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Author Topic: my opinion about mining  (Read 2754 times)
trentzb
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May 31, 2011, 01:50:32 AM
 #21

No excuses needed. You proved my point. You could not have recovered your hardware expenditures in the time frame you state. You could not have even recovered expenditures within 2 weeks as I showed in previous post.

If you had held onto your mined coins for 2-3 weeks after you mined them and sold them when the exchange rate was ~$7,$8,$9 then yes I can see how you could recover your expenditures, however you would have had to hold onto them longer than your 7 day, or 9 day or 14 day time frame. This is called speculation as Steve pointed out. Look at the exchange rate historical data, I did and at $1/BTC at the end of April it was impossible for you to recover your expenditures.

It is very simple math, you state you did 31.5 BTC in 9 days * $1 USD (end of April rate) = $31.50 USD. Exchanging your coins at a later date is not recovering your expenditures in 9 days, plain and simple. Your claim is still false.

The point of this exercise was simply to point out grandiose claims which in particular mislead new users. New users to Bitcoin have a tough enough time as it is. When they hear someone claim they recovered their investment in < 10 days and they attempt the same they will be severely disappointed.

If any forum member with >= 100 posts (been around a while) agrees with you and points out my error I will be more than happy to pay you 5 BTC. I have no problem parting with 5 BTC if proven wrong.
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May 31, 2011, 01:57:01 AM
 #22


- you are concerned about the overall bitcoin security and thus you want to bring as much computing power to the network as you can, even if it will not give you many bitcoins in reward
I couldn't care less, im in it for the money - period.

comments in bold.

I'm not mining as part time job or as some stable source of income. I just did it for fun and to make a few hundred dollars.

Well which is it?
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