It used to be easy to calculate the days to break even on a miner and make a decision to buy or not.
False. We only thought our calculations were more accurate. Now we know that calculations are just about guaranteed to be way off. Maybe you were stupid. I always understood exactly what I was calculating. When power bills were less than 1%, it was easy to ignore operating expenses, now you cannot do so. As for difficulty, My 6 month projections have been +/- 10% for the last 2 years. |
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I have heard there are other countries on this planet of ours. Fortunately a trademark must be actively defended or it will be ruled invalid. That means that every time Bitcoin was used MtGox would have needed to notify the user that they are using a trademark of MtGox. They could allow the usage to continue, but at a minimum they needed to insist that the TM symbol follows, and that a notation is included indicating that Bitcoin is a trademark of MtGox. Years of failing to do so, results in loss of the trademark to the public domain. |
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...
Many people have withdrawn their money since last June. The red flag was there for months. People staying there were either playing with fire, lazy, or simply ignorant.
Although that might be a good idea to regulate bitcoin exchange, that is irrelevant to the bitcoin as a currency or protocol. You don't need an exchange to spend or receive bitcoin.
Many people believed in bitcoin and got badly burnt. If you are suggesting that only sophisticated investors should use bitcoin, so be it. Anyways, regulation can be enforced only by governments and in ways that they see fit. If regulation comes into the bitcoin world, I expect it to be intrusive and impose rules on the way bitcoin works. NB When I refer to the bitcoin model I don't mean just the intellectual and technical marvels of the bitcoin protocol, but to the way bitcoin plays out in the practice of people's lives, which IMO is what matters. Believers in Bitcoin were not burnt. Believers in MtGox were burnt. The warnings were obvious to me 2 years ago. By 6 months ago even a gadfly like the Winkelevii knew to get out of the way. MPOE-PR said it best over a year ago. MtGox must die for Bitcoin to move forward. |
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Buy a dryer cord, an L6-30R plug, an electrical box and wire your own. |
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Those CoinTerras are ~1.4-1.5TH/s, and use about 1850W. That's really pushing it for a 15A breaker, so I'd say that's about your max.
They are actually pulling 1950 W on 208V power. 110V is 3-5% less efficient. There is no chance to run a Cointerra on a single 15A breaker. Running one on a 20A 110V breaker will likely result in regular trips of the breaker. |
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Deposit coins when you are planning to trade. Wait for 6 confirmations.
Withdraw EVERYTHING when you are done.
Repeat as needed.
I broke this rule once because a clear uptrend was developing so I decided to let things ride over the weekend. Monday morning I discovered Roman Shtylman had ripped me off for 106 BTC.
NEVER, EVER AGAIN. The temptation to operate as a fractional reserve occurs because people leave BTC on deposit for months at a time. The operators see that their balances never go below XXXX, and decide there would be no harm if they use XXX as operating capital. Don't tempt them by leaving your coins on deposit.
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As I have read noone exactly can answer this question as there are 2 opposite opinions on it. Btw I think the opinion that mining is worthless is more popular than the opposite opinion.
Mining is not worthless, it supports the blockchain and secures the network. Without mining, there is no Bitcoin. The correct question is "Is mining worthless for the home user to ROI?" If you only have a few hundred or a grand or so to spend, yes it's worthless. It's an arms race right now, and many of the home miners are exhausting getting new circuits installed, and you're slowly seeing a shift to the datacenter for cooling and electrical needs. It's like the old saying "Don't bring a knife to a gun fight". Biggest and most power efficient Asics win. Unfortunately, it costs significant amounts to keep up. Data center hosting fees are going to eat profits very shortly. They are already over 10% of miner earnings and the growth of difficulty will bring it over 100% by the end of summer. The smart folks are offering hosting contracts. Once the rent exceeds earnings, they will get free miners. Even if the only value is as scrap, they win. It used to be easy to calculate the days to break even on a miner and make a decision to buy or not. But now, power, network and labor are significant chunks of earnings and dramatically extend the time to break even. Another down leg in the BTC exchange rate will ruin many people if it comes. |
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You should note that the reported hash rate in the web panel is not accurate.
I'm curious about your power consumption. We've seen a peak of 1950 W at 208V
1.6TH/s after 48 hours. I will do a power video soon, I want two meters so I can see the full load at once. On what pool are you measuring this hashrate? Con has already acknowledge that the reported hashrate is not correct. |
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Asking for advice here will only profit you if you determine what the crowd thinks, then do the math to understand why it will lose money and then take your own counsel to find a profitable path from what you have learned.
Dogie, for example is a fly by night seller of used hardware out of his dorm room. Any mining he does is because he is stuck with over-priced crap he couldn't pawn off on an unsuspecting victim. And he is a paragon of integrity when compared to many of the other suppliers and retailers of ASICs. Everyone lies, especially about schedule, and once they have your money you will NEVER hear from them again.
When you get your hardware is everything, because the first 45 days of operation will be more profitable than the remaining life of the hardware.
The only way to profit from mining at this point in time is if Bitcoin rises in price. And if it falls you will be very screwed. Better to have BTC in your pocket that can be sold when prices go up, than the promise of a machine that will make bitcoin at some future date when bitcoin might have gone back down again.
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You should note that the reported hash rate in the web panel is not accurate.
I'm curious about your power consumption. We've seen a peak of 1950 W at 208V
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My avalon fell below profitable mining so it's gone. Hence I'm not doing any more firmware.
How much are you paying for electricity that it's no longer profitable? Mine is still ~75% profit. Or did you just run out of power / cooling capacity for more efficient gear? |
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I began to realize this when the Bitfloor exchange, which had around 50% of my Bitcoins shut down. Roman Stylman promised to return funds to customers, and although the incompetent manner in which refunds were handled was frustrating I was confident I would see my money. Finally, late last year when I had almost given up, I received an email asking me to send my identity details before the end of the month so that my withdrawal could be processed. I did as requested within a few days.
Would you be surprised to hear that I haven't seen a penny? My Bitfloor account still shows the same balance as before (which is supposed to show $0 when the refund is processed). It's been months. I've tried emailing Bitfloor, Twittering Bitfloor, and Twittering Stylman's private account. I haven't heard a peep out of him.
He's clearly not dead; he posts too often about vacations and how much he's enjoying his free time for that. Being dead is the only excuse for ignoring me an people like me.
He has funds that were entrusted to him in his possession and does nothing to see to their return. Roman Stylman should be working tirelessly to return the money that is not his to keep. Roman Stylman thinks he is above answering emails, that Bitfloor is over, and he has no duty to fix what he broke. Roman Styleman has better things to do. Roman Styleman is a crook.
Checks totaling a large amount of USD for bitfloor customers were deposited at IAFCU last summer. A significant portion of these funds have been returned to their rightful owners. I am one of the people who did receive a refund. I believe the intent was to return all the funds. I think it is reasonable for you to email IAFCU and see if you have unclaimed funds there. I do not think there is any point to contact Roman at this time. The effort to identify a cooperating bank, and to do a lot of the legwork to perfect the refunds was done by AudenX < reddit@audenx.com> The last email I received from him to the list is dated 2013-09-25. At that time, he reported that success reports were still trickling in. He is doing a lot of work on a volunteer basis to help resolve this difficulty. You may wish to send him a status email. If possible, I would include that dates and descriptions of actions that you have taken. As you very well know, Roman has no intent of returning all the funds involved in Bitfloor. He has managed to do enough to avoid prosecution, but that is all (and that might be optimistic, New York state is very busy in this area). |
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They are far too loud for a residential setup.
And at $300 per month for hosting, you will lose money each month shortly. The ASIC gold rush is over.
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That seems peculiar given that they've yet to return my phone call from last week or acknowledge the change of shipping address request I returned to them last month.
A customer is someone who hasn't paid them yet. Someone who HAS paid them is a victim. Ask to buy some more hardware and see how fast they get back to you. |
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Ken is even deleting posts from the VMC thread in custom hardware. I didn't realize that one was self-moderated too. A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave. You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations. Virtual Mining Corporation 02/27/14
Virtual Mining is currently processing and confirming pre-order refund requests. It is a very timely process because we are in the final stages of configuration before all of our pre-orders are shipped. Look to your email for product shipping order schedule. At the current time we are not immediately moving every order to a refund status due to our final staging and rigging our products for shipping.
We are contacting all of our valued customers with pre-orders with our new product specification details that includes an increase in hashing power. This increase in hashing power will make up for our delay in shipping. Should any of our customers still wish to receive a refund even with the increase in hashing power please contact our customer service department.
Thank you for your continued patience and good luck on your Mining Ventures
Wow! You are going to fufill existing orders with 10x the hashrate? That is the only way you could make up for the delay in shipping. Actually 10x might be less than needed to compensate. A LOT LESS. Is your "processing and confirming refund requests" similar to your processing of share trading? What has it been, 4 months now that you have bullshitted your investors into thinking they will be able to trade again? I doubt your customers are stupid enough to wait for the bankruptcy filing like MtGox's victims did. |
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The psychology here is obvious.
The OP suspects a number of accounts to be the same person because he himself is probably a full-time socked-up troll scammer.
He can't fathom a world where so many accounts would give him grief about his scams and trolling sock posts, so he constructed a reality more like his own.
You missed the part where he created a new account to bravely make his accusations with. The whole claim is laughable. MP has a very specific writing style and it isn't close to the other accounts listed as being his socks. |
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Hi, I just received couple of my Terraminer IV today.
1 of 2 miners is mining correctly but the 2th one won't wake up to start mining.
It just says Terraminer IV offline.
I tried steping down the power.
I try all the step from 9 to 1 and it still won't mine.
I try unplugging it.
I tried resetting, I also factory reset. But nothing would wake this Teraminer up
to do its job.
Please let me know what you guys think thanks.
How do you have the 2nd one powered from the wall? It's powering from 20Amp wall outlet. The one that works perfect is powering the same way, from a 20A wall outlet.I just so confused, I can log in to the ip addresss but it won't start hashing.  I have 2 machines like this. Support tickets have been open on it for a week. I suspect it's a matter of the data connector coming loose in transit. But since the machines are sealed there is nothing I can do. |
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I have seen this theory floated several times today, so I very much doubt it your idea.
More to the point: Where are the addresses of these mythical cold storage wallets with lost keys? They would need to contain 700k coins, and never have seen a single withdrawal (otherwise the keys are not lost). Unless we are talking about thousands of addresses where keys were lost, it just doesn't make sense. And why would Mtgox spread cold storage over so many addresses? They certainly didn't use a large number of hot addresses.
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Are everybody just gone INSANE?? I hope you all know he is talking about his own wallet (unavailable), not the one from the company. Mark just verified that MtGOX lost 700k BTC. Why is price shooting up? Don't friggen tell me that's actually a good news  It is good news. 700k imaginary bitcoins have disappeared. Many many people have been trading with this imaginary coins, depressing the price. Now that the fraud is revealed, real supply and demand can take hold again. Plus, an inept, and potentially criminal service has been removed from Bitcoin. From here we can move forward with more competent operators. And the lessons learned here will force people to be more diligent about the integrity of the services they use. Thats what I was thinking- maybe 700K weren't actually lost but some number of those are imaginary. All of the lost coins were imaginary. There is a very important point to grasp here so let me expand upon the idea for a moment. The missing coins reported is the difference between the real BTC in the control of MtGox and the BTC balances held on account by users of MtGox. As soon as those 2 numbers were not equal to each other MtGox starting being a service where imaginary BTC changed hands. From the leaked documents it's clear there has been a deficit of BTC in hand versus BTC obligations to customers at MtGox for many years (I have been posting here for years that I suspected this was the case). It really doesn't matter why MtGox arrived at the point where they owned less BTC than their customers believed were on deposit with them. As soon as that situation developed MtGox was operating a fraud. And it is beyond belief that they would not be aware of the shortfall. Comparing BTC holdings to BTC obligations should have been the most trivial of database operations, and one that was done hourly. Mark can wave his hands about flaws in the protocol all day long. It doesn't change the fact that he was operating an insolvent company fraudulently for years. I expect he is going to spend significant time in prison. (I also expect he will leave prison with a hefty number of those 'missing' BTC in his possession). |
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