BINGO! On this and everything else you've said in this thread. I just heard of BTC 2 days ago, so there's much for me to learn. From the limited understanding I have so far, it's already become fairly evident that one or a combination of several different things are in play here...

• 1) BTC is the creation of the power elite (using your title) and made to look homegrown.
• 2) BTC is a great product with an even greater marketing campaign but nothing more. Closer to "Cabbage Patch Dolls" in the '80s or "Beanie Babies" in the '90s, than a sustainable currency.
• 3) This is just one of the test currency models considered for the global, cashless economic system that will soon be implemented....more testing to come in the very near future!
• 4) BTC is genuine and was created in the high hopes of bringing something new, something free and something that works to the world
• 5) #4 is accurate and the only reason it hasn't been crushed by government(s), elite, the Fed, World Bank, etc., is because they're watching to see how they can use it themselves
• 6) #4 is accurate...at first, but it's been taken over by the powerful and is now (or soon will be) just another corrupt, evil and oppressive system that will soon be used to manipulate and control the masses

I've always been a pessimist, it keeps me from chasing after every wild fantastical new thing, I prefer it. While most of the things listed are quite negative in nature, there is nothing here that's so unlikely as the idea that BTC is going to replace the economies of the world with zero resistance, influence or intervention from the power elite (I do like that term...think I'll steal it ). There's also nothing here so unlikely as the fantastical belief that BTC will reach some of astronomical value some have predicted. The most prudent plan for people who have a sh*tload of them, is to watch for the perceived value to begin it's decline and then dump them quickly. Novelties like this tend to burn really hot and really fast once they catch, but they burn out every bit as quickly...sometimes quicker.

Yes, the BTC phenomena is pretty darned intriguing and interesting. As you stated though, someone will eventually come up with something better and BTC will fade into history like so many other novelties before it. My personal thought on the whole thing is, whether it began with the elite or whether it ends with them, this is just one of the stepping stones along the road they're building for the sheeple.

Ya....that's kinda what I'm leaning toward.

I think that was the gist of the first reply to my OP.

Like nearly all profitable ventures...getting in early was the key to hitting big with mining!

It might not even be so risky an investment if it were a PC. But with Avalon (I'm assuming here), it's a specialized machine that's made for doing one thing really well.

If you're a hobbiest or enthusiast, it may be worth your while whether the BTC (or any similar) currency disintigrates or not. At least the enthusiast still has a purpose for such a machine.

For a guy like me though, meh...

Ya...that's pretty amazing.

Of course, I have plenty of reservations about investing so much $$ into a machine like that. Being brand new to this whole economic concept, my knowledge and understanding is nearly nil....BUT....

any claim of future performance is based on a whole lot of speculation. That's true with any form of currency....even the old standard...Gold.

The only basis for any such claim would have to be in consideration of past and current performance of the currency. Right now, all over the world we are seeing how economic systems disintegrate. This current worldwide economic system that's now falling apart (at least the American Dollar), began in 1971 (I think).

Oh crap....there I go again! Apologies....I have a terrible tendency to carry on and on, writing a novel to get my meaning across. Not very good at making a quick point.

The message here is...who's to say that BTC will be worth belly lint in another month? Sure, it looks promising...it's growing at an incredible rate (which will be corrected eventually)...it's gaining popularity world-wide. But, has it even had enough time yet to prove it's solid? I think not....but I'm no economist!

It's just a lot of risk to fork over $5-$7k, for something with so much uncertainty. Would really suck to be holding $7,000 worth of belly lint in 6 months.

Hmmm...

Well....I'm guessing that by the time my PC fund grows that large BTC will have either...lost their novelty, gone through a few corrections or be too difficult to mine to even worry about it.

Perhaps I'll just invest into some BTC Wallet snooping equipment instead.  

JK

Probably would be a better investment to just start buying BTC. Damn it all to Hell....always a day late and a Dollar short.  

Oh well...I'm having fun anyway!

Actually, all new cars come with transferable warranty, good for a certain amount of years or miles...whichever comes first. I've bought several used cars with factory warranty left on them...the warranty just transfers into the new buyers name.

I do believe you have a very valid point though, a whole lot of screws could get put to you by using a middle man for a purchase like this.

I think that if I were going to buy a car with BTCs (which I'm not because I have none), I would probably just go talk to a brick and mortar dealership....or just sell the BTCs first.

Ya...that's what I'm referring to. I know I said PC, but was meaning that my PC fund would be going toward mining equipment.

Thanks a lot for the advice though.

Like I said, I'm brand spanking new to this and have much to learn, but in the past 2 days since I first heard of BTC ASIC seems to be all I'm hearing about for mining. Looked on Avalon site but couldn't find pricing....just a spot to trade in old equipment. And no one is going to want my equipment, especially considering it was never meant for mining. I built this machine in 2010 for getting into PC gaming...it's now pretty much left to my son. At 41 I'm just not finding video games quite as involving as I did when I was 25. 

Anyway...thanks for the response! Much appreciated.

AH!!!!

FINALLY!

I thought I would never figure out how to make a new post or reply. I've been looking everywhere on this forum for the "Post New" buttons..well...evidently not here.

Anyway, I'm brand new to the pool and brand new to BTC altogether. In fact, this week is the first I've ever heard of them...better late than never, I suppose. Of course (at least in this case) there seems to be some amount of reward for having gotten in early.

So, I heard about Bitcoins on Wednesday night and by Thursday morning I had 1 miner set up. My next PC investment will definitely be for better mining equipment. I'm pretty lost right now (actually, I'm totally lost) so not sure where to invest money for mining, but I'm a pretty quick study...I'll get it all figured out soon enough.

Anyway, I have lots of questions...hopefully will get some answers here. Seems like I'm always showing up late to the party and the beer's all gone. 

Gonna go post my first question now so I can get these first 5 posts out of the way and gain a little freedom. We all remember freedom don't we? It seems like a faded memory nowadays...like maybe it was a dream we all had years ago. 

Oh well, I'm rambling...someone please watch my next question and see if you can help me out.