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Well said ;D

Great post.

It's just about you believing in crypto future or not. Huge profits are gone and now we'll see who is a trye crypto supporter :) Also a good time to buy cheap gpus :)

Then you had made a better deal buying the coins instead of mining them, your logic is not solid when it comes to business...

I was mining BTC at lost after the halving.

I can tell you, it was definitely not a lost after one year :)

But if you bought the coins instead of mining you'll have ~33% more coins...

But if everyone did so, the network would stop working, and the coins would be worth nothing...

i think that makes sense..

i think i've been doing that pretty much but on a small scale.. i try anyway lol
ocasionaly i get impulsive with some coin trading though when i should just sit tight and wait :(

this is a good message for the huge volume of guys who say well i don't care about Doge coin or what ever and mine it to dump it and brag about dem Lambo'z

A bear market always separates the men from the boys

No, it will come to an equilibrium.

the point is most people (e.g. me) bought into mining during a bubble phase of the market.  a subset of these people overpaid for equipment and/or bought their rigs on credit.  the people only expecting to get rich quick got burned because they didn't do the basic math. 

there continues to be a huge number of threads about how alts are dying, how mining is dying, and how people aren't breaking even.  the people that didn't plan far enough ahead are the rigs offered for fire-sale prices shortly before the rent check is due. 

looking at the day-to-day price of bitcoin etc. is an incredibly shortsighted way to look at mining as an investment strategy.  

I agree with you about holding, if holding bitcoin or litecoin (not that I agree it is smart, I agree that it is the only viable option in this situation.)

There are many differences though.
For example the guy you quoted probably bought gpus at scalped prices, assumed a good resale value, and got burned.
Gpu miners used to destroy bitcoin ascis (profit wise), sort of happy I put my gpu earnings into antminers, (but at this point not happy as i'm holding mining earnings until btc hits an amount I deem reasonable.)
Scrypt asics came out way faster and way cheaper than people thought.
A lot of people, myself included like having the option to sell some, keep some, or a have semi steady flow of supplemental income to use for fun, whatever.
Of course the altcoin and bitcoin issues.
Holding a coin at $1 to $35, takes either extreme balls or extreme greed (I commend you for that).  Most people (Myself included)  would never hold something until its value increases 35 times.  In fact if that was my aim for any bitcoin I ever bought or mined, i'd be down fuckloads at this point lol. 

 

I'm totally send a link to this topic to my brother :P
He's recently invested in a 4x280x rig and he already wanna sell it all because nothing is worth mining anymore(in his eyes)

There's always going to be 'crybabies' and naysayers. Most are just mad cryptos wern't the get rich quick scheme they imagined. I'm sure they'll regret not having a bit more patience someday.

This is mind blowing to me. These kinds of returns are just unheard of in the outside world. Do you have any coins that you are holding right now? When is your sell point? Just a couple examples would be appreciated. If you have a minute to respond that would be amazing. You look like you've been around awhile. You also seem to know what you are doing. Thanks!

Huge profits for the moment are really just gone for Bitcoin not for altcoins. It's possible for some altcoins to see x100 growth the new country coins for example they usually have explosive growth at the start while not really a sure determination of long term gain these so far have been good for short term return. But at the moment x100 really isn't even in the realm of possibility for bitcoin seeing as that would put its market cap at $600 billion.

The actual (Gox) low was $1.9998 you came within 2% of the correct number.   :D

+1

The OP is addressing the ones that already invested in mining rigs, I suppose.

With mining, as mentioned, you just pay to the power company. You can also pick low difficulty, adjust power usage, play around with rigs and hardware, etc... Buying coins requires other kind of skills and issues, dealing with crappy fiat -> btc gateways and exchanges, compete with day traders and bots. Mining is a mix of business and hobbyism.

If you are going for future payouts, then just buy the currencies on the market.  You are using fiat for power, so might as well just buy coins on the market.  Save your rigs for winter time when power might be free.

oh shush........miners selling for a loss is the main way I make profit without having to mine myself  ;D

If they sell for a loss it is in terms of their power cost.  It doesn't translate into profit for others.

Am I seriously the only one that mines for fun? I like to do it, and I really dont care if it is profitable now since im it for the long haul. If you are mining to turn around and sell now, you are doing it wrong bro. 8)

If there were no miners no one would ever be discussing this subject because it wouldn't exist.

I would've preferred to have obtained my coins via mining. I can imagine it's a more satisfying feeling.

If they sell at a loss it means its cheaper for someone to buy then to mine, so therefore subsiding my acquisition. Yes I still take a risk that the price will have to rise, but it becomes a relative less expensive risk then paying for mining equipment and electricity.

equally if there was no buyers this topic wouldn't exist, need 2 parts to the equation, supply and demand.

(though of course in an ideal crypto world, people could just mine and exchange the coins for goods and services etc but being honest we all know that not why the increased interest in cryptos over time, well on the most part).

+1 You explained the problematic very well!

Past performance is no guarantee of future returns. There is nothing between bitcoin and zero except hope and bravado.

Use of malicious negative trust to suppress free speech discredits the bitcoin community.

Yes even now, though I mostly dump on exchanges I do 90%+ of my buys privately.

Il say this flatout : Almost Every person that has joined in 2014 on this forum are fucking scumbags, with no knowledge at all, no attempt to gain knowledge either and lastly, these are the same fucks that are trying to bring about "change". Ridiculous. Also im glad its harsh times right now, it was too easy before.

The subject title says all I need to know about OP.

lol says mr registered dec 2013  ::)

let me explain, when i got into this was roughly end of october, end of november this shit picked up and then influx of new miners happened (2014). I have never really said anything back then because it was enjoyable to visit. now its a cesspool and the amount of newbies just talking shit is getting nerve racking.

The darkpool sounds sexy.

Feels like someone else is posting on behalf of BCX for the last 2-3 days. Where is the real slim shady?  8)
Kidding aside, thank you for this piece of history. It is great to read about some of the past events.
Much appreciated.

+ millionz

Few weeks ago I've completely changed my approach to mining.
I realised, that I have machine for making cheap bitcoins (according to my electricity costs 1 BTC = 360$ now) that I'm investing in some PoS coins.

Now feel like investor  8) Not like kid that is gaining pocket-money  :D

This time will weed out all those greedy miners who thought they would make tons of money with mining. Profits have definitely reduced over the time but I will continue mining till electricity costs even out. I was mining LTC when it was $1 and then it shot to $50. So its all about speculation and not risking what you can't afford.

I found it very comforting to read the posts from people who experienced early crashes and witnessed bitcoin going down to 1/20 of it's peak value, then going back up again.

Ah, but is the alt coin market the same now as it was back then when these experts got into ltc and btc?
If not, what are the differences? Would there happen to be more shitcoins flooded the market now?

You might consider getting together with Spoetnik and muddafudda and starting an IED self help group. (emphasis added)

This is a good point, mining is rarely profitable at the time of the mining.  It implicitly involves speculation, just in a different form, consider it a premium for getting "virgin" coins.

I know coinmarketcap had about 30 alts before christmas and 200+ now. Nevertheless, an older member here remembered an earlier time from a year or two ago when the market was being flooded with shit coins. Not many of them seem to have survived, and maybe most of the current ones will die soon enough.

Buying with fiat is no less speculative. Lets generalize and say that everything about virtually all economic activity with crypto-currencies is speculative right now.

I`m usually crying about something but never about mining catcoin :D

Its true, when people started mining bitcoins they were not doing it to get rich.  Doing what everyone else is doing will never make you rich, if that logic was true we would all be eating fancy feast 3x daily with a side of liver! Yum!!!!

http://www.catster.com/files/cat-not-eating.jpg

Posted From bitcointalk.org Android App

i got a mouthy comment from some dick about selling some Bitcoin on BTC-E's troll box a couple weeks ago roughly..
The guy gave me a matter fact speech about, well don't invest money your not in a position to lose
and fair enough he is right but i was insulted he assumed i was an idiot lol

I had told guys on that chat box when they post their usual dumb theories such things as huge mining operations
have no choice but to dump some coins by the end of the month to "pay bills" as i said i was doing and that they'
have to do this to pay back money they borrowed to setup the massive operations and to pay staff and electrical bills etc
AND that when the troll box idiots start spouting off wild conspiracy theories about Whales playing the market with some clever strategy
it may in fact be some big mining operation like i just said that has some bills to pay.. such as some big mining operations in Washington State USA or in China etc
or even some big holders who simply want out of the scene like Mark Krapelles or famous rich guy investor Richard Branson.

People in the scene especially on Troll box's bark out the most utterly ridiculous matter of fact bullshit that it agitates me like nails on a chalk board
they are so simple minded, blind, naive and gullible it blows me away.. they just get a random thought in their head and assume a ton of shit then jam it down
everyone's throat that will listen OR just out right lie nonstop to pump up popularity for the coin their stuck holding a bag in..
Troll-box geniuses lol

Anyway i told that mouth idiot on BTC-E's troll box.. spare me the investment lecture i never invested one cent ever..
i have made many thousands thank you so kiss my ass pretty much lol
So needing or wanting to cash out doesn't mean <insert assumptions>

edit:
I was told by a person that wanted to know about this stuff that had didn't give flying fuck about any currency stuff..
he wanted to get rich quick.
i have not talked to him since.. I'm in crypto because i believe in it.. contrary to the guy saying to me literally fuck that shit i don't care he said.
i was rather disgusted when he said that.. we don't need greedy assholes like that ..be we got over run with them not long ago :(
that was when bitcoin was last at $900 and i gave him 1 BTC to get started.. it ended a friendship pretty much.

Does this mean I'm going to get rich from hoarding my Corgicoins?

If we look at our history,  Cats and dogs always win the technology battle.

Wow, I was fully expecting an inflammatory post, ridiculing alt coin miners...but I couldn't agree more.  I keep telling people,  you're going to have to do some work and actually think about what you mine instead of just pointing your rigs at whatever is turning a profit at that exact moment.  That is unsustainable, and is exactly why the bottom of the market has fallen out.  Gotta look at the big picture, or you might as well pack it up, cause you're going to be very disappointed. 

The people stuck with GPUs constantly kill any "golden goose" that comes along, about the only chance to make anything that lasts is probably to make it useless for GPU miners so they can stick to killing off all the GPU coins leaving the ASIC ones to thrive and prosper without all those idiots constantly running around making the entire panoply of GPU coins look silly and pathetic.

-MarkM-

BCX, because I strongly believe that the next bitcoin bubble will occur this summer, I have postponed adding capacity to my GPU mining rigs - even though used equipment that meets my needs is now available for half the my cost two months ago. Rather, I have been buying coins at my local Robocoin ATM when I have the fiat cash, and also retaining the bitcoin profit that I get from leasing out my rigs. My plan is to spend coin when prices are some multiple of where they are now. Even if all the great deals vanish on Ebay, Craigslist, Amazon, etc., I still come out way ahead buying hardware during the bubble than at other times.

Your thoughts?

When and where did bitcoin hit $36.00 per coin in June 2011? I was around and didn't see that price anywhere. lolz  ;D ;D ;D

check the historical charts to see what u missed

So, BCX, what are you mining?

afaik he mines most profitable coins. other than that he holds more than 5000 BTC, so he plays the markets...

This is literally what is wrong with people lately, they check sites like coinwarz etc on what to mine. The hivemind moves together and starts mining x coin and when they do that difficulty raises and profitability falls and they switch to the next only to do the same thing.

Mining isn't about a fast cashout, it's about speculation, holding your shares and choosing the right coin to exchange it into.

I mined on a laptop from november-december and made 2.9 btc profit back then, by mining on low difficulty coins that I thought would rise later on, some did, most didn't.

These multipools and gpu farms + the recent asic scrypt miners have ruined that part of the game. Now it's just trading that is left, or holding for a longer time and making a profit when value changes over a bigger amount of time.

dude stfu and go mine on a multipool (emphasis added)

+4

Another "back to reality" post. Thank you, BCX

5000 BTC? Where did you hear that?
That's a stupid amount of money.

there are guys that hold 100k

5k is nothing

Isn't there only 1 account with over 100k BTC?

Either way, 5k is 2.2 million dollars so it's far from "nothing".

I read somewhere that uncle sam is the biggest bitcoin holder out there since the FBI confiscated all the silk road bitcoins. I cannot remember the exact figures but it would not surprise me if the account with over 100k BTC was the FBI one. Someone on here said the FBI sold them, but I never heard about anything like that on the news, so I'm not sure what they did with them.

It's one address. You can have multiple addresses like 100  , each holding 100 coins . :)

They might have the most on one specific address, but they don't hold the most.

Yeah, mining “sucks” right now. But anyone that understands this scene or has done a little research knows that the waves come and go (just like a nice relaxing beach…uh, minus the relaxing…). I do want to make one point, it isn’t always possible to buy an alt (or at least enough of them) since a lot of people hold on to a bunch of coins in the hope of catching the next spike. And frankly, this applies to most of the altcoins.

Uncle Sam is the biggest bitcoin holder IF "Satoshi" was a group of NSA programmers.

I made 10k in altcoins these last two months ... knowing how to play the game children  ;D