$900 Bitcoin

[Kobe]

Originally posted by revelations
For starters, have you done the calcs regarding the financial break-even point? (electricity, components, etc.)

Ideally you would have the rig setup outside in a detached garage for eg. where I essentially heated the thing with my 3 GPU bitcoin rig..... didnt have to use the baseboard heaters at all and kept it above 0 on most days.

Its been years since I optimized a rig. I had to write a small program in Python to do this.:

There is so much information online now..

Www.whattomine.com has the breakdown and you can put in amounts..

It's pretty sick because the I wanted to buy like 6 video cards of the Radeon graphics cards but it's sold out everywhere, Memoryexpress, Amazon, Ebay, newegg, etc etc.. I got a GTX 1070 right now on my personal computer but they aren't cheap cards, would be pretty pricey setting it up with 6 of those cards.


I think it's still a pretty good investment though..

Again if you hold the coins for a while and just take the gambol (maybe sell to freeroll) and hope the value of coins increases you will be printing in the long-run IMO..

Only downside is ETH suppose to move from Proof of work to Proof of Signiture but nobody knows when...

[revelations]

Im getting back into mining. I setup a brand new, 3x 1080ti's, in a rig. Dealing with 5 or 6 cards per rig becomes too much work.

With this, my breakeven point is estimated around 200 days...... but assuming the currency goes up, a couple of years from now that break even point could be measured in a few weeks - if back tracked - like what happened to me recently.

Since I get free electricity, it makes sense to do. In addition, I was thinking of renting a apt dt with no electrical bill - only heat and HW. Would only take about 1 rig to pay for that every month.

[pheoxs]

I looked into mining the biggest issue is the calculations show it's profitable now but how about 3-6 months from now? The difficulty is constantly rising so from day 1 you make less and less money.

Side note bought some eth at 180 and dying laughing right meow

[Kobe]

Originally posted by pheoxs
I looked into mining the biggest issue is the calculations show it's profitable now but how about 3-6 months from now? The difficulty is constantly rising so from day 1 you make less and less money.

Side note bought some eth at 180 and dying laughing right meow

You should most likely believe in the coins that you are mining, and expect them to go up as well with difficulty to mine..

[GTR_Auto]

Pretty crazy was reading an article earlier 100 Bitcoin Bought 7 Years Ago Values 75 Million Now

By the looks of it Ether is doing pretty solid

[RedDawn]

Funny how BitCoin's original intended use case has been completely overshadowed by its function as a global speculation asset for the get-rich-quick crowd.

No one cares about using BitCoin as a worst version of cash anymore. It's all about the gains lol.

[jacky4566]

Originally posted by RedDawn
Funny how BitCoin's original intended use case has been completely overshadowed by its function as a global speculation asset for the get-rich-quick crowd.

No one cares about using BitCoin as a worst version of cash anymore. It's all about the gains lol.

It has legitimate use as a substitute for MoneyGram and other international transactions. Working foreigners can send cash internationally very easily now.

[RedDawn]

Originally posted by jacky4566


It has legitimate use as a substitute for MoneyGram and other international transactions. Working foreigners can send cash internationally very easily now.

This is just one of many talking points from the BitCoin brochure that doesn't live up to the reality.

After you've accounted for the loss from multiple exchange rates going from
USD -> BTC -> USD, and the inconvenience of finding a nearby location to perform this transfer, you're better off just using an email money transfer or western union.


Really hard to beat the interac email money transfer fee of 2.00 to have money transferred directly from one bank account to another bank account without all the risks and fees involved in acquiring and transferring BTC.

[Kobe]

Originally posted by RedDawn


This is just one of many talking points from the BitCoin brochure that doesn't live up to the reality.

After you've accounted for the loss from multiple exchange rates going from
USD -> BTC -> USD, and the inconvenience of finding a nearby location to perform this transfer, you're better off just using an email money transfer or western union.


Really hard to beat the interac email money transfer fee of 2.00 to have money transferred directly from one bank account to another bank account without all the risks and fees involved in acquiring and transferring BTC.

Lets say I go to a Canadian market and purchase 1 BTC
I want to send it to family in Poland

1 BTC = $3821.90CAD


I go and send it to a family member in Poland

Boom Bam pow, DONE

I've sent 1 Bitcoin

On the polish market

1 Bitcoin = 10,608Zloty




XE rate of $3821CAD to Zyoty is currently $10,606Zloty



Boom

The cash out or sell locally on localbitcoins there or a forum such as I setup on Beyond in Leo.. I met 1 member up personally in the city once because I sold a larger amount but I have received EMT transfers for Bitcoin more than once on Beyond alone..

Now let's say we want to send $3821CAD via western Union

They would get $10,448zloty



A difference of (10,606 - 10,448) 158zl

158zl = $57CAD

Now buying the coins is the trickier part now (Look at Ask leo) I have sold from +1.5% to +5% for beyond members, if your on a market or have a USD acct and can purchase it without a fee you will be saving a ton of cash..

(I did Australia first and it was a difference of around $100CAD between western Union)


Now I don't know about you but if someone was selling me money to help support me I know I would value every penny and try to get the most of the money transferred rather than paying fees..


Anyways now lets say you are holding 1 Bitcoin (in a few years time when the market isnt as volatile and the daily swings are lower) and you want to purchase a steam game or an item on Ebay which is in USD, I realize it's only $1 or $2 saved each time, but it adds up..

[jacky4566]

My point RedDawn was with larger sums and illegal activity. You can't e-transfer 3k. And when you get into larger sums 10k+ then the tax man has some questions.

Whatever. Its meaningless to argue in this thread. I see the benefit of bitcoin as more than a speculative "get-rich quick"

[Kobe]

Originally posted by RedDawn
Funny how BitCoin's original intended use case has been completely overshadowed by its function as a global speculation asset for the get-rich-quick crowd.

No one cares about using BitCoin as a worst version of cash anymore. It's all about the gains lol.

Bitcoin swings, the average person right now is still not going to just purchase it because you your +1% to +10% or like it went -20% one day recently (Panic selling) the average person is going to get scared and just dump when its crashing down.. So yes most of the people currently holding are investors, but that doesn't mean there isn't people using it for other reasons now as well, it was a large problem at the start where EVERYONE was holding and nobody would buy products/services with it, but that has def changed in recent history..

Here is the 24hr swings on all the coins

https://coinmarketcap.com/currencies/

They aren't always pretty... but Market cap is over 100Billion USD now..

https://coinmarketcap.com/charts/

And believe it or not Bitcoin is losing Market dominance rapidly..

Originally posted by jacky4566
My point RedDawn was with larger sums and illegal activity. You can't e-transfer 3k. And when you get into larger sums 10k+ then the tax man has some questions.

Whatever. Its meaningless to argue in this thread. I see the benefit of bitcoin as more than a speculative "get-rich quick"

The IRS already has access to Bitcoin users on some wallets..

https://www.forbes.com/sites/kellyph.../#365850014b55


With that said if you want to launder money, you are better using a more encrypted coin such as Monero where it can't be traced....

If another Silk road opens up (or is open? I'm not sure) I'm going to assume they aren't using Bitcoins but another cryptocurrency to launder that dirty money...

[pheoxs]

Originally posted by Kobe

You should most likely believe in the coins that you are mining, and expect them to go up as well with difficulty to mine..

True but here's the thing. Spend 5k$ on a mining rig that will trickle in coins at a slower or slower pace

or

Buy 5k$ worth of coins and watch the value rise (if you believe in them to go up).

Originally posted by pheoxs
I looked into mining the biggest issue is the calculations show it's profitable now but how about 3-6 months from now? The difficulty is constantly rising so from day 1 you make less and less money.

Side note bought some eth at 180 and dying laughing right meow

Case and point one week ago I bought @ 180 and now its 275. Win

[pheoxs]

Eth continues is massive climb. At 390 now (100% profit in 10 days =D bahaha) and incredibly its reached 83% of the market cap that Bitcoin has now (37 billion vs 45 billion). With the versatility of the platform built on top of Eth plus with Bitcoin in the block limit struggle and transaction fees skyrocketing I wouldn't be surprised if by the end of June / early July we see Eth overtake BTC all together as the largest crypto coin.

Faster, less fees, no fucked up maxed out block sizes at the moment, and has more top level integration options. It'll happen.

[rx7boi]

How do you guys cash out? Is it possible to cash it all out right now and laugh all the way to the bank?

[jacky4566]

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How do you guys cash out? Is it possible to cash it all out right now and laugh all the way to the bank?

QuadrigaCX is probably the best Canadian exchange right now. They are doing $1.3 million in transactions per day so unless your real baller I don't think your going to "Whale the market". A previous friend cashed out almost 1000 coins at 5$ years ago to pay for his honeymoon. He thought he was rich back then. Bitcoin is so new and unique nobody knows how long it will last or what will happen.

[rx7boi]

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QuadrigaCX is probably the best Canadian exchange right now. They are doing $1.3 million in transactions per day so unless your real baller I don't think your going to "Whale the market". A previous friend cashed out almost 1000 coins at 5$ years ago to pay for his honeymoon. He thought he was rich back then. Bitcoin is so new and unique nobody knows how long it will last or what will happen.

So you mean that if you have 1000 bitcoins @ $3600 each, you can cash out with QuadrigaCX and have 3.6 mil in cold hard cash (oversimplification but you know what i mean)?

Sorry about the newb question. I don't know much about cryptocurrency and just started reading about it.

I see alot of people are happy with how much it has climbed but can't really substantiate or quantify how these big baller numbers are going to materialize into something.

I read that you can buy gold with BTC, isn't it better to transfer your decentralized currency into something centralized?

This is pretty neat stuff, I can't imagine the possibilities if you had gotten into ETH when it was $13 only to have it at > $350 right now.

[jacky4566]

Assuming the exchange could meet your transaction they would cash you out, yes. It would probably be wise do that transaction over a period of weeks to avoid disturbing the market too much.

Also keep in mind that under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, you have to submit a large cash transaction report (LCTR) to FINTRAC for any deposit over 10k. The Tax man wants to know where you got your money and how they can tax it. Quadriga is require to report your transaction so dont expect it to go un-noticed.

You can trade bitcoin for anything so long as both parties agree.The first real transaction was for two pizzas at 10,000BTC!! At the time this was crazy someone would take your magically internet money. Remember that no entity controls bitcoin directly and its value is only inherited from the users. It might be 10k per coin next year or it might be 1$.

[Kobe]

Just read the first 13 pages of this thread... and quoted some things..

Was just reading this thread for fun right now..

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problem with bitcoin is that nobody needs it. People need US dollars, Canadian dollars etc. Bitcoin is something gamblers use to speculate and CAN be used as a form of currency. But it's pretty useless as a currency now because it doesn't have a consistant enough value. Nobody that isn't just a media whore is going to sell you their house for $900 bitcoin when tomorrow it could be $10 bitcoin. That's a terrible characteristic of a currency.

Another problem is that, while bitcoin may be limited, crypto currencies are not. It's just a popularity contest. What if Lady Gaga or Justin Beiber come out tomorrow with their own crypto currencies that function just like bitcoin? Why use Bitcoin when you can use Beibercoin? Really you can have 1000000000000 different virtual currencies. One week bitcoin might be the latest fad, the next week Gagabux might be the next fad. There is NO REASON that bitcoin would hold any value because it's %100 arbitrary and based on NOTHING but a greater fool mentality. People that compare it to government fiat or gold etc have absolutely no clue about money and currency

Actually Dogecoin came out and has 300mill+ invested in it, thats absurd..

With that said from $900 to $2500 is slightly the other way than $10 but meh, was an educated guess with no logic..

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Not gonna go through the whole thread because I really couldn't care less about bitcoins. But, in case it isn't posted, I thought you guys might find this interesting:

http://www.liveleak.com/view?i=50b_1385680184

7,500 Bitcoins is now worth around 19million.. Ouch

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haha, figured this would happen


Next up: Tesla Stock

Hehehe

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I'm enjoying all the bold predictions, I'm gonna bookmark this thread and look back in a year or so to see if any of us had any good guesses.

did you look back?




Will finish the rest anoither day

[Kobe]

If anyone is holding BTC and has their seed they can receive BCH (Bitcoin Cash) From the fork. It's still worth a bit of money, and a bit of work to do, but pretty simple...


If u dont have a seed your out of luck... unless the place your holding it on gives you the BCH

[Kobe]

$5000CAD Bitcoin...

:O

Inb4 crash again