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Author Topic: I feel like I'm dreaming, is this crap for real? For how long?  (Read 5234 times)
gat3way
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June 09, 2011, 09:42:13 PM
 #41

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How many times do people need to hear it. It's not a fucking ponzi. I haven't bought a cent worth of BTC but I frequently trade them for tangible commodities, fiat currency and save them in encrypted wallets. It's called mining.

Yes and who bought your BTC? Why can't you accept the fact that one day they may decide to sell it for a fiat currency just like you did?
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FreeJAC
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June 09, 2011, 09:42:34 PM
 #42

dont dream too long.

when I built my first rig 2 months ago I had a 8 BTC mining day with just 1000 mh/s

1000 mh/s mines between 1-2 BTC per day now.

and its only going to keep going up.


Wow! Now there is a hard dose of reality. Difficulty, a miners Achilles heel.  

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dingus
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June 09, 2011, 09:51:27 PM
 #43

dont dream too long.

when I built my first rig 2 months ago I had a 8 BTC mining day with just 1000 mh/s

1000 mh/s mines between 1-2 BTC per day now.

and its only going to keep going up.


Wow! Now there is a hard dose of reality. Difficulty, a miners Achilles heel.  

Except, 1 BTC 2 months ago was ~4-5 dollars each. Now they are ~30.  You make more or less the same dollar amount now as you did 2 months ago.

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AnonymousBat
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June 09, 2011, 09:59:39 PM
 #44

dont dream too long.

when I built my first rig 2 months ago I had a 8 BTC mining day with just 1000 mh/s

1000 mh/s mines between 1-2 BTC per day now.

and its only going to keep going up.


Wow! Now there is a hard dose of reality. Difficulty, a miners Achilles heel. 

Except, 1 BTC 2 months ago was ~4-5 dollars each. Now they are ~30.  You make more or less the same dollar amount now as you did 2 months ago.

Yeah, you're right. The gold rush is over. Might as well just sell your equipment while you still can.

I'll buy it.


dont dream too long.

when I built my first rig 2 months ago I had a 8 BTC mining day with just 1000 mh/s

1000 mh/s mines between 1-2 BTC per day now.

and its only going to keep going up.


Wow! Now there is a hard dose of reality. Difficulty, a miners Achilles heel.  

Except, 1 BTC 2 months ago was ~4-5 dollars each. Now they are ~30.  You make more or less the same dollar amount now as you did 2 months ago.

No no no, he totally made less money because now he gets less bitcoin!

Roll Eyes

Seriously though, this is basic economics. People for some reason get stuck on one number.
Jack of Diamonds
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June 09, 2011, 10:17:41 PM
 #45

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How many times do people need to hear it. It's not a fucking ponzi. I haven't bought a cent worth of BTC but I frequently trade them for tangible commodities, fiat currency and save them in encrypted wallets. It's called mining.

Yes and who bought your BTC? Why can't you accept the fact that one day they may decide to sell it for a fiat currency just like you did?

Who is stopping them from selling it?

What happens to the BTC economy even if they sell it? Absolutely nothing. It's called liquidity.
The market would be dead if nobody was selling. It would be impossible for non-miners to acquire bitcoins.

No, it's not going to crash because people change it to USD, EUR or JPY.

Is gold crashing because it's sold in massive amounts every day for fiat currency?
Gold is just a shiny commodity with no real value except that given to it by the market and it's rarity/difficulty of obtaining.

Paper and bank money is even more worthless.
It isn't even backed up by rarity and there's tons printed every day out of nowhere. Just look at the joke of a currency called Zimbabwean dollar (of which 100 trillion dollars is not worth even close to 1 bitcoin) because absolutely nobody trusts it anymore

Paper money doesn't even have trust or security backing it up (can be faked and passed off relatively easy even by semi-professionals), people only use it because other people use it and believe it's worth tangible goods.

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pwnyboy
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June 11, 2011, 08:56:30 AM
 #46

A ponzi scheme requires new members to pay to old members.

At this moment, the same seems to be true of Bitcoin.  That is, it requires new money, perpetually, to make the coins worth the cost of minting them, and to uphold everyone's faith in the system.  Picture my forefathers, some 200 years ago.  They had to start minting the US government's first supply of money, so some guy with a bunch of copper deposits tells the gov he'll go dig up a big chunk of copper in his backyard and break it down into chunks small enough that it can be pressed into pennies.  In exchange, he'll receive a few of these newly minted pennies that he can use to exchange with other people who accept pennies.  [Of course, the reason for such example is that the gov. had no other practical way to confer anything of value to the guy in exchange for his copper and his time, other than their coins.]  So he does as they wish, gets his pennies, pays for some more labor, maybe for more land with copper deposits, etc.  The point of this rather crude parallel is.. if the gov's source of copper dries up, they can't mint any new pennies, thus there aren't enough pennies in circulation to become useful to anyone.  Now that they've lost their utility, their value is gone as well, and people no longer exchange their time and talents for pennies.

Just sayin..
Synaptic
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June 11, 2011, 09:15:04 AM
 #47

dont dream too long.

when I built my first rig 2 months ago I had a 8 BTC mining day with just 1000 mh/s

1000 mh/s mines between 1-2 BTC per day now.

and its only going to keep going up.


Wow! Now there is a hard dose of reality. Difficulty, a miners Achilles heel. 

Except, 1 BTC 2 months ago was ~4-5 dollars each. Now they are ~30.  You make more or less the same dollar amount now as you did 2 months ago.

Yeah, you're right. The gold rush is over. Might as well just sell your equipment while you still can.

I'll buy it.


dont dream too long.

when I built my first rig 2 months ago I had a 8 BTC mining day with just 1000 mh/s

1000 mh/s mines between 1-2 BTC per day now.

and its only going to keep going up.


Wow! Now there is a hard dose of reality. Difficulty, a miners Achilles heel.  

Except, 1 BTC 2 months ago was ~4-5 dollars each. Now they are ~30.  You make more or less the same dollar amount now as you did 2 months ago.

No no no, he totally made less money because now he gets less bitcoin!

Roll Eyes

Seriously though, this is basic economics. People for some reason get stuck on one number.

I think his post just reflects the fact that only the bullish, the unwise, and the fools believe a $30/BTC is sustainable in the near term.  Next difficulty increase will likely see an average $18/BTC for that period, which was already overvalued last round at that price. I'm not banking on $30/BTC in the near term, and neither should anyone else without money to throw away. You ARE making less mining now than then, unless you're also day-trading every day, and smartly.
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