countdown: [url]http://www.bitcoinblockhalf.com/[/url]
[b]Reward-Drop ETA date: 09 Jul 2016 16:53:22[/b]
[url]http://bitcoinclock.com/[/url] (a nice visual of the schedule of halving)
news coverage: [url]https://www.google.com/search?hl=en&gl=us&tbm=nws&authuser=0&q=bitcoin+halving[/url]
explanation:
[quote]Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.) The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence is not expected to exceed 21 million. Speculated justifications for the unintuitive value "21 million" are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number.[/quote] (source: [url]https://en.bitcoin.it/wiki/Controlled_supply[/url])
(for the dozen or so responses that will ask why anyone should care: we're talking about a ~$10 billion USD network that uses as much electricity as a country that is going to have a serious economic/reward adjustment in the next few hours. There are a very real ramifications and effects--both negative and positive.)
Prices going up or down?
I probably won't be the only one asking, but what are the secondary and tertiary effects of this roll-over?
Is the roll-over instantaneous or is there a delay/downtime?
[QUOTE=Bradyns;50677671]I probably won't be the only one asking, but what are the secondary and tertiary effects of this roll-over?
Is the roll-over instantaneous or is there a delay/downtime?[/QUOTE]
-It is instantaneous
-Modern cryptocurrencies based off the same idea have a much less pronounced change and instead have a change that takes place over years/decades
-The biggest effect is the shitton of commercial mining operations in China who allegedly get free/subsidized electricity from overproducing hydroelectric installations. Where they might've been making 20 bitcoins a day (or whatever the case after covering costs) will now be making 10 bitcoins a day if the price were to remain the same.
-This could easily result in a crash or a huge unsustainable price rise.
Is Bitcoin even any good for general use as a cryptocurrency at this point?
It feels like that fell apart when it stopped being viewed as currency and started being something that arbitrarily blew up and down in value and people just started buying and selling the currency itself.
It feels too unstable to be used as a reliable alternative to regular currency overall.
In short - Invest small if you are suicidal enough. You may get lucky and get some really good shit in return, or may lose about half or more of your investment.
[QUOTE=Reds;50677685]Is Bitcoin even any good for general use as a cryptocurrency at this point?
It feels like that fell apart when it stopped being viewed as currency and started being something that arbitrarily blew up and down in value and people just started buying and selling the currency itself.
It feels too unstable to be used as a reliable alternative to regular currency overall.[/QUOTE]
I first got into bitcoin a while back when I wanted to score some illicit herbal substances but my social anxiety was so bad I asked someone on an ArmA server and they told me to use the silk road (this in a country where it isn't particularly illegal). Then I got into it, started buying small. Eventually did a big run on a large project with a nice paycheque and put about one months salary away (I spent the rest frivolously on really stupid shit). My family have always found it interesting but a lot of my internet friends repeatedly call it a meme. From bitcoin itself I invested into altcoins (not day trading, but going in big and long which more than paid off)
I've paid a lot of bills over the past few months, bought a new i7, GTX 1080 and an HTC Vive (well 2 because fuckers from HTC screwed up so I'm waiting for a refund from the first) and I still have plenty in the bag to live off for the next 2 years or so regardless of employment. I could buy a car, get my own apartment or go on a holiday (I have that as a goal at some point in the near future)
I'll probably be buying a new camera for work in the next few weeks too.
I keep almost no money in my IRL bank account and just sell every few days to get money that I need and the other party usually settles within 20-30 minutes. Haven't been scammed yet.
Having said that I've also made some bad investments. There are days where a few thousand USD goes poof, and there are days where you gain a few thousand USD every 20 minutes as you F5 the page. For instance the DAO recently, I invested about $2500 USD in and sold out before it crashed because I had a bill to pay (lucky, except that if I hadn't sold what I held the $2500 in I'd have about $15000 USD or so--oh well)
Its also nice when a friend asks you to get them a game on Steam and Steam won't allow you to gift them a copy due to stupid regional restrictions and you can just send BTC direct to their transaction and not have to involve your personal information at all.
Having said all that, I guess it could all up and disappear tomorrow too.
At my age, with my experience etc etc its really nice to have a bit of a gold bar laying on the internet that gives me something to rely on.
Hopefully this pushes the Chinese miners out of business because they can't possibly be operating on a safe margin with literally ad-hoc server farms being built up
[QUOTE=Sableye;50677843]Hopefully this pushes the Chinese miners out of business because they can't possibly be operating on a safe margin with literally ad-hoc server farms being built up[/QUOTE]
I suppose, but I can't help but feel this is that bitcoin will hopefully become the next cold war and countries will invest stupid amounts of money in the following:
-Cheaper/more efficient electricity
-Cheaper/more efficient mining equipment
-Cheaper/more efficient internet connectivity
[QUOTE=icarusfoundyou;50677864]I suppose, but I can't help but feel this is that bitcoin will hopefully become the next cold war and countries will invest stupid amounts of money in the following:
-Cheaper/more efficient electricity
-Cheaper/more efficient mining equipment
-Cheaper/more efficient internet connectivity[/QUOTE]
Well all of those sound pretty good to me in my opinion.
[QUOTE=icarusfoundyou;50677864]I suppose, but I can't help but feel this is that bitcoin will hopefully become the next cold war and countries will invest stupid amounts of money in the following:
-Cheaper/more efficient electricity
-Cheaper/more efficient mining equipment
-Cheaper/more efficient internet connectivity[/QUOTE]
Well it's already had a huge influence in the second hand hardware section, as whenever server farms upgrade it's all sold off cheaply.
Why use bitcoin when you can just use CSGO skins, more stable.
[QUOTE=Intoxicated Spy;50678147]Why use bitcoin when you can just use CSGO skins, more stable.[/QUOTE]
I know you're probably being only semi-serious with that post but recently I've been selling shit tons of DOTA/TF2 items that I've had sitting around for ages. The value of a lot of things has plummeted over time, its easy to see that CSGO items will be worth a fraction of what they are now in only a few years time.
WRT "stable" its a bit of a mixed bag; sure the value decreased and increases wildly. But a lot of people are in this for the extreme long term and see bitcion as becoming a more modern alternative to gold.
Its unlikely we'll see another development in financial technology as large as bitcoin during out lifetimes, so a couple of bucks put away now could mean you never have to work again in your life in maybe 10 or 20 years time (or you could lose it all)
[QUOTE=Intoxicated Spy;50678147]Why use bitcoin when you can just use CSGO skins, more stable.[/QUOTE]
Would be amazeballs if I could buy weed with CSGO skins.
[QUOTE=Reds;50677685]Is Bitcoin even any good for general use as a cryptocurrency at this point?
It feels like that fell apart when it stopped being viewed as currency and started being something that arbitrarily blew up and down in value and people just started buying and selling the currency itself.
It feels too unstable to be used as a reliable alternative to regular currency overall.[/QUOTE]
Bitcoin might do better job at adapting to new technologies if there is some more scary competition.
[QUOTE=Cold;50679245]Bitcoin might do better job at adapting to new technologies if there is some more scary competition.[/QUOTE]
TBH it doesn't match up to cash at the moment.
So if you're in it long term, you just cash out what you need to for the bare necessities and pay bills/buy groceries using that once a week.
Yes, there are some people that accept it directly however until such a time as the block size increases or some advancement is made on bitcoin its unlikely that this model will be replaced.
In the long term, its unlikely that the value will significantly worsen or that another cryptocurrency will take bitcoin's place. There are a lot of players in just the bitcoin space who are heavily, heavily invested in it and a lot of people are working on building an ecosystem around bitcoin rather than reinventing the wheel.
If you hold say 50 BTC now then you own 1/420,000th of all the bitcoin that will ever exist. It doesn't sound like a lot, but if it ever remotely catches on then you're probably retired by then. That's why it is important to try your best to not sell out early on.
Could there be a world in which 1 bitcoin is worth 10,000 USD? Definitely. I would even say likely, although I'm biased.
[QUOTE=icarusfoundyou;50679832]
Could there be a world in which 1 bitcoin is worth 10,000 USD? Definitely. I would even say likely, although I'm biased.[/QUOTE]
I hope this happens as soon as possible, because I want to make money on bitcoins. Perhaps someone on the forum is already doing this? What profit can I get with bitcoins? I would like to hear good advice on how to do it. My friend advised me to read this article [URL="https://bitcoinbestbuy.com/"]https://bitcoinbestbuy.com/[/URL]. It is written very good and has a lot of details, so I got to know a lot of interesting things, but I want to hear the sum of money. Thanks, guys!
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