@notbatman,
seems like you're contradicting yourself here.
You are losing money on cloud mining, you got
screwed basically ordering mining gear,
and yet you dont agree its less risky
to just buy Bitcoins?
The question of risk was with regards to competition, the rising hashrate and diminishing returns. The risk in mining is from criminals and scam companies. There's financial risk, then there's the risk some motherfucker is waiting around the corner for you with a sawed-off shotgun ready to decapitate you for the 20 in your pocket. yes, but don't you see the connection? The fact that you never got your miner is typical for this industry. People don't get their gear on time precisely because it is a very competitive market. It is rare to actually order some mining gear, get it quickly, and make a positive ROI on it. So it's unreasonable for me to expect paid for computer hardware to be delivered because of the fact there's a competitive market due to the machines being profitable? Well, whether its "reasonable" or not depends on how you look at it. But if you look at what's actually happened in the retail consumer mining gear market, there's always been tons of delays and the whole "game" is how fast can you get your hands on the gear. Historically, a lot of people have lost money because by the time they got the gear, it was outdated. That's a natural consequence of the arms-race nature of mining. And, it makes sense that it would be that way because why would a company sell you a piece of gear at a price that would give you an easy profit, when they can run the machine themselves? That doesn't make sense business-wise. The reason they sell it to you is because there is no easy profit. By the time you get it, its no longer efficient. There is a conflict of interest and I think is part of what the OP is alluding to. Mining is a highly competitive, serious business, and is completely commoditized (your hashes are just as good as mine). Only the most efficient lowest cost miners will win, and that generally doesn't include your retail consumers. Some people have goten lucky and gotten their machines early, or bought just before the price went up, but that is back to the point of why not just buy Bitcoin? It is much less risky to do that than get into the mining business. So you're saying this is an arms race and I need to get myself a shotgun and a hacksaw because this is serious business? |
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@notbatman,
seems like you're contradicting yourself here.
You are losing money on cloud mining, you got
screwed basically ordering mining gear,
and yet you dont agree its less risky
to just buy Bitcoins?
The question of risk was with regards to competition, the rising hashrate and diminishing returns. The risk in mining is from criminals and scam companies. There's financial risk, then there's the risk some motherfucker is waiting around the corner for you with a sawed-off shotgun ready to decapitate you for the 20 in your pocket. yes, but don't you see the connection? The fact that you never got your miner is typical for this industry. People don't get their gear on time precisely because it is a very competitive market. It is rare to actually order some mining gear, get it quickly, and make a positive ROI on it. So it's unreasonable for me to expect paid for computer hardware to be delivered because of the fact there's a competitive market due to the machines being profitable? |
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Check it out, 931 Satoshi's after cloud mining @ 23.5Gh/s for a day this is awesome!
Why is your balance/mined coins negative? or is that a dash to show that 931 satoshis have been mined? OK, so I looked into the negative balance issue. As the saying goes "If it looks too good to be true it probably is", boy do I look foolish! Here's what I found: |
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I'm still waiting for 51 boards from Technobit. Anyone wanna buy them? $100/ea. if you take the whole lot. 13.63 BTC Please please please let me out of this bitcoin hell.
I stuck with Black Arrow and I can't get out either, still waiting...  |
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@notbatman,
seems like you're contradicting yourself here.
You are losing money on cloud mining, you got
screwed basically ordering mining gear,
and yet you dont agree its less risky
to just buy Bitcoins?
The question of risk was with regards to competition, the rising hashrate and diminishing returns. The risk in mining is from criminals and scam companies. There's financial risk, then there's the risk some motherfucker is waiting around the corner for you with a sawed-off shotgun ready to decapitate you for the 20 in your pocket. |
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Are there any bitcoins left that haven't been stolen at least once?
I received a few fractions of some freshly minted Bitcoins off p2pool last year when my block erupters were still profitable. No theft involved, friedcat delivered.  I heard there were a few. So you're the one that has them. lol Unfortunately I traded them for dirty fiat.   |
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1. If a miner was more profitable than the price payed, wouldn't the mining companies use them instead of selling them?
Yes. I paid for a miner in November 2013 with delivery in February 2014. To this day I have not received a miner or a refund. 2. If a cloud miner was more profitable than the price payed, wouldn't the mining companies use them instead of renting them?
Yes. I just got 23.5Gh/s on CEX.IO and after mining for about a day my balance is -0.00001348 BTC. CEX gets paid up front for the GHS/BTC, has kept all the mined BTC as maintenance fees and has virtually mined 1.3k Satoshis from my account. I now owe them additional BTC ontop of what they've mined with their hardware. Cloud mining is icing on the cake. 3. Isn't it less risky to buy the coins upfront and not compete with the rising hashrate and diminishing returns?
No. If you're mining and the fiat exchange rate goes up you make more fiat. If you're mining and the fiat exchange rate goes down you make less fiat. In my opinion, there is an influx of math-deficient kids and young adults spending money to buy miners in hopes of getting rich. This causes an influx of miners and less buying pressure on the actual market. In time, this influx should slow down as the general group will realize the futility of buying miners, and thus the price will begin to rise again.
Am I missing something as to the advantage of mining?
Everybody is entitled to their own opinion. Are you missing something? Well you seem to have a lot of questions, this is good. I should have asked more questions before my purchase.  |
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Are there any bitcoins left that haven't been stolen at least once?
I received a few fractions of some freshly minted Bitcoins off p2pool last year when my block erupters were still profitable. No theft involved, friedcat delivered. |
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 Check it out, 931 Satoshi's after cloud mining @ 23.5Gh/s for a day this is awesome! |
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The coins BA claims were stolen all went to 1FsVcdeHbpvUVT3gjeuVR2ZSDnpcsJMsLL, over $200M worth of stolen BTC passed through it.
The fact that BA is in the midst of perpetrating a multi-million dollar scam of their own makes them suspect IMO. If BA is involved they would know they would get tied to that $200M address sooner or later so what better way to screw the pooch than claim they're victims; they can be excluded as suspects as their ties to the address can be denied.
I paid in USD as I didn't have any BTC; purchasing BTC added unneeded complexity. As a result I have no way of confirming that any coins were stolen at all.
Also, were these customer coins from orders or were they mined coins from operating customer paid for hardware?
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 LOL |
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Regardless of the currency, the flow of greed is those who have more, make more.
Bitcoin can't make the world a better place, only we can by practicing selflessness.
There's a cliché that comes to mind here "The road to hell is paved with good intentions". |
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Update: 06 December 2014
1. Promised shipping date: 24 February 2014.
2. Shipping: refused. (BA claims 8% of X3 customers were shipped units.)
3. Refunds: refused.
4. Scam.
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The faster the frequency of your brain the more Frames Per Second you can process hence the slower time gets. The opposite is true as your brain frequency slows and you grow weary time seems to speed up as you're processing less FPS i.e. there's a shorter distance in time (less frames) that gets traversed quicker.
The gist of it is, time is being relaxed with a lower brain frequency; you're getting slower but time remains constant.
Your brain is biological - there is no frequency like there is in computer processors.  *evil grin* |
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The faster the frequency of your brain the more Frames Per Second you can process hence the slower time gets. The opposite is true as your brain frequency slows and you grow weary time seems to speed up as you're processing less FPS i.e. there's a shorter distance in time (less frames) that gets traversed quicker.
The gist of it is, time is being relaxed with a lower brain frequency; you're getting slower but time remains constant.
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Here we can see the scammers at Black Arrow posting in a thread about adding a time-lock feature to the Bitcoin protocol. In it they claim their BTC was stolen and sent to the following address: What makes you say that these coins are stolen?
We've chased our stolen coins here. We suspect this is just an excuse to embezzle our money and that the convicted Romanian internet fraud artist Alexandru Ion Sovu (CEO of BA and the clown behind the BCT user blackarrow) is still in control of our BTC and the 1fsVc address. If it's the case that 1fsVc doesn't belong to Alex then karma's a bitch motherfucker. |
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It's Bitstamp proving they're solvent.
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There is however a not-so-secret message in the first Bitcoin block relating to the banking bail-out of 2008. Mind you I haven't confirmed the presence of this message myself personally but I believe it's there.
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Anyway most of you might say the codes are at github. But question is have we really audited and understand every single line?  Plenty of people have modified the code and compiled their own custom versions of the client. I am sure that most of the bigger pools use their own custom nodes, as would payment processors, exchanges and sites like blockchain.info. I doubt something like this can be hidden for this long. If I recall correctly empty gox used their own custom wallet. I saw the secret code in the Open source, it pop's up with the message ---> I am Satoshi, your BTCfather You cannot hide secret codes in the protocol, it's Open source, for EVERYONE to see and OnkelPaul already explained it best. The democracy wins, when the mayority decide to use whatever version of the protocol. Heartbleed demonstrates that this line of thinking i.e. it's open source somebody would notice is not always in line with what actually happens. However, with so many building their own custom wallets somebody would have noticed any shenanigans by now. |
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