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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 573900 times)
Markcus
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September 20, 2014, 03:26:07 AM
 #1821

Need advice !

This question is more directed to the bitcoin miners. I have been Bit-coining for about 8 months now and I really enjoy doing it. The only problem is I'm not making any profit, long story short I have spent around $1500 and only made $ 500.00/ I have 4 miners pumping out 450 gh, and on a good day I might make .01 bt which means I will most likely never see a profit with my current set up... So here are my questions;

1) Is bit coin mining dead ?, should I though in the towel.
2) If it is not dead, should I buy a really big bitcoin miner $2000.00+, or lots of smaller ones ?.
3) What should I buy next and where should I buy them ?.

Thanks for the advice.
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bornil267645
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September 20, 2014, 03:41:18 AM
 #1822

That's a cool way to introduce, I like it Cool Cool

RevengerX
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September 20, 2014, 04:20:43 AM
 #1823

The world just isn't going to be the same and we have been blessed as the pioneers.
I have amazing feeling every time I think about this fact.
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September 20, 2014, 06:53:14 AM
 #1824

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.
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September 20, 2014, 10:07:14 AM
 #1825

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.

... you don't really understand how a computer works do you?

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September 20, 2014, 02:06:59 PM
 #1826

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.

... you don't really understand how a computer works do you?

And we wonder why Bitcoin's not taking off like a rocket. You need to be able to at least turn on a computer. lol

boumalo
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September 20, 2014, 02:07:56 PM
 #1827

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.

The hope is to have less regulation and rules with Bitcoin and when the fiat system and the central banks actions will look like what they are, horrible, people may start using bitcoins more and more

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September 20, 2014, 02:13:08 PM
 #1828

Need advice !

This question is more directed to the bitcoin miners. I have been Bit-coining for about 8 months now and I really enjoy doing it. The only problem is I'm not making any profit, long story short I have spent around $1500 and only made $ 500.00/ I have 4 miners pumping out 450 gh, and on a good day I might make .01 bt which means I will most likely never see a profit with my current set up... So here are my questions;

1) Is bit coin mining dead ?, should I though in the towel.
2) If it is not dead, should I buy a really big bitcoin miner $2000.00+, or lots of smaller ones ?.
3) What should I buy next and where should I buy them ?.

Thanks for the advice.

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

If you want to keep mining, you need to find one of those websites that calculates the profit you make over time vs. cost and figure out ahead of time whether or not your miners will be profitable.

You will have to do your research if you want to be successful and find a reputable company that sells cost-effective miners. If you buy from one of the overpriced companies, or scam companies, then you're fucked.
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September 20, 2014, 03:08:51 PM
 #1829


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?
stevegee58
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September 20, 2014, 05:22:32 PM
 #1830

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.

That doesn't make any sense.  There's no way any authority can prevent 2 people from engaging in a business transaction where one pays BTC in exchange for goods/services from another.  By its very nature BTC cannot be regulated in fact, only in appearance.

I have BTC in my wallet, somebody has something for sale.  I send some negotiated BTC from my wallet to his.  I receive my goods.
Where does regulation enter into this transaction?

You are in a maze of twisty little passages, all alike.
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September 20, 2014, 07:48:36 PM
 #1831

kingscrown
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http://fuk.io - check it out!


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September 21, 2014, 02:41:22 AM
 #1832

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.

That doesn't make any sense.  There's no way any authority can prevent 2 people from engaging in a business transaction where one pays BTC in exchange for goods/services from another.  By its very nature BTC cannot be regulated in fact, only in appearance.

I have BTC in my wallet, somebody has something for sale.  I send some negotiated BTC from my wallet to his.  I receive my goods.
Where does regulation enter into this transaction?

exactly, goods vs btc can never be regulated.
propably is fiat vs btc can cause problems at some point but i can imagine there will be countires that wont care [just like offshore companies now] so.. theres no real problem here.

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September 21, 2014, 02:50:23 AM
 #1833

Great time to buy cheap coins.

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September 21, 2014, 03:07:18 AM
 #1834


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

arbitrage001
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September 21, 2014, 03:35:53 AM
 #1835


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

Where are you located?

I would be surprise if you can keep doing it for long if you are located in US or Europe before authority knocking on your door.
Arriemoller
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September 21, 2014, 07:56:42 AM
 #1836


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

Where are you located?

I would be surprise if you can keep doing it for long if you are located in US or Europe before authority knocking on your door.

Why would they do that? It's not illegal to trade bitcoins.

Demokrati: Två vargar och ett lamm röstar om lunchmenyn.      Democracy: Two wolfes and a lamb votes about the lunch menu.
Frihet: Ett väl beväpnat lamm opponerar sig mot omröstningen.  Freedom: A well armed lamb opposes the outcome.
cr1776
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September 21, 2014, 12:10:50 PM
 #1837


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

Where are you located?

I would be surprise if you can keep doing it for long if you are located in US or Europe before authority knocking on your door.

Why would they do that? It's not illegal to trade bitcoins.

Unlicensed money transmitting is what was being referred to, I believe.

QuestionAuthority
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September 21, 2014, 03:00:30 PM
 #1838


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

bitcool
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September 21, 2014, 04:37:18 PM
 #1839


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html
And your name is QuestionAuthority?
BlindMayorBitcorn
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September 21, 2014, 06:35:46 PM
 #1840


The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.


Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html
And your name is QuestionAuthority?

Sometimes when you question authority the answer is "no" Undecided

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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