Bitcoin Forum

Still have not pulled the trigger yet on an SC single (I can't until the end of Oct anyways financially speaking). I find myself in constant battle with myself. All the while trying to take in as much information as I can about bitcoin. I am constantly asking myself, "Should I, or shouldnt I buy one? Will one even cut it?" But the fact remains even buying 10 would still need to pay themselves off. Ten isn't going to make that happen any quicker than 1. Your volume goes up, but so does the investment.

So far Ive come to this conclusion. I would be much more upset at myself if I didn't buy one, and they proved to have a semi decent return (even if it took 2 years to pay for itself). Rather than if bought one, and it was a total bust. A crappy investment I can deal with. Kicking myself on a daily basis screaming "Why didn't I get involved!" would be much worse to me.

Another way I justify it is looking at it like pre-paying some of my current monthly expenses. Whatever it returns I will just put towards regular monthly bills. I dont look at it as a way to go out and buy a Ferrari in 6 months, but Im sure a lot of uneducated newcomers think that way. I also believe profitable mining is something that should be worked up too, rather than getting involved because you want to make a quick buck. When I first found out about all this, I was eager to jump the gun. I was convinced I would be a rich man buying a Jalapeno hahaha. But of course, thats not the case.

In the past 3 weeks, I have lived and breathed bitcoin. Learning as much as I can, but also being very cafeful with all the information I interpret. Ive proven to myself what I believe to be the true, isn't always fact. An example being my misconception of the Jalapeno on day 1. Since then, I believe to have a pretty good grasp on the concept of bitcoin. I've gone over flow charts history, read about its ups and downs, learning some technical aspects, understand security, and much more. But I also feel I have barely grazed the surface. Sill much is needed to be learned, but I love doing so.

Currently all signs point to yes, for buying a SC Single (or some ASIC anyways). I'm want to be apart of this world more than anything, and mining seems like the part I want to be involved with the most. I love the exchange, and have played around with it a little. Mainly with Litecoin to Bitcoin - just back and forth. I've seen how the market is very very volatile. Currently I dont believe anyone truely knows what the market will bring with absolute certainty, but some sure think they do :). We can all follow trends, but that can be a crap shoot as well. Whatever the case my be, I love all of this. Im getting very close to pulling that SC trigger. To be honest, if I had the money this second I would buy one :). Sorta glad I don't though. It allows me to continue learning without making any drastic decisions. While I understand the people who are the first to get them will yield the highest returns, I've already missed that ship. Nothing I can do there. But ultimately to me its about growth, rather than quick returns. I'm in this for the long haul. I don't look at this as big fast money one bit. I believe the people that do will be in for a big surprise once they get started. As I stated above, mining is something that will grow with the individual over time. At least thats what I think anyways. But hell... WHAT DO I KNOW!!? :)

Anyways, I just wanted to share :) Ill hopefully be joining you miners at some point. I suppose I already am mining, but its slllloooowwww.. 500 m/hash doesnt get you very far hahaha. One things for certain though.. It sure does heat up my apartment! May turn off my propane this winter, and just mine for heat hahahaha.

Thanks for reading :)

-Ryan

Do what you've gotta do. All I can say is good luck ;)

Ill need a lot of it! hahhaa thanks! :D

btw your sig isnt valid for the bfl contest, can't have anything else in it..

just an fyi

Oh thanks! I missed that oin their forums. Will fix it now :)

what contest ?

edit: found the post of the bfl forum :)

From your post,I'd say,your not going to do it.

You seem reluctant,so I would take that as your answer.

If your gonna do something,you have got to have a "gut feeling" & I did not feel that in your post,IMHO.

Best of luck either way  ;)

I bought 4 Jalapeno's the first day ASAP,no thought given,my "gut feeling" tells me "this is gonna be big".I truely believe that  ;D

I'm hoping to have as close to 250 gh by feb as possible,BTW,I'm unemployed too  :P Thats "gut feeling"  :D

I purchased one single... thought about it more and purchased 2 more. Thought about it MORE and am now thinking about the mini-rig as well. I've only mined a few btc until this point. I'm not convinced they will pay themselves off in a year, but even if they don't it's still an asset that can be resold. It just has to pay off more than it depreciates to break even.

keep reading and studying, if you don't have the money for 3 weeks or so... why make a decision today? :)
The ASIC landscape is changing quickly
3 weeks in Bitcoinworld is a very long time :)
Good luck whichever way you decide :)
Graet

This is the kicker.  I used to think bitcoin was weird and seemed like too big a risk.  Had I got involved when I first heard about it a couple years ago...paying for an ASIC would be small potatoes.  But alas, I didn't get in until this summer and now I'm trying to pay off a fpga single before the reward half (I likely won't and I will have to upgrade it to the ASIC).  Right now is probably the best opportunity to get involved, same as the first CPU > GPU and GPU > FPGA gaps.  Do it.

I do appreciate everyone's comments!

The journey continues! :)

I know this is a little off topic, but it makes me happy when I see a great guy like Graet supporting Tom over at btcfpga and helps validate my decision to leave the lionshare of my investment with Tom (though I still have some over at BFL).

I was seriously considering going with bASIC instead. I like the way Tom operates. The only reason I jumped on the BFL band wagon was because it was the first ASIC I heard about. Being I cant order just yet, I do have time to figure out which direction i will take. :)

I would still do bASIC.  There are a LOT less preorders for it, and they just announced it's 54GH for the money instead of 27GH on 9/28.  Most people have already invested all they can in BFL now, so sales are a lot slower.  With BFL, you'll have TONS of people in front of you at this point.  The bASIC01 is the same value ($/GH) as the SC Minirig.

BFL ftw, time is a factor in this industry the longer you take to pull the trigger
the less money you will make.

I hear ya. But I can't do anything about it until I have the funds in hand anyways :)

I did order a Jalapeno a few weeks ago though. At least I will have SOMETHING by the end of the year hahaha. But I don't think it will be much different than what a CPU hashes right now by the time I get it :)

You gotta be in it to win it!  ;D