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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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