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Yep, organized crime. I guess when you don't understand how the technology works, you just make stuff up. Anyways, back in developments on this technology.



A Tokyo-listed company is spending over $300 million to get into bitcoin mining

​
GMO Internet Group, based in Tokyo, normally does incredibly boring things like registering domain names and hosting web services. But it, too, has caught the bitcoin fever, one that some people think has created a bubble in valuations.

GMO announced today that it plans to spend more than $320 million to start mining bitcoin in the first half of next year. Some $10 million is available for bitcoin miners to accumulate each day, at the current bitcoin price of around $4,600. The firm says cryptocurrencies like bitcoin will evolve into “universal currencies” that will create a global “borderless economic zone.”

GMO plans to develop its own mining chips, claiming they will operate at an unprecedented degree of efficiency. If GMO successfully introduces the chips, it would trigger an arms race within the bitcoin mining industry. The proposed chips will use 7 nanometer nodes, which would be four times more energy efficient than the current industry standard 16 nm nodes. Because bitcoin mining is a competition, once 7 nm nodes are in use, all other miners will have to upgrade to stay in the game. “It’s clearly the next generation of miners,” said Diego Guiterrez, chief executive of RSK Labs, which develops software for miners.

GMO’s business model for its mining unit resembles that of established players in the field, such as China’s Bitmain. GMO plans to operate its own mines, rent them to others, and develop its own chips that it will sell packaged as mining rigs. It plans to locate its mine in northern Europe, presumably some place with cheap, excess electric power. It says it will invest more than 10% of its non-current assets, which stand at $320 million. Bitmain had no comment.


 
Smurf1976 said:
Cheap computers and cheap electricity to run them with is what makes it profitable in one place versus another.

As a business it has more in common with smelting metal, particularly aluminium or magnesium, than with any other conventional business. Cheap electricity is the key - hence why smelters are built where power is cheap not necessarily where the ore is mined (pure coincidence if both the ore and cheap power happen to be available in the same place). Labour cost is a far lesser consideration and it's the same with Bitcoin.
Click to expand...

People and organisation are only mining them because the price is so high.

It does mean it will be a currency of 'the future'.

This video is funny because it shows just how ridiculous it has become when someone showed me this video.

Do you accept bitcoin?

 
ASX boss was talking about "block chain" or "distributed ledger" type transactions on the ASX. Basically shortening the T2 waiting period for trade transactions to clear. December this year they plan to have made a decision on the tech. being viable. From about half way mark.

 
Wysiwyg said:
ASX boss was talking about "block chain" or "distributed ledger" type transactions on the ASX. Basically shortening the T2 waiting period for trade transactions to clear. December this year they plan to have made a decision on the tech. being viable. From about half way mark.

Click to expand...

As good and interesting as it is.

This is part of the problem. People see this and justify buying bitcoin.
The quote from steve jobs applies here
"Good artists copy great artists steal"

ASX might be using a similar technology or aspects to bitcoin. But bitcoin will not benefit from it and neither will anyone holding bitcoin. Infact if most things are updated to use the technology or benefit from it then bitcoin and alt coins will lose there supposed speed edge. Then the only edge would be the privacy/ encrypted part.

Which average Joe does not need. Only 'libertarians' or crooks.
 
DB008 said:
Yep, organized crime. I guess when you don't understand how the technology works, you just make stuff up. Anyways, back in developments on this technology.



A Tokyo-listed company is spending over $300 million to get into bitcoin mining

​
GMO Internet Group, based in Tokyo, normally does incredibly boring things like registering domain names and hosting web services. But it, too, has caught the bitcoin fever, one that some people think has created a bubble in valuations.

GMO announced today that it plans to spend more than $320 million to start mining bitcoin in the first half of next year. Some $10 million is available for bitcoin miners to accumulate each day, at the current bitcoin price of around $4,600. The firm says cryptocurrencies like bitcoin will evolve into “universal currencies” that will create a global “borderless economic zone.”

GMO plans to develop its own mining chips, claiming they will operate at an unprecedented degree of efficiency. If GMO successfully introduces the chips, it would trigger an arms race within the bitcoin mining industry. The proposed chips will use 7 nanometer nodes, which would be four times more energy efficient than the current industry standard 16 nm nodes. Because bitcoin mining is a competition, once 7 nm nodes are in use, all other miners will have to upgrade to stay in the game. “It’s clearly the next generation of miners,” said Diego Guiterrez, chief executive of RSK Labs, which develops software for miners.

GMO’s business model for its mining unit resembles that of established players in the field, such as China’s Bitmain. GMO plans to operate its own mines, rent them to others, and develop its own chips that it will sell packaged as mining rigs. It plans to locate its mine in northern Europe, presumably some place with cheap, excess electric power. It says it will invest more than 10% of its non-current assets, which stand at $320 million. Bitmain had no comment.


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https://au.investing.com/analysis/b...in-things-you-dont-fully-understand-200196428
  • What about (bitcoin)? Crypto currencies led by bitcoin are generating much interest. They and the block chain technology underpinning them seem to hold much promise but there is reason to be cautious. Lots of them are popping up, the ascent of bitcoin’s share price looks very bubbly (although its potential ramifications if it bursts are nowhere near as significant as the other bubbles shown on the chart) and regulators are starting to take a closer look. I also still struggle to fully understand how it works and one big lesson from the GFC is that if you don’t fully understand something you shouldn’t invest (who really understood CDOs? – obviously not many!)


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Bitcoin is just like the internet 20 years ago, people don't understand it, so the rubbish it.

This technology is here and it will not be going away. It may go up, it may go down, it will with a 100% certainty transform.

Cryptocurrency is the future.
 
I like this chart better.

BitcoinSep0617.jpg​


Is Bitcoin and Ether overpriced, possibly. Doesn't mean it is going away, even with a major crash.

Like l said previously, this is the next step in financial evolution.
 

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*CHINA IS SAID TO CALL FOR BITCOIN EXCHANGE HALT BY MONTH-END

well thats interesting considering where the volume is
 
There were double digit falls across the board yesterday, and double digit gains today.

If a few more BTC exchanges in China strategically announce closures, together, there could be another round of big falls - some fantastic buying opportunities. My opinion only.
 
Bitcoin back up to 5k AUD.
1k jump in the last 7 days.

China ban still ongoing issues. Looks like they want to regulate the Bitcoin market.

Ethereum is also getting ready for their Metropolis update. Ethereum is going after VISA. Currently they are limited to 7 transactions per seconds, trying to get to 1 million per second.

Interesting times we live in......
 
DB008 said:
Bitcoin back up to 5k AUD.
1k jump in the last 7 days.

China ban still ongoing issues. Looks like they want to regulate the Bitcoin market.

Ethereum is also getting ready for their Metropolis update. Ethereum is going after VISA. Currently they are limited to 7 transactions per seconds, trying to get to 1 million per second.


Interesting times we live in......
Click to expand...


https://www.coindesk.com/price/

The founder of the world's largest hedge fund he believes that there's a bubble in the bitcoin market.

Ray Dalio is the founder of Bridgewater Associates, which according to recent rankings is the biggest hedge fund by total assets under management. Per its website, Bridgewater manages around $160 billion in assets.

Dalio, who appeared on CNBC's Squawk Box this morning, said that he doesn't think bitcoin is "an effective storehold of wealth", comparing it unfavorably to gold.

He said in the interview:

"It's not an effective storehold of wealth because it has volatility to it, unlike gold. Bitcoin is a highly speculative market. Bitcoin is a bubble."

While he noted that bitcoin "could be a currency," Dalio argued that a mix of market speculation and the lack of broader adoption is getting in the way

"It’s a shame, it could be a currency. It could work, conceptually, but the amount of speculation that is going on and the lack of transactions [prevent it]," he said.

Dalio went on to add that the privacy aspects of bitcoin it difficult to accept as a currency as well, asserting “people won’t know what you’re doing."

His comments come as cryptocurrency markets recover from regulatory developments in China, which have seen officials there increasing their scrutiny in the exchange space, trigging a raft of closures and policy changes. At press time, the price of bitcoin is trading at roughly $3,984, per CoinDesk's Bitcoin Price Index (BPI).



The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


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