then pay 30 USD a month to have it co-located ( colo ) in a server farm with internet and power where I can log ito the machine remotely and configure it to pay the mined DCR to my wallet address

    if you used its projected hashing power ( speed of its mathematical calculation power ) and the current price or DCR ( about 30 USD ) it would make 500 USD a day

    but the reality is that with a large amount of hash power from all the other ASICs also entering the PoW computational process and the difficulty being adjusted for that it will likely be 5-10x less

    even that is ok as the return on investment will be 50 days - maybe

    that is at the current price of DCR

    here is the AMA ( ask me anything ) on reddit with the group who says it will produce the unit - https://www.reddit.com/r/decred/comm...nything_about/

    and website to order the unit - https://obelisk.tech/index.html

    there is a chance they may fail , but as I said it is a bet which I am prepared to take

  4. #254
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    Quote Originally Posted by baldrick View Post
    the price for the machine is 2500 USD and is expected to be delivered in june next year and I will then pay 30 USD a month to have it co-located ( colo ) in a server farm with internet and power where I can log ito the machine remotely and configure it to pay the mined DCR to my wallet address

  5. #255
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    Quote Originally Posted by baldrick View Post
    there is a chance they may fail , but as I said it is a bet which I am prepared to take
    you are a bigger chav than I thought you were,

    why not play the lotto or go to your local pub casino where the odds might be better

  6. #256
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    Does th 30 usd include the electic cost?

  7. #257
    Excommunicated baldrick's Avatar
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    electricity for a 500watt unit at .10 per KwH will be 30-40 USD per month

    Quote Originally Posted by Dragonfly View Post
    why not play the lotto or go to your local pub casino where the odds might be better
    because buttplug , it is a well known corollary to do the opposite of what you recommend

  8. #258
    Thailand Expat OhOh's Avatar
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    Where physically will the machine be located, do you have a choice? Does the "coin" 6creation require constant internet connection?
    Last edited by OhOh; 19-11-2017 at 12:52 PM.

  9. #259
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    These all sound like pyramid schemes with the value dependent on logarithmic increase in demand. Once all the suckers are in demand drops and you know the rest.

  10. #260
    Excommunicated baldrick's Avatar
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    Quote Originally Posted by OhOh View Post
    Where physically will the machine be located, do you have a choice? Does the "coin" 6creation require constant internet connection?
    you could host it in your own home if you wished , and yes you need a broadband connection for downloading the blockchain data so that each new block can be mathematically mined

    colocation places at the moment are here - https://obelisk.tech/colocation.html - I will make a choice later as more places are added and the unit is ready to be shipped

    many articles on the internet explaining what exactly is PoW mining - http://www.blockchaintechnologies.com/blockchain-mining

  11. #261
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    Once finacial lords open the futures market and the sheeple realise there is no restriction in creating more and more virtual marketed as gold "coins" there will be a mother of shake downs.

    But some have made unbelievable profits. From 0.001USD TO 8-10,000 USD. Allegedly somebody bought a pizza for 10,000!!!
    A tray full of GOLD is not worth a moment in time.

  12. #262
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    Quote Originally Posted by Begbie View Post
    These all sound like pyramid schemes with the value dependent on logarithmic increase in demand. Once all the suckers are in demand drops and you know the rest.
    that's exactly what it is,

    Central Banks around the world are preparing guidance and regulations to protect consumers and stop it all because it's a breeding ground for criminals

  13. #263
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    Quote Originally Posted by baldrick View Post
    electricity for a 500watt unit at .10 per KwH will be 30-40 USD per month



    because buttplug , it is a well known corollary to do the opposite of what you recommend
    with your track records on fixing IT issues, it's going to be funny to watch

  14. #264
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    Quote Originally Posted by OhOh View Post
    Once finacial lords open the futures market and the sheeple realise there is no restriction in creating more and more virtual marketed as gold "coins" there will be a mother of shake downs.

    But some have made unbelievable profits. From 0.001USD TO 8-10,000 USD. Allegedly somebody bought a pizza for 10,000!!!
    You have to admit it's something interesting to watch, a bit like the Tulip mania, how far can it go, no limit on people stupidity

  15. #265
    Excommunicated baldrick's Avatar
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    3 posts in a row buttplug , with nothing of substance

    do have to wonder how you manage to talk out your arse so much with the amount of ladyboy penis that goes in

    Quote Originally Posted by Dragonfly View Post
    Central Banks around the world are preparing guidance and regulations to protect consumers and stop it all because it's a breeding ground for criminals
    and thus you explain to everyone your lack of understanding of the subject - cryptoassets are designed to be regulation resistant

    the only way to regulate it is to switch your country back to pre-1960 technology

    the countries that introduce regulations that encourage cryptoassets and blockchain technologies will be the ones that win

    Singapore is moving in that direction ,- https://cointelegraph.com/news/singa...-official-says

    but my hope is Mauritius will go the same path - Mauritius Plans to Create an Ethereum Island - NEWSBTC

  16. #266
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    Quote Originally Posted by baldrick View Post
    Singapore is moving in that direction ,- https://cointelegraph.com/news/singa...-official-says
    Singapre has one of the worst records on compliance, the place is full of dodgy deals and money laundering, while claiming to be squeezy clean

    think Switzerland hypocrisy x 100

    Quote Originally Posted by baldrick View Post
    but my hope is Mauritius will go the same path - Mauritius Plans to Create an Ethereum Island - NEWSBTC
    oh that's a great example then that we should all follow

    Quote Originally Posted by baldrick View Post
    and thus you explain to everyone your lack of understanding of the subject - cryptoassets are designed to be regulation resistant
    I understand you are a plumber and a chav and hope to strike it rich with that tech, however if you actually read real business news, you would learn that Central Banks are preparing a major attack on that technology, the only question is the timing. In the meantime you keep dreaming in your bubble and think you have it all figure it out while ignoring the real world and how is regulated.

  17. #267
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    Quote Originally Posted by baldrick View Post
    this week I decided to make a very long and potentially lucrative bet on the currency and pre order an ASIC - a specialised computer that only does 1 type of calculation - in this case Proof of Work mathematical calculation on the Blake256 algo to mine DCR
    The early bird gets the worm while the sitting bird gets nothing so I will probably also jump on that train.

  18. #268
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    didn;t read the whole thread but did read a good book this week
    the origin of Bitcoin "Digital Gold", by Nathaniel Popper. Available at libgen.io
    There is a documentary "Banking on Bitcoin" that is a good companion piece to the book "Digital Gold". It covers the same subject and shows many of the main characters featured in the book.
    "I hate to advocate drugs, alcohol or insanity, but they've always worked for me" HST

    View my pics

  19. #269
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    Quote Originally Posted by lom View Post
    The early bird gets the worm while the sitting bird gets nothing so I will probably also jump on that train.
    Since Dragonfly has intimate knowledge of how things work, got it right on the death of bitcoin, is certain that Brits will be fighting over rats and roaches in a couple of years, routinely turns hundreds into millions yet continues to protest against this insane get rich scheme that's guaranteed to end in tears, must say it's beginning to look attractive.

  20. #270
    Thailand Expat lom's Avatar
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    ^ Just because he is right about Brexit doesn't necessarily mean that he is always right.

  21. #271
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    I could be wrong for Bitcoin, but it definitely has the signature of a bubble, and have seen quite a few

    when you have plumbers like baldrick putting 2500 on a silly machine and overpaying a colo to put his server, you know it smells like gold fever and bull shit

    there is no fundamentals justification for the bitcoins,

    imagine manufacturing your own currency and claiming it's worth 1,000 USD for 1 unit of it, just because a ton of idiots are behind it, it doesn't mean the actual value is 1,000 USD

  22. #272
    Thailand Expat raycarey's Avatar
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    Quote Originally Posted by baldrick View Post
    this week I decided to make a very long and potentially lucrative bet on the currency and pre order an ASIC - a specialised computer that only does 1 type of calculation - in this case Proof of Work mathematical calculation on the Blake256 algo to mine DCR
    wow.

    good luck.

    i've been skeptical of crypto currencies and they've done nothing but go up....bitcoin is now approaching $8000.

    i don't get it at all, but once again, congrats to those that got in.


  23. #273
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    BTC just passed $8000.
    This time next year 8k will seem cheap.

    John McAfee is predicting $500k in three years.
    He might be eccentric, but he ain't stupid.

    John McAfee Bets Bitcoin Will 'Move Above $500K Within 3 Years' - Bitcoinist.com

  24. #274
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    BTW I'm fixing to launch a Mr Earl coin, to crowdfund fund a reforestation project.

    dividends will be bamboo fly rods and bamboo bicycles.

  25. #275
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    The l price of bitcoin is a small issue in the big picture. In about 5 years we will all be using some form of crypto as a matter of course. Economic activity will be further separated from the state and banking system. It will be a boon for the unbanked and down trodden masses in the 3rd world, more of them have mobile phones and internet than Bank accounts, it is going to be truly liberating for them. This is real democratisation and will bring with it a lot of prosperity

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