Bitcoin Mining

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MachineGhost
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Re: Bitcoin Mining

Post by MachineGhost » Tue Nov 08, 2016 11:21 am

bitcoininthevp wrote:So bitcoin is not a _buy_ for MG then? :)
No, as I already alluded, I feel other cryptocurrencies that fix Bitcoin's flaws or use blockchain technology (which do seem to be using the Bitcoin blockchain, even that Barclay's outfit I mentioned) have more upside potential at this point. The novelty is no longer in being a cryptocurrency, but in the actual end-user "killer app" potential now. Let's face it, the vast majority of humanity doesn't give two shits that Litecoin uses a different mining algorithm, its just not relevant in a real world use case.

I do think that given the hasing power and electricity used that in combination with regular difficulty increases and a fixed amount of Bitcoins to be mined, one could arrive at a fair value estimate. Have you seen anyone attempt to do this?
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes

Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet.  I should not be considered as legally permitted to render such advice!
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bitcoininthevp
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Re: Bitcoin Mining

Post by bitcoininthevp » Tue Nov 08, 2016 2:49 pm

MachineGhost wrote:I do think that given the hasing power and electricity used that in combination with regular difficulty increases and a fixed amount of Bitcoins to be mined, one could arrive at a fair value estimate. Have you seen anyone attempt to do this?
The amount of money people are putting into the hashing power of the bitcoin network is tied to the price of a bitcoin but I think they play off each other mutually and it is not a one way causation.

Here is a price vs hashing power graph for the curious: http://www.bitcoinx.com/bitcoin-average ... mic-chart/
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MachineGhost
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Re: Bitcoin Mining

Post by MachineGhost » Tue Nov 08, 2016 3:04 pm

They don't disclose the algorithm, but:

Image

http://www.alfaquotes.com/
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes

Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet.  I should not be considered as legally permitted to render such advice!
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bitcoininthevp
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Re: Bitcoin Mining

Post by bitcoininthevp » Tue Nov 08, 2016 3:06 pm

MachineGhost wrote:They don't disclose the algorithm, but:

Image

http://www.alfaquotes.com/
Dont buy all the BTC at once, MG, youll drive the price up.
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