Skip to comments.Bitcoin mining difficulty to increase to 1,563,715,200. [Vanity]
Posted on 10/25/2013 8:16:36 PM PDT by Errant
Bitcoin mining difficulty is increasing now exponentially with more and more ASIC miners coming online. Today the difficulty increased by 45% to 390 million. In a little over 2 days, difficulty level is predicted to increase by 300% to 1.6 billion. When I first started paying attention in May of this year, the difficulty level was only 10 million.
Not sure what this will mean for bitcoins or the price theroof. I'm curious what those Freepers who mine or have bitcoins think?
there’s about 11m coins mined. 22m total will be mined.
the current market cap for all coins is roughly $1.5 billion.
bitcoins are hovering around $190 per coin recently
this is an Internet based currency available in all countries.
the question to ask yourself is... for a world wide currency, is $1.5 billion a lot? is $100 billion?
assuming civilization doesn’t completely collapse, and the probability of that is not 0%.... expect bitcoins to go up in value
a good source for current market price for usd/btc (and other non-crypto currencies)
Who gets the $190 for the bitcoin.?
Quite a difference! Still, I don't see how with all the ASIC miners coming online, the difficulty lever will not increase exponentially.
With Germany making BTCs legal tender and Canada installing BTC ATMs, one would think the value has to increase.
The problem in Bitcoin to me seems to be the concept that the US and the banking community will not find a way to crush a monetary system outside their control. Like the Liberty Dollar silver in Idaho.
Legal, but they raided it just the same.
I hope all you idiots lose everything you have!
We can always depend on you for a kind word.
Have a Twinkie.
Yep, except bitcoin is worldwide and the only thing to attack would be the markets or exchanges.
“the only thing to attack would be the markets or exchanges.”
Ok, not trolling here, but then why wouldn’t they do precisely that? And then, would that destroy it as a useful thing since it’s an internet based thing?
you, if you sell your bitcoin
Ya forgot to add "And hear the lamentations of their women as they are marched before you in chains"...................Just saying.
It’s pretty worldwide now. You can trade bitcoins for cash in almost any large city in the world. It would take a coordinated effort by the world’s governments to bring it down. Even then, it might not be possible. Especially with some countries, especially, Germany embracing it. The US/NSA isn’t too popular right now. I’ve read where China is considering a crypto-currency. The cat might be out the bag?
I don’t really get the whole Bitcoin thing, however since this currency (though limited unlike USD) is still not backed by anything am I correct? Add in the fact that it is internet based, and really it’s all 1’s and 0’s (too easy for governments or hackers to steal/destroy)!
What is this obsession with bitten coins?
What will be the fate of the Bitcoin alternatives?
Litecoin? Does the scrpyt requirement make it profitable to mine? (mining bitcoin stopped being worth it a long time ago)
Any opinions about Ripple or about opencoin.org?
Litecoins can’t be mined by ASIC machines, yet. So yes, they are still profitable to mine using GPU based miners. There are four times the number of litecoins able to be eventually mined as bitcoins. Their current price is $2.
Sorry, I don't know anything about those.
Why would you say that? Sure, this stuff is not as safe as gold—but who knows, it could take off. Why would you wish failure on them?
You would have to buy, exchange, or mine for them.
At the current difficulty, it takes about 120 giga hashes processed per second mining for a solid week to find one bitcoin.
You lost with the hash comment.
Think of hashes as encrypted stings that get "cracked/processed" to find bitcoins. A Pentium 7 processor should be capable of doing about 50 mega hashes a second. At the current difficulty, it would take it 46 years running 24/7 to find one bitcoin.
That I don’t know, but I believe the blocks were generated and placed in the public domain in the beginning. Also, initially, the difficulty level was easy so even CPUs were used to mine. A well know story is how back then, it took thousands of bitcoins to buy a single pizza.
I’m probably wrong about the Pentium 7. It probably can do twice what I said above, so it may only take it 23 years to find a bitcoin. ;)
Ok, I watched the video (why not just use solid Gold or Silver) it would function the same (limited qty.) and actually be backed by real world value..?
The disadvantage is dependency upon the internet. But then most everything now depends upon it. In a Madmax scenario, they aren't going to be worth much.
Still, they offer a lot of utility. Especially to those who live in countries enacting capital controls. Bitcoins started their first big rise in price during the Cyprus financial crisis.
you can either mine them...
buy them from someone that mined them...
or provide services in exchange for them
it’s like dollars that cannot be forged and are virtual.
You are correct. If Bitcoin can be said to "backed" by anything it would be its convertibility into generally-accepted currencies. Those currencies, in turn, derived their acceptance and value from their original status as gold-backed.
You are correct. That which the socialists cannot control, they will regulate unto destruction.
I would not touch bitcoins with a 10 ft pole. If you want to throw money away private message me for my address and you can just send the money to me. :-)
1. You are afraid to give out your address to receive money.
2. Businesses test your Franklins to see if they are counterfeit.
3. Transactions of over 100 Franklins are reported to the government.
4. You are not allowed to take more than 100 Franklins out of the country.
5. Travel with "large amounts" of Franklins inside the USA and they are subject to being confiscated pending a lengthy determination of their source.
6. Hefty charges for ATM transactions, wiring funds, insufficient funds, checks, and etc.
7. Fear of being robbed on the street or in your home.
8. Regulated Banks must be FDIC insured.
9. Printed out of "thin air".
10. Value decreasing daily (One Bitcoin is now worth Two Franklins).
1. None of the above.
My address if someone wants to send me some: 1D9P1gbfiwy4JyQKRDUVEfJF7FKmDFVkKH
Just sayin'... :-)
That may be, but I’d rather have gold or silver ;).
Apparently you missed the news that Friday the Feds raided some online drug business and took $28 million in bitcoins away. There is no way the US govt or any other govt is going to allow a rogue currency to endanger the regular fiat currency.
If you want to hedge your bets buy gold or silver. When the SHTF and there is no internet there won’t be any bitcoins anyway. If you can’t hold it in your hand it doesn’t mean chitola.
This person allegedly was engaged in illegal activity. It matters little where he kept his profits. The government will go after them, even if held in an offshore bank.
While it's great to prepare for the SHTF, you still have to live for today. It's wise to diversify and not be cowered, for if that's the case we've already lost the war, and our final outcome is assured to be a miserable existence under a tyrannical master. That said, I'm certain central banks are demanding their governments do something about this infringement on their monopolies.
The question is will these governments try to stomp out crypto-currency or instead embrace and tax it like Germany has decided to do. I suspect some countries will try to make it illegal, with stiff penalties, acquiescing to their central bankers' demands, while other countries who more respect the rights of individuals, will join the crypto-currency bandwagon.
When/If the SHTF, only food, water, shelter, company, and some way to ease pain will matter. I think if more people realized how bad things could get, there would be more effort to avoid collapse of civilization. The movie *The Road* is probably a good look into where the road we're on now eventually leads to.
Have to go cook some mustard greens. Later... :-)
Yes I read that article on Suvivalblog last week. IMO bitcoins are not a good idea for when the SHTF. They will disappear you will have nothing. Gold and Silver will always have value.
I just stopped by MickyD’s to grab a quick sandwich on the way home. In the cashier’s window was a notice to the cashiers (I had to read it reversed) telling them they were getting a lot of counterfeit bills, and to make sure the “pen” was used on ALL 5s, 10s, 20s, 50s, and 100 dollar bills. You know it’s getting bad when you have to use “the pen” on $5 bills!
Regal theatre in Oceanside ca has even gotten fake $1s
Dang! That’s unreal...
Ruins my scheme lol
I don't take my bitcoin hoard that seriously but I do like to get naked every now and pour these into my bathtub. Then I roll around in them for a while and pretend I'm Richie Rich.
I was making a joke. Perhaps you ought to consider a stand up desk,
because the the humor is going tight over your head.