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Bitcoin mining difficulty to increase to 1,563,715,200. [Vanity]
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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?


TOPICS: Business/Economy; Chit/Chat; Computers/Internet
KEYWORDS: asic; bitcoin; btc; miners; scam
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Link to difficulty levels: http://allchains.info/
1 posted on 10/25/2013 8:16:36 PM PDT by Errant
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To: Errant

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


2 posted on 10/25/2013 8:21:33 PM PDT by sten (fighting tyranny never goes out of style)
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To: Errant

a good source for current market price for usd/btc (and other non-crypto currencies)

http://bitcoincharts.com/markets/


3 posted on 10/25/2013 8:23:10 PM PDT by sten (fighting tyranny never goes out of style)
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To: sten

Who gets the $190 for the bitcoin.?


4 posted on 10/25/2013 8:24:53 PM PDT by deadrock (I am someone else.)
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To: sten
I see they just revised the numbers: 392,236,254 0.33% 13d 22hr 12m 56s (Only a .33% increase now).

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.

5 posted on 10/25/2013 8:26:01 PM PDT by Errant
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To: sten

thanks


6 posted on 10/25/2013 8:27:23 PM PDT by Errant
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To: Errant

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.


7 posted on 10/25/2013 8:28:12 PM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office.)
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To: Errant

I hope all you idiots lose everything you have!


8 posted on 10/25/2013 8:29:50 PM PDT by dalereed
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To: sten
Recent article on ZeroHedge:

Head Of Fortress Recommends Investing In Bitcoin

9 posted on 10/25/2013 8:32:04 PM PDT by Errant
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To: dalereed

We can always depend on you for a kind word.

Have a Twinkie.


10 posted on 10/25/2013 8:35:22 PM PDT by null and void (I'm betting on an Obama Trifecta: A Nobel Peace Prize, an Impeachment, AND a War Crimes Trial...)
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To: DesertRhino

Yep, except bitcoin is worldwide and the only thing to attack would be the markets or exchanges.


11 posted on 10/25/2013 8:35:51 PM PDT by Errant
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To: null and void

lol


12 posted on 10/25/2013 8:36:19 PM PDT by Errant
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To: Errant

“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?


13 posted on 10/25/2013 8:39:30 PM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office.)
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To: sten
Metals company that accepts bitcoin:

http://amagimetals.com/

14 posted on 10/25/2013 8:41:21 PM PDT by Errant
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To: deadrock

you, if you sell your bitcoin


15 posted on 10/25/2013 8:42:24 PM PDT by sten (fighting tyranny never goes out of style)
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To: dalereed; Errant
I hope all you idiots lose everything you have!

Ya forgot to add "And hear the lamentations of their women as they are marched before you in chains"...................Just saying.

16 posted on 10/25/2013 8:43:39 PM PDT by The Cajun (Sarah Palin, Mark Levin, Ted Cruz......Nuff said.)
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To: DesertRhino

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?


17 posted on 10/25/2013 8:46:21 PM PDT by Errant
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To: Errant

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)!


18 posted on 10/25/2013 8:48:35 PM PDT by JSDude1 (Is John Boehner the Neville Chamberlain of American Politics?)
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To: sten
Bitcoins?

What is this obsession with bitten coins?

19 posted on 10/25/2013 8:48:41 PM PDT by Pilsner
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To: Errant

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?


20 posted on 10/25/2013 8:51:54 PM PDT by Timothy
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To: JSDude1
This video description isn't that bad:

http://www.youtube.com/watch?v=Um63OQz3bjo

21 posted on 10/25/2013 8:52:41 PM PDT by Errant
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To: Timothy

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.


22 posted on 10/25/2013 8:55:09 PM PDT by Errant
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To: Timothy
Any opinions about Ripple or about opencoin.org?

Sorry, I don't know anything about those.

23 posted on 10/25/2013 8:55:58 PM PDT by Errant
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To: The Cajun

:-)


24 posted on 10/25/2013 8:57:08 PM PDT by Errant
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To: dalereed

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?


25 posted on 10/25/2013 9:05:06 PM PDT by Vermont Lt ( 1-800-318-2596, Mr President.)
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To: sten
Who did I buy it from? Someone is profiting....not that there anything wrong with that.
26 posted on 10/25/2013 9:09:17 PM PDT by deadrock (I am someone else.)
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To: deadrock
Who did I buy it from?

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.

27 posted on 10/25/2013 9:15:36 PM PDT by Errant
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To: Errant
Where did the exchange get them from and then where did they get them from and then where did they get them from and then where did they get them from?. ......etc. There has to be an end.

You lost with the hash comment.

28 posted on 10/25/2013 9:24:31 PM PDT by deadrock (I am someone else.)
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To: deadrock
The exchanges get them from people who create accounts and deposit coins to later be traded or sold. Like all exchanges, they take a cut of all trades.

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.

29 posted on 10/25/2013 9:38:57 PM PDT by Errant
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To: Errant
Thanks for your patience - last question - who hides the bitcoins in the strings so they can be mined?
30 posted on 10/25/2013 9:48:45 PM PDT by deadrock (I am someone else.)
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To: deadrock

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.


31 posted on 10/25/2013 9:57:27 PM PDT by Errant
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To: deadrock

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. ;)


32 posted on 10/25/2013 10:07:42 PM PDT by Errant
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To: Errant

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..?


33 posted on 10/25/2013 10:21:33 PM PDT by JSDude1 (Is John Boehner the Neville Chamberlain of American Politics?)
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To: JSDude1
Bitcoins have a number of advantages. Some were given in the video, such as easy to transfer with low cost, instant worldwide transaction, no middlemen, privacy, no counterfeiting, and etc.

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.

34 posted on 10/25/2013 10:38:48 PM PDT by Errant
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To: deadrock

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.


35 posted on 10/26/2013 1:37:57 AM PDT by sten (fighting tyranny never goes out of style)
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To: JSDude1
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?

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.

36 posted on 10/26/2013 3:50:53 AM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment. [Ludwig Von Mises])
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To: DesertRhino
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.

You are correct. That which the socialists cannot control, they will regulate unto destruction.

37 posted on 10/26/2013 5:05:01 AM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: DesertRhino

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. :-)


38 posted on 10/26/2013 9:19:26 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Georgia Girl 2; DesertRhino; Caipirabob; BfloGuy; JSDude1; sten; deadrock; Vermont Lt; The Cajun; ..
Let's see:

Money:

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).

Bitcoins:

1. None of the above.

My address if someone wants to send me some: 1D9P1gbfiwy4JyQKRDUVEfJF7FKmDFVkKH

Just sayin'... :-)

39 posted on 10/27/2013 10:03:40 AM PDT by Errant
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To: Errant

That may be, but I’d rather have gold or silver ;).


40 posted on 10/27/2013 10:29:57 AM PDT by JSDude1 (Defeat Hagan, elect a Constutional Conservative: Dr. Greg Brannon!)
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To: Errant

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.


41 posted on 10/27/2013 11:12:15 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Georgia Girl 2
It wasn't Friday, it was a week or so prior. The government has and can confiscated gold or anything else it wants since there is little you or any individual can do about it. It's best to diversify any assets you have. It's also wise not to engage in any illegal activates and give Cesar that which belongs to Cesar (i.e., taxes).

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... :-)

42 posted on 10/27/2013 11:50:40 AM PDT by Errant
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To: JSDude1; Georgia Girl 2; All
This is a good article at James Rawles' Survivor Blog.com. The author mentions Bitcoins along with helpful information that might be useful to know during the coming crisis.

The Time Has Come To Fully Diversify: Retreating From Banks And From The Dollar Itself

43 posted on 10/27/2013 1:14:48 PM PDT by Errant
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To: Errant

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.


44 posted on 10/27/2013 4:29:05 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Georgia Girl 2

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!


45 posted on 10/27/2013 5:41:43 PM PDT by Errant
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To: Errant

Regal theatre in Oceanside ca has even gotten fake $1s


46 posted on 10/27/2013 5:49:19 PM PDT by morphing libertarian
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To: morphing libertarian

Dang! That’s unreal...


47 posted on 10/27/2013 5:51:13 PM PDT by Errant
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To: Errant

Ruins my scheme lol


48 posted on 10/27/2013 5:51:43 PM PDT by morphing libertarian
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To: dalereed
I think you are jealous of those of us who are now bitcoin millionaires.

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.


49 posted on 10/27/2013 6:16:49 PM PDT by SamAdams76
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To: Errant
Lad, when I posted a photo of a nubile, buxom, indeed pulchritudinous young woman, biting a coin,

I was making a joke. Perhaps you ought to consider a stand up desk,

because the the humor is going tight over your head.

50 posted on 10/27/2013 9:44:34 PM PDT by Pilsner
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