Feel a little bit better about ASICs :3

[M3t]

I have no idea how I ended up here. It was less than a week ago that I remembered about bitcoin for some reason or another.

Saw BFL and avalon were making crazy rigs and making hundreds of dollars of profit a day simply mining.

Holy crap! I want one! Couldn't sleep for 2-3 days knowing I'm a go-getter, I'll find a way to get one somehow! Right?

Learn that "the boat" sailed in 2012 when ASICs were being introduced. If these people barely got one, how can I?

Improbable to get my hands on one, not profitable to even consider it. All options depleted, e-bay overpriced, some scam probability, frenzied people like myself, etc.

Hope this helps some of you out there with dollar signs still twinkling in your eyes.

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Anyways, that being said, I went out and bought 20 bitcoins from cryptocurrent.com and bitinstant this week. (i can't recommend cryptocurrent enough - a pleasure!)

Sat a few days, watched my interest rise and netted $300 in profit. Fuck mining.

http://i45.tinypic.com/a09dol.jpg


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Side note: I did go out and get two 7970s for mining this month and the following month before ASICs start really raping the market. Making $15/day. Don't really care if they go out of date, I'll just use them to play the new Elder Scrolls Online game when it comes out. Hell yeah. I rock.

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[DavidAU]

People are selling their batch #2 place in line for 20k on ebay :/ They paid $1499. Crazy.

[sooraw]

they are posting if for 20k but do they get any buyers?

[M3t]

exactly... hope those of you still kicking yourselves lay down your guns and take a deep breath like me. it ain't happenin; it's useless to fight.

[M3t]

think logically, why would you sell your avalon rig for $20,000 if you could make $20,000 with it?

derp.

[DavidAU]

they are posting if for 20k but do they get any buyers?

Yes. 76 bids, $20,600 for the one below.
http://www.ebay.com/itm/181105056846

[M3t]

suckers 

[DavidAU]

think logically, why would you sell your avalon rig for $20,000 if you could make $20,000 with it?

derp.

With difficulty constantly increasing it's going to take longer and longer to make a ROI. I certainly wouldn't be buying now with all the delays and backlog those ordering today probably won't see their machines until the end of the year.

[M3t]

exactly

[ThunderSheep]

I have no idea how I ended up here. It was less than a week ago that I remembered about bitcoin for some reason or another.

You must be my long lost twin.  I ended up remembering Bitcoin about three weeks ago and went through the exact same progression.  Except I only have one 7970 on the way.  And it will be waiting for Star Citizen to arrive.  That said, I'm glad I decided to read up on ASICs before plunking money down.  I will happily buy one of BFL or Avalon's units just as soon as I can order and have it within a week like any other product.  I don't mind if it means everyone has one at that point.  I don't even mind if it doesn't pay for itself.  I happily mine now at 40Mh/s (until the new card arrives) for the same reason I crunched numbers for SETI and folded proteins; I like to contribute some effort to a worthy cause.

Long live Bitcoin!

[res]

think logically, why would you sell your avalon rig for $20,000 if you could make $20,000 with it?

derp.

because they don't know nothing about exact time of arrival of their ASIC and if they don't know about that, they cannot determine whether they can get full return of investment or not in reasonable time.
ROI per any given period will decrease every new ASICs hit the network, so if they get their ASIC after massive BFL's 10k ASIC chips hit the network, they will get 1~2 BTC/day not 5BTC/d like today.

and mining rate is not the only factor. USD/BTC rate can be fall drastically. even if you can maintain average 2 BTC/d rate for the next whole year, your 730 BTC can be worth much less than $20k.
730 BTC worth more than $90k today, but if exchange rate falls to $10/BTC again, it will be $7.3k. and $10/BTC is not even close to the basement. no one knows where the basement is for sure. could be $0.1/BTC.

Therefore, $20k price tag is perfectly reasonable for those who are in the waiting line, and not a bad deal even for a current holder of ASIC.
$20,000 price tag is actually 75BTC + premium. if you consider the premium is 50%, $20k for ASIC deal is actually selling 112.5BTC at the rate of $178/BTC.
If someone believe market will experience at least ten fold crash very soon, selling out BTC mining machine at the rate of $178/BTC is good deal.

[M3t]

I have no idea how I ended up here. It was less than a week ago that I remembered about bitcoin for some reason or another.

I happily mine now at 40Mh/s (until the new card arrives) for the same reason I crunched numbers for SETI and folded proteins; I like to contribute some effort to a worthy cause.

cute

[robble]

There is going to be some crying if bitcoins fall to $10 - and some laughing.  I guess there is already a lot of crying today from people who sold 100+ back when they were under $10...

[simplydt]

Thanks for starting this thread, you've made me decide that $15 a day is too worth my while I will be buying 2 ati radeon 7970 now. Ah, the joy of living in Berlin where even 10 euros a day means something!

[M3t]

Thanks for starting this thread, you've made me decide that $15 a day is too worth my while I will be buying 2 ati radeon 7970 now. Ah, the joy of living in Berlin where even 10 euros a day means something!

Good luck! I do warn you that this will go down significantly. For instance, it went down to $10/day for me this morning when I got up and looked at the BTCguild network went up to Pool Speed 24,277 GH/s overnight. It was around 21,000 yesterday