Bitcoin Forum

I would like to spend 1BTC in GHS and I've noticed that on bit-mining the Ghs/BTC rate is 0.025 instead of 0.034 of CEX. I'm oriented on bit-mining due the lower price... Am i wrong?

What should i care about? Fees? Difficulty rate?

Any help will be greatly appreciated  :)

Anything came after cex.io same like cex.io in pattern, are due to popularity gain by cex.io. Means they are jealous with cex.io popularity and may be can't afford the load which cex.io can bear as they designed it first and remain first in all things.

If anyone stand in front of cex.io in same format , i prefer cex.io as they are original idea not just clone due to popularity.

You will be losing money on either proposition.  There's no point worrying about numbers.

The only way to make money at CEX.IO is buying low and selling it at a higher price (assuming it goes higher).

If you enjoy playing on the websites nobody should do anything to discourage that, but understand that you will be pissing away your 1BTC.

Best choice would be to buy 1 BTC and hold it.  If you want to flip stuff, practice flipping on an exchange.

How can i provide that? Does something real could influence the trend?

Just go ahead and destroy the private key for the wallet that holds your 1BTC. Print it out and set it on fire to make things more entertaining.

This will undoubtedly be just as effective as "mining" at cex.io (or any of the same ilk).

A bunch of idiots will no doubt proceed to assault me for daring to point out the realities of "mining" at cex.io, but those people are, as I said, idiots. And I bet every single one of them has a fucking cex.io referral link in their signature.

Not sure what you're asking.  When you buy 10GH/s for 0.34BTC and then sell it for 0.38BTC you make 10x0.04BTC = 0.4BTC (plus any mining revenue).

The reason everybody isn't doing this is because the price should be continually heading down.  The only reason for it to go up is uninformed new buyers... so basically you make profit at the expense of, for a lack of a better term, stupid noobs.

Actually, I'm starting to come around on this cex.io idea. I mean, there are so many blithering idiots roaming around this forum with money to burn (and burn it will) that it shouldn't actually be that hard to fleece one or two or ten of them. They're coming out of the woodwork! Everywhere you look on this forum, you find utter morons who think that this is a good idea!

/strokes beard and contemplates world domination.

CEX hash is overpriced. You are better of investing in bit-mining instead...

Well said.

Don't expect to get your investment back, if you invest in those cloud mining sites.
FYR: built-in profit calculator on cex.io: https://cex.io/

Bit-mining.io doesn't exist?

bwahahahaha!

so true, im 7 days into the BTC, mining and CEX.io game and i have flipped for profit like 90% of the time. granted being a noob myselt i havent worked my way up to 10GHS but between trading and selling GHS to newer noobs (its a noob eat noob world out there these days) i have gone from an initial 0.25GHS that i bought via ebay to get the ball rolling up to most recently 8.4GHS though now back down to 1.13GHS as i offloaded more GHS. its a nice little rinse and repeat. the only reason im not over 10GHS by now is i have ported some profits into my bank to help clear my overdraft left over from the xmas hit and having to buy tax for my car, also bought a couple goodies for the car on ebay yesterday, maybe also today as my virwox deposit limit is maxxed for the time being and no one here will sell me BTC for paypal so i may as well spend whats in my paypal now as there will probably be more following it tomorrow, or the next day, etc. going to have to re-up my GHS soon though.. 1.13GHS wouldnt pull you out of a wet paper bag..

cex.io i found easy to use not sure if the profits are the most ,

Easy and if your starting new might help :D

yea if you play the game right cex.io can be fairly lucrative at the minute.. if i didnt dip into my profits to help pay down an overdraft on my bank account id have around 1BTC or the equivalent GHS. not bad for like a week in the game.

save your bitcoin , services like these aren't profitable.

depends how you play it  :)

though with paypal starting to ban anyone making purchases associated with bitcoins it may just go that way. if/when things are at that point i may pull out of cex.io and look for ways to make more BTC elsewhere.

One thing I really love is the comparison that when you sell GH/s for more than you paid but everything is fine when you sell your BTC for more than you paid.

Trading is trading, be it GH/s, BTC, fiat, or whatever. The purchaser is almost always the loser in the deal, but people only pay what they believe it is worth. Every new car drops by 1/3 of the price the moment you purchase, yet people still buy them.

Cex.io is not a normal mining platform, it is primarily a trading one. Do not expect to invest your bitcoin, sit back, and watch the money roll in. You will need to do some trading, if only to minimize your losses when the market drops as it has been in recent days.

You can make a profit, but it is easier to make a loss.

cex.io isn't even a "normal" trading platform because you cannot sell short.

So you can only buy long in a market with a constantly declining underlying.  Sure some will call themselves trading gurus and flip GH/s, especially if they have theories of market manipulation by cex.io to prop up the price (for a more gradual decline with plateaus rather than nose dive to true market value). 

But you are trading a crooked market and can only take the disadvantage side.  If it was a normal market you could sell short. 

Don't know what to say... You got 1 BTC means : you're already there ! Keep them.

Joining cex.io or other questionable cloud miners for the purpose of mining will leave you with less BTC than you already got within a few months and is therefor completely unreasonable.
If about 1 BTC is your investment size - DON'T MINE. You'll have some fun doing it but the price will be : losing a part of your money in the process.

If you have the equivalent of 1 BTC in cash, buy BTC directly.
There isn't any point in mining anymore, unless you get a really really lucky deal somewhere (unlikely, all the sweetest deals are either scams or end up with negative ROI after careful caluclations and aren't as sexy as they appear) - or invest thousands of $$$ in latest next-gen preorder hardware and hope they deliver promised performance on time and that it never fails.

I know it's much less fun but the only reasonable thing to do if you want to prevent losses and all associated risks of mining.
Serious mining today is for the people who can afford a couple of KNC rigs or alike and actually get their hands on them (which is a problem all by itself, so even the xxxxx$ hardware buyers are often taking big risks, forums are full of burned folks who ran into unfortunate delivery delays etc.)

If you absoultely WANT to mine, take only a small fraction and buy i.e. a small USB miner (Antminer U1, BiFury, TwinFury) so you can get into the satisfaction of mining but minimize the losses for operating hardware that can never ROI right from the start.
The only guys making big money usually are the hardware manufacturers and resellers, they're the ones "selling expensive shovels to the gold diggers" basically.

just buy bitcoin and keep this for a while its best then any other investment right now

but if your simply sitting on a bitcoin or any amount of bitcoins then they are not earning you anything.

you can turn profits on cex.io also.. honestly i couldnt say for longer term because im constantly buying and selling but when i leave cex for the night and following working day by the time im back on the following day/evening there is more BTC in my account than there was when i left it (assuming i "park" my BTC in the form of GHS until the next day). its only a minimal gain though but from what i have seen doing this with anything from 0.25GHS up to 8.4GHS the more GHS you have the more you will make from the short term overnight mining as i like to think of it. couple that with being smart and not panic buying/selling and you can gain BTC via overnight mining and buying/selling BTC/GHS though you need to be trading as frequently as humanly possible.

its by no means lucrative but its still a gain if you play your cards right and if the market takes a nose dive you can always pull out. at the minute GHS prices are nice and low after the new TOS though they are slowly rising. lowest i saw was about 0.025 not too long after the site was down and the new TOS were in effect. at present GHS is up to 0.0276 which is still low considering when i first started roughly 1 week ago prices were at 0.044 and then slowly declined nearer the new TOS date. the last price range that held for a few days before the crash was around 0.33-0.34 and it seems to be heading back up that way since the crash so i reckon now is a good time to buy as much GHS as you can and sit on it for up to a week then sell it all when its back into the 0.03's.

That unfortunately only works if there's never a price drop overnight ;)
You get that one single time, you'll wake up to your overpriced GHs still mining and your net value just took a big hit literally overnight. Very dangerous strategy.
Every day mining with them is increasing the chances to lose money, so much we know. The longer, the more pronounced the losses will be.

Their current "low" prices are still way too high, all those that held or unsuccessfully traded the last weeks got absolutely burned (as usual, as the long-term trend knows only one way - down).
Assuming it always goes up a gain after a drop is a useful strategy (since there is permanent market manipulation to the upside), but that only works during active daytrading and for a limited time after a drop.
Always gotta pull out before the manipulative uptrend waves are broken and not be invested in GHs at that time (or sell really fast, preferrably with a tradebot since their Website is so oozingly slow, nearly unusable during heavy trading).

yes you can lose if it drops overnight.. but.. if you buy at say 0.027, sell at 0.028 you have made a profit. you come back next day and price is 0.026, you sell and then you buy at 0.025.. your still making profit. the overall downtrend is irrelivant when you operate like that as you are always making a profit over what you have sold for regardless of the fact it is going downwards in the long term.

Extrapolating individual successes into "everybody can win" is in fact a fault of logic. If you win, someone else has to lose.

That's not the issue, you can (and have to) always rework losses after they occured.

The problem is the following :
If you come back next day and price is 0.025, you sell and you buy at 0.024... you have realized a loss. Buying high and selling low is not called profit ;)
According to your logic, anyway you'll buy at 0.024 to continue trading.... and price drops to 0.022 (assuming you don't stare at the screen every minute)... you have to realize losses again and repeat. Likely, odds are the next trade will be profitable, but you (usually) need 2 good trades to make up for one small loss that are in line with everyday expectations.
If you wake up to find price not at 0.025, but at 0.018.... You need alot of good trades to make up for that surprise. Plus, your total available trade volume has dropped, making things more difficult.
That's the whole thing.

If it was so easy to buy low and sell high - every dumb tradebot would do it and everyone trading @ cex would be rich. Doesn't work that way, however. You still need luck.
I've been lucky in 19 out of 20 trades using a similar strategy (except I never held GHs overnight) during my experiments there but I was always fully aware that luck could change any second.
Turns out a week after I left in December, cex.io saw its first, massive overnight price crashes. Lucky me, that was all that prevented my (tiny) investment to get almost wiped out.

@ krampus, that is 100% correct, you just try and ensure you are not the one losing 99% of the time lol

@falcon, i know what your saying but i dont just blindly park my BTC in GHS all the time. sometimes i do the opposite and sell all my GHS and setup buys at varying prices or all at a single price. it depends what way the price has been changing over the last day, days, week, etc. its a gamble, yes. but so far i have been able to operate this way and make more in total than i started out with originally. though when im on it (and not arguing with trust nazi's) im buying/selling every few minutes or less on average.. unless ofcourse its sloping down and i think if i hold out on buying i may get it cheaper before it bounces back up. ditto for having GHS and selling. i dont see it as luck when im trading, i see it more as calculated decisions, also i rarely panic buy or panic sell, i think i have done it maybe twice and once it worked out and the other it lost me a little. maybe its luck, i dont know.. i dont think it is because i have never been a particularly lucky person, anything i get or gain tends to be from busting my ass to get it rather than taking pot shots. hell maybe for some reason i just understand how to work it a bit easier than the next man or somethin.. i dont know, all i know is so far its been working for me.