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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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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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