Miners are shooting themselves in the foot.
-
[quote name=“mattmct” post=“39692” timestamp=“1386191388”]
[quote author=zerodrama link=topic=5333.msg39325#msg39325 date=1386118973]
[quote author=Dinkleberg link=topic=5333.msg39323#msg39323 date=1386118788]
Are you making nearly double the amount of coins? Because the price has nearly halved.
[/quote]That’s the USD price and that’s because BTC also went down. The FTC/BTC price only lost 20% and I am making 10% more. So yeah, other people’s doubts benefit me.
[/quote]smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
-
[quote name=“Kevlar” post=“39695” timestamp=“1386191733”]
[quote author=mattmct link=topic=5333.msg39692#msg39692 date=1386191388]
[quote author=zerodrama link=topic=5333.msg39325#msg39325 date=1386118973]
[quote author=Dinkleberg link=topic=5333.msg39323#msg39323 date=1386118788]
Are you making nearly double the amount of coins? Because the price has nearly halved.
[/quote]That’s the USD price and that’s because BTC also went down. The FTC/BTC price only lost 20% and I am making 10% more. So yeah, other people’s doubts benefit me.
[/quote]smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
[/quote]Dr. Strangekev -or- How I Learned To Stop Worrying And Love The Price Drop
-
[quote name=“HopeStillFlies” post=“39723” timestamp=“1386193662”]
[quote author=Kevlar link=topic=5333.msg39695#msg39695 date=1386191733]
[quote author=mattmct link=topic=5333.msg39692#msg39692 date=1386191388]
[quote author=zerodrama link=topic=5333.msg39325#msg39325 date=1386118973]
[quote author=Dinkleberg link=topic=5333.msg39323#msg39323 date=1386118788]
Are you making nearly double the amount of coins? Because the price has nearly halved.
[/quote]That’s the USD price and that’s because BTC also went down. The FTC/BTC price only lost 20% and I am making 10% more. So yeah, other people’s doubts benefit me.
[/quote]smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
[/quote]Dr. Strangekev -or- How I Learned To Stop Worrying And Love The Price Drop
[/quote]You know what sucks? The fact that I can’t give you rep twice in 24 hours. :)
-
[quote name=“Kevlar” post=“39695” timestamp=“1386191733”]
[quote author=mattmct link=topic=5333.msg39692#msg39692 date=1386191388]
[quote author=zerodrama link=topic=5333.msg39325#msg39325 date=1386118973]
[quote author=Dinkleberg link=topic=5333.msg39323#msg39323 date=1386118788]
Are you making nearly double the amount of coins? Because the price has nearly halved.
[/quote]That’s the USD price and that’s because BTC also went down. The FTC/BTC price only lost 20% and I am making 10% more. So yeah, other people’s doubts benefit me.
[/quote]smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
[/quote]Glad you agree!
-
+1 @ price down + diff down = maximum [b]awesomeness[/b] =)
When I bought my stuff in November I ran my numbers based on [email protected] & [email protected]. At that time 1BTC was @$250.
When prices where climbing so crazy in November I was about to cry and keept screaming@my screen “WTF couldn’t you just wait at least a month to go up in $$ value!!! damn coins !!!” *lol
I’m REALLY happy that FTC diff went a lil down again. I dont care too much about the prices/value ATM. When I bought my first rig I told myself I keep things running for 3-4 months max+keep most of the coins -> then sell off the hardware except for parts I will use in my gaming box. Thats still my plan.
All I do in terms of trading is spreading them equally between BTC, LTC, FTC and PPC (based on the current $$ value)
I’ll touch my wallets … maybe in a year or so and sell off most of them + donate 50% to cluster headache research funds (which I’m personally suffering from). With a little luck they’re worth something, if not - oh well it was still fun building the rigs etc chatting /w ppl etc =)
cheers
-
[quote name=“mattmct” post=“39726” timestamp=“1386193978”]
[quote author=Kevlar link=topic=5333.msg39695#msg39695 date=1386191733]
[quote author=mattmct link=topic=5333.msg39692#msg39692 date=1386191388]
…smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
[/quote]Glad you agree!
[/quote]I agree for what I feel are a lot of good reasons.
Bitcoins have received a bad rap from many economists and journalists. Andrew Ross Sorkin of The New York Times recently asked if we can “imagine a world in which we all transact with dozens of different currencies every day with different rules?”
Students of monetary history can certainly imagine such a world. The present U.S. dollar didn’t make its appearance until the Civil War. Before that, all manor of currencies circulated on a routine basis in the US country. During the Great Depression, some 3,000+ currencies were produced. California, the world’s ninth largest economy, periodically gets close to going broke and when it does, it pays its employees in state-printed I.O.U.s, which then circulate, if not very well, as currency. In large parts of Africa, cell phone minutes are used as currency. In the U.S. airplane miles and credit card points are a type of currency. So, yes, we can imagine a world in which we all transact with different currencies. After all, before the Euro, Europeans were routinely holding and transacting in multiple currencies.
[b][i][u]Cryptocurrencies are exactly the opposite of this[/u][/i][/b]. I want to make that point very clearly.
We’re now moving towards a single form of currency: one whose supply is fixed by mathematics, not by the random discovery of gold or silver mines or the penchant of governments to print money. The real debate that is being held right now around this is do we have the need for and technological feasibility of a more efficient, more transparent, global currency?
The singular advantage of such a technology marvel is the inability of governments to surreptitiously tax their citizens via the printing press and watch prices soar, forcing those holding money, government bonds or other nominal securities, to suffer a real loss in wealth.
Anyone familiar with current U.S. monetary policy might well wonder whether the U.S. wouldn’t be better served with Bitcoins replacing the dollar. For the past six years, the Federal Reserve has printed vast sums of dollars to help pay off the interest on it’s debt spending, more than quadrupling the monetary base. This unprecedented reliance on the printing press to finance government expenditures has been dubbed “quantitative easing” in an attempt by the media to placate the people who are being stolen from, but what’s really being eased is the obligation of Congress and President Barack Obama’s administration to practice reasonable fiscal prudence. Today, 29 cents of every dollar of federal spending is being printed out of thin air by the Federal Reserve. Yes, the Fed feels it can withdraw all this money from the private sector whenever it likes. But doing so will require getting the politicians to do something they don’t like, namely raising taxes to pay for what they spend.
The great profusion of money creation is not limited to the U.S. The U.K., the Eurozone and Japan are all printing money like gangbusters! They say this is meant to “stimulate their economies,” but each of these governments or regions is thoroughly broke if one looks out beyond the nose of short-term budget horizons. That’s why they are printing money and will continue to do so until inflation, if not hyperinflation, literally forces people to abandon it.
The use of Bitcoins would hasten the day when the printing presses are turned off and prudent fiscal management is turned on. Some countries might ban bitcoins because they wouldn’t be able to make money by making money, but if enough global businesses were to start using bitcoins, it would be tough for any country to declare their use illegal. Having a global currency, whose supply is limited, fully transparent and independent of any government’s control, could usher in genuine financial reform. Limited Purpose Banking, which transforms banks and other financial corporations into equity-financed mutual funds, whose holdings are disclosed on a real-time basis, is precisely what is needed.
I’ve said it before, and I’ll say it again: If your spending your cash to buy crypto-currency with the idea that you’ll later convert it back into greenbacks… you are missing the boat in the biggest way imaginable. Crypto-currencies are not a speculative investment vehicle; They are a revolution, and those who speculate on short term losses will be at the tail end of that revolution.
-
[quote name=“Kevlar” post=“39724” timestamp=“1386193776”]
[quote author=HopeStillFlies link=topic=5333.msg39723#msg39723 date=1386193662]
[quote author=Kevlar link=topic=5333.msg39695#msg39695 date=1386191733]
[quote author=mattmct link=topic=5333.msg39692#msg39692 date=1386191388]
[quote author=zerodrama link=topic=5333.msg39325#msg39325 date=1386118973]
[quote author=Dinkleberg link=topic=5333.msg39323#msg39323 date=1386118788]
Are you making nearly double the amount of coins? Because the price has nearly halved.
[/quote]That’s the USD price and that’s because BTC also went down. The FTC/BTC price only lost 20% and I am making 10% more. So yeah, other people’s doubts benefit me.
[/quote]smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
[/quote]Dr. Strangekev -or- How I Learned To Stop Worrying And Love The Price Drop
[/quote]You know what sucks? The fact that I can’t give you rep twice in 24 hours. :)
[/quote]I repped hope in your place.
-
I wanna add one more thing to what Kevlar said:
“Stimulating the economy” should be taken as an insult. But the fact is governments (proxies for banks, politicians, think tanks, and corporations) know something we don’t want to admit. They have trained us to be passive quiet little robots. As long as we are passive, we buy instead of build and we sell assemblies of new products instead of innovating with old materials. In other words, as long as we are passive we don’t compete against our masters. So they stimulate the economy by dangling green carrots in front of our faces. We should be stimulating our own economies by innovating, but that would threaten the nice cushy lifestyle governments have given to those they proxy for. So next time you hear a government proxy salesman talking about stimulating the economy, tell him you are already or could be doing that and you’d appreciate them staying out of your way.
The idea of communities rather than rewards stimulating the economy is a long shot, but that seems to be what this community is good at.
-
[quote name=“Kevlar” post=“39724” timestamp=“1386193776”]
[quote author=HopeStillFlies link=topic=5333.msg39723#msg39723 date=1386193662]
[quote author=Kevlar link=topic=5333.msg39695#msg39695 date=1386191733]
[quote author=mattmct link=topic=5333.msg39692#msg39692 date=1386191388]
[quote author=zerodrama link=topic=5333.msg39325#msg39325 date=1386118973]
[quote author=Dinkleberg link=topic=5333.msg39323#msg39323 date=1386118788]
Are you making nearly double the amount of coins? Because the price has nearly halved.
[/quote]That’s the USD price and that’s because BTC also went down. The FTC/BTC price only lost 20% and I am making 10% more. So yeah, other people’s doubts benefit me.
[/quote]smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
[/quote]Dr. Strangekev -or- How I Learned To Stop Worrying And Love The Price Drop
[/quote]You know what sucks? The fact that I can’t give you rep twice in 24 hours. :)
[/quote]I gave her rep because you couldn’t give her double rep. Balance and harmony. :)
-
[quote name=“zerodrama” post=“39747” timestamp=“1386196612”]
[quote author=Kevlar link=topic=5333.msg39724#msg39724 date=1386193776]
[quote author=HopeStillFlies link=topic=5333.msg39723#msg39723 date=1386193662]
[quote author=Kevlar link=topic=5333.msg39695#msg39695 date=1386191733]
[quote author=mattmct link=topic=5333.msg39692#msg39692 date=1386191388]
[quote author=zerodrama link=topic=5333.msg39325#msg39325 date=1386118973]
[quote author=Dinkleberg link=topic=5333.msg39323#msg39323 date=1386118788]
Are you making nearly double the amount of coins? Because the price has nearly halved.
[/quote]That’s the USD price and that’s because BTC also went down. The FTC/BTC price only lost 20% and I am making 10% more. So yeah, other people’s doubts benefit me.
[/quote]smart smart man. I’m in this for the long term. I secretly hope the value drops short term at least, people will jump ship, mine another currency, the difficulty will drop, and I’ll mint more coins and stock pile for when it goes back up.
[/quote]+1 to this.
I’m SOOO sick of people complaining that the price is dropping. I used to sweat it myself, but I learned to love the long term prospectus much more than the short term possibilities, and after I made that mental switch, everything looked so much brighter. The more the price went down, the happier I became as I just keep buying more.
So take it to heart people: the price is going DOWN! SELL YOUR COINS NOW WHILE YOU CAN STILL GET OUT! Because I’m just going to buy them, and then sell them back to you at 10x the price.
[/quote]Dr. Strangekev -or- How I Learned To Stop Worrying And Love The Price Drop
[/quote]You know what sucks? The fact that I can’t give you rep twice in 24 hours. :)
[/quote]I repped hope in your place.
[/quote]Oh you beat me to it, rep for you!
-
[quote name=“zerodrama” post=“39755” timestamp=“1386197386”]
I wanna add one more thing to what Kevlar said:“Stimulating the economy” should be taken as an insult. But the fact is governments (proxies for banks, politicians, think tanks, and corporations) know something we don’t want to admit. They have trained us to be passive quiet little robots. As long as we are passive, we buy instead of build and we sell assemblies of new products instead of innovating with old materials. In other words, as long as we are passive we don’t compete against our masters. So they stimulate the economy by dangling green carrots in front of our faces. We should be stimulating our own economies by innovating, but that would threaten the nice cushy lifestyle governments have given to those they proxy for. So next time you hear a government proxy salesman talking about stimulating the economy, tell him you are already or could be doing that and you’d appreciate them staying out of your way.
The idea of communities rather than rewards stimulating the economy is a long shot, but that seems to be what this community is good at.
[/quote]Oh and governments are doing back flips trying to regulate and they just can’t and this infuriates them to no end. And the banks are in the same situation. If they just embrace this technology it would benefit them and us, but they can’t because as you pointed out, it’s not about money, it’s about power. Power over your life, power over your productivity, power, power, power. They could care less about the value of money when the threat of incarceration is a more powerful motivator.
