Posted on 01/14/2015 11:30:48 AM PST by BenLurkin
providers of its core computing infrastructure to shut down operations.
The selloff, which appears to have been exacerbated when Asian traders were forced to meet collateral demands under margin trading rules, left bitcoin down 14.49% at $194.04 in the late New York morning Wednesday, following a 15.02% plunge Tuesday, according to news service Coindesk. The digital currency is now down 39% from Dec. 31 alone and is off 83% from the all-time high of $1,165 that it hit at the end of a furious rally in November 2013.
...
On Monday, CEX.io, a company that mines bitcoins on behalf of clients that rent out its computing power, announced that it would temporarily halt this “cloud mining” operation, citing “the recent bitcoin price drop, as well as the upscaling of the mining difficulty.”
(Excerpt) Read more at marketwatch.com ...
Wouldn’t you know it! I converted my entire portfolio of magic beans into Bitcoin last year. I’m doomed!
I still don’t understand what the heck it is — and now it’s going kablooie before I can get in on the game.
Stop selling picks and shovels than
I remember when people were “Selling” bitcoins on EBAY for $2-3 each.
Who would have thought so many people would buy into a crypto-currency.
>> Who would have thought so many people would buy into a crypto-currency.
Once they legalized dope it was just a matter of time. :-)
If other miners choose to stop mining, the bitcoin network will stop functioning, as miners are essential elements of it. Here is what the FAQ says:
Absolutely! Even before the creation of coins ends, the use of transaction fees will likely make creating new blocks more valuable from the fees than the new coins being created. When coin generation ends, what will sustain the ability to use bitcoins will be these fees entirely. There will be blocks generated after block #6,929,999, assuming that people are still using bitcoins at that time.
In other words, Bitcoin creators wanted to charge money for each and every payment done through the Bitcoin network. In exchange for those fees the miners would continue to waste energy. But how many people do you see around who'd want to pay fees for the privilege of paying in electronic cash? Bitcoin supporters continually use examples of "cheap" money transfer from the USA to China - but the vast majority of transactions are local. I barely remember when I bought something from China, and I used PayPal for that.
If mining stops, then bitcoin stops. This will drop its value, and the process will be then self-sustaining. You still can use Bitcoin, as long as there is still someone who generates enough blocks to include your transaction into. Maybe it will revert to the status of experimental currency; but most likely it will disappear altogether, killed by its own design flaws.
I finally made a smart investment. I do NOT own any bitcoins.
Calling Mt. Gaaak.
You reminded me of an old farmer in the town I grew up by. He showed up one day and said he lost $10,000 over night. When they asked him how he said “the price of hogs went up 10 cents a pound and I had nary a one”.
I’ve moved all my coins to unobtanium.uno
Anyone have change of a Bitcoin?
Anyone want a second chance....decred opens on the 8th.....
I'm amazed eBay would have allowed such listings, considering how restrictive and politically correct they are.
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