Discussion
dtmpower said:
Have put a 5mh/s contract for dash, can i pay it out in bitcoin or am i going to need a dash wallet now ?
yes i downloaded one for windows. you can also change what you mine as x11 can mine different stuff. i worked it out on the DASH mining profitability to see if it works, yes it is slightly cheaper to DIY but genesis have been around 2 years now and worth a risk if you don't want to trade.The Spruce goose said:
yeh bitcoin has dumped but over coins are up by 30-50%.
bitcoin in the share of 2 weeks has lost 12% of market share.
bitcoin in the share of 2 weeks has lost 12% of market share.
If you're chasing alt-coin short term profit, very best of luck to you. It's little more than binary options gambling.Bitcoin deserves to be considered over a 5 year timeframe and needs a good understanding of the fundamentals behind it. 2 weeks is nothing for BTC, but represents a lifetime for alt-coin traders.
rockin said:
Just run us through those fundamentals again, because at the moment I ain't touching this "imaginary money" on any time-frame.
The fundamentals are well described in many places. But since it is new territory, it will take some effort to comprehend what it brings to the world's monetary systems. You're quite right to steer well clear until you have a basic understanding of what cryptocurrency is, both technically and economically. You're not going to get that from a forum post.The Spruce goose said:
yes bitcoin the king, now dropping to nearly 70 percent market share, most likely due to the hard fork coming up and uncertainty as well as high tx fees. Nearly 15 percent in 2 weeks ain't looking good.
reminds me of the zune days.
I'd analyse rather longer timeframes than two weeks. That'd be true for any investment, even a punt at the 2:30 at Chepstow. It's also worth understanding what a hard fork is and how they should be planned, progressed and implemented. reminds me of the zune days.
Edited by The Spruce goose on Sunday 19th March 22:15
What's the Zune reference? A failed Microsoft imitation of a successful Apple product. What's that to do with Bitcoin ?
Safe as houses? Or smoke and mirrors?
"The whole point about Bitcoin being a long term store of value is that there are only 21m coins, ever. Stability, security and scarcity are the differentiation properties of Bitcoin, a contentious Hard Fork attacks these properties and will be strongly reflected in the price. After a Hard Fork, we will be sitting with 33m “Bitcoins”, on track for 42m and we’ll be having arguments about which one is the legitimate Bitcoin for years to come. You can expect legal cases to arise around the use of the brand, as the Ethereum Classic Investment Trust has shown."
"The whole point about Bitcoin being a long term store of value is that there are only 21m coins, ever. Stability, security and scarcity are the differentiation properties of Bitcoin, a contentious Hard Fork attacks these properties and will be strongly reflected in the price. After a Hard Fork, we will be sitting with 33m “Bitcoins”, on track for 42m and we’ll be having arguments about which one is the legitimate Bitcoin for years to come. You can expect legal cases to arise around the use of the brand, as the Ethereum Classic Investment Trust has shown."
rockin said:
Safe as houses? Or smoke and mirrors?
Neither 
On the one hand, Bitcoin is highly volatile and will continue to be so for quite some time & on the other you are subject to continual waves of FUD & FOMO.Bitcoin's strategic discussions are held out in the open for all to see. Bitcoin source code is open and the decision making behind its operation is more democratic and consensus-driven than any other financial asset I can think of. The downside is you witness an awful lot washing being hung out to dry for all to see and "analyse". This fuels volatility, of course.
Just an update. Lost a bit trying to be a trader.
In the end have invested in cloud mining, a ICO for a online casino with no house edge and some coins, so far my 60 dollars investment in the ico is now worth 240 dollars in 2 weeks.
I have also spent 2k and a bit on a PC to mine alt coins which is more enjoyable for me.
So far quite a bit down but expect in a year to be up hopefully. I am enjoying , one thing is interesting a lot of announcements of big block chain investments, but there own tech.
That is a negative of open source I think in this environment.
In the end have invested in cloud mining, a ICO for a online casino with no house edge and some coins, so far my 60 dollars investment in the ico is now worth 240 dollars in 2 weeks.
I have also spent 2k and a bit on a PC to mine alt coins which is more enjoyable for me.
So far quite a bit down but expect in a year to be up hopefully. I am enjoying , one thing is interesting a lot of announcements of big block chain investments, but there own tech.
That is a negative of open source I think in this environment.
Interesting bitcoins biggest weakness was its script which allowed big companies to take over the large proportion if mining.
Other coins have tried to combat this which helps to spread the decentralisation of ownership out. Bitcoin is very heavily centralised as shown in this hard fork issues which basically defeats the point of its conception.
Other coins have tried to combat this which helps to spread the decentralisation of ownership out. Bitcoin is very heavily centralised as shown in this hard fork issues which basically defeats the point of its conception.
The Spruce goose said:
Bitcoin is very heavily centralised as shown in this hard fork issues which basically defeats the point of its conception.
Quite the opposite; participants can choose which codebase to run with. This is exactly as conceived.Meantime, alt-coin projects like Ether are very much run by one or two individuals. I know which system I'd rather have.
Bitcoin is not centralised. Private blockchain initiatives all suffer from the same problem: the strength of a blockchain is in proportion to the number & spread of nodes, just like the internet being dependent on a large number of independent nodes so that there's no single point of failure.
The Spruce goose said:
the centralisation is the fact nearly 50%+ of the mining pool is based in China. the people who control transaction costs and the transaction speeds.
China also makes about 50% of the world's stainless steel & I'm sure at least the same % of the world's smartphones. I don't think this worries anybody unduly & neither should Chinese interest in mining Bitcoin.[quote=_MIKE_]
That was me as I thought I had made a mistake in buying, but it seems not and I'm still holding
https://blockchain.info/address/1Bp8ADEb99rf6HoLLr...
[/quote]
Nearly £200k worth at the moment... you're doing well. How long you going to stick it out for ?
That was me as I thought I had made a mistake in buying, but it seems not and I'm still holding
https://blockchain.info/address/1Bp8ADEb99rf6HoLLr...
[/quote]
Nearly £200k worth at the moment... you're doing well. How long you going to stick it out for ?
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