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Author Topic: I wish I never started mining  (Read 5698 times)
Litt
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June 04, 2011, 09:50:50 AM
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So another huge price jump today. I really really really wish I had not spent all the extra money in mining equip and just bought btc instead straight up early this year. The difference is painful to think about. Not to mention that each difficulty jump is another step towards the end of mining altogether.

This is just me spending my dollar on btc equipment for mining only also. Imagine if you cashed out and reinvested mined bitcoins to buy equipment along the way, you would have lost out on much bigger chunk of your profit and more.

I was making amends with my decisions in the past, but I'm thinking now that this mistake will someday be realized in millions lost 20 years down the line and maybe more. I'm also kickin myself in the ass for not buying when it was at $7 with everything I had liquid. I wish I did it when it was at $.5, but I didn't have the balls or the vision.

It's does makes me happy the price is up, but I know that the difficulty will jump and my equipment will be making that much less btc very shortly reducing it's effectiveness once again in btc production. Sure it might be bringing in same dollar amount if price goes up keeping it in the profit range a bit longer, but you will never make as many btc as you would have if you just bought outright at this pace. I would rather have more btc for my money for the long haul rather than get a trickles of it which still will amount to less at the end. Had I known that buying btc outright will net me more btc overall, I would have just purchased instead as btc is an investment for me anyways.


Ok I'm done ranting. I guess it sucks how I can't just be 100% happy about the price going up without knowing my mining equipment will become less effective proportionally because of it for btc production. YAY to breaking the $10, $15 barrier though!
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June 04, 2011, 09:56:15 AM
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I don't get it.

You're complaining at yourself for not knowing the future?

Bitcoin might aswell have had its peak at $5 and maybe it would've never risen above that. You could potentially have lost thousands of $'s.

Mining dying? No, mining can't really die, it can just get harder. Someone HAS to find the BTC's before they can be traded.
max in montreal
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June 04, 2011, 09:57:26 AM
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Was this a suicide note?

Hey you have to jup in sometime!
MyNameIsCrake
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June 04, 2011, 09:58:01 AM
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Wait, I've just started reading up on how Bitcoins work yesterday night so I'm probably wrong, but doesn't a higher BTC price mean you're making more money by mining them? If you can sell 1 BTC for 15 instead of 10 dollars, that's a good thing right?
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June 04, 2011, 09:58:10 AM
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if I had known...

oh the lottery... and that jackpot machine... that stock... forex...

ah well... congrats on whoever won the last one...

Com'on make peace with such thoughts and be glad you're working towards getting some equipments for free and possibly sell for 'some' profit. You saw an opportunity weighed the cost and decided on something. You can be glad if today you're not making a loss and are perhaps looking at surpluses. This is how investments works.

Litt
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June 04, 2011, 10:03:19 AM
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Wait, I've just started reading up on how Bitcoins work yesterday night so I'm probably wrong, but doesn't a higher BTC price mean you're making more money by mining them? If you can sell 1 BTC for 15 instead of 10 dollars, that's a good thing right?


The amount I can sell btc higher is fine and all, but it only means that I will make less btc due to increasing difficulty following price hike. All I'm saying is that i would have higher total btc in my client right now had I bought instead of mined in the beginning when I first got introduced. And looking back at this fact, it does make me sick that I made the wrong choice hence my rant above. 
Findeton
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June 04, 2011, 10:06:05 AM
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The amount I can sell btc higher is fine and all, but it only means that I will make less btc due to increasing difficulty following price hike. All I'm saying is that i would have higher total btc in my client right now had I bought instead of mined in the beginning when I first got introduced. And looking back at this fact, it does make me sick that I made the wrong choice hence my rant above. 

Difficulty isn't following price that much. I think your inversion in mining is the best you could have done. Just sell all those bitcoins if it ever goes down.

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Litt
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June 04, 2011, 10:07:31 AM
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if I had known...

oh the lottery... and that jackpot machine... that stock... forex...

ah well... congrats on whoever won the last one...

Com'on make peace with such thoughts and be glad you're working towards getting some equipments for free and possibly sell for 'some' profit. You saw an opportunity weighed the cost and decided on something. You can be glad if today you're not making a loss and are perhaps looking at surpluses. This is how investments works.

yeah I do need to make peace for sure. But thinking about it in a long term perspective and knowing that this could be realized in millions lost possibly in 20 years.... it does make me want to voice my frustration a bit.

I am very thankful I am involved in btc nontheless of course. And I am investing now and have stopping adding mining capacity since around $4+ with my spare cash. Happy to be part of this great chance in the economic arena. Just wished that I made the better decision to just buy outright early when they were cheap. And $17 is still cheap though.. just neeed cash! Grin
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June 04, 2011, 10:07:47 AM
 #9

Keep your hopes up, kid.

"The road may be long and winding, but the journey is the incentive"

SchizophrenicX
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June 04, 2011, 10:16:24 AM
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I totally agree with you. However, I'll still be getting my capacity up and investing into hardware just course I hasn't deem this whole bitcoin thing a 'stable thing' yet. And the market might just crash at this point where so many people are focusing on 'investing forex' while the real demand should come as people transacting for products and services. I just still have my own doubts and it'll be awhile before I start trading in bitcoins. Owning the hardwares 'feels' much more real to me as of now.

I read about Bitcoins around the price of $5~$6, went out and loaned 2 grand to build my first rig. I regretted not trading then and earning 3x what I borrowed and still does since I'm still halfway through breaking even. However, I'm happy that I'm getting a new rig at half the price as of this instance. I do not blame myself as my analysis of the opportunity cost still applies, the trading bubble may burst anytime imo, my rig is something physical in front of me and this is what I'm comfortable with.

If not enough substantial products and services are up for grasp people will realize this whole trading and price of BTC are just a farce and theres no where to spent these coins, essentially selling to each other hoping that the price would go up. In my eyes this is not true demand and the price of BTC is built on a false foundation.

Litt
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June 04, 2011, 10:23:30 AM
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I totally agree with you. However, I'll still be getting my capacity up and investing into hardware just course I hasn't deem this whole bitcoin thing a 'stable thing' yet. And the market might just crash at this point where so many people are focusing on 'investing forex' while the real demand should come as people transacting for products and services. I just still have my own doubts and it'll be awhile before I start trading in bitcoins. Owning the hardwares 'feels' much more real to me as of now.

I read about Bitcoins around the price of $5~$6, went out and loaned 2 grand to build my first rig. I regretted not trading then and earning 3x what I borrowed and still does since I'm still halfway through breaking even. However, I'm happy that I'm getting a new rig at half the price as of this instance. I do not blame myself as my analysis of the opportunity cost still applies, the trading bubble may burst anytime imo, my rig is something physical in front of me and this is what I'm comfortable with.

If not enough substantial products and services are up for grasp people will realize this whole trading and price of BTC are just a farce and theres no where to spent these coins, essentially selling to each other hoping that the price would go up. In my eyes this is not true demand and the price of BTC is built on a false foundation.

This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.

My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
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June 04, 2011, 10:28:25 AM
 #12

Well, if you believe so, then there's onlya 1 thing to do asap:

Sell your hardware and invest the money in BTC as fast as you can.

Don't dare? Don't complain!

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June 04, 2011, 10:29:32 AM
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It really hurts seeing all those people just thinking about Bitcoin as a money machine.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.

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Maxxx
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June 04, 2011, 10:31:59 AM
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This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.

My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.

Like others have said. You can mope about and wonder what you could have done, but you've already acted. This is how things are now. I think you should look more to mining as contributing to the network. Much like people who run Tor relays and exit nodes with the intent to promote and support an idea.

Read the cypherpunk manifesto. This is much bigger than just making a quick buck.

We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.

We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.

Time is money. This means that if you have spare time, you can use it to make money.

Modular, open, and stack-able miner case.
Findeton
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June 04, 2011, 10:46:08 AM
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This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.

My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.

Like others have said. You can mope about and wonder what you could have done, but you've already acted. This is how things are now. I think you should look more to mining as contributing to the network. Much like people who run Tor relays and exit nodes with the intent to promote and support an idea.

Read the cypherpunk manifesto. This is much bigger than just making a quick buck.

We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.

We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.


Bitcoin is not anonymous. Every transaction is logged in the blockchain.

Bitcoin Weekly, bitcoin analysis and commentary

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Litt
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June 04, 2011, 10:47:27 AM
 #16

Well, if you believe so, then there's onlya 1 thing to do asap:

Sell your hardware and invest the money in BTC as fast as you can.

Don't dare? Don't complain!

I thought about this long and hard trust me. There is no need to reverse it all, but rather stop and do right from now on. Only reason why it's not being done immediately is because they aren't losing me money while running. Also selling only about 3-4 thousand dollars worth of hardware now to buy btc isn't gonna be any different then me spending the money I have on the side to do the same. Which I have been doing since $4+ if you read my posts. I don't feel that I need to disclose the amount I've since invested, but it's a lot more than 3-4k for sure. I have changed the way I invest into purchasing rather than mining a long time ago and don't need to do it twice. Literally only prob for me now is not having more liquid cash in hand outside of credit.

You need to remember that this is NOT mining isn't profitable thread. I'm saying I wish I chose to invest rather than mine. I am currently doing both with no plans to increase mining at all. I only regret that I started mining instead of investing for the reasons stated above. If you don't realize this then you are obviously below average in intelligence.

I will infact get rid of my miners long before the profit is reduced to very little unlike many of you guys I'm sure, but doing it now is only gonna cost me more both ways.  I'm waiting for a good time around a quarter before next gen release to sell all my current mining gpus.
Litt
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June 04, 2011, 10:50:43 AM
 #17

It really hurts seeing all those people just thinking about Bitcoin as a money machine.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.

If you see that investing in btc is somehow being less involved than mining, then I'm lost as to how to convince you otherwise. Having faith in currency enough to exchange it with dollar seems to be enough support if you ask me. Me supporting BTC as a currency seems to be a given and I support 100%. If you think you are holier than thou and money means dirt to you then, I have nothing to add. And don't forget, I am mining. Just stopped adding capacity a long time ago after seeing the investments being much more profitable.

I mean people aren't selling mining capacity for cash for no reason. They know that buying btc upfront with that cash rather than running the rig themselves is more profitable. Do they also not see the potential?  
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June 04, 2011, 10:54:37 AM
 #18

This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.

My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.

Like others have said. You can mope about and wonder what you could have done, but you've already acted. This is how things are now. I think you should look more to mining as contributing to the network. Much like people who run Tor relays and exit nodes with the intent to promote and support an idea.

Read the cypherpunk manifesto. This is much bigger than just making a quick buck.

We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.

We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.


Bitcoin is not anonymous. Every transaction is logged in the blockchain.

Of course. Read the full paper for a better explanation of the few paragraphs I quoted. It is anonymous to a point.

When put in the context of Bitcoin, it allows people to make decisions. Do I want to promote my bitcoin address, attach it to an alias, my real name? My personally mined coins. So on and so forth.

You need to look at it from, "At what point is it not anonymous?" instead.

Time is money. This means that if you have spare time, you can use it to make money.

Modular, open, and stack-able miner case.
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June 04, 2011, 10:57:02 AM
 #19

Lazy bum... stop complaining, take your pick and go back into the pit....  Grin

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June 04, 2011, 11:18:04 AM
 #20

This is basically a "I wish I had bought gold at 200$" thread.

I just wish I had heard of this stuff a year ago when difficulty was still so low you could create what would now be worth > 200$ in a day.

Whoever is holding the larger chunks of the current 6 million BTC should be well into 6-7 figures by now (pizza 10k BTC = $170k now..and despite what the BTC community keeps paranoiding on about, that's still a small house and several cars in the real world with the oh-so-evil-and-dead USD currency).

Ho-Hum.
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