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Standard User Chrysalis
(legend) Sat 16-Dec-17 01:29:11
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Re: GPU


[re: IranianGiraffe] [link to this post]
 
if nicehash has this kind of affect its kind of crazy what influence they have.

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Standard User IranianGiraffe
(experienced) Sat 16-Dec-17 13:25:20
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Re: GPU


[re: Chrysalis] [link to this post]
 
They just made a place that was basically an easy place to buy and sell hashing power, You can tell how big an effect they had by the fact they had 4700 Bitcoin stolen. That itself tells you the amount of hashing power from people they had on the markets.
They basically get a load of people together and mine the most profitable coin that someone has paid hashing power for, You can see it on some of the larger ones like Zcash but you can really notice it on the smaller ones when it goes from a profit of £5 a day on a 1080ti to basically breaking even with a crazy difficulty increase.
Standard User Lt_Swan
(eat-sleep-adslguide) Tue 19-Dec-17 10:12:46
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Bit of a worry if you're investing


[re: Lt_Swan] [link to this post]
 
Bitcoin.com co-founder sells entire stash, calls it ‘virtually unusable’ as a currency

THE co-founder of one of the largest bitcoin websites has sold his entire stash, saying the currency is “virtually unusable”.

Frank Chung@franks_chung

news.com.au

December 19, 20174:03pm

BITCOIN entrepreneur Emil Oldenburg is getting out.

In an interview with Swedish website Breakit, the co-founder and chief technology officer of Bitcoin.com — which offers various services including mining, currency exchange and wallet storage — warned very high fees and long transaction waiting times had made bitcoin “virtually unusable” as a currency.

“An investment in bitcoin right now I would say is the most risky investment you can make. It is an extremely high risk. I’ve actually sold all my bitcoins recently and switched to bitcoin cash,” he said, referring to the bitcoin ‘fork’ designed to allow for faster, cheaper transactions.

Mr Oldenburg did not reveal how much he made, but said several of the Tokyo-based company’s employees had become major winners. “We pay all our 60 employees in bitcoins,” he said. “All my salary over the last three years has been in bitcoin.”

Bitcoin has skyrocketed in value by more than 1900 per cent this year to test $US20,000, but the massive influx of users has put strain on the network, which can only process a limited number of transactions per second.

Users who volunteer higher fees to the “miners” — the computers which continually work together to verify and add to the blockchain — have a greater likelihood of having their transaction processed in the next “block”.

As a result, the average cost to complete a transaction has skyrocketed in recent weeks, from around $US6 to $US26. “It costs a lot to transfer bitcoins to and from the stock exchanges,” Mr Oldenburg said. “When I sold my bitcoin I had to pay $US50 and wait 12 hours for the transaction to go through because of this. It’s completely unreasonable.”
The bitcoin community has been bitterly split on the issue of technology upgrades which would potentially speed up the network. That divide led to the creation in August this year of bitcoin cash, which Mr Oldenburg and his business partner, Bitcoin.com chief executive Roger Ver, have been aggressively promoting.

“It’s a group of fanatic bitcoin Talibans who themselves do not use bitcoin everyday [who] want it like this,” Mr Oldenburg said.


“They see bitcoin like digital gold and a technical experiment, not something you should actually use. It will never be a currency used in everyday life or for people who run companies.

“We have actually stopped developing new services for the old bitcoin network now and focus mostly on bitcoin cash. There it only costs 10 öre ($0.02) to send and no waiting times. The only [downside] is that bigger hard drives are required, but it’s not a problem for most.”

Mr Oldenburg said despite the massive influx of investors pushing up the price of bitcoin, the vast majority had not experienced the low user-friendliness, high fees and long wait times — because most had only bought bitcoin, but never sold or traded the currency.

“As soon as people realise that this is how it works, [they] will start selling,” he said. “The old bitcoin network is virtually unusable.”

He added didn’t think bitcoin would be the “world currency” as some had predicted. “No, I do not think so,” he said. “Not as long as the network is controlled by this group as I mentioned. It’s at bitcoin cash that the solutions are there, that’s where I see a future.”

Life..... It's just a game
Swanny
cool


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Standard User IranianGiraffe
(experienced) Tue 19-Dec-17 12:29:38
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Re: Bit of a worry if you're investing


[re: Lt_Swan] [link to this post]
 
It's a little weird that it's taken him this long to realize that Bitcoin is 'virtually unusable' as a coin it's been like this for around a year not as bad but still pretty shocking (having to pay £5 in fees just to move it no matter how much etc).
I think most of the investors are not in it for it to be used as a currency as such tho they are treating it as a commodity like Gold and other precious metals.

As a currency Bitcoin is horrible for the reasons he mentioned but they've been like that for a while, All I will say is all the major financial places have been trying to say bitcoin is terrible etc time to get out yet some of them were even having investor meetings trying to get investors to buy into it at that very time. Release bad news try to get the price down and buy lower been happening for years, I'm not saying this is the case here as I don't know how big the website is but I didn't even realize that the website existed etc.

Personally myself I'm just in it mainly to mine altcoins and then sell some off for Bitcoin and then sell Bitcoin to get my money back from my GPU's I have and I will then keep some Bitcoin and altcoins that I quite like (well I've actually got a few masternodes on other coins that earn every day).

I have no idea what will happen to Bitcoin and so I won't invest any money in it apart from the money I get from altcoins as I see that as basically free money.

For sure tho there are much better coins out there with a much better potential to be used as a currency to buy stuff than Bitcoin will be, Although Bitcoin do have a few things lined up to try and sort out the issues.
Standard User Chrysalis
(legend) Tue 19-Dec-17 16:56:17
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Re: Bit of a worry if you're investing


[re: IranianGiraffe] [link to this post]
 
most people already know this of course smile

bitcoin is sort of like gold, you dont use it to buy bread.

If I send eth or bitcoin or whatever, there is a delay, and that reason alone means it can never become a casual currency.

It may have a place for other types of transactions tho, just not for small instant transactions.

eth isnt far off 1000usd by the way currently, crazy stuff.

Also I agree that its likely he is trying to manipulate the market. This is common on spikes.

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Edited by Chrysalis (Tue 19-Dec-17 16:58:03)

Standard User mrnelster
(eat-sleep-adslguide) Tue 19-Dec-17 18:16:41
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Re: Bit of a worry if you're investing


[re: IranianGiraffe] [link to this post]
 
I watched an interesting RT interview on Youtube yesterday.

https://youtu.be/l6Obc_cJba4

The whole point of crypto currency, was to remove control from the banking industry, and place it back with the individual. Ironically, this ideal seems to have gotten lost amidst a modern day gold rush.

You need to watch it all the way through to get the point I think
Standard User Lt_Swan
(eat-sleep-adslguide) Tue 19-Dec-17 18:37:29
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Re: Bit of a worry if you're investing


[re: mrnelster] [link to this post]
 
The last thing the banks want to do is lose control of the monetary system

Life..... It's just a game
Swanny
cool
Standard User Chrysalis
(legend) Tue 19-Dec-17 18:47:39
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Re: Bit of a worry if you're investing


[re: mrnelster] [link to this post]
 
I will watch it yeah.

Your TX has been broadcast to the network. This does not mean it has been mined & sent. During times of extreme volume, it may take 3+ hours to send
<-- 0.4 ETH I didnt realise I had so about 350usd.

So in some respects its obsolete like in transaction speeds.

Might send ETH straight to cex instead of myetherwallet as an intermediate.

Also think I going to activate my main GPU again at these current prices. Not 24/7 but at least overnight and when not gaming.

The banks hate digital currency cause they dont control it, and also doesnt need brokers to trade it either, joe bloggs can trade and get rich from it.

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Edited by Chrysalis (Tue 19-Dec-17 18:49:43)

Standard User IranianGiraffe
(experienced) Wed 20-Dec-17 11:23:46
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Re: GPU


[re: IranianGiraffe] [link to this post]
 
Nicehash apparently backup today so enjoy those higher payouts one last time.
Standard User Chrysalis
(legend) Wed 20-Dec-17 19:11:25
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Re: GPU


[re: IranianGiraffe] [link to this post]
 
seems nicehash is a drain thats making it bad for everyone else frown

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