What is this obsession with bitten coins?
Posted on 10/25/2013 8:16:36 PM PDT by Errant
Bitcoin mining difficulty is increasing now exponentially with more and more ASIC miners coming online. Today the difficulty increased by 45% to 390 million. In a little over 2 days, difficulty level is predicted to increase by 300% to 1.6 billion. When I first started paying attention in May of this year, the difficulty level was only 10 million.
Not sure what this will mean for bitcoins or the price theroof. I'm curious what those Freepers who mine or have bitcoins think?
there’s about 11m coins mined. 22m total will be mined.
the current market cap for all coins is roughly $1.5 billion.
bitcoins are hovering around $190 per coin recently
this is an Internet based currency available in all countries.
the question to ask yourself is... for a world wide currency, is $1.5 billion a lot? is $100 billion?
assuming civilization doesn’t completely collapse, and the probability of that is not 0%.... expect bitcoins to go up in value
a good source for current market price for usd/btc (and other non-crypto currencies)
http://bitcoincharts.com/markets/
Who gets the $190 for the bitcoin.?
Quite a difference! Still, I don't see how with all the ASIC miners coming online, the difficulty lever will not increase exponentially.
With Germany making BTCs legal tender and Canada installing BTC ATMs, one would think the value has to increase.
thanks
The problem in Bitcoin to me seems to be the concept that the US and the banking community will not find a way to crush a monetary system outside their control. Like the Liberty Dollar silver in Idaho.
Legal, but they raided it just the same.
I hope all you idiots lose everything you have!
We can always depend on you for a kind word.
Have a Twinkie.
Yep, except bitcoin is worldwide and the only thing to attack would be the markets or exchanges.
lol
“the only thing to attack would be the markets or exchanges.”
Ok, not trolling here, but then why wouldn’t they do precisely that? And then, would that destroy it as a useful thing since it’s an internet based thing?
you, if you sell your bitcoin
Ya forgot to add "And hear the lamentations of their women as they are marched before you in chains"...................Just saying.
It’s pretty worldwide now. You can trade bitcoins for cash in almost any large city in the world. It would take a coordinated effort by the world’s governments to bring it down. Even then, it might not be possible. Especially with some countries, especially, Germany embracing it. The US/NSA isn’t too popular right now. I’ve read where China is considering a crypto-currency. The cat might be out the bag?
I don’t really get the whole Bitcoin thing, however since this currency (though limited unlike USD) is still not backed by anything am I correct? Add in the fact that it is internet based, and really it’s all 1’s and 0’s (too easy for governments or hackers to steal/destroy)!
What is this obsession with bitten coins?
What will be the fate of the Bitcoin alternatives?
Litecoin? Does the scrpyt requirement make it profitable to mine? (mining bitcoin stopped being worth it a long time ago)
Any opinions about Ripple or about opencoin.org?
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