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Techius ago

kek so you're always making a loss, and you don't have any money. How hasn't Voat shut yet?

Chiefpacman ago

Revenue: 2017-05-22 – 2017-06-19 Store Revenue: $2,628.00 USD Expenses: 5/1/2017 – 5/31/2017 Hosting: $7,005.23 USD Monthly Misc: $200.00 USD Yearly Misc: $105.00 USD

Doesn't mention donations. I believe one donator alone gave $12k last month.

go1dfish ago

If Putt held that BTC it's worth closer to $15k now.

Chiefpacman ago

The BTC is rising? interesting..

I thought the Chinese miners were flooding the market too much with their massive state backed corps mining too ferociously? Is that a thing or was it resolved?

Off topic so feel free not to answer. Its just I was having a conversation about this recently. I'm uninformed on the subject nowadays, pretty sure the Chinese thing is or was happening at some point

go1dfish ago

The rate of bitcoin creation/mining is essentially fixed and cannot change no matter how many miners there are.

The flood of chinese miners just concentrates the newly minted bitcoin into chinese hands and chinese trading activity. It also concentrates the hashing power and decision making of the network there.

There is a big debate over how to scale bitcoin currently, and the outsized influence of the chinese miners is affecting that. Bitcoin touched $3k this month but is back to $2600 right now. The main effect of the scaling uncertainty right now seems to be to increase the value of alt-coins.

Chiefpacman ago

The rate of bitcoin creation/mining is essentially fixed and cannot change no matter how many miners there are.

You're blowing my mind. So if I were to start mining Bitcoins, I would take away from other miners productivity?

The main effect of the scaling uncertainty right now seems to be to increase the value of alt-coins.

I don't quite understand. Alt-coins, as in non-Chinese coins? Or just not BTC altogether?

go1dfish ago

You're blowing my mind. So if I were to start mining Bitcoins, I would take away from other miners productivity?

Yes mining functions like a lottery that is drawn roughly every 10 minutes. The cost of your raffle tickets is your hashing power (electricity) and the reward is the "Block Reward" that creates coins and any transaction fees included in the block your miner processes.

I don't quite understand. Alt-coins, as in non-Chinese coins? Or just not BTC altogether?

Alt-Coins as in other cryptocurrencies besides Bitcoin, Ethereum and Litecoin are the most well known. But there are hundreds: http://coinmarketcap.com/

Chiefpacman ago

Interesting information. Thank you