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Author Topic: Have you held in your hands some actual euros and dollars as a result of mining?  (Read 2661 times)
dreamer2008
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July 04, 2011, 08:34:26 AM
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I am prepared to invest my time and plenty of money in buying a mining PC, and maybe buy some coins, but I want to make sure that there is a chance I might get the money back from my investment, and the best way to make sure is to ask if you personally held some dollars or euros in your hand after changing some BTC's obtained from mining.

I already asked a similar question in the newbie zone, and I got a yes answer, but I am still not totally convinced. I want to be sure that some people won something before placing my orders.
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bcearl
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July 04, 2011, 08:38:00 AM
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As far as I know you can buy hardware directly with BTC. Who needs fiat money then?

Misspelling protects against dictionary attacks NOT
semarjt
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July 04, 2011, 08:48:26 AM
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I don't mine. So I can't answer your question 'as a result of mining'

But it sounds to me like you are about to take the plunge and want to know "is this shit for real? Can I really sell bitcoins for real money?"


Do this:

1.) Open an account on mtgox or tradehill.
2.) Buy Bitcoins
3.) Wait a day.
4.) Sell Bitcoins
5.) Withdraw EUR/USD from exchange.

You will see that you can, in fact, trade BTC for USD.
As far as mining is concerned, It'll only be 1,4,5


As far as "is mining actually profitable?" That's a whole other enchilada.

EDIT: Re read your post to see you aren't actually solely focused on mining. But the answer remains, yes, there are always buyers for your bitcoins (or there have been so far)
I still recommend doing the above so you can see that step 4 is actually the easiest part.



dreamer2008
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July 04, 2011, 08:51:36 AM
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As far as I know you can buy hardware directly with BTC. Who needs fiat money then?
It may be so, but my first investment would be fiat money and I expect to get those fiat money back eventually.
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July 04, 2011, 08:54:26 AM
 #5

As far as I know you can buy hardware directly with BTC. Who needs fiat money then?
It may be so, but my first investment would be fiat money and I expect to get those fiat money back eventually.
Why would you think this is not possible? If you have mined some Bitcoins, then what is stopping you from using an exchange like Mt. Gox to get USD or something other currency? I'm sure hundreds (perhaps thousands) of people have earnt "real" money from mining Bitcoins.

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Stevie1024
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July 04, 2011, 09:04:04 AM
 #6

I already asked a similar question in the newbie zone, and I got a yes answer, but I am still not totally convinced. I want to be sure that some people won something before placing my orders.

Please read http://en.wikipedia.org/wiki/Greater_fool, before making your investments...

I'm out of here!
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July 04, 2011, 09:12:29 AM
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No, no-one here makes money from Bitcoins  Roll Eyes

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
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dreamer2008
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July 04, 2011, 09:14:04 AM
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As far as I know you can buy hardware directly with BTC. Who needs fiat money then?
It may be so, but my first investment would be fiat money and I expect to get those fiat money back eventually.
Why would you think this is not possible? If you have mined some Bitcoins, then what is stopping you from using an exchange like Mt. Gox to get USD or something other currency? I'm sure hundreds (perhaps thousands) of people have earnt "real" money from mining Bitcoins.

That's what I want to know, that these hundreds, or thousands of people really held the money earned from mining in their hands, that's all. I would like to hear at least a few of those people mentioning that yes, they have real money. I haven't started to earn any Bitcoins to check for myself and before I invest more time and money toward that goal I just want to make sure that everything is alright.
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July 04, 2011, 09:18:26 AM
 #9

As far as I know you can buy hardware directly with BTC. Who needs fiat money then?
It may be so, but my first investment would be fiat money and I expect to get those fiat money back eventually.
Why would you think this is not possible? If you have mined some Bitcoins, then what is stopping you from using an exchange like Mt. Gox to get USD or something other currency? I'm sure hundreds (perhaps thousands) of people have earnt "real" money from mining Bitcoins.

That's what I want to know, that these hundreds, or thousands of people really held the money earned from mining in their hands, that's all. I would like to hear at least a few of those people mentioning that yes, they have real money.
Lets put it this way then: I mined about half a Bitcoin a while ago. That proved to me mining works. More recently I have used the VirWoX exchange (since I can use PayPal to get funds into my account) to buy and sell Bitcoins. That proved to me Bitcoin exchanges can be legit. All you have to do now is put the two things together and you'll have actual dollars.

XCN: CYsvPpb2YuyAib5ay9GJXU8j3nwohbttTz | BTC: 18MWPVJA9mFLPFT3zht5twuNQmZBDzHoWF
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nakowa
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July 04, 2011, 09:50:05 AM
 #10

I am prepared to invest my time and plenty of money in buying a mining PC, and maybe buy some coins, but I want to make sure that there is a chance I might get the money back from my investment, and the best way to make sure is to ask if you personally held some dollars or euros in your hand after changing some BTC's obtained from mining.

I already asked a similar question in the newbie zone, and I got a yes answer, but I am still not totally convinced. I want to be sure that some people won something before placing my orders.

In fact, it's quite easy to sell BTC mined by yourself, since most who believe in Bitcoin think buying is better choice than mining.

You're about to invest your money ('real' currency), then you'd better think for a while about risks you'll take.

I'm currently running dozens of rigs (equipped with HD 6990) which were assembled last month, and I think my advices are useful to you:

1. Do not buy cheap hardwares to save money. If your hardware get damaged, what's you lose will not only be the price of your damaged hardware, but also that of opportunity (your mining rig is broken, so you have no BTC income before you repair your rig(s)...)
2. Do not calculate your possible 'profit' by peak performance of rig's GPU. A discount of 10% is almost certain.
3. Do not forget to think about accelerating difficulty. Your rigs might well mine only 0.5 BTC next month while they can mine 1 BTC right now.
4. Do not undermine the difficulty and troublesome of fulfilling the need of electricity ... 10 Rigs perhaps need a power of 12,000w!
5. Do not use Windows as mining platform. Windows is vulnerable and unstable.
6. Do not forecast BTC exchange rate too optimistically, remember, pessimism sometimes protects you.
7. Do not expect mining pools are stable, they are in fact unstable; so do not naively assume they are stable and do not calculate your future profit based on false fact.
8. Do not assume your wallets are safe... Once you have more than 10 BTC, you'll face entire different situation than you only have 0.01 BTC in your wallet.
9. Do not forget you're merely a human being, you need rest, sleep, you cannot be alert all the time, you'll make mistaks... which might well have a huge impact on your future income...
10. Do not sell BTC too soon or too late. This last advice is ambiguous but useful, since the decision depends on your faith on Bitcoin system.

Good luck.

You can contact me on gtalk: nakowa@21bitcoin.com

Nakowa [1CaqVVrkoPetMVQJivBs14JKqdX8w2rBHG
dreamer2008
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July 04, 2011, 09:59:06 AM
 #11

I am prepared to invest my time and plenty of money in buying a mining PC, and maybe buy some coins, but I want to make sure that there is a chance I might get the money back from my investment, and the best way to make sure is to ask if you personally held some dollars or euros in your hand after changing some BTC's obtained from mining.

I already asked a similar question in the newbie zone, and I got a yes answer, but I am still not totally convinced. I want to be sure that some people won something before placing my orders.

In fact, it's quite easy to sell BTC mined by yourself, since most who believe in Bitcoin think buying is better choice than mining.

You're about to invest your money ('real' currency), then you'd better think for a while about risks you'll take.

I'm currently running dozens of rigs (equipped with HD 6990) which were assembled last month, and I think my advices are useful to you:

1. Do not buy cheap hardwares to save money. If your hardware get damaged, what's you lose will not only be the price of your damaged hardware, but also that of opportunity (your mining rig is broken, so you have no BTC income before you repair your rig(s)...)
2. Do not calculate your possible 'profit' by peak performance of rig's GPU. A discount of 10% is almost certain.
3. Do not forget to think about accelerating difficulty. Your rigs might well mine only 0.5 BTC next month while they can mine 1 BTC right now.
4. Do not undermine the difficulty and troublesome of fulfilling the need of electricity ... 10 Rigs perhaps need a power of 12,000w!
5. Do not use Windows as mining platform. Windows is vulnerable and unstable.
6. Do not forecast BTC exchange rate too optimistically, remember, pessimism sometimes protects you.
7. Do not expect mining pools are stable, they are in fact unstable; so do not naively assume they are stable and do not calculate your future profit based on false fact.
8. Do not assume your wallets are safe... Once you have more than 10 BTC, you'll face entire different situation than you only have 0.01 BTC in your wallet.
9. Do not forget you're merely a human being, you need rest, sleep, you cannot be alert all the time, you'll make mistaks... which might well have a huge impact on your future income...
10. Do not sell BTC too soon or too late. This last advice is ambiguous but useful, since the decision depends on your faith on Bitcoin system.

Good luck.

You can contact me on gtalk: nakowa@21bitcoin.com

Nakowa [1CaqVVrkoPetMVQJivBs14JKqdX8w2rBHG

Thank you very much for the good advice.

And please excuse my stubbornness, but I have to ask, since this is the point of my thread. Have you held in your hand, or have in your bank account, dollars, euros, or whatever your original currency, earned from this massive mining? All I ask is a simple yes or no.
nakowa
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July 04, 2011, 09:59:47 AM
 #12

I am prepared to invest my time and plenty of money in buying a mining PC, and maybe buy some coins, but I want to make sure that there is a chance I might get the money back from my investment, and the best way to make sure is to ask if you personally held some dollars or euros in your hand after changing some BTC's obtained from mining.

I already asked a similar question in the newbie zone, and I got a yes answer, but I am still not totally convinced. I want to be sure that some people won something before placing my orders.

In fact, it's quite easy to sell BTC mined by yourself, since most who believe in Bitcoin think buying is better choice than mining.

You're about to invest your money ('real' currency), then you'd better think for a while about risks you'll take.

I'm currently running dozens of rigs (equipped with HD 6990) which were assembled last month, and I think my advices are useful to you:

1. Do not buy cheap hardwares to save money. If your hardware get damaged, what's you lose will not only be the price of your damaged hardware, but also that of opportunity (your mining rig is broken, so you have no BTC income before you repair your rig(s)...)
2. Do not calculate your possible 'profit' by peak performance of rig's GPU. A discount of 10% is almost certain.
3. Do not forget to think about accelerating difficulty. Your rigs might well mine only 0.5 BTC next month while they can mine 1 BTC right now.
4. Do not undermine the difficulty and troublesome of fulfilling the need of electricity ... 10 Rigs perhaps need a power of 12,000w!
5. Do not use Windows as mining platform. Windows is vulnerable and unstable.
6. Do not forecast BTC exchange rate too optimistically, remember, pessimism sometimes protects you.
7. Do not expect mining pools are stable, they are in fact unstable; so do not naively assume they are stable and do not calculate your future profit based on false fact.
8. Do not assume your wallets are safe... Once you have more than 10 BTC, you'll face entire different situation than you only have 0.01 BTC in your wallet.
9. Do not forget you're merely a human being, you need rest, sleep, you cannot be alert all the time, you'll make mistaks... which might well have a huge impact on your future income...
10. Do not sell BTC too soon or too late. This last advice is ambiguous but useful, since the decision depends on your faith on Bitcoin system.

Good luck.

You can contact me on gtalk: nakowa@21bitcoin.com

Nakowa [1CaqVVrkoPetMVQJivBs14JKqdX8w2rBHG]
aral
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July 04, 2011, 10:51:09 AM
 #13

nakowa, HD 6990 is not the best card for mining
too expensive.  a cheaper 5xxx series will get you more Mhash for your $ AND use less power and run cooler
so you seem far from an 'expert' to me with your naive advice to buy expensive gear.


dreamer2008
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July 04, 2011, 11:17:27 AM
 #14

nakowa, HD 6990 is not the best card for mining
too expensive.  a cheaper 5xxx series will get you more Mhash for your $ AND use less power and run cooler
so you seem far from an 'expert' to me with your naive advice to buy expensive gear.

Really? Which cards do you recommend because I was planning to buy one 6990.
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July 04, 2011, 11:36:01 AM
 #15

nakowa, HD 6990 is not the best card for mining
too expensive.  a cheaper 5xxx series will get you more Mhash for your $ AND use less power and run cooler
so you seem far from an 'expert' to me with your naive advice to buy expensive gear.

Really? Which cards do you recommend because I was planning to buy one 6990.

The 5870 and 5970 are the more energy efficient (cheaper electricity bill). The 5850 and 5830 are usually the best for initial cost per MH/s but it really depends at the price you buy them (and you have to think that if you plan in selling it at some point, the series 6 will be easier to sell than the serie 5, but this is only important if you plan on selling).
dreamer2008
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July 04, 2011, 11:46:35 AM
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The 5870 and 5970 are the more energy efficient (cheaper electricity bill). The 5850 and 5830 are usually the best for initial cost per MH/s but it really depends at the price you buy them (and you have to think that if you plan in selling it at some point, the series 6 will be easier to sell than the serie 5, but this is only important if you plan on selling).
Thank you for the reply! I started to look at the 5xxx series to see what might be suitable.
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July 04, 2011, 12:23:00 PM
 #17

And please excuse my stubbornness, but I have to ask, since this is the point of my thread. Have you held in your hand, or have in your bank account, dollars, euros, or whatever your original currency, earned from this massive mining? All I ask is a simple yes or no.

Yes, I have transferred USD from my MtGox account to my "real" bank account via Dwolla.
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July 04, 2011, 12:26:22 PM
 #18

I am prepared to invest my time and plenty of money in buying a mining PC, and maybe buy some coins, but I want to make sure that there is a chance I might get the money back from my investment, and the best way to make sure is to ask if you personally held some dollars or euros in your hand after changing some BTC's obtained from mining.

I already asked a similar question in the newbie zone, and I got a yes answer, but I am still not totally convinced. I want to be sure that some people won something before placing my orders.
yes . but it was just a test-sale. hoarding time is here!
walidzohair
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July 04, 2011, 12:38:00 PM
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Yes I did .. but is it worth buying new hardware with teh current difficulty and prices .. that is the question ?!?!
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July 04, 2011, 01:34:36 PM
 #20

about $200 dollars USD last week from mining
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