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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: 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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To: Pilsner

51 posted on 10/28/2013 6:18:20 AM PDT by Errant
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To: All
Here's a story recently related to me by a guest at a White House dinner, which included Google's Eric Schmidt: The president, whose most important job is surely to protect the integrity of the monetary system, smugly asked Schmidt if Bitcoin, one of many growing challenges to currency hegemony, was anything he had to worry about.

http://www.reddit.com/r/Bitcoin/comments/1pf5jm/obama_asks_google_ceo_eric_schmidt_if_bitcoin_is/

52 posted on 10/28/2013 8:43:58 PM PDT by Errant
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