Bitcoin Forum

Hi guys.
Sorry for English.
In past 9 month i invest about 100000$ in crypto.
I bought GPUs and ASICs about 40,000$. in this time my devices worth less than 15000$. and after bitcoin crash i lost my incomes.
Preorder scrypt asics for 20000$ which i don't know thats will deliver to me or just an scam.
And i tried trade the rest of my money in markets and i lost huge money.
In this time i have only 12btc and my rigs and a preorder device! my daily income from rigs is about 0.04 btc!!
Can someone give me rules and advice? i need my money back :-[

Sorry for your loss!
Asking for advice after you've already thrown the money out the window won't bring your money back - you should have asked before, most folks here would probably have told you to be cautious as ROI is likely to be low or negative.
I'm afraid I can't give you well-founded advice as I know too little about how to mine economically. My gut feeling would be to try to sell the hardware for a reasonable price to reduce losses, and stop mining. A few months ago I would probably have suggested to look out for profitable alt coins, switching between them to maximize profit, but I fear that time is over.

Onkel Paul

Well, you can try to post your story here https://bitcointalk.org/index.php?topic=723463.0

You might be lucky enough and be chosen as the winner of 100 BTC

Your username is fitting. I lost money in mining too, though it had more to do with technicalities and unfortunate luck than bad preorders and whatnot. I think you'd be wise to start a BTC-related business or something or other and hold onto your coins. 12 BTC isn't ton, but it's more than nothing.

Im Broke as hell too, new to  BTC, 0.0 BTC  :'(

I hope this doesn't turn into a begging thread. I guess that's the risk with investing in such a new technology, but you should've know the risks with investing: Never invest more than you can afford to lose. I don't know how you could recoup that money and it's probably not possible, but can you not sell the equipment to some miners of alt coins or something?

Sorry for your loss. I guess you have forgotten to consider difficulty rise before buying the miners...
Which company did you buy the preorder scrypt asics from?

1. That 100 BTC giveaway is clearly too good to be true.
2. That guy hasn't proved he has the bitcoin. He only posted an address, but didn't sign a message with it to prove he has the private key.

In short, don't waste your time on that fake giveaway.

I'll be rude:
forget your money, they are gone
stop mining now

It's the only way to avoid wasting more money

Remember: don't invest in bitcoin what you can't afford to lose

Op, have you got any bitcoins at all? Maybe if you have or can get some hold them for a few years and you never know you might be able to recoup your money back. Good luck whatever happens.


It is quite clearly a scam by a troll. Look at his feedback.

A fool and his money are soon parted.

Damn, it's really a lot of money.
i feel sorry about your broke :'(
Maybe you should sell your old rigs. IMHO your old rigs should be worthless now, I guess your old rigs just have little hash power, and consume a lot of electricity.

Sad story, but there are plenty of people who were burned by crypto trading and investments.

Is 0.04 BTC per day your revenue or profit ? If it is profit and you are from a developing nation, then your income is quite good. Contrary to other people's advices I'll advise u to keep mining with your existing setup. But dont invest anymore into mining. Try to sell your mining knowledge in the service section of this forum. Mining is still a paradox to a lot of people including me. U can make a good amount by giving proper advice. Invest in bitcoin startups rather than mining.

In future dont bother with mining just buy BTC and hold for a few years.  Nobody has ever lost money buying and holding bitcoin for over 1 year.  

Sell your mining equipment only buy mining equip right after a bubble not on the verge of one.

He has bad feedback because people believe it's a scam/troll. He doesn't have bad feedback because he has done something wrong in the past.

It's like the people who request loans when they're too new and then get with bad feedback from someone as a warning to other members. Then, even later on when they want to do business, people aren't comfortable "because of the bad feedback," which really isn't bad feedback at all - just a member warning other members to be cautious because at some point that member was new.

Of course, it still likely is a troll.

Not saying for sure this would work but maybe if the Asic is shipped to you then you could start a group buy but this would need to be very well thought out and put together beforehand and you should expect alot of scrutiny but it  could be a good way to get some of your initial investment funds back.

Maybe if you invested all that money directly in bitcoins instead of in mining equipment you would have earned some money,
don't do the same error in the future...

I am really sorry to hear about your loss but as with everyone else the same goes unfortunately once you lose bitcoins they are lost forever. You can always find ways to start back up again but making what you had could take a while. I would ensure you have done thorough research before jumping in again though to avoid the same problems again.

Sadly your pre-orders might be gone depending on companies.  What companies are they in?

On GPU sadly the days for most gpu day's are gone.  Sell the GPU's and recoup some of the money.

What Asics do you have 0.04 from 15k worth of gear sounds way to low?

recouping your money through mining at this point is probably not going to happen. i suspect this has happened to a lot of miners and altcoin investors. sad times. :'(

you can probably sell it for a bit of profit on ebay, depending on what it is?  :)

Sorry for your loss!

I can´t give you a good advice. Most of the time the best stategy to get more fiat is to buy BTC and hold.

You need FIAT first to get BTC thats why adoption is stuck.

i'sorry to hear that story, maybe this is become an experience, so if we will getting mining, we will be carefull

Should not risk what you can not afford to lose. Most people here probably don't even have access to the amount of money you spent on miners.

I don't believe you invested $100,000 into mining equipment withotu doing adequate research on difficulty and coin prices. If you did, wow. Just wow. I am sorry for your loss.

Can you go into what you "rigs" are its just hard to believe even if gear went down to 15k in today's market that it is only bringing .04 BTC per day.   Is it Scrypt, or BTC?

maybe next time you must be carefull if you want to mining
i am also a newbie in mining bitcoin, maybe this is a useful experince, if i want to mining BTC
hopefully ...

Maybe you can try to cancel your rig's pre-order and explain the situation. If they are not scams think you have some chance.

About the rest, you can wait to see if we see the moon or at least some rise so you can seel for more, or wait. The 40mBTC you get by day are not bad, and might be a good extra income, if you don't spend more with power.

He put GPU and ASIC on the same sentence, so he is probably mining alt coin.

And most alt coin miners lose a great deal of money.

At one point miners were a good investment. Unfortunately this time has more or less passed as the cost to buy a miner per the amount a miner will mine is too high.  

Well put your hardware up for sale, and recoop some of your losses.

Then try to ask for advice first and invest in the right equipment, next time. We all take risks, and in most cases we fail, but we learn through those mistakes.

Begging for someone to bail you out, for mistakes, you have done, will not help your cause. But if there are no other way, try reddit, they seem to be more willing to help.  ;)

Sorry for your loss, buddy.
But what is done is done. Forget about those money. It's not the end of the world. It's tough and it won't be easy to get out of the mess. Maybe the cryptocurrency industry is not your best choice. Thought of something different?

And yes, definitely try to get rid of the mining equipment. You won't get back all of your investment, but at least it's a start to help you get back on your feet again.

Sell the GPUs NOW!!!!   The next generation of cards from AMD is about to start rolling out and nVidia will start putting out the rest of their Maxwell lineup.  That will make the current power hungry cards worthless to miners.  Sell the cards now while gamers might actually buy them.

That sucks dude, if I were you I'd sell your rig and cancel the preorder asap (assuming you can still get a refund). The sooner you do that, the sooner you'll be able to reinvest your money back into btc.

You should sell all your mining hardware as soon as possible and investing all the remaining money into bitcoins directly.
At the moment the price is low and probably if you hold your coins without trying to play the market you will be rich again in a year or two.

If he purchased pre order Hashfast rigs and Alpha Technology scrypt miners then I believe he has losses. Research on difficulty and coin prices will not tell you weather a company will scam you. My advice to all is not to purchase pre order. Only buy what is in stock. Seems like the Antminer S3 is what most people are ordering now.

You could continue mining Monero with your GPUs, check out http://monero.cc/

As for the ASICs, just keep them running and hope that eventually Bitcoin will rise to higher levels (it will).

You appear to have gotten in right around the December peak.

I would advise you to sell any GPUs. Consider culling (or undervolting) less efficient ASICs as well.

I also agree with the advice to say no to pre-orders.

For Bitcoin, buying and holding tends to be more profitable than playing the market. I don't know how many more spectacular rises in price we will see though.

I would sell your rigs, and try to invest in something else.

Your 12btc is worth just $6100 now, and you estimate your devices worth about $15000 now.
So in the optimal situation, for getting refund for your pre-order and selling your devices now at market price, you will still have a loss of about 60%. :(
Ouch, that is a really bad loss. I am very sorry to hear that.

I'd keep some BTC for long term. To sell at loss is maybe not the best idea, just if there is no other way.  Also join a signature campaign, you can earn some more  :)

Don't get me wrong. I was not suggesting him to sell the bitcoin (but only his existing miners), especially after the price drop today.
I was just doing a rough calculation on how much he has lost from the investment, and it turns out to be really bad.

What scrypt ASIC did you preorder? Even if it hasn't shipped, someone would probably buy it from you here or on Litecointalk. Although that might be at a loss to you, considering LTC's price drop of the last few days.

100k - nice amount. seems that you have enough money.

just hold 1 BTC and in 5 years you have 100k again  ;)

Damn that really does suck man I'm sorry for your loss. I hope the best for you.

If u did research before you made your purchases, you would know what everyone is saying: dont invest more than you can loose..

I would sell everything you have in hardware if i were you, and also try to sell your preordered device , there are people that are willing to buy preorders too.
The only thing that i would keep is what you have in BTC.

In the end, if u had 100k to spend, its not like you will end up homeless or something, just try to make better decisions in the future, market is brutal, and you are not the only one who suffered a loss of that kind.

The loss is there already. There is no way you can exchange the miners and bitcoin back to your $100000.
I can only suggest you to cut the loss and learn the lesson.
You shouldn't buy the pre-orders, nor invest that much of money when you are unclear how much bitcoin you can get from mining.

100K? You must be mad right to be able to risk that much money into crypto.

anybody can help me with some btc?
i really fucked up! Flowerthechnology scammed me. i preorder 20000$ scrypt asic from this company.

I'm wondering - would you have donated to the community had your gamble paid off and you made money?

Sometimes you lose...   :-\

Youre broke and youre stupid.

You still have 12BTC, that is more than 70% of people here, so you can stop complaining. I don't recommend you to invest anymore, because with 100k$ you should make a lot of money cause I only invested 1k€ in gpu rig 9 months ago but got back this 1k€ and still have more than 3.5BTC and rig which I am using now for gaming.

Don't forget the first rules of investor: Don't invest more of that you can lose. If you have invested all of your income, you're irresponsible.

You can sell your stuff for cash?

I dont think that person had 100 btc  :)

And providing a balance to show for that can be done with a block chain link.

How did you pay that $20000?
If you pay with Paypal, you should file a dispute. A number of victims reported they got the refund in https://litecointalk.org/index.php?topic=7930.2925.
If you pay with wire transfer, you should contact your bank.

Providing a link to an address with 100 btc doesn't prove the address is controlled by the poster. What he need to do is to sign a message with an address with 100 btc, which can be done easily with any wallet client.

you broke? i give you some buttcoin.  ::)