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[coindesk]Bitcoin Drops Nearly 20% as Exchange Hack Amplifies Price Decline - Page 4

post #31 of 41
I cant believe this is still a thing...
post #32 of 41
Quote:
Originally Posted by iLeakStuff View Post

I cant believe this is still a thing...
Why?
post #33 of 41
Lots of people (myself included) still mine altcoins and trade for BTC, which is often orders of magnitude more profitable. Power for me is free, so I make 100% profit. I luckily cashed out all my bitcoins (admittedly only 0.6 or so) and bought a nice pair of headphones a day before the crash.
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post #34 of 41
Quote:
Originally Posted by xDAVINCIx View Post

I understand what you're saying and you're voicing the major concern of most people which is security.
The FDIC only insures $250,000 per depositor, so if you have $254,000 in your bank that will be awesome. If you have $2,540,000 in your bank then you're screwed. This is the same concept as putting all your coins in one place, you do it with a bank and you're screwed just as you would with cryptocurrency. If every person in america tries to withdraw the money they have in their bank tomorrow then the police won't be doing much for anyone either.
Cryptocurrency has done so much more than waste electricity. It has provided proof of concept for a system that could potentially overthrow banks and change the future, keyword potential because you can't win against the government. Nevertheless it's pointless to pretend all the servers inside data centers and branches of banks aren't "wasting" just as much electricity. The difference is we are in control and not the bank.
Not sure if you've seen but bitcoin atm's exist https://coinatmradar.com/ . You could easily buy bread and pay for gas. Many restaurants, coffee shops, food trucks, and more have been accepting cryptocurrency for quite some time. Some of the largest online retailers accept it. On top of this you have over 50,000 ( probably over 100,000 ) online stores that accept crypto currency. There are also places like gyft where you buy gift cards for hundreds of retailers.
For me it's definitely lack of security and impossibility to pay with the cryptocoins.
Sure the security of regular banks and other institutions isn't rock solid either but it is better.

I don't mind the concept but without widespread options to utilize it it's just a niche thing.
I can see some ATMs but most take 5% ridiculous fee and are far away.
Maybe in USA big cities you have some shops and such but elsewhere? Not really. Have not seen a single shop I buy from that would be accepting any kind of cryptocurrency. Not even while traveling to other countries in EU.
Does Newegg accept crypto? What about Amazon? Microcenter? How about the nearest supermarket, grocery store nearby? ...
If all you do is convert to USD to pay then it defeats the purpose of cryptocurrency doesn't it?

A proof of concept can be done without consuming so much energy. At least stuff like folding@home tries to do something useful compared to mining.

I doubt the authorities of your country will do anything if you store your BTC or ETH etc. on a shady website based in another country and owners of the website run away with the stored cryptos.

It sure is a nice and shady way of stealing finances like brodieboy143 does when someone else pays the electric bill and you just get profit by stealing electricity. Unless someone has allowed you to run a mining rig and pays for it's electricity for you knowingly and willingly then it's not stealing. Or you're just lucky that you pay a fixed rent and it doesn't matter how much power you consume.
post #35 of 41
It depends on your scale of operation. Once you are using a few kilowatts, the power bill will be quite a bit.
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post #36 of 41
I have been a follower and normal user of Bitcoin for a very long time. Also have mined for a long time also, Starting with GPUs then to the early ASICs and stopped from there.

With the release of the new Antminer S9 and saw how efficient it is compared to what else is currently on the market really made me think about mining again. After long thought and calculations I actually decided to buy an S9 and try to mine again, but quickly realized that the market is not what I was planning for. Thankfully I was able to sell the miner for more than I paid for and mining is still profitable to those who may nothing (or close to nothing) for electric and have the scale. I will still continue to use bitcoin and altcoins but im afraid my mining days are over.
post #37 of 41
Quote:
Originally Posted by drazah View Post

I have been a follower and normal user of Bitcoin for a very long time. Also have mined for a long time also, Starting with GPUs then to the early ASICs and stopped from there.

With the release of the new Antminer S9 and saw how efficient it is compared to what else is currently on the market really made me think about mining again. After long thought and calculations I actually decided to buy an S9 and try to mine again, but quickly realized that the market is not what I was planning for. Thankfully I was able to sell the miner for more than I paid for and mining is still profitable to those who may nothing (or close to nothing) for electric and have the scale. I will still continue to use bitcoin and altcoins but im afraid my mining days are over.

Ethereum, Vertcoin, SIA coin.
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post #38 of 41
Quote:
Originally Posted by TheLAWNOOB View Post

Ethereum, Vertcoin, SIA coin.

Ether is probably my biggest used altcoin. It is much more of a hobby to me (reason why i used to mine a lot also) but it has kind of lost its interest to me. I am looking forward to the future though for them.
post #39 of 41
Look into Curecoin and Gridcoin, they use Folding@home and BOINC respectively as a Proof of Research. It's what I mine, since I'd be folding regardless.
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post #40 of 41
Quote:
Originally Posted by JackCY View Post

For me it's definitely lack of security and impossibility to pay with the cryptocoins.

Security is really only an issue on the user level and the exchange level.

Since I have a pretty good idea of what I'm doing (I've been using BTC and other cryptos for more than five years) and I rarely use exchanges (when I do I don't keep money in long), security is not a problem.
Quote:
Originally Posted by JackCY View Post

Does Newegg accept crypto?

Newegg has accepted BTC for almost two years.

The bulk of my last two systems was paid for in BTC directly through Newegg.
Quote:
Originally Posted by JackCY View Post

What about Amazon? Microcenter?

No.
Quote:
Originally Posted by JackCY View Post

How about the nearest supermarket, grocery store nearby? ...

Some of them.
Quote:
Originally Posted by JackCY View Post

If all you do is convert to USD to pay then it defeats the purpose of cryptocurrency doesn't it?

If your idealized purpose is the complete replacement of fiat currency with a universal and decentralized substitute, then yes. No crypto is remotely near living up to that, yet.

Even if you are exchanging it, In many cases it's still more convenient, has the ability to be more secure/private, and has the potential for lower fees than other means of exchanging funds.

And of course, many people take BTC then spend BTC, without ever exchanging it for other currencies.
Quote:
Originally Posted by JackCY View Post

A proof of concept can be done without consuming so much energy. At least stuff like folding@home tries to do something useful compared to mining.

The comparison to Folding@Home is meaningless. F@H exists to simulate the folding of proteins. A proof-of-work system (mining) in a crypto exists to mediate currency supply, process transactions, and establish reliable distributed consensus.
Quote:
Originally Posted by brodieboy143 View Post

Look into Curecoin and Gridcoin, they use Folding@home and BOINC respectively as a Proof of Research. It's what I mine, since I'd be folding regardless.

This is an interesting way to make the calculations dual-purpose, but it also ties these currencies to these research projects, which leaves all sorts of potential issues open for the currency aspect.
Edited by Blameless - 8/8/16 at 4:12pm
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