Bitcoin Forum
October 19, 2017, 01:31:42 PM *
News: Latest stable version of Bitcoin Core: 0.15.0.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 [3]  All
  Print  
Author Topic: Worlds Most Economical Bitcoin Mining Contracts!  (Read 11583 times)
Capitan
Member
**
Offline Offline

Activity: 112


View Profile
July 03, 2011, 06:55:26 PM
 #41

Well, anybody selling mining contract, do not have any interest in BTC. It is clear.

I guess I don't understand mining contract sellers.  If someone could rent a rig from them, and make money, why wouldn't the contract seller just mine for himself?

So, the seller must think that BTC is going to fall enough in value that it's better to rent time than mine for himself. So, therefore, he is selling what he thinks are false hopes.

Unless he has 1/2 his rigs mining for himself, and 1/2 rented - then he's got both bases covered.  That's the only thing that makes sense to me.

You are mostly correct about mining contract sellers. They are basically "short" on bitcoin mining (AKA, placing a bet that bitcoin mining will not be profitable). There's technically nothing wrong with shorting. But I think a lot of people might not be smart enough to realize that is what's taking place, and I feel sorry for them. THere is the claim that it might actually become profitable (if difficulty either stays the same, or if the exchange rate goes up), but I don't see that happening any timein the near future. And I serious question if these leech types who sell the contracts would not withdraw from the contracts if mining actually became more profitable.

You then have to also factor in what happens if the operation goes belly up? What happens to the hardware? If it gets sold, who gets the profit from the hardware? In contracts where you are just renting the mining power it makes even less sense to purchase the mining contract because not only are you very likely to lose money, but you will also have no hardware to sell to cut your losses after the 3 months are up.
1508419902
Hero Member
*
Offline Offline

Posts: 1508419902

View Profile Personal Message (Offline)

Ignore
1508419902
Reply with quote  #2

1508419902
Report to moderator
1508419902
Hero Member
*
Offline Offline

Posts: 1508419902

View Profile Personal Message (Offline)

Ignore
1508419902
Reply with quote  #2

1508419902
Report to moderator
The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1508419902
Hero Member
*
Offline Offline

Posts: 1508419902

View Profile Personal Message (Offline)

Ignore
1508419902
Reply with quote  #2

1508419902
Report to moderator
Capitan
Member
**
Offline Offline

Activity: 112


View Profile
July 03, 2011, 07:00:09 PM
 #42


Quote
Some companies have invested over $500,000 USD in setting up their own managed mining rigs to mine Bitcoins, it is an extremely fast paced growing industry.

What's the source of this?

From me, of course. I have over 500k of Bitcoin mining equipment and I can afford to give away 1,000 Bitcoins to a random person a day!  Cool

What's with the pictures in your sig? Who's face is that?
MaGNeT
Legendary
*
Offline Offline

Activity: 1204


Waves | 3PHMaGNeTJfqFfD4xuctgKdoxLX188QM8na


View Profile WWW
July 03, 2011, 09:21:18 PM
 #43

really nice read, skyhigh.

but you can cut it even shorter:

would you trust this guy?


You can't see if someone can be trusted, based on a picture...
I think Vladimir is a real Bitcoin fan and also a real businessman.

I trust him but I also trust my calculator. And if my calculator shows negative numbers, I say "no way"...

Unofficial Waves topic: https://bitcointalk.org/index.php?topic=2142722   |   My Waves address alias = magnet
Tx2000
Full Member
***
Offline Offline

Activity: 182



View Profile
July 03, 2011, 10:04:43 PM
 #44

It's a gamble alright but definitely not the smartest option that is available.  But I guess in the end, that's the world - people have options and this is one of them.  The only thing that is a bit of a fallacy is that he stated he accepts bitcoins for this service.  One would need to pay more bitcoins than they would receive.   There is no gamble in that but pure deception.
djgtr
Sr. Member
****
Offline Offline

Activity: 294



View Profile
July 04, 2011, 06:08:25 AM
 #45

Hi

I am a partner in www.bitcoinminingrigs.com.au and I feel a lot of the people in this thread are only looking at things from their own point of view instead of looking from the point of view of the people that these contracts are aimed at.

1. A lot of people in Australia and around the world for that matter do not have reliable broadband connections but wish to get involved with bitcoin mining, besides a mining contract what option do they have?

2. A lot of people are not tech savvy and have never built a computer in their life nor do they want to, why should they miss out on the opportunity to mine? Are they going to go down to (insert local retailer here) and buy an off the shelf mining rig? Most salesmen have never heard of bitcoin and will try to sell the customer a HP or DELL to mine with.

3. A lot of people actually have jobs that take up a large portion of their life, when they are at home they don't want to be monitoring their miners or watching bitcoin value on Mt Gox.

4. Believe it or not a lot of places around the world pay very high prices for electricity or their partner/parents wont let them run miners 24/7.

So if your tech savvy, have access to cheap computer parts, don't pay a fortune for electricity and don't value your time highly then a mining contract is probably not for you. For the rest of the world (which is a much larger percentage than fits into the previous categories) we offer a service that is in fairly high demand.

In two days we have had over 30 inquiries into mining contracts and have signed 7 contracts in the 1000mhash to 6000mhash range. We explain to all of our potential customers difficulty increases, volatility of bitcoin value, I even point them at this thread to read all your opinions of mining contracts. And guess what.... they still want to sign.

So please continue with all your calculations and predictions it just gives my clients something to read and help them make up their mind on whether to purchase a contract or not. But just remember to look from other peoples point of view that maybe in a different position to yourself. After  all we must be doing something right... business is booming!

Thanks
David

 


▄█▄
▄██▀██▄
▄██▀███▀██▄
▄██▀███████▀██▄
▄██▀██████▄████▀██▄
▄██▀██████████▄████▀██▄
▄██▀███████████▀██▄████▀██▄
▄██▀███████████████▀██▄████▀██▄
▄██▀███████████████████▀██▄████▀██▄
█████████████████████████████████████
████▄███████████████████▄██▀████▄████
██████▄███████████████▄██▀████▄██████
████████▄███████████▄██▀████▄████████
▀█████████▄██████████▀████▄█████████▀
▀█████████▄██████▀████▄█████████▀
▀█████████▄███████▄█████████▀
▀█████████▄███▄█████████▀
▀█████████▄█████████▀
▀███████████████▀
▀███████████▀
▀███████▀
▀███▀
 


██
██
██
██
██░░░▄█▀▀▀▀▀▀▀█▄
██▀▀▀█░░░░░░░░░▀█▄
██▀▀▀░░░░░░▄▄▄░░░▀█
██░░░░░░░░░█░█░░░░▀█▄
██░░░░░░▄▄▄█░█▄▄▄░░▀█▄
██░░░░░░█░░░░░░░█░░░░█
██░░░░░░▀▀▀█░█▀▀▀░░░░█
██░░░░▄▄▄░░█░█░░░░░░░█
██░░░░█░█░░▀▀▀░░░░░░░█
██░░░░▀▀▀░▄▄▄▄▄░░░░░░▀▌
██▄▄▄▄████░░░░░█░░░░░░█
██░░░░░░░▀█▄░░░░█░░░░░█
██░░░░░░░░░▀█▄░░░█░░░░█
██░░░░░░░░░░░▀█▄░░█░░░█
██░░░░░░░░░░░░░▀█▄░█░█▀
██░░░░░░░░░░░░░░░▀▀▀▀▀
PLAYKEY.IO
DECENTRALIZED CLOUD GAMING PLATFORM   
   
   
Capitan
Member
**
Offline Offline

Activity: 112


View Profile
July 04, 2011, 06:08:50 AM
 #46

It's a gamble alright but definitely not the smartest option that is available.  But I guess in the end, that's the world - people have options and this is one of them.  The only thing that is a bit of a fallacy is that he stated he accepts bitcoins for this service.  One would need to pay more bitcoins than they would receive.   There is no gamble in that but pure deception.

Ha! You are right, I didn't even notice that. I didn't think to check that stat because who would be dumb enough to charge you 80BTC for a contract that UNDER THE MOST OPTIMISTIC SCENARIO, COULD AT MOST MAKE YOU BACK 75BTC? More likely a lot less than that though.

Man the scammers on this board are out of control. I like to shit on their parade because I hate crooks and thieves and dishonest people.
Capitan
Member
**
Offline Offline

Activity: 112


View Profile
July 04, 2011, 06:15:00 AM
 #47

Hi

I am a partner in www.bitcoinminingrigs.com.au and I feel a lot of the people in this thread are only looking at things from their own point of view instead of looking from the point of view of the people that these contracts are aimed at.

1. A lot of people in Australia and around the world for that matter do not have reliable broadband connections but wish to get involved with bitcoin mining, besides a mining contract what option do they have?

2. A lot of people are not tech savvy and have never built a computer in their life nor do they want to, why should they miss out on the opportunity to mine? Are they going to go down to (insert local retailer here) and buy an off the shelf mining rig? Most salesmen have never heard of bitcoin and will try to sell the customer a HP or DELL to mine with.

3. A lot of people actually have jobs that take up a large portion of their life, when they are at home they don't want to be monitoring their miners or watching bitcoin value on Mt Gox.

4. Believe it or not a lot of places around the world pay very high prices for electricity or their partner/parents wont let them run miners 24/7.

So if your tech savvy, have access to cheap computer parts, don't pay a fortune for electricity and don't value your time highly then a mining contract is probably not for you. For the rest of the world (which is a much larger percentage than fits into the previous categories) we offer a service that is in fairly high demand.

In two days we have had over 30 inquiries into mining contracts and have signed 7 contracts in the 1000mhash to 6000mhash range. We explain to all of our potential customers difficulty increases, volatility of bitcoin value, I even point them at this thread to read all your opinions of mining contracts. And guess what.... they still want to sign.

So please continue with all your calculations and predictions it just gives my clients something to read and help them make up their mind on whether to purchase a contract or not. But just remember to look from other peoples point of view that maybe in a different position to yourself. After  all we must be doing something right... business is booming!

Thanks
David

 

None of your arguments are relevant because you ignore the simple fact that it is cheaper and wiser for someone to simply buy BTC now. Under realistic circumstances, your mining operation will make them a lot less than 75BTC over 3 months. But at the current exchange rate it would cost them 80BTC to buy the three month contract. So they are set up to lose money right away. You and the OP have countered this by saying "what if the BTC value rises to $50?!". Well true, if the value rose the custom wouldn't lose money from buying your contract. But if the value rose to $50 the customer would also still be better off buying the BTC up front instead of buying the contract.

You make the rookie mistake of trying to convince people of a shitty deal on a public forum. You will not succeed in doing that because people will point out the flaws in your shitty deal and no one will want to partake. If you can show some hard #'s that prove why your offer is worth anyone's money, then all the naysayers in this thread would leave it alone. So far you haven't offered any valid argument as to why this is better than buying BTC up front.
Capitan
Member
**
Offline Offline

Activity: 112


View Profile
July 04, 2011, 06:16:43 AM
 #48


Hi

I am a partner in www.bitcoinminingrigs.com.au and I feel a lot of the people in this thread are only looking at things from their own point of view instead of looking from the point of view of the people that these contracts are aimed at.

1. A lot of people in Australia and around the world for that matter do not have reliable broadband connections but wish to get involved with bitcoin mining, besides a mining contract what option do they have?

2. A lot of people are not tech savvy and have never built a computer in their life nor do they want to, why should they miss out on the opportunity to mine? Are they going to go down to (insert local retailer here) and buy an off the shelf mining rig? Most salesmen have never heard of bitcoin and will try to sell the customer a HP or DELL to mine with.

3. A lot of people actually have jobs that take up a large portion of their life, when they are at home they don't want to be monitoring their miners or watching bitcoin value on Mt Gox.

4. Believe it or not a lot of places around the world pay very high prices for electricity or their partner/parents wont let them run miners 24/7.

So if your tech savvy, have access to cheap computer parts, don't pay a fortune for electricity and don't value your time highly then a mining contract is probably not for you. For the rest of the world (which is a much larger percentage than fits into the previous categories) we offer a service that is in fairly high demand.

In two days we have had over 30 inquiries into mining contracts and have signed 7 contracts in the 1000mhash to 6000mhash range. We explain to all of our potential customers difficulty increases, volatility of bitcoin value, I even point them at this thread to read all your opinions of mining contracts. And guess what.... they still want to sign.

So please continue with all your calculations and predictions it just gives my clients something to read and help them make up their mind on whether to purchase a contract or not. But just remember to look from other peoples point of view that maybe in a different position to yourself. After  all we must be doing something right... business is booming!

Thanks
David

  



Are we supposed to take your word for it that you have signed contracts? I wouldn't be surprised if some people made such a bad decision, but I also don't see any reason why we should believe it just because you say it.
BtcNmcMiner
Full Member
***
Offline Offline

Activity: 151



View Profile
July 04, 2011, 06:26:26 AM
 #49

I hate to jump into a cmpetitors thread, but I'm not sure that your contracts are the 'Worlds Most Economical' for example

I offer 200 Mh contracts for between $75 and $60 USD depending on lengeth, from 2 to 8 months. Yours are $90 per month.

I offer 400 Mh contracts for $135 to $ 112.50 per month, again depending on length, between 2 and 8 months. Yours are $170 per month. I also offer a 2 month minimum compared to your 3 so that the customer is out less money up front.

I know that several other contracts are available for less also, just sayin'.

grod
Full Member
***
Offline Offline

Activity: 154


View Profile
July 04, 2011, 06:52:49 AM
 #50

Now the last poster's pricing structure makes a bit more sense.  Call it $300 a month to get a gigahash * 8 months.  $2400.  Assuming difficulty does not go up from 1.3M (and it will, in just a few more days) you'd be getting 185 bit coins for that $2400. 

That's a discount of about $400 from current market price -- a daring person might take the bet of difficulty falling while $ value of BTC staying constant or increasing over those 8 months.

A less daring person would simply buy a ~$1000 worth of parts to produce the same 1Ghash, budget $600 power over the same time frame, buy $300 worth of beer and take the last $500 and bet it on poker games.  And at the end of the 8 months sell the hardware and buy another $500 worth of beer.

The OP's pricing structure, however, is just  Shocked
skyhigh
Full Member
***
Offline Offline

Activity: 142


View Profile
July 04, 2011, 07:32:38 AM
 #51

David aka djgtr, I'm sure there are people who contacted you and even bought contracts from you. I'm also sure most of them don't know or understand the math behind it, but that's OK. This kind of service is only temporary,  simply because it makes no sense and math behind it doesn't work. When people are more informed on the subject services like yours will get less and less business.

To answer your questions :

--------------------------------
1. A lot of people in Australia and around the world for that matter do not have reliable broadband connections but wish to get involved with bitcoin mining, besides a mining contract what option do they have?
Instead of sending you $1200 US to buy a contract for 3 months, they could BUY bitcoins and get 50% more for the same amount of money.

2. A lot of people are not tech savvy and have never built a computer in their life nor do they want to, why should they miss out on the opportunity to mine? Are they going to go down to (insert local retailer here) and buy an off the shelf mining rig? Most salesmen have never heard of bitcoin and will try to sell the customer a HP or DELL to mine with.
Why bother building anything? Instead of sending you $1200 US to buy a contract for 3 months, they could BUY bitcoins and get 50% more for the same amount of money.

3. A lot of people actually have jobs that take up a large portion of their life, when they are at home they don't want to be monitoring their miners or watching bitcoin value on Mt Gox.
They don't have to monitor anything. Instead of sending you $1200 US to buy a contract for 3 months, they could BUY bitcoins and get 50% more for the same amount of money.

4. Believe it or not a lot of places around the world pay very high prices for electricity or their partner/parents wont let them run miners 24/7.
They don't have to pay any electricity. Instead of sending you $1200 US to buy a contract for 3 months, they could BUY bitcoins and get 50% more for the same amount of money.


The fact is that since some people are offering this services, there is always some people that lack the knowledge on the subject and falls for it. That's OK. We can't get to everyone and explain to them that .. Instead of sending you $1200 US to buy a contract for 3 months, they could BUY bitcoins and get 50% more for the same amount of money.


This has NOTHING to do with being tech savvy, have access to cheap computer parts, pay a fortune for electricity, value your time or whatever else comes to your mind, simply because the end product they get from buying a contract from you are bitcoins. Instead of sending you $1200 US to buy a contract for 3 months, they could BUY bitcoins and get 50% more for the same amount of money.


David / djgtr.. talk to your partner about changing/removing some text on your site. Let me quote it "Some companies have invested over $500,000 USD in setting up a Large Bitcoin Server Farm in Germany".
You don't want to get into unnecessary possible legal issues from someone buying a contract from you and later finding out you guys lied.
bitminers
Member
**
Offline Offline

Activity: 84


View Profile
July 04, 2011, 09:58:53 AM
 #52

Skyhigh, do you have nothing better to do than ramble on with crap? Seriously put your effort towards something useful!
1.21gigawatts
Member
**
Offline Offline

Activity: 98


View Profile
July 04, 2011, 12:43:53 PM
 #53

bitminers, you should probably concentrate more on a rebuttal to skyhigh, otherwise it just makes you look stupid because you can't mathematically demonstrate why it would make sense to a potential customer (that's not brain dead in the math dept) to buy a contract from you instead of just buying BTC outright with the money they are spending for a contract.
skyhigh
Full Member
***
Offline Offline

Activity: 142


View Profile
July 04, 2011, 02:17:56 PM
 #54

Skyhigh, do you have nothing better to do than ramble on with crap? Seriously put your effort towards something useful!

Sure I have better things to do, but I'm multitasking. I'm not rambling crap because I'm 100% sure I'm spot on with what I'm saying. Majority understands it as well since it's not really rocket science. Funny how you call my ramblings crap, yet you removed part of the text  from your website, which I mentioned in my previous post..  quote "Some companies have invested over $500,000 USD in setting up a Large Bitcoin Server Farm in Germany".

By the way this all comes effortless to me, so when you need an objective opinion for your next business venture feel free to PM me.
Pages: « 1 2 [3]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!