I wish I'd read this before I bought two miners yesterday.
But alas, I'm $2100 poorer and 76Gh/s quicker. The mining calculator I was using suggests I should break even within 3 months. After that I will still own two miners which can be used for other SHA-256 currencies or simply be sold on.
You should have just bought the bitcoins directly. If you start mining today, there is a small chance you will show a profit, but most likely you are going to get back maybe half your investment (in BTC). You need to use a different mining calculator. Yours is lying to you. Try this one: http://mining.thegenesisblock.com/From what I can tell, this calc is not much different than any other (but, I agree that it is a good one). I think people overemphasize the importance of these calculations. I understand that mining is highly competitive, and it seems to me like a lot of people try to discourage people from entering the mining game. I think that's healthy and good for people to show concern for others well being, but it does seem like people are pushing people away for a multitude of reasons. I believe greed is one of the driving factors for some, so it's good to be aware of this. Also, in regard to those calculations: Why should it be that they are treated with so much importance? They're only a glimpse at what might transpire. There are many, many factors which can, and certainly will, change as things develop. The most important of these factors, in my opinion, is how the individual conducts their mining. Let me give you an example: Case A is a person who has invested borrowed money, and wishes to recover that "investment" (speculation, gamble) ASAP. this person will more likely make emotional decisions which do not create an advantage. They'll likely sell their Bitcoin immediately, ensuring they won't take advantage of increasing value. In these cases, I believe it will be difficult for those people to get positive ROI. Case B is a person who has speculated with their own money for which they have either no, or a very long, time frame for recovery. These people are able to balance risk better as well as HODL, or speculate, as value changes ensuring a better return. Case C is a person who has no time frame for ROI. This is, I believe, the best situation to be in. They can sit on their bitcoin for 5 years if they want for when they're worth 50k USD, or more! Or less... but these individuals are in the mining game as a hobby, not an investment, but will actually have the best possibility to make some money. Also, don't forget that, as long as SHA256 mining is alive, these ASIC rigs will retain or increase in value. Once profitability is too low, there is a healthy aftermarket for them. |
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I wish I'd read this before I bought two miners yesterday.
But alas, I'm $2100 poorer and 76Gh/s quicker. The mining calculator I was using suggests I should break even within 3 months. After that I will still own two miners which can be used for other SHA-256 currencies or simply be sold on.
This is a good idea, and it's pretty much the same recipe I plan to follow. |
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I wonder, why isn't there a "Shop" section already...
There isn't a good reason to add one, the site doesn't need more money. Why does everything everything always have to be about money?  This thread kind of proves why a shop section might not be a bad idea. People what something with Bitcoin on it, in this case a tshirt. Site doesnt need to make money off of it. yeah, just sell everything at cost + 1% |
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OP, I did some research on mining and I was pretty much ready to jump into it but reading your post has discouraged me (which kinda sucks because I thought I finally had a bright future). Of course I wouldn't get into BTC mining but I thought ALT coin mining still had some juice left in it.
I was thinking of building a $2,000 rig, with 3 - R9 290, Radeon graphics cards, which would hash at about 2,500 khash/s. It would mine about .6 LTC per day at current difficulty. If I mined Worldcoin, I would have around 3,600 coins after 3 months. Each coin is now worth about 40 cents.... But if Worldcoin increases in value to $3.00 per coin I would make a good profit
Another reason I wanted to mine is because I wouldn't have to worry about electricity (I have permission to leave the rig running in my office building).
So please tell me if my logic is flawed. I don't quite understand how fast difficulty rises and how that will change the amount of returns I can expect to get. As far as I was aware GPU mining for Scrypt coins can still be profitable for the average joe....... but am I underestimating how early ASIC for scrypt mining will be available, or how the rising difficulty is about to push GPU miners out of the game?
Dude, if you are feeling lucky go for it. Nobody can know what will happen, but people keep talking like they're able to tell you what the future holds. They don't. Do what you think it best, nothing else. |
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How likely is it that the quick increase in network hash rate is related to the ASIC manufacturers getting their new hardware online while they mine before they send the hardware out?
Are you talking about the recent adjusment of 26.19% ?? It seems in line with all the recent adjustments. See: http://bitcoinwisdom.com/bitcoin/difficultyfor the history of adjustments at the bottom of the page. I guess it does seem to be what is expected, but that's a pretty strong increase in hash rate the past week. I wish there were better ways to understand how that power is distributed. |
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How likely is it that the quick increase in network hash rate is related to the ASIC manufacturers getting their new hardware online while they mine before they send the hardware out?
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Of course it's not true. The guy was obviously joking. Even if the feds were dumb enough to do this, they couldn't legally, because the legal process hasn't completed.
They had said as much earlier. Then again, I was amazed to learn that in my own country, the Netherlands, the government does regularly sell seized goods before the legal process has completed. If the defendants are acquitted, they get back the amount the government got when it sold their possessions. The government tends to do that for bulky goods, good with highly variable prices, or if the costs of safe storage make it worthwhile to sell. In the case I enquired about it was a bunch of BTC seized from FBTC Exchange, which they sold because it was so volatile. I called the public prosecutor's office, and they explained the policy to me. Wow, that's bullshit. how do they get away with this? That's essentially theft, not to mention handling stolen goods lol. So, basically the legal system is a facade of fairness, but in practice is not. sounds like Uhmerica |
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I don't know about other countries but I'm not too worried about the media in america. While it's true the mainstream media is very closed and just a couple companies, for the most part media is very open in america, especially since the internet.
Typically the only "anti" bitcoin news pieces and articles I'm seeing currently are just due to lack of education or understanding on the topic, not out of ill will, at least not from what I see.
As bitcoin gets more adoption and people start to realize more that it's not going away , it's not going to destroy banks or governments, and it provides real positives along side other forms of payments I don't expect to see as much "negative" news pieces. If news pieces at wll, it could be very likely that once bitcoin receives enough adoption it's no longer even a "story" that any news outlet would want to report on.
I hope you're right, because later this year when bitcoin reached critical mass we may find out. |
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No, they'll just move/transfer the wealth to an altcoin (hello litecoin!)
Simple.
But what if the result of their propaganda campaign is to introduce legislation to ban or regulate? Fear is the enemy and they'll make people fearful then they'll support anything. Then don't listen to the propaganda??? That would be my advice. You are a human you know and you have a choice, I'm sure you, like all adults, can make a decision on your own. Are you being condescending or just dense? Of course I'm not worried about myself here I'm talking about the "average" 'merican and how media influences public opinion which shapes legislation. I'm being neither. I'm telling you you have a choice, so does "every American". And if telling someone that they are free to choose is somehow being "dense" or "condescending", then I don't know what to say to you cause clearly you've lost touch with reality So you believe the average intelligence and constitution is pretty high, then? Edit: seems dense if you're arguing about people's choice to not believe garbage when I'm acknowledging that, in reality, people do believe garbage. I've lost no connection to reality it's you who may be in denial of this reality which is America. A lot of people and an eroded culture. Just look at "reality" TV. If you ask 100 highschool age kids what profession they'd like to pursue, how many would say reality star? Have you been to Walmart on the 5th and 20th of the month? Have you seen what people put in their bodies and think that it's food? It's not a fearful future that I'm talking about, its here and now that public opinion and the direction of legislation is following a big concern. |
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My guess is that it wouldn't be that hard to convince people that bitcoin is "bad". People are not terribly bright. What is ironic is that bitcoin is an instrument of freedom and it is something we have never had before. Yet people might still reject it because they are easily brainwashed by propaganda. For instance I have heard that some terrorists are actually funded by the CIA or whatever. All it takes is for them to start funding the terrorists with bitcoin and then tracking it and proving it and convincing people that using bitcoin = terrorism (even though all bitcoin is ... is a giant public ledger. To simplify it. )
++1 and it's a dismal conclusion. But its also the logical outcome. So my point purpose is to talk about how we're going to actively defend against this. Through the use of Satire and Memes - Youtube and Icanhazchezburger could allow us to make "anti-bitcoin" the new reefer madness that would pretty much cause curiosity rather than fear. - my two satoshis Cool that's really creative and funny as shit! |
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That's like trying to ban p2p technology such as torrent. It's been attempted, and never could be done.
Another example, it's like how the RIAA tried to outlaw music downloads by imposing nasty fines on a few people to serve as examples. Piracy still happens, profits are made, world goes round.
So to sum it up, it's impossible.
Edit: As long as there's a general mistrust in a country's government and their banking/currency system.. mixed in with greed, and a desire to keep it away from them, there's always going to be an alternative (hard to stop). Silk Road is a prime example.
Anything is possible |
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My guess is that it wouldn't be that hard to convince people that bitcoin is "bad". People are not terribly bright. What is ironic is that bitcoin is an instrument of freedom and it is something we have never had before. Yet people might still reject it because they are easily brainwashed by propaganda. For instance I have heard that some terrorists are actually funded by the CIA or whatever. All it takes is for them to start funding the terrorists with bitcoin and then tracking it and proving it and convincing people that using bitcoin = terrorism (even though all bitcoin is ... is a giant public ledger. To simplify it. )
++1 and it's a dismal conclusion. But its also the logical outcome. So my point purpose is to talk about how we're going to actively defend against this. |
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No, they'll just move/transfer the wealth to an altcoin (hello litecoin!)
Simple.
But what if the result of their propaganda campaign is to introduce legislation to ban or regulate? Fear is the enemy and they'll make people fearful then they'll support anything. Then don't listen to the propaganda??? That would be my advice. You are a human you know and you have a choice, I'm sure you, like all adults, can make a decision on your own. Are you being condescending or just dense? Of course I'm not worried about myself here I'm talking about the "average" 'merican and how media influences public opinion which shapes legislation. |
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No, they'll just move/transfer the wealth to an altcoin (hello litecoin!)
Simple.
But what if the result of their propaganda campaign is to introduce legislation to ban or regulate all cryptocurrency? Fear is the enemy and they'll make people fearful then they'll support anything. |
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 Once public acceptance reaches a certain point or its threat to petroldollar is apparent enough, does anyone else expect the major news conglomerates to hijack the dialog and direct it for their own benefit? If, for the sake of argument, their masters committed to destroy Bitcoin they would have the structure to wage a lengthy propaganda campaign. Does a team exist in the Bitcoin community that handles public relations, and active defense?
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Hi,
I am a bit of a noob, but I was thinking the same thing, it would be awesome if you could create a tool that would automatically trade for you based on some kind of algorith, / technical analysis.
Curious to hear about your progress
These are out there and being used by many people. |
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Plenty of junk websites and businesses are using bitcoin as a marketing gimmick, overstock is so far the largest online.
If you wouldnt buy it with fiat, don't be duped into buying it with bitcoin, just because you can.
I don't think I've ever seen an established business offer competitive prices for their wares in bitcoin, there always seem to be a few % premium tagged on top to tale advantage of those being caught up in the hype.
Yesterday was the first time I've been on overstock in months and nothings changed, everything is cheaper elsewhere.
yeah, I was not impressed with what I saw their. It was also my first time there in a very long time...and I still didn't buy anything. |
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I'm all in on fiat debt and bitcoin holding. Inflation versus deflation is the theory, hope it works out.
What are your plans for the best case scenario and what are your plans for the worst case? |
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