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Bitcoin Miner Review: The AvalonMiner 721 (Avalon 7) - Is ...
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State of the Bitcoin community.
This may be a long post but I wanted to get a few things off my chest. Some of you may not like what I'm saying but if that's the case at least take the time to discuss it rather than downvoting me. I think that's what communities on Reddit lack - discussion is how we progress and sometimes it feels like all Reddit does is downvote instead of actually talking up. Firstly - Bitcoin in the media. It's no big news that Bitcoin was synonymous with Silk Road and the Deep Web for a while. You couldn't have one without the other. This lead to a lot of negative press for Bitcoin itself. I think it was handled quiet well, we showed the majority of people that Bitcoin was useable in a mainstream setting but I don't think we did enough. How often do we see the good features of Bitcoins like:
Free / automatic fraud prevention. You can be sure that your payment won't be chargeback from fraudsters. *Very easy implementation with Coinbase and other merchants. Fees are very low compared to credit card processors.
Accept payments worldwide. Anyone who can download the client can make a payment.
Can be set up usually within 10 minutes.
How often do we see these features? I recently saw a sign in my local shop saying they couldn't accept credit card payments due to high fees. Imagine if they knew about Bitcoin, as long as they have a computer or even access to one they could attract a wider audience. I think we can do a lot more to give out a clearer message about Bitcoin. I think a lot of the fear comes from the fact that people don't understand it. If we spend more time educating then we can get a more positive image out there. Secondly - Miners, their profitability and other issues.
The next thing I'd like to bring up is the mining community. When people were using CPUs and GPUs to mine we all knew that there was very little chance of profit. BTC was no where near as popular as it is now and you could end up spending thousands on building a rig with hardly any chance of making profit - but people still did it for fun. It was a interesting concept how your computing time would make the network stronger and secure and in return you would be repaid in miner fees / generating blocks. Now it's all about profit. Yes, it's understandable that if you spend $5000 on a miner you want to make profit of it but people see it as a simple money in profit out scheme. That's now how you should see it. Your making an investement. If you look at ROI in terms of Bitcoin chances are you won't break even any time soon. This was the same with GPUs and it's the same with ASIC. However if you pay for something like a USB ASIC miner you shouldn't see it that way. You're paying a small amount for xGH/s (or MH/s) for a fraction of what it would actually cost you. When I brought my USB miner I spent about $20. If I were to buy that power with a GPU it'd cost me way more and even more to keep it running in terms of power costs. Another way of looking at it is if you were an early adopter. 50BTC rewards were nothing back in the day. If I hoarded all my coins and spend that 50BTC buying hardware it's not that bad because those 50BTC cost me nothing. Yes I could have sold it and gotten way more but if it means I'm securing hardware to mine even more coins to hoard then it could be very profitable. What if the hardware I brought mines me 25 coins now, I've done a good job imho.
Companies themselves have let us down with the exception of one or two. BFL fucked up. Avalon pretty much cheated the whole community. KNC Miner and ASICMiner are the only ones I know that kept the promises as close as they could. As an investor, investing in any of the miners with my USD wouldn't be very appealing to me. It's all shambles and I would prefer to invest my USD in buying BTC and holding it rather than buying mining software. To me it sounds like all the companies are interesting in selling during the gold rush. "During the gold rush, sell shovels." Which seems to apply to most of the companies these days.
Thirdly - exchanges and how they work.
A lot of people seem to give MTGox shit because of their processing time. What you have to understand is that whenever fiat is involved there are regulations. Bitcoin is still a touchy subject in the US. This makes it dangerous to anyone in govt. who doesn't understand it. Their system works though.
MTGox, BTC-e use something called an order book. Meaning BTC will only be worth what people are willing to pay for it. The highest bid price will raise the last price. Simple as that. It's good because it means they can't artificially raise the price..but it also means trading bots with the relevant APIs can change the price by making small orders. They take a small fee in BTC / USD which imho sounds fair.
LocalBitcoins is failing. People are charging premiums way above even Gox but only paying below Bitstamp to buy the coins. It's all about being greedy. LocalBitcoins used to be cheaper for a while but now it's just being ruined by greed. Unless travel costs are included, most people use just UK Bank Transfer which costs you NOTHING. You could charge a .10p fee each way, keep it at Bitstamp prices and easily attract more customers but people choose to be greedy.
Bitcoin for devs and merchants. I think a lot of work needs to be done for Bitcoin devs. Unlike other documentation, I found Bitcoin very hard to follow when it comes to dev. I understand the basics of coding and a few languages - not a much but enough to say make a web page or a automated program in C#. Imagine if you had Bitcoin dev dedicated websites like w3schools does for languages (I know w3 schools is a very bad benchmark but whatever). If more people understood how dev works then more people would attempt to get into it. I think a lot of work needs to be done within the BTC community itself before we even think of making it mainstream. Even if the last price reaches $1000 it's useless if people don't know as much as should do.
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