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Bitcoin is over 9000

38 points by atrudeau 9y ago

revmoo 9y ago
*buttcoin
dwaltrip 9y ago
That reddit thread isn't pretty.
- vosper 9y ago
  I don’t even know where to start with the bitcoiners anymore. I don’t really want to complain about them here, because I don’t think it’s productive but I worry that a bunch of people who have no clue what they’re “investing” in are getting exploited by barely-more-competent shills and fanatics. It’s both fascinating and scary to watch.
jastanton 9y ago
Serious question: who is mining bitcoin still, and how are we seeing such growth lately? Last I read up on it there were some data farms crunching away barely covering their expenses, and it’s only getting harder. How can we even see see such growth?
- pmorici 9y ago
  Bitmain, a Chinese startup is the biggest player in the space in terms of selling the equipment to mine. Miners that operate at scale are quite profitable. It's only little guys that were doing it at home who weren't making money at it any more.
- twelve40 9y ago
  If you get a bunch of S9's ($1500 each) and find a good rate - there are places outside US and China where power is as cheap as $0.012 KW/h - at the current price you would make about $667/mo for each S9.
- twelve40 9y ago
  In fact, even in US if you run just one S9 in Wyoming ($0.08 per KW/h), you'd still make about $600 per device per month. No need for a data farm.
pmorici 9y ago
A friend of mine emailed me yesterday. He had just been shopping at the Aldi. He used his phone to pay with Android Pay and the checkout person asked him if he was paying with Bitcoin. A little more discussion it turns out that the checkout clerk owned some Bitcoin but didn't really know enough about it to know that you couldn't pay with Bitcoin at Aldi or that because of the high fees and full blocks it would have been impractical to use to pay for $30 of groceries even if they did accept it as payment. Point is; this rally is being driven by a bunch of people who don't know what they are buying but are excited about the prospect of it "going to the moon" and getting rich. No way this ends well. Bitcoin Core was a rational investment at $1,000 when it looked like there would be comprise on the block size but now it is just a ponzi scheme which will be remembered as the MySpace of Crypto. edit: Another interesting data point is Coinbase user growth. Their growth has recently been doubling month over month and they are on track to add 2 million users in November up from 1 Million added in Oct. https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu-Qv9SS1ck2iPt6Kw9a55z0k/htmlview?usp=sharing&sle=true https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu... Compare that to actual transactions on the Bitcoin network. They peaked in May after sustained multi-year growth and have been flat or down since because the transaction limit as hit and Bitcoin Core is shedding users to any of the numerous alternatives. https://bitinfocharts.com/comparison/bitcoin-transactions.html https://bitinfocharts.com/comparison/bitcoin-transactions.ht...
- jerguismi 9y ago
  What do you think about bitcoin debit card providers, xapo, coinsbank etc? Do you consider them as "paying with bitcoin"? As I understand they are quite popular nowadays.
bobsgame 9y ago
I'm not convinced it will continue rising. I think it will be eventually replaced by a currency that solves all of its problems.
- mdotk 9y ago
  ethereum

38 points by atrudeau 9y ago

revmoo 9y ago

*buttcoin

dwaltrip 9y ago

That reddit thread isn't pretty.

vosper 9y ago
I don’t even know where to start with the bitcoiners anymore. I don’t really want to complain about them here, because I don’t think it’s productive but I worry that a bunch of people who have no clue what they’re “investing” in are getting exploited by barely-more-competent shills and fanatics. It’s both fascinating and scary to watch.

jastanton 9y ago

Serious question: who is mining bitcoin still, and how are we seeing such growth lately? Last I read up on it there were some data farms crunching away barely covering their expenses, and it’s only getting harder. How can we even see see such growth?

pmorici 9y ago
Bitmain, a Chinese startup is the biggest player in the space in terms of selling the equipment to mine. Miners that operate at scale are quite profitable. It's only little guys that were doing it at home who weren't making money at it any more.
twelve40 9y ago
If you get a bunch of S9's ($1500 each) and find a good rate - there are places outside US and China where power is as cheap as $0.012 KW/h - at the current price you would make about $667/mo for each S9.
twelve40 9y ago
In fact, even in US if you run just one S9 in Wyoming ($0.08 per KW/h), you'd still make about $600 per device per month. No need for a data farm.

pmorici 9y ago

A friend of mine emailed me yesterday. He had just been shopping at the Aldi. He used his phone to pay with Android Pay and the checkout person asked him if he was paying with Bitcoin. A little more discussion it turns out that the checkout clerk owned some Bitcoin but didn't really know enough about it to know that you couldn't pay with Bitcoin at Aldi or that because of the high fees and full blocks it would have been impractical to use to pay for $30 of groceries even if they did accept it as payment. Point is; this rally is being driven by a bunch of people who don't know what they are buying but are excited about the prospect of it "going to the moon" and getting rich. No way this ends well. Bitcoin Core was a rational investment at $1,000 when it looked like there would be comprise on the block size but now it is just a ponzi scheme which will be remembered as the MySpace of Crypto. edit: Another interesting data point is Coinbase user growth. Their growth has recently been doubling month over month and they are on track to add 2 million users in November up from 1 Million added in Oct. https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu-Qv9SS1ck2iPt6Kw9a55z0k/htmlview?usp=sharing&sle=true https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu... Compare that to actual transactions on the Bitcoin network. They peaked in May after sustained multi-year growth and have been flat or down since because the transaction limit as hit and Bitcoin Core is shedding users to any of the numerous alternatives. https://bitinfocharts.com/comparison/bitcoin-transactions.html https://bitinfocharts.com/comparison/bitcoin-transactions.ht...

jerguismi 9y ago
What do you think about bitcoin debit card providers, xapo, coinsbank etc? Do you consider them as "paying with bitcoin"? As I understand they are quite popular nowadays.

bobsgame 9y ago

I'm not convinced it will continue rising. I think it will be eventually replaced by a currency that solves all of its problems.

mdotk 9y ago
ethereum