Bitcoin Forum
December 03, 2016, 01:53:31 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2] 3 »  All
  Print  
Author Topic: I wish I never started mining  (Read 5648 times)
bitwatch
Newbie
*
Offline Offline

Activity: 20


View Profile
June 04, 2011, 11:58:27 AM
 #21

Litt,

Its OK really.  What you are feeling is normal for anyone who speculates and invests.  Remember evrything is a cycle.  Don't become a perma BTC bull.  Cycles up and down.  Adjustsments in strategy are part of the fun or aggravation depending on viewpoint.  You are fine.
1480773211
Hero Member
*
Offline Offline

Posts: 1480773211

View Profile Personal Message (Offline)

Ignore
1480773211
Reply with quote  #2

1480773211
Report to moderator
1480773211
Hero Member
*
Offline Offline

Posts: 1480773211

View Profile Personal Message (Offline)

Ignore
1480773211
Reply with quote  #2

1480773211
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480773211
Hero Member
*
Offline Offline

Posts: 1480773211

View Profile Personal Message (Offline)

Ignore
1480773211
Reply with quote  #2

1480773211
Report to moderator
Litt
Sr. Member
****
Offline Offline

Activity: 350


View Profile
June 04, 2011, 12:15:27 PM
 #22

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

hehe  Cheesy You obviously are in the know.. just let me rant a little and make myself feel a little better about the past.

Litt,

Its OK really.  What you are feeling is normal for anyone who speculates and invests.  Remember evrything is a cycle.  Don't become a perma BTC bull.  Cycles up and down.  Adjustsments in strategy are part of the fun or aggravation depending on viewpoint.  You are fine.

I do feel pretty good that even in my current position as I've only gained from my involvement in btc in terms of monetary rewards. I suppose we haven't seen a big downside at all yet. But for some reason, because of the way btc is being distributed with difficulty, I don't ever see mining outpacing investing as long as btc prices continue it's journey upwards. This is THE reason why I'm now regretting my decisions. Many of you don't feel this way like I do and may still feel careful investing in btc. I do because my mind has changed about the prospect of btc growth.

If anything I'm definitely very bullish in thinking that it will continue in such fashion for a long time, but I also suspect taht btc is another whole another beast altogether and is not going to behave like normal commodity or currency. Because of this, I am feeling how I'm feeling. Don't many of you feel the same way as me in terms of confidence in btc's success in the future?
max in montreal
Hero Member
*****
Offline Offline

Activity: 504


View Profile
June 04, 2011, 12:18:15 PM
 #23

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.

What is it then? How can you not be in it for the money? We are not making bananas here, its currency. I don't care about the politics, its the money I am interested in.

If you buy, sell, hoard....its all for the money, and if its not, donate it! We are trying to get the most efficiant cards for the least abount of money...We do not buy cases, we overclock to get the max amount of hash, we stick 4 cards onto a mb when it might be a better idea to use 2 motherboards. We speak about the difficulty killing our proffits, what part of the world has the cheapest electricity....

I do not want to change the world I want to make money.

The great thing about mining is that i am helping create a new kind of currency, and maybe if this thing does take off it will make the world a better place.

i think the great majority think like i do. Its ok if you don't but calling us gold shitting mules just makes you an asshole.


smoketoomuch, I would like to say sorry from all the gold shitting mules if any of us made you cry.
gaoxing
Newbie
*
Offline Offline

Activity: 10


View Profile
June 04, 2011, 12:29:53 PM
 #24

I have traded Forex for the past 5 years...and the feelings you have all the time.

Sometimes you think..."the euro will gain against the Dollar but I will wait a little
while until I see some momentum or a fibonacci retracement is hit"...then other
things happen, you get distracted you come back and sure enough the euro is
2 cents higher versus the USD.  Dam I knew it would do that, why didn't I get
in??

Such thoughts are not productive, as you are stuck in the past, and it will make
you miss the next opportunity just around the corner.  You have to have
self-compassion, forgive yourself, be gentle on yourself, you don't have  a
crystal ball, you are human, you can make mistakes.  Those who always want
perfection actually seem to be less happy than those who know there will
always be randomness in life.

I just found out about BitCoin yesterday although I have been interested in
digital currencies for years, even getting scammed on E-Gold paying for
conversion services and never got my money.  Was told that there was no
way to get a refund, all transactions are final...scammers heaven.  I am not
about to buy these highs, personally I would rather learn to mine or find some
way of adding value to the community....eventually I will buy.
Jack of Diamonds
Sr. Member
****
Offline Offline

Activity: 252



View Profile
June 04, 2011, 12:40:51 PM
 #25

I did the math about a year ago and came to the conclusion private mining at 4+ghash/s will be profitable until at least mid 2012/2013 due to difficulty increases. After that point, I'm not going to invest into more hardware unless the price keeps up.

What I didn't count in was the sudden increase in value that would result either from rapid demand, media exposure or speculation. I am making about 200 times more now than I estimated last summer because of the current price hike. Even if difficulty doubles now, it will still be profitable if price keeps rising.

Though, I wont mind if the price drops temporarily to $10, or even $1-$5. It will still be profitable for at least a year counting in electricity costs.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
Findeton
Full Member
***
Offline Offline

Activity: 126


View Profile
June 04, 2011, 01:13:50 PM
 #26

I did the math about a year ago and came to the conclusion private mining at 4+ghash/s will be profitable until at least mid 2012/2013 due to difficulty increases. After that point, I'm not going to invest into more hardware unless the price keeps up.

What I didn't count in was the sudden increase in value that would result either from rapid demand, media exposure or speculation. I am making about 200 times more now than I estimated last summer because of the current price hike. Even if difficulty doubles now, it will still be profitable if price keeps rising.

Though, I wont mind if the price drops temporarily to $10, or even $1-$5. It will still be profitable for at least a year counting in electricity costs.

So you have about $3000 in mining equipment or more.

Bitcoin Weekly, bitcoin analysis and commentary

14DD7MhRXuw3KDuyUuXvAsRcK4KXTT36XA
Littleshop
Legendary
*
Offline Offline

Activity: 1316



View Profile WWW
June 04, 2011, 01:42:35 PM
 #27

So far I would have done better buying BTC then mining as well but....

All of my video cards are worth more then I paid for them.  Most of them have gone up in value 40%.  I paid under $200 for most of my 5870's.  Now they are north of $250 and getting harder to find. 

Soros Shorts
Donator
Legendary
*
Offline Offline

Activity: 1455



View Profile
June 04, 2011, 02:04:18 PM
 #28

I wish I had continued CPU mining ...

Late last year I started CPU mining on a spare server as a joke and solved 2 blocks before Windows update promptly rebooted the system.  I never bothered to restart the miner and I forgot all about BitCoin until last month. That was the easiest $1,700 I've ever made. Oh well ....
grndzero
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 04, 2011, 08:18:20 PM
 #29

I have reinvested along the way to build out my mining ops. The other day I added it up and I have mined about 650 BTC. If only I had held onto them forever BTC wil go to US$100,000/BTC and I could have been a multimillionaire. Seriously? I just got past breaking even on my reinvestment and if the something catastrophic happened to the network, the price plummeted, or I just got tired of the noise and heat I have a really kick ass machine and some extra money in my pocket from selling a few video cards, even at a bit of a loss.

Now I can use the BTC I make to buy some Bitcoin T-shirts, Alpaca Socks, Play Blackjack, and buy munchies and practice currency trading/investing after paying for electricity. I'm happy.

Ubuntu Desktop x64 -  HD5850 Reference - 400Mh/s w/ cgminer  @ 975C/325M/1.175V - 11.6/2.1 SDK
Donate if you find this helpful: 1NimouHg2acbXNfMt5waJ7ohKs2TtYHePy
bcpokey
Sr. Member
****
Offline Offline

Activity: 462


View Profile
June 04, 2011, 08:22:58 PM
 #30

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.

I'm sure there are a lot of other worthwhile replies in this thread, but I'm just going to go ahead and say that I like you. And read the rest later.

I wish that I had been born 20 or so years earlier and known that a little company called microsoft was going to blow up and buy tons and tons of their stock, or that I had been born 10 years earlier and made good buddies with the guy who started google and get a bunch of their internal stock before they went public. Or actually I guess if I could see the future I could still make a ton of money now.
LegitBit
Full Member
***
Offline Offline

Activity: 140



View Profile
June 04, 2011, 08:35:29 PM
 #31

For those of us who already had the equipment, Mining is still the best investment. Definitely wish I knew about this two years ago, but thats life. The 100$ I've made thus-far is almost all profit, which practically pays for my gaming habits.

Win-Win, sure I am not rolling in cash, but every little bit helps man.

The way things are going I'd start buying AMD stock....

Donate : 1EiAKUmTVtqXsaGLKQQVvLT9DDnHsT7jTZ (Block Explorer)
supa
Jr. Member
*
Offline Offline

Activity: 42


View Profile
June 04, 2011, 10:05:53 PM
 #32

The way things are going I'd start buying AMD stock....

This.

A warehouse store manager told me AMD is having some huge announcement in the next few months about new CPU/GPU combos and some other stuff.

So either way....  AMD could be a big winning...

CubedRoot
Sr. Member
****
Offline Offline

Activity: 295


View Profile
June 04, 2011, 10:16:02 PM
 #33

I got into mining a few weeks back. Absolutely love it despite the rising difficulty. The worst case scenario for me is i end up with a totally badass gaming rig that cost me little to no money! The most likely case is I end up with same gaming system, AND making a few bucks as well.

Hindsight is 20/20, you should never regret the decisions you make, since there is nothing you can do about them.

I will even make you a deal... sell me your mining rig, and you can invest that money in BTC's Smiley
grndzero
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 04, 2011, 10:28:47 PM
 #34


Hindsight is 20/20, you should never regret the decisions you make, since there is nothing you can do about them.


Don't regret them, but always learn from them.

Seeing as I am not an experienced investor and have little free money it was easier for me to justify buying hardware so if the venture didn't go anywhere I at least had equity in the hardware that I could get back.

Now that I can mine some coins and use them to gain experience investing in the market perhaps next time I'll put $500 into the market instead of hardware. Of course the market will be different and probably won't be as insanely profitable as Bitcoin is right now.

Ubuntu Desktop x64 -  HD5850 Reference - 400Mh/s w/ cgminer  @ 975C/325M/1.175V - 11.6/2.1 SDK
Donate if you find this helpful: 1NimouHg2acbXNfMt5waJ7ohKs2TtYHePy
Litt
Sr. Member
****
Offline Offline

Activity: 350


View Profile
June 04, 2011, 11:57:00 PM
 #35


Hindsight is 20/20, you should never regret the decisions you make, since there is nothing you can do about them.


Don't regret them, but always learn from them.

Seeing as I am not an experienced investor and have little free money it was easier for me to justify buying hardware so if the venture didn't go anywhere I at least had equity in the hardware that I could get back.

Now that I can mine some coins and use them to gain experience investing in the market perhaps next time I'll put $500 into the market instead of hardware. Of course the market will be different and probably won't be as insanely profitable as Bitcoin is right now.

yes hindsight is 20/20 and I do regret, but learned from my past. The issue was that I thought the market won't be profitable like it was then and it was and then some. At this point I see btc breaking 18.25 highest ever. This is why I should have invested and ride the big early gains when it cheap to double up. I don't think it will ever slow down like it has in the past. The flame caught on now. Investing imo is definitely a better option than mining and will be for a long time. I'm definitely leaving the mining to the better people and investing. Once the value increases to a certain lvl say next year, at that point mining maybe better option with more efficient hardware. 
jasonk
Full Member
***
Offline Offline

Activity: 154


View Profile
June 05, 2011, 12:11:36 AM
 #36

Could of, should of, would of etc.

We can always hope we did something, but we didn't.

Sure I spent $1k on mining hardware, and within 1 month I've more than paid it off already.

Had I spent $1k on BTC @ $3, I'd be sitting on about $6,000 at current rates.

The fact is though that mining is much less risky, considering you still own the hardware and can sell it at any time.

---------

If you want more risk, buy now @ $19.  Who knows it could hit $100 in a month's time.


--------

Mining and holding the BTC might be a pretty good strategy.  I told myself I'd keep 1/3 for long term investment.  But when I saw $15 a coin, greed set in and I cashed in the 1/3 i set a side.  Embarrassed

Like my post?  Consider giving me a tip! =)

1HSj4CoNarcJ2B8Mi2EY6AtDWkUemYTWkQ
Maxxx
Member
**
Offline Offline

Activity: 70



View Profile
June 05, 2011, 12:15:00 AM
 #37

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.

What is it then? How can you not be in it for the money? We are not making bananas here, its currency. I don't care about the politics, its the money I am interested in.

This is bigger than simple profits. Read some of the comments in the source code and learn about the cyberpunk/cypherpunk culture. Of course I won't call anyone a gold shitting mule just because they want to profit, because I'm a gold shitting mule myself.

It's just that there is a point, a reason it was created and it wasn't to just shit gold. It's not about politics. It's about privacy in a world full of camera nests, nationwide wire-tapping, warrant-less searches, monopoly money, world banks, and tyranny.

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.
Justsomeforumuser
Member
**
Offline Offline

Activity: 84


View Profile
June 05, 2011, 12:59:32 AM
 #38

I liked the part where some people in the thread implied one of the fastest deprecating items in the world (GPU cycles used to be new a new card coming every 6 months) was the equivalent of a sound investment they could always sell again.

30%ish off value within 3-6 months of nearly anything computer related, > 50%  / over 60% prices gone within a year of high end / enthusiast level overpriced items.

That would be similiar to whatever BTC you buy losing 50% value..both are acts of speculation, but the computer hardware value loss is a whole lot more certain due to 20+ years of this mechanism being in play..


Which is not to say that I at any point felt it a great idea to invest actual money into BTC, even despite what is happening right now. If at all? Maybe 1-3% of your "risk money", if you have such a thing.

Ho-Hum.
Vladimir
Hero Member
*****
Offline Offline

Activity: 812


-


View Profile
June 05, 2011, 01:06:47 AM
 #39

and yet 2 year old 5970's command on ebay prices comparable with prices of new cards and I was just quoted 750USD for 2GB 5970 card by some chinese "manufacturer" (yea I know they are insane)

-
borito4
Member
**
Offline Offline

Activity: 87


View Profile
June 05, 2011, 01:22:18 AM
 #40

Or you could mine AND invest, and have the best of both worlds!

http://fxnet.bitlex.org/?ref=1141
1C2AUjVqnY4TMC9D7ZGQ4aPurbLrLz2q2g
Pages: « 1 [2] 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!