Is bitcoin dying? - GoFuckYourself.com

AJ_NETWORK · 07-05-2013, 01:52 PM

Fuck! I just checked mtgox and bitcoin is at $70 now, I know this doesn't matter for anybody except people who already have or are waiting on a heavy duty miner, but in order for this to continue to be viable, the value has to go up along with the difficulty rate, otherwise mining loses its power every day.

I'm also infuriated by these con-artists who call themselves "butterfly labs" and have kept people waiting for over a year for their mining units, including me. I pre-ordered their shitty little jalapeno at the beginning of the year, and at the time it was calculated to mine $50-$60 worth of btc per day, but even if I got it now, it would make me $7.50 per day, so by the time I get it, it'll probably be closer to $2.00 per day, which is a nice jr bacon cheeseburger every day, but it ain't no fucking $60 that I was hoping for.

What do you guys think? is bitcoin just in a slump? or is it circling the drain?

_Richard_ · 07-05-2013, 01:56 PM

Quote:

Originally Posted by AJ_NETWORK

Fuck! I just checked mtgox and bitcoin is at $70 now, I know this doesn't matter for anybody except people who already have or are waiting on a heavy duty miner, but in order for this to continue to be viable, the value has to go up along with the difficulty rate, otherwise mining loses its power every day.

I'm also infuriated by these con-artists who call themselves "butterfly labs" and have kept people waiting for over a year for their mining units, including me. I pre-ordered their shitty little jalapeno at the beginning of the year, and at the time it was calculated to mine $50-$60 worth of btc per day, but even if I got it now, it would make me $7.50 per day, so by the time I get it, it'll probably be closer to $2.00 per day, which is a nice jr bacon cheeseburger every day, but it ain't no fucking $60 that I was hoping for.

What do you guys think? is bitcoin just in a slump? or is it circling the drain?

ltc is up

AJ_NETWORK · 07-05-2013, 01:58 PM

if i ever get my jalapeno do you think i could mine litecoin with it?

_Richard_ · 07-05-2013, 02:08 PM

Quote:

Originally Posted by AJ_NETWORK

if i ever get my jalapeno do you think i could mine litecoin with it?

if you're asking on the internet, good chance there is a few others who have asked, discussed, and concluded..

Paul · 07-05-2013, 02:15 PM

Quote:

Originally Posted by AJ_NETWORK

if i ever get my jalapeno do you think i could mine litecoin with it?

You can't, ASICs are specifically designed to mine Bitcoin. Litecoin uses a different encryption.

Bitcoin = SHA-256
Litecoin = Scrypt

Also LTC isn't up, it's down in price just like Bitcoin.

LTC is down from $2.7 to $2.4 today currently as I write this

Money is draining out of Bitcoin as people cash out their positions, MtGox lifted their 2 week freeze on US dollar withdrawals and people are cashing out and the flow of new money is nowhere near enough to keep prices stable so the price continues to fall.

The only thing keeping LTC from dropping below $1 is the continued speculation that Mt Gox will start trading LTC which is never ever going to happen. First it was April, May, June, July, of coarse it'll be this month

Supply & Demand in fully effect

_Richard_ · 07-05-2013, 02:17 PM

Quote:

Originally Posted by Paul

You can't, ASICs are specifically designed to mine Bitcoin. Litecoin uses a different encryption.

Bitcoin = SHA-256
Litecoin = Scrypt

Also LTC isn't up, it's down in price just like Bitcoin.

LTC is down from $2.7 to $2.4 today currently as I write this

Money is draining out of Bitcoin as people cash out their positions, MtGox lifted their 2 week freeze on US dollar withdrawals and people are cashing out and the flow of new money is nowhere near enough to keep prices stable so the price continues to fall.

The only thing keeping LTC from dropping below $1 is the continued speculation that Mt Gox will start trading LTC which is never ever going to happen. First it was April, May, June, July, of coarse it'll be this month

Supply & Demand in fully effect

and it's up as i write this.. but thanks for the info

PromoterX · 07-05-2013, 02:19 PM

Quick everyone panic and cash out now! I`m looking to buy in around $40-50...

Webmaster Advertising · 07-05-2013, 02:22 PM

Quote:

Originally Posted by PromoterX

Quick everyone panic and cash out now! I`m looking to buy in around $40-50...

We cashed out a few days back,, waiting on prices to drop a little more then we'll scoop up a hundred or so BTC

RandyRandy · 07-05-2013, 03:18 PM

BitInstant hasn't processed for the past 3 days - that should tell you something.

nexcom28 · 07-05-2013, 03:47 PM

Look, the price is simply getting back to its true value. It's stabilising..
When it went crazy a few months ago the people that bought into the frenzy created a bubble, of course this was unrealistic.
Eventually the tide will change and the value will start to increase again, slowly at first but gain momentum as the
Mining difficulty increases.
If this creates another bubble we will have he same again.

halfpint · 07-05-2013, 03:54 PM

I think it will come down a lot more and then eventually become more stable but I think it is far from dying

dave90210 · 07-05-2013, 04:08 PM

Can you short Bitcoin on the stock market?

Supz · 07-05-2013, 04:20 PM

lol haahahahh lol ahahahah lol ahahahah

sarettah · 07-05-2013, 04:32 PM

Quote:

Originally Posted by AJ_NETWORK

I'm also infuriated by these con-artists who call themselves "butterfly labs" and have kept people waiting for over a year for their mining units, including me. I pre-ordered their shitty little jalapeno at the beginning of the year, and at the time it was calculated to mine $50-$60 worth of btc per day, but even if I got it now, it would make me $7.50 per day, so by the time I get it, it'll probably be closer to $2.00 per day, which is a nice jr bacon cheeseburger every day, but it ain't no fucking $60 that I was hoping for.

Apparently they are local to me, I had not realized that.

Just saw a post on coindesk that says they have just shipped all orders through July 2012. So, they are only a year backlogged now. So, let's see, you ordered at the beginning of this year so maybe you will see it by December

http://www.coindesk.com/butterfly-la...lapeno-orders/

Quote:

Finally, after more than a year of waiting, those who preordered the 5GH/s Jalapeno ASIC Bitcoin miner from Butterfly Labs should start receiving their orders. Butterfly Labs announced today that nearly every Jalapeno order through July 3rd 2012 has been shipped out. They have promised that every backlogged order will be shipped within the next 90 days and this morning they posted a picture up of over 100 units that were on their way out the door.

Butterfly Labs has been the source of much excitement and almost equal scorn since they started taking orders for their much anticipated ASIC miners last year. Initially they told people that their orders would start shipping in a matter of three months, and preorders flooded in. Over a year later almost no one had received anything. To make matters worse, Butterfly Labs seemed to continually make shallow excuses as to why they weren?t able to ship, that is if they were responding to customers at all.

..............................

Bman · 07-05-2013, 04:40 PM

hate to tell you its summer all the money traders are on Vaca.

it will slump to around $50 to $55.
settle around there.
After September it will go back up to around $70 hit around $80 in December.

ilnjscb · 07-05-2013, 04:41 PM

Yeah - what is the value if MTG has so much of the traffic. As always be the middleman, not the owner.

Zuzana Designs · 07-05-2013, 04:42 PM

Quote:

Originally Posted by PromoterX

Quick everyone panic and cash out now! I`m looking to buy in around $40-50...

That's what I'm hoping to do. Buy when it gets low.

woj · 07-05-2013, 04:50 PM

Quote:

Originally Posted by AJ_NETWORK

Fuck! I just checked mtgox and bitcoin is at $70 now, I know this doesn't matter for anybody except people who already have or are waiting on a heavy duty miner, but in order for this to continue to be viable, the value has to go up along with the difficulty rate, otherwise mining loses its power every day.

I'm also infuriated by these con-artists who call themselves "butterfly labs" and have kept people waiting for over a year for their mining units, including me. I pre-ordered their shitty little jalapeno at the beginning of the year, and at the time it was calculated to mine $50-$60 worth of btc per day, but even if I got it now, it would make me $7.50 per day, so by the time I get it, it'll probably be closer to $2.00 per day, which is a nice jr bacon cheeseburger every day, but it ain't no fucking $60 that I was hoping for.

What do you guys think? is bitcoin just in a slump? or is it circling the drain?

your best bet is to unload the pre-order on ebay or somewhere else, it's unlikely you will get your investment back if you wait for it, even if you got the miner right now you would pretty much come out even...

Zeiss · 07-05-2013, 04:52 PM

Quote:

Originally Posted by AJ_NETWORK

the value has to go up along with the difficulty rate, otherwise mining loses its power every day

So, you tell me that, if nobody wants tomatoes, but they are hard to grow, they should be expensive?

lyno · 07-05-2013, 05:07 PM

Terracoin is rising

Was interesting to watch how miners shifted from BTC to TRC on coinotron. Their BTC pool is at 32.0 GH now, TRC at 407 GH. Due to the new TRC diff adjustment profitability of TRC jumps between 0.6 and 3.7 what led to a lot of pool jumping till coino switched to PPLNS.

Webmaster Advertising · 07-05-2013, 06:04 PM

Quote:

Originally Posted by Zealotry

So, you tell me that, if nobody wants tomatoes, but they are hard to grow, they should be expensive?

If very few people want tomatoes and they are hard to grow yes, the price will increase.

Supply and demand.

Zeiss · 07-05-2013, 06:09 PM

Quote:

Originally Posted by Webmaster Advertising

If very few people want tomatoes and they are hard to grow yes, the price will increase.

Supply and demand.

You should write a book on market economy. Make sure you include the tomatoes in it.

PhoneSexKing · 07-05-2013, 06:13 PM

is bitcoin dying?

Yes.

Sell them all to me. See sig.

brassmonkey · 07-05-2013, 06:17 PM

it has to level off

Webmaster Advertising · 07-05-2013, 06:21 PM

Quote:

Originally Posted by Zealotry

You should write a book on market economy. Make sure you include the tomatoes in it.

Already have one on swing trading that does quite well, thanks for the suggestion though

Also have one on BitCoin mining which is selling 'ok'

adultmobile · 07-05-2013, 06:51 PM

this thread needs realtime btc price image too

mozadek · 07-06-2013, 06:38 AM

Now is the perfect time to invest in bitcoins, buy low, sell high.

AJ_NETWORK · 07-06-2013, 12:35 PM

oh ok so since there is a logical reason why it's tanking, then there's a logical reason why it will come back. either way the guy who said i should probably just throw my jalapeno pre-order on ebay is probably right about making more money that way, I might just do that and get a grand for it and make more then it would ever make mining, I just won't tell that to the idiot who will pay $1000 for it!

brassmonkey · 07-06-2013, 01:43 PM

did you think gold would stay at $1500? take a biz class

07-05-2013, 01:52 PM	#1
AJ_NETWORK Confirmed User Industry Role: Join Date: May 2011 Posts: 483	Is bitcoin dying? Fuck! I just checked mtgox and bitcoin is at $70 now, I know this doesn't matter for anybody except people who already have or are waiting on a heavy duty miner, but in order for this to continue to be viable, the value has to go up along with the difficulty rate, otherwise mining loses its power every day. I'm also infuriated by these con-artists who call themselves "butterfly labs" and have kept people waiting for over a year for their mining units, including me. I pre-ordered their shitty little jalapeno at the beginning of the year, and at the time it was calculated to mine $50-$60 worth of btc per day, but even if I got it now, it would make me $7.50 per day, so by the time I get it, it'll probably be closer to $2.00 per day, which is a nice jr bacon cheeseburger every day, but it ain't no fucking $60 that I was hoping for. What do you guys think? is bitcoin just in a slump? or is it circling the drain? __________________ SIG TOO BIG! READ THE FORUM RULES!

07-05-2013, 01:58 PM	#3
AJ_NETWORK Confirmed User Industry Role: Join Date: May 2011 Posts: 483	if i ever get my jalapeno do you think i could mine litecoin with it? __________________ SIG TOO BIG! READ THE FORUM RULES!

07-05-2013, 03:54 PM	#11
halfpint GFY's Halfpint Industry Role: Join Date: Jun 2007 Location: UK Posts: 15,223	I think it will come down a lot more and then eventually become more stable but I think it is far from dying __________________ Get FREE website listings on Cryptocoinshops.net

07-05-2013, 04:40 PM	#15
Bman Confirmed User Industry Role: Join Date: Aug 2003 Location: Redirecting your traffic Posts: 1,679	hate to tell you its summer all the money traders are on Vaca. it will slump to around $50 to $55. settle around there. After September it will go back up to around $70 hit around $80 in December. __________________ ICQ 228211529

07-05-2013, 06:17 PM	#24
brassmonkey Pay It Forward Industry Role: Join Date: Sep 2005 Location: Yo Mama House Posts: 76,514	it has to level off __________________ TRUMP 2024 KEKAW!!! - Support The Laken Riley Act!!! END DACA - SUPPORT AZ HCR 2060 52R - email: brassballz-at-techie.com

07-05-2013, 02:19 PM	#7
PromoterX Confirmed User Industry Role: Join Date: Sep 2010 Posts: 949	Quick everyone panic and cash out now! I`m looking to buy in around $40-50...

07-05-2013, 03:18 PM	#9
RandyRandy Clips still sell! Industry Role: Join Date: Jul 2012 Location: Crown Heights, Brooklyn Posts: 1,708	BitInstant hasn't processed for the past 3 days - that should tell you something.

07-05-2013, 03:47 PM	#10
nexcom28 So Fucking Banned Join Date: Jan 2005 Posts: 3,716	Look, the price is simply getting back to its true value. It's stabilising.. When it went crazy a few months ago the people that bought into the frenzy created a bubble, of course this was unrealistic. Eventually the tide will change and the value will start to increase again, slowly at first but gain momentum as the Mining difficulty increases. If this creates another bubble we will have he same again.

07-05-2013, 04:08 PM	#12
dave90210 Registered User Join Date: Mar 2007 Posts: 1,745	Can you short Bitcoin on the stock market?

07-05-2013, 04:20 PM	#13
Supz Arthur Flegenheimer Industry Role: Join Date: Jul 2006 Location: New York City Posts: 11,057	lol haahahahh lol ahahahah lol ahahahah

07-05-2013, 04:41 PM	#16
ilnjscb So Fucking Banned Industry Role: Join Date: Jun 2009 Posts: 8,695	Yeah - what is the value if MTG has so much of the traffic. As always be the middleman, not the owner.

07-05-2013, 05:07 PM	#20
lyno Confirmed User Industry Role: Join Date: May 2003 Location: On my way to Sirius1 Posts: 474	Terracoin is rising Was interesting to watch how miners shifted from BTC to TRC on coinotron. Their BTC pool is at 32.0 GH now, TRC at 407 GH. Due to the new TRC diff adjustment profitability of TRC jumps between 0.6 and 3.7 what led to a lot of pool jumping till coino switched to PPLNS.

07-05-2013, 06:13 PM	#23
PhoneSexKing Confirmed User Industry Role: Join Date: Jun 2013 Location: a frozen wasteland Posts: 190	is bitcoin dying? Yes. Sell them all to me. See sig.

07-05-2013, 06:51 PM	#26
adultmobile No, I am not banned Industry Role: Join Date: Nov 2003 Location: ChatGF.com Posts: 5,345	this thread needs realtime btc price image too __________________ TubeCamGirl.com

07-06-2013, 06:38 AM	#27
mozadek Confirmed User Join Date: Feb 2008 Posts: 1,325	Now is the perfect time to invest in bitcoins, buy low, sell high.

07-06-2013, 12:35 PM	#28
AJ_NETWORK Confirmed User Industry Role: Join Date: May 2011 Posts: 483	oh ok so since there is a logical reason why it's tanking, then there's a logical reason why it will come back. either way the guy who said i should probably just throw my jalapeno pre-order on ebay is probably right about making more money that way, I might just do that and get a grand for it and make more then it would ever make mining, I just won't tell that to the idiot who will pay $1000 for it! __________________ SIG TOO BIG! READ THE FORUM RULES!

07-06-2013, 01:43 PM	#29
brassmonkey Pay It Forward Industry Role: Join Date: Sep 2005 Location: Yo Mama House Posts: 76,514	did you think gold would stay at $1500? take a biz class __________________ TRUMP 2024 KEKAW!!! - Support The Laken Riley Act!!! END DACA - SUPPORT AZ HCR 2060 52R - email: brassballz-at-techie.com