You're absolutely right about the fail math.
Just busting your (and others) balls a little. The trolling was pretty funny to me, especially when it's off by such a wide margin.
I really have no idea about the actual value. I glanced at the pic and took a wildly inaccurate assumption at the lowest possible price for the pile of shit I saw.
Still doesn't invalidate the point I was trying to make. With the timing of this cutesy little "Just some casual mining" post, it's pretty safe to assume this was an impulse buy based on the astronomical $30 high.
Perhaps, and I don't doubt there may be some here who have done this. Or perhaps this is a "rich" geek with too much time on his hands that finds the project interesting from a long-term perspective, and happened to know someone who was able to get him a deal on all the remaining 5770 video card stock if he agreed to buy it all in one order? Just rampant speculation of course
I feel Bitcoin has a future, and hopefully this guy does too. Mining gave me a way to both operate this as a business (aka get the creative juices flowing) and really learn how things function and what the community/market needs as a whole. Now that my mining investment is relatively paid for and operates in a completely automated fashion, (assuming no $0 crashes within the next 4 weeks) I've been focusing on other things such as launching some services that accept bitcoin, or provide services to the bitcoin community.
These take time to develop, much more time/expense than simply buying $10k (or $100k) of commodity readily available computing gear. Paying good designers, developers, and taking the time to really lay out a solid business plan is *way* more effort and risk than this relatively tiny mining op you see here. I have first hand knowledge of other mining ops that make this one look small in comparison, and I still wouldn't call them "large" to any degree when compared to scientific GPU clusters and other such short-term computational projects I've either been involved in, or heard about.
I'd really like to be able to ask this guy how he feels about his purchase with Mt Gox going practically flaccid. And it's not a bunch of insane trading driving the price down right now...it's people pulling out massive amounts of USD value from the market over the past 72 hours.
While I didn't buy this much gear (no cooling for it!), you can ask me I suppose, as I put my own money into dedicated mining gear about 2 months ago, and expanded it 3-4 weeks ago as well. I will say the current (and last week's) market fluctuations do not worry me in the slightest. I put one month's disposable income into my op, generate below 10Ghash/sec, and if I make exactly $0 on the BTC generation it will simply have been a sorely needed fun hobby/diversion from my real work. Basically, in my opinion, it's already paid for itself simply in personal enjoyment. It's been a long time since I've needed to pull out the dremel and soldering iron (to unlock the "unlockable" 6950's of course.). Reconnecting with some really smart friends in various segments of the industry to hack on specific aspects (hardware, code, etc.) has also made this project more than worth it for me to boot!
It looks like people are scared, and rightfully so.
If people spent more than they can afford to lay on black in Vegas, then I absolutely agree with you! I think we likely have the same line of thought there, but you just don't really understand the scale of things quite yet
I will also point out that if all these "early adopters" had been putting their money directly back into their mining operations, they'd have operations that would absolutely dwarf this one - with almost no initial out of pocket USD (or other currency) investment.
The guy who bought this gear is probably pretty scared too.
Given the screwup that this picture was linked publicly without the shipping labels being obscured, I can say with almost absolute assurances than he is in no way scared whatsoever, and is likely reading this thread laughing a little bit
Heck, this thread probably already made the whole project worth it to him!