[Poll] What have you doing with the coins you mined?

[Aseras]

I sell when there's a spike or i need new hardware or to pay bills.

I generally sit on the coins though. I'm mining with 20gh now and have several preorders for asic.

I'm in for the long haul, I expect the price to go way up. The market penetration is so tiny that even if a handful of the population start using it the price will have to double or triple.

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[Korbman]

Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars

[Odi]

Hold + Sell

I started mining a year ago as a hobby and was under the "hold" category.  I spent $200 on 2x5770 to get me started.  They have just been running in the background for the past year.  First I mined in the ars pool until the pool died because the owner had no time to maintain it.  Then I switched to solo mining mostly because I had no time to keep up with all the different pool payment schemes.  And earlier today, I checked and realized my solo mining had found 2 blocks in the past 10 months!

So I looked up ASIC mining hardware and put in a preorder for one of the devices.  So those 2 lucky blocks were sold for more mining hardware, and the remaining from the pool is still being held.

[Jack1Rip1BurnIt]

Man that's pretty awesome you found 2 blocks with 2 5770's! I've only found 1 block in 8 months but that was through a pool.

[Odi]

I know, I wasn't expecting it at all.  I saw the first block I found solo in January sometime in February or March.  And I didn't see the one I found in July until today when I needed to reboot my computer.

Since it felt like a Christmas present, I decided to pre-order an ASIC miner with it.  At least if it turns out to be a scam, I wouldn't feel too bad about it.  And if it ships, then it's a tangible Christmas present that would keep on giving in the future!

[DobZombie]

I'm basically selling the percentage of the bitcoins that I mined to cover electricity.  Keeping 95% of the rest of it, for when bitcoin raises to $1100 each

[CrazyGuy]

I try to keep my stockpile around 100 BTC. I spend and sell the rest.

[CrazyGuy]

Hold + Sell

I started mining a year ago as a hobby and was under the "hold" category.  I spent $200 on 2x5770 to get me started.  They have just been running in the background for the past year.  First I mined in the ars pool until the pool died because the owner had no time to maintain it.  Then I switched to solo mining mostly because I had no time to keep up with all the different pool payment schemes.  And earlier today, I checked and realized my solo mining had found 2 blocks in the past 10 months!

So I looked up ASIC mining hardware and put in a preorder for one of the devices.  So those 2 lucky blocks were sold for more mining hardware, and the remaining from the pool is still being held.

That's awesome. I have a 6450 in my media center pc that pulls around 35 mh/s. I've thought about solo mining with it on the off chance I might get really lucky and find a block.

[LiteBit]

Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars

I read this the other day too.  Thought it was interesting study. If I recall they even pointed to the majority of coins on the market today being traced to a 90,000 sell order over a year ago.

[Korbman]

Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars

I read this the other day too.  Thought it was interesting study. If I recall they even pointed to the majority of coins on the market today being traced to a 90,000 sell order over a year ago.

I thought it was a little far fetched when I first read it, but as I look around and see what the general trend is just on the forums I'm starting to see how plausible it actually is. Everyone wants the price to go up, so they hold as much as they can.

[meebs]

what else? two chicks at the same time.....

[crazyates]

Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars

Ya, but looking how I spend my non-BTC monies: >75% of my USD$ sit in a bank. It's the same with BTC. It's not that I'm "holding" them, it's that I'm saving up to buy something that I need. Or want, whichever comes first.

[Odi]

I thought it was a little far fetched when I first read it, but as I look around and see what the general trend is just on the forums I'm starting to see how plausible it actually is. Everyone wants the price to go up, so they hold as much as they can.

The trend will stay that way until the majority has a way to make BTC.  When you have to buy BTC with fiat, it makes it more like play money and a luxury.  So the chicken and egg problem: you need stores to accept only BTC, but if they do that, they alienate a lot of business.  So they have to accept fiat, which means it is hard to find a reliable source of BTC.

Ya, but looking how I spend my non-BTC monies: >75% of my USD$ sit in a bank. It's the same with BTC. It's not that I'm "holding" them, it's that I'm saving up to buy something that I need. Or want, whichever comes first.

But most do not have 75% of their bills sitting in under the mattress at home.  You store your money at a bank, who loans it out to others for interest.  Holding bitcoins to save up for something is more like stashing every bill under the mattress until you have enough.  But without FDIC, there will never be trust in any kind of BTC bank.  The closest thing would be buying / selling BTC with fiat.

[cabin]

I generally keep half and sell half, but I would have been better off had I kept them all.

[Odi]

I generally keep half and sell half, but I would have been better off had I kept them all.

This is what I mean by "more like play money".  Currently, people will sell into fiat to recoup their costs, realize their income, etc.  For BTC to become a real currency, that mindset has to go away, and people will just have a BTC balance and a fiat balance.  People have to think of BTC as real money.  For that to happen, there has to be many merchants accepting BTC, but for there to be many merchants accepting BTC, there has to be the mindset that BTC is real money...a chicken and egg problem of which comes first

The best thing would be for stores to just slowly but surely add BTC as a payment option, and eventually we will reach the tipping point that the mindset changes.

[quasarbtc]

Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars

I read this the other day too.  Thought it was interesting study. If I recall they even pointed to the majority of coins on the market today being traced to a 90,000 sell order over a year ago.

I thought it was a little far fetched when I first read it, but as I look around and see what the general trend is just on the forums I'm starting to see how plausible it actually is. Everyone wants the price to go up, so they hold as much as they can.

I wonder what fraction of the stowed away coins are with active users versus dormant users. That is, what fraction of coins out there are lost for good..

[Korbman]

I wonder what fraction of the stowed away coins are with active users versus dormant users. That is, what fraction of coins out there are lost for good..

That's a good point. At least for me, I know I've lost bitcoins in accounts I can't ever seem to find again...I know it's not that much (maybe a few tenths of a coin), but multiple that by a few thousand (or more) people doing the same thing and it'll add up quickly.

This is what I mean by "more like play money".  Currently, people will sell into fiat to recoup their costs, realize their income, etc.  For BTC to become a real currency, that mindset has to go away, and people will just have a BTC balance and a fiat balance.  People have to think of BTC as real money.  For that to happen, there has to be many merchants accepting BTC, but for there to be many merchants accepting BTC, there has to be the mindset that BTC is real money...a chicken and egg problem of which comes first.

Excellent realization. +1

[kwoody]

I've been mining for about 18 months now with an average of ~1600mh/s. I originally planned to hoard, at least until BTC value increased beyond the $31 it had been at shortly after I began mining. I hoarded up until about a month ago. I now have only 8.3 BTC in my wallet. I bought a few things... gold coin from Coinabul, some honey caramels from Bees Brothers, a ... "decorative glass vase" from Dank Glass, some coffee from bitcoincoffee..... and pre-ordered 270gh/s worth of ASIC gear from cablepair. I'm in it for the long haul. I'm not interested in selling BTC for fiat, I'm interested in spending BTC to make more BTC in the longterm, and to spend BTC on goods and services(to promote merchants accepting BTC).

[Odi]

I've been mining for about 18 months now with an average of ~1600mh/s. I originally planned to hoard, at least until BTC value increased beyond the $31 it had been at shortly after I began mining. I hoarded up until about a month ago. I now have only 8.3 BTC in my wallet. I bought a few things... gold coin from Coinabul, some honey caramels from Bees Brothers, a ... "decorative glass vase" from Dank Glass, some coffee from bitcoincoffee..... and pre-ordered 270gh/s worth of ASIC gear from cablepair. I'm in it for the long haul. I'm not interested in selling BTC for fiat, I'm interested in spending BTC to make more BTC in the longterm, and to spend BTC on goods and services(to promote merchants accepting BTC).

Your thought process is exactly the same as mine, except I have only 400MH/s in the past 14 months, and I turned that into 54gh/s from cablepair.  The only difference is I haven't spent BTC on goods and services yet because I forgot about my miner running in the background for a long while as I was busy with work and a 2 year old.

[QuantumFoam]

Around 9 months mining at 2.6gh, before that had a single 5770 for 5 months or so. Like the majority who've replied, I generally save the btc earned, unless I need to sell some for paying expenses or upgrading the mining rig. Not prudent to invest more in gpu based stuff at this time, however, so I've been holding onto it.