Bitcoin Forum

No joke, this guy just sold a 30 GH/s Little Single, and it got bid up to $4000!

http://www.ebay.com/itm/321253195827?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1438.l2649

On a scale from 1 to WFT?!?

WTF.f.f.f.f.f.

Answer: People on Ebay are crazy. I should sell my 20gh jally on Ebay for $4,000.

Answer 2: There's a dearth of mining gear, maybe it's because everyone cancelled their orders when difficulty was going up 50% a week or so. That and several big mining things kind of failed to launch.

But really, it's #1: People are fucking nuts. Always have been

Edit. A 30gh unit mining as of Nov 1 on Genesis block will make a little over a thousand worth of bitcoin. That. is. literally. it.

So people are more than nuts, they're crazy.

Yep, the price on ready-to-ship miners are something.  one thing the most sellers don't understand is that getting their money back by selling it to other people can be a smart move but when the BFL miners smoked or burned or break within the 45 days period, the buyer will get their money back via charge back, while the seller could have gotten some BItcoin to reduce the loss in meantime

There's a sucker born every minute. Most of the world out there has no idea how to calculate how much money they're (not) going to make with mining hardware. Even the informed people on this forum struggle with it.

much of the confusion involves :
1) BTC to USD(fiat)

2) the lack of  understanding that " if you had purchased BTC and held it you would have made more money". means absolutely nothing in calculations
 
3)all calculations are  worthless  beyond 3 diff adjustments.

4) you need a basic understanding of your country's tax and accounting laws to determine profit.


 As for 1000 usd for a little single.  

 if I have 90 am sticks I have 30gh
 3 am sticks  sell for 125 on ebay
 so if I sell 30 of my sticks I get 1250.  90 sticks = 3750 but I want to do this fast so

    if I sell the hubs I was using I get 9x 50 if they were 10 port hubs= 450  that is 1700 shipping and fees vary but less then 300  so I net 1400  

pay 1000 for the ls   I have 400 in pocket  I burn less power to run the ls    .    I tell myself don't be greedy and sell 3 sticks for 100 I have the best price on ebay by far..  30 sales of 3 will happen in 2 or 3 days.  gross funds are 30 x 100.   after fees of 5 to ship and 7 for paypal/ebay  I net 88 a  sale or 30 x 88 = 2640

and I then sell the 10 hubs for 40 each as used .  that is 400   after fees about 320  2640+ 320 = 2960  buy the LS for 1000 get ebay rebates of at least 40 bucks   so 960  2960-960 = 2000 net!!  

same hash power.   and 2 k richer!!     plus the LS uses less wires.  and a little less power.


so for me the owner of a 90 stick usb farm the 1k price makes sense.  and just think if I purchased the sticks at the low of 7 usd each.  those 90 sticks may have been as little as 630 usd.

This is why the game has deep complex moves for money gain and loss. 

  A 630 usd investment  could have been made and turned into 2k usd and a LS. 

For the same reason a 250 red fury makes sense. 6 am sticks and a hub go for about 300 .  I get 2.5gh instead of 2gh some cash in hand and less hubs and sticks to deal with.

In Bitcoinland we have a saying... "A bird in the hand is worth four in the bush!"  ;D

On ebay you're competing with people used to getting a 5% (20 year) return on their savings!

By the way, I know people like to jump on BFL a bit, but other miners explode and catch fire as well. Maybe it was their cool marketing, or super success in the FPGA world, but no vendor is a true commodity in the mining world. All this stuff is experimental.

As for ship dates, the forum is full of stuff that never shipped at all.

That said, buying a used 30 or 60 is a bit tricky: If they've been modded you lose any warranty, and they do blow up esp if modded. Jallies seem to be indestructable, but they are underpowered (and I'm doing my best to turn one into a fusion reactor)

C

You mean 3% with that income taxed right?

Works out to be about 34 years.

If there is one thing I learned working the dot.com bubble in 2000, it was that it's not possible to lose money on every sale and expect to make it up in volume.

*sigh* I think this may be the secret of what makes rich people rich: People move in dumb herds, and if the herd is grazing on that chunk of grass it's better to be over here eating this chunk that no one knows about because everyone's "following the herd".

Unfortunately this means you have to pass on a lot of things: When I was lending on prosper.com (good lord, the site prospers.org is amazing about this) we would watch as loans got bid well below where any reasonable person could expect to make a profit. Of course all of those people took massive losses when everyone defaulted on their loans. Me, I made a profit of 50 cents on 1,200 invested and felt *exceptionally* smart.

Issue there is the same as mining: The herd is swinging in that direction so you have to look elsewhere. In fact time spent bitching about mining is time not spent finding the next best thing.

Tough lesson.

It's not the prices that are scary , it's people who are actually buying.
But , those crazy people who have no clue about mining are also buying bitcoins and driving the price up.
So...
LET THERE BE SUCKERS!!!!

know the famous quote
"in the gold rush the most profiting were those who sold shovels"

now you can even resell your used shovels and profit...

I am not sure but I wish I had bought more usb miners when I started out, they are final making ROI.

What if you had bought bitcoins with those money?