My general thought is that unless you are like "wow, I'm perfectly suited for mining" then you are just doing some work for low or negative pay compared to buying.

if you crunch out some numbers and scenarios and it looks close then consider that mining is a lower variance play since you'll have fewer in a rapid value increase scenario and more in a drop.

With GPUs you also had the hedge against total collapse since you'd still have hardware, but you don't have that with Bitcoin ASICs.

Also there is risk that BFL will deliver late, deliver never, or deliver something inferior to what they project.

I actually think a 51% attack is more likely when there are 1 or a few ASIC factories than when there are none. You just take that building and crank up production. Now once tons are distributed that doesn't work as well, but the beginning is a riskier spot. Sort of like if someone malicious had been the first to write GPU mining code. We're safer now because a few GPUs can't bone us like they could have in CPU days. And later on we'll be free of ASIC risk too imo, but the beginning is a little scary.

I can't wait to see what the block reward halving does. It's projected for Dec 3rd right now, but that's been steadily moving up and I bet it'll be around Nov 27th.

The first crash was more like the crash of netflix, what goes up parabolic usually has a bad ending. The Good Wife had little to do with rise. It became a lot easier to buy them when sites like bitinstant started. You can get them at Walmart with bitinstant. It helped with demand. Over a 24 hour period the price is stable, which would be great for poker. ASIC are still super computers so it might be possible to use software to do other things with your ASIC.

You could very well be right about TGW. I tend to think things like you mention are responsible for the general uptrend, but spikes have more local in time drivers.

That is not my understanding of ASICs, but even if it isn't 0 it is much lower than a GPU's alt use value.

what is asic?

Application specific integrated circuit.

It's like a specialized bitcoin mining chip.

That's why I say they don't have much value as a hedge against the demise of bitcoin, it would be surprising if you could do something else useful at all.

Even a change to the protocol would render them near useless. Not that that is very likely, but something to consider.

For example, say in 6 years SHA-256 is showing signs of weakness and we switch to a new algorithm, the ASICs are screwed afaik.

http://www.butterflylabs.com/products/

see the pre-order items

WHY is this thread still here?

Please move this thread to a different forum, since it has zero percent to do with poker anymore - if it even had anything to do with it in the first place.

God forbid some serious conversation go on in NVG .. Although I am fine with it being moved, I'd like to continue the convo.

My understanding of ASICs made for mining is that they are completely worthless paperweights outside of bitcoins. Like Alberto said, ASICs are application specific integrated circuits, meaning that it is hard wired to run 1 and only one algorithm. It is hard wired this way, so butterfly labs ASICs will be useless for any other purpose. To make an ASIC machine for another purpose would consist of rebuilding it from scratch.

A lot of good info ITT, thanks for sharing Alberto, et al

Also... There's no reason why this thread still can't be about bitcoin and poker....

Did you know... Switch Poker accepts instant deposits and withdraws via bitcoins, but unfortunately not to Americans :/

They would be my first choice for bitcoin poker, as they have a mobile app for android and iPhones... Pretty neat.

Then of course there's seals with clubs. Site traffic is minimal, but with instant deposits and withdraws, I could see its popularity increasingly due to people getting fed up with merge/revolutions slow processing time.

Ps: sorry for derailing the thread earlier

Actually, it appears that every single person who bought bitcoins between June and August 2011 have seen their bitcoins decrease in value. It's certainly interesting how you discarded that data.

FYP

There's a difference between price and value. And many of those persons of which you speak increased their positions in Bitcoin during that period.

@Toker
The same could be said about Euros vs the dollar as well. What is your point?

Damn you missed the boat bro!

Has a ponzi sheem been useful before?

LOL

Thanks for bumping this, so much gold ITT

great opinion

better opinion

none of these people who were flaming bitcoins are going to post here right now, they are probably get very upset when they hear about bitcoins nowadays

Haha this topic is gold

Please see here for a list of some www.*************.com

Lol !!!

https://forumserver.twoplustwo.com/2...rogen-1689317/

.0001% chance? What was I on?

Wow this thread! Life tilt for anyone discrediting bitcoin here. Just have to invest a bit

the world simply had a runner runner runner runner runner to get here. standard bad beat.

LOL, sick bump, classic thread, what a few years its been.