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Question: Are you going to keep building new mining rigs?
Absolutely! Building tons more, price will go up up up - 43 (26.2%)
Maybe a few more here and there to be safe - 49 (29.9%)
No, I'm out. - 36 (22%)
I'm switching from mining to buying coins at this price - 22 (13.4%)
I never wanted to buy or mine bitcoins, you guys are suckers. - 14 (8.5%)
Total Voters: 164

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Author Topic: Mt. Gox drops to 20, reconsidering your mining rigs?  (Read 5735 times)
bcpokey
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June 10, 2011, 08:17:56 PM
 #1

Has todays sudden volatile sell-off scared you people newly into bitcoin from building all those fancy expensive new mining farms, or are you still happy @ $20/BTC?

Curious to see how people are reacting to todays drop, biggest in bitcoin history I think (numerically, perhaps not percentage wise), and how it will effect future mining prospects.

EDIT: It is back up to 24 now, but the concept of volatility and potential downward trending of price rather than upward is still a concern for some people I imagine.
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Asamkhyeya
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June 10, 2011, 08:19:48 PM
 #2

I feel this is a normal, healthy correction and will continue to mine....

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ensign_lee
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June 10, 2011, 08:20:08 PM
 #3

I want to say no, but the reasoning that "price swings are too scary" does not apply to me. How do I vote?
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June 10, 2011, 08:21:45 PM
 #4

Just a market correction, nothing to see here, move along people.

P.S. my actual answer is no, but not for the reasons listed. I don't have enough wattage left in my tiny apartment to power any more rigs and still turn on the TV without popping a breaker  Grin

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June 10, 2011, 08:22:48 PM
 #5

Corrections are healthy, especially after such a rapid rise.   Let it build some support in the 24 level for a few days and we can take off again.
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June 10, 2011, 08:23:45 PM
 #6

Once the mexican mafia figures out you can get $800mirrion of drug money out of the USA without buying 400 suitcases at walmart, bitcoins will be a lot more than $20

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Freakin
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June 10, 2011, 08:24:00 PM
 #7

it's not even a market correction, it's just someone selling a lot of bitcoins in a shallow market.

I sold 42 BTC @ 21 because there wasn't much of a floor to protect against further drops.  He stopped selling and I bought back at 22.
kiwiasian
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June 10, 2011, 08:26:58 PM
 #8

Some people got a little too ambitious to set the bid at 30. Now it's just stabilizing at lower $24-27 range, but now since people know it hit the $30 mark people won't buy so it might stabilize in the $20 range. Give it some time...it will be back in the $27 stable range within a few days (I would predict) and then stabilize in the $30 range perhaps after the next difficulty increase (expected to be 787717 in 1151 blks)

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computerparts
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June 10, 2011, 08:34:51 PM
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There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.
shivansps
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June 10, 2011, 08:38:42 PM
 #10

yup i will reconsider... ill buy 3 6950 and 2 5770 tomorrow Tongue

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Jack of Diamonds
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June 10, 2011, 08:44:26 PM
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There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.

How are "they" going to go after an exchange that is based in Japan and has currency accounts around the world?

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dingus
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June 10, 2011, 08:46:49 PM
 #12

Of course I am happy at $20. I've been here since $0.70!

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rezin777
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June 10, 2011, 08:50:58 PM
 #13

Some people freak out when the sun rises every day. Bitcoin is not a sprint, it's a marathon. Anyone selling cheap video cards because of the impending "crash"?  Grin
computerparts
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June 10, 2011, 08:56:14 PM
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There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.

How are "they" going to go after an exchange that is based in Japan and has currency accounts around the world?

You do know that MtGox website is registered under someone that is on U.S. soil, right?
rezin777
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June 10, 2011, 08:58:09 PM
 #15

You do know that MtGox website is registered under someone that is on U.S. soil, right?

You do know that MtGox is only an exchange and Bitcoin does not need it to succeed, right?
kirby9058
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June 10, 2011, 08:58:20 PM
 #16

Well, I was smart and used my pre-existing gaming rig as my mining rig. Already had a 5830, just bought a 2nd one. If mining stops being profitable for me, at least I've got a decent gaming rig!
ensign_lee
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June 10, 2011, 08:58:44 PM
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There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.

How are "they" going to go after an exchange that is based in Japan and has currency accounts around the world?

The same way they shut down pokerstars and fulltiltpoker whenever they decided they wanted to (both of which were based in other countries). Seize the domain and put scary FBI warning signs up (like the one currently on http://bookmaker.com/ which they also did it to) warning people to stay away.

Concentrated sites are easy to take down.
BiggieJohn
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June 10, 2011, 09:00:37 PM
 #18

my power cost for my 6 GPU's and air conditioning is about $5/day.
As long as the price stays above $10/BTC i will continue to mine.

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Chucksta
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June 10, 2011, 09:04:50 PM
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There is obviously a reason for this. IMO people who went in big ordering 20 5870's or 10 6990's or whatever this late in the game are going to lose the most. The bitcoin was backed on nothing more than trust. Since the gov't caught wind of it, people are starting to lose trust. The value will just go down from here. There may be one last spike and that's it. The problem however is not with bitcoin, the gov't can't shut it down no matter how hard they try. What they can and will do instead is go after the exchangers. Mtgox will be the first to get hit. It's not if, it's just a matter of time. Look at what happened to e-gold. For those of you that haven't been keeping up with the latest, I suggest you visit the economics subforum immediately and get the facts. Since most people are driven by greed and are using bitcoin as nothing more than a cash cow, this is the beginning of the end. Get out while you can and make sure you have nothing in any of the exchanges within a few weeks from now. Mtgox WILL get hit and when they do, you want to make sure you don't have USD or bitcoins sitting in there because if you do, you are going to lose every last cent of it.

How are "they" going to go after an exchange that is based in Japan and has currency accounts around the world?

The same way they shut down pokerstars and fulltiltpoker whenever they decided they wanted to (both of which were based in other countries). Seize the domain and put scary FBI warning signs up (like the one currently on http://bookmaker.com/ which they also did it to) warning people to stay away.

Concentrated sites are easy to take down.

USA agencies have no rights over .org, only .com

Which is why the poker sites changed from .com to .net and .co.uk

it's only the people from "the land of the free" who can no longer freely play on those sites. Anyone from anywhere else in the world can use them, lol
Jack of Diamonds
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June 10, 2011, 09:11:34 PM
 #20

The same way they shut down pokerstars and fulltiltpoker whenever they decided they wanted to (both of which were based in other countries). Seize the domain and put scary FBI warning signs up (like the one currently on http://bookmaker.com/ which they also did it to) warning people to stay away.

Concentrated sites are easy to take down.

Register the domain in Russia, Finland, Switzerland, Japan, or Cocos Islands -> Problem solved.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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