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Bitcoin-based online gambling

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Matty your above calculations are working on a hashrate of 100MH/s.

Re-calculate the figures using a hashrate of 60000MH's (60GH/s) and tell me it doesnt add up.

Why are these that retailed for $1200 a couple of months back now going for 8k+ on ebay if the numbers dont add up?
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I don't know, I haven't looked into mining at all, just going from what I read at bitcointalk.

I really think the bitcoin "bubble" is nowhere close to being burst.
 
Take a look at the home price bubble which caused this recession in the first place...

640px-Case-Shiller_data_from_1890_to_2012.png


Now, take a look at the logarithmic increase in BTC market cap...

http://blockchain.info/charts/market-cap

Now, take a look at the number of BTC transactions per day...

http://blockchain.info/charts/n-transactions

If you'll notice, it's the same sort of pattern. While housing prices were increasing at an alarming rate, wages and other indicators were not. While BTC volume and prices are increasing precipitously, there are not many more participants using them as actual currency. People are simply looking to store money somewhere at the moment. This is not sustainable and will most certainly crash. Maybe not tomorrow, maybe not even in a month, but it will crash.
 
There doesn't need to be bears. It just needs to run out of people who have no other place to put their money - which will happen very soon. There is almost no increased demand for BTC as a currency. It's being used as a bank. What do you think happens when people start withdrawing their money and have no further need for BTC?

Just remember that you were warned and you didn't listen.
 
MonkeyF0cker
There doesn't need to be bears. It just needs to run out of people who have no other place to put their money - which will happen very soon. There is almost no increased demand for BTC as a currency. It's being used as a bank. What do you think happens when people start withdrawing their money and have no further need for BTC?

Just remember that you were warned and you didn't listen.
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MF I tried to reply to ur previous post but kept on getting database error messages on phone.

I agree with most of what you say and when I find a stable net connection will reply more indepthly.
 
MonkeyF0cker
There doesn't need to be bears. It just needs to run out of people who have no other place to put their money - which will happen very soon. There is almost no increased demand for BTC as a currency. It's being used as a bank. What do you think happens when people start withdrawing their money and have no further need for BTC?

Just remember that you were warned and you didn't listen.
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MF I tried to reply to ur previous post but kept on getting database error messages on phone.

I agree with most of what you say and when I find a stable net connection will reply more indepthly.
 
MonkeyF0cker
Take a look at the home price bubble which caused this recession in the first place...

640px-Case-Shiller_data_from_1890_to_2012.png


Now, take a look at the logarithmic increase in BTC market cap...

http://blockchain.info/charts/market-cap

Now, take a look at the number of BTC transactions per day...

http://blockchain.info/charts/n-transactions

If you'll notice, it's the same sort of pattern. While housing prices were increasing at an alarming rate, wages and other indicators were not. While BTC volume and prices are increasing precipitously, there are not many more participants using them as actual currency. People are simply looking to store money somewhere at the moment. This is not sustainable and will most certainly crash. Maybe not tomorrow, maybe not even in a month, but it will crash.
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MF ty for the well thought out criticism.

I agree there will be corrections but imo that will correlate with inc
reasing levels of confidence within the global banking system, amongst other things.

Additionally, remember the bailouts given to those companies deemed "too big" to fail? Theory I've heard being bandied around is that eventually btc be worth around 1.5-2% of global economy, thus being "too big" to fail.

Of course that's assuming a host of variables occur in btc's favour.

Also, as other posters said already, so long as illicit behaviour exists then btc will have a market of some description.
 
Good info MF. If anything, it's telling me I should wait for a dip before buying more. I tend to agree with your assessment that a lot of people are merely storing cash for a bit. I just think that others will join that group and that Bitcoin will be a hot commodity (more than a currency) for years to come. There might well be a correction soon, but I think that over the long term, the value of 1 BTC could reach a ridiculously high price because of scarcity.

I promise not to risk more than I can afford to lose.

Kind regards,

-Matty xoxoxoxoxox
 
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