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Author Topic: There will be lots of cheap GPUs for sale eventually  (Read 4116 times)
AngelusWebDesign
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July 07, 2011, 04:51:20 PM
 #1

Here's why.

Today I found a 6970 on Craigslist -- one that's easily available, including NewEgg ($330 after rebate). The Bitcoin mining card comparison wiki lists the card as "easy" to acquire.

The seller was asking $350 for the same card, 1 month used.

What is he thinking? How can you charge a scarcity premium on something that isn't even scarce?

Anyhow, here's the good part -- after I write to him with a lowball offer of $200, he responds with:

"Thanks, Matthew, but I have several people willing to pay $350."

Assuming he's not lying, there are apparently still a lot of stupid people who are about to be very disappointed when they realize it will take ONE HUNDRED AND THIRTY DAYS of mining to pay for that card. That's assuming 8.8c per kWh electricity, and proportional mining (slightly more productive than pay-per-share). That also assumes no further difficulty increases, which is too much to hope for.

Some people have yet to wake up. The time for over-paying for video cards (snatching them up at any price) ended at least a few weeks ago, if not earlier.

For those who have problems with reading comprehension (you know who you are):
No, I'm not saying mining is never profitable.
No, I'm not saying "the sky is falling" or that Bitcoin is going to collapse.
No, I've never said any of the things above.
Yes, I'm saying there are some miners who are going to be *very* disappointed with their expensive toy(s).
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mike678
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July 07, 2011, 04:57:12 PM
 #2

I'm not really understanding the idea of buying used mining cards to be honest especially if your buying them for more then retail. Theres a risk that the previous owner abused the card and it will not last. Unfortunately you can't rma to ebay or craigslist. I guess if your getting the card for cheaper then retail it might be worth the risk but it confuses me why people will pay more then retail for a used mining card.
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July 07, 2011, 04:58:07 PM
 #3

Yes, I'm saying there are some miners who are going to be *very* disappointed with their expensive toy(s).
Why do YOU care?  Smiley
BTW, return on investment in 130 days + still owning the asset (the GPU), that's a really good investment. And everyone should know that Bitcoin is kind of a gamble right now.
zybron
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July 07, 2011, 05:01:19 PM
 #4

I hope your campaign works, Angelus, I'd like to see the difficulty go down, too.

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July 07, 2011, 05:08:28 PM
 #5

It's really a YMMV situation.  I'm a gamer, so dropping $220 on my 6950 was no big deal, and the fact that I can use it to more than pay for the electricity that my whole system is using makes for a nice bonus.

It's not that unusual to find overpriced used merchandise of any sort... people always think their crap is worth its weight in gold.  Craigslist and ebay are the best places to find items like that.

Quote
"Thanks, Matthew, but I have several people willing to pay $350."

Ok... then why did he still have the card?

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AngelusWebDesign
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July 07, 2011, 05:15:18 PM
 #6

It's really a YMMV situation.  I'm a gamer, so dropping $220 on my 6950 was no big deal, and the fact that I can use it to more than pay for the electricity that my whole system is using makes for a nice bonus.

It's not that unusual to find overpriced used merchandise of any sort... people always think their crap is worth its weight in gold.  Craigslist and ebay are the best places to find items like that.

Quote
"Thanks, Matthew, but I have several people willing to pay $350."

Ok... then why did he still have the card?

Yes, there are plenty of people who want a GPU for gaming as well, etc.

But when you already have 5, 10, or 15 cards, you can't really justify it as "Oh well, I'll just play games on it if mining doesn't pay off."  Wink

My only point was that there are still some idiots in the mining world who haven't been flushed out of the system yet.
P.T. Barnum really was correct: "There's a sucker born every minute."
AngelusWebDesign
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July 07, 2011, 05:20:52 PM
 #7

Yes, I'm saying there are some miners who are going to be *very* disappointed with their expensive toy(s).
Why do YOU care?  Smiley
BTW, return on investment in 130 days + still owning the asset (the GPU), that's a really good investment. And everyone should know that Bitcoin is kind of a gamble right now.

I guess I'm one of those people who's annoyed by stupidity.

Regarding the investment potential, I disagree. When you're talking 130+ days to payoff, I don't think BTC mining would even cover depreciation of the "asset". Remember, there is the "drive it off the lot" drop in value that happens when you remove the cellophane from your new video card. But the 7000 series is also coming this fall -- far less than 130 days from now.

And even if it WERE a good investment (which it's not) you'd be *smarter* to buy the thing on NewEgg for $329.99 after rebate, and get a BRAND NEW one that you can RMA if it's defective, etc. than to buy it from some person on Craigslist for $350. Heck, you don't even get the 1% cashback on your credit card when you buy things on CL. CL sellers don't take credit cards.
AngelusWebDesign
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July 07, 2011, 05:27:41 PM
 #8

I hope your campaign works, Angelus, I'd like to see the difficulty go down, too.

You're knee-jerk repeating what others have said. You haven't given it one ounce of thought.

Those who make stupid decisions HELP ME OUT because they buy things from stores, to which they can never return. These cards will eventually flood the market, bringing down the price of used video cards for me and others like me.

And flood the market they will, because there's no way you're going to see $350 in Bitcoins from one of those cards if you purchased it today.

themike5000
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July 07, 2011, 06:08:05 PM
 #9

I hope your campaign works, Angelus, I'd like to see the difficulty go down, too.

This.

Angelus -- stop sharing your daily life with us.  No one is interested.

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July 07, 2011, 06:11:04 PM
 #10

http://tiny.cc/tir4m

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1.21gigawatts
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July 07, 2011, 06:13:18 PM
 #11

blah blah blah, that's all see when I read a thread started by Angelus.
Go back to your own soap box forums and reply to yourself all day long to admire yourself Angelus.  No one listens to you here because you're a hypocrite.
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July 07, 2011, 06:16:59 PM
 #12

I hope your campaign works, Angelus, I'd like to see the difficulty go down, too.

This.

Angelus -- stop sharing your daily life with us.  No one is interested.


Agreed. Just sounds like someone's mad no one takes him up on his lowball offers.

Everyone wants top dollar for what they're selling, is it really that surprising. Fact of the matter is a 6970 is still the top of the line AMD single gpu card and the only time it'll ever go down in price in any significant way is when their next gen of cards come out later in the year. No amount of bitching and whining is gonna change that.
AngelusWebDesign
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July 07, 2011, 07:10:42 PM
 #13

I hope your campaign works, Angelus, I'd like to see the difficulty go down, too.

This.

Angelus -- stop sharing your daily life with us.  No one is interested.


Agreed. Just sounds like someone's mad no one takes him up on his lowball offers.

Everyone wants top dollar for what they're selling, is it really that surprising. Fact of the matter is a 6970 is still the top of the line AMD single gpu card and the only time it'll ever go down in price in any significant way is when their next gen of cards come out later in the year. No amount of bitching and whining is gonna change that.

Speaking of hypocrisy --

You talk about how my posts are a waste of air, but you never fail to click on one of them.
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July 07, 2011, 07:24:54 PM
 #14

Here's why.

Today I found a 6970 on Craigslist -- one that's easily available, including NewEgg ($330 after rebate). The Bitcoin mining card comparison wiki lists the card as "easy" to acquire.

The seller was asking $350 for the same card, 1 month used.

What is he thinking? How can you charge a scarcity premium on something that isn't even scarce?

Anyhow, here's the good part -- after I write to him with a lowball offer of $200, he responds with:

"Thanks, Matthew, but I have several people willing to pay $350."

Assuming he's not lying, there are apparently still a lot of stupid people who are about to be very disappointed when they realize it will take ONE HUNDRED AND THIRTY DAYS of mining to pay for that card. That's assuming 8.8c per kWh electricity, and proportional mining (slightly more productive than pay-per-share). That also assumes no further difficulty increases, which is too much to hope for.

Some people have yet to wake up. The time for over-paying for video cards (snatching them up at any price) ended at least a few weeks ago, if not earlier.

For those who have problems with reading comprehension (you know who you are):
No, I'm not saying mining is never profitable.
No, I'm not saying "the sky is falling" or that Bitcoin is going to collapse.
No, I've never said any of the things above.
Yes, I'm saying there are some miners who are going to be *very* disappointed with their expensive toy(s).

So basically what you're saying is that you don't understand basic CL counter-lowball tactics Smiley

Mousepotato
tanerlorn
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July 07, 2011, 07:55:09 PM
 #15

Matthew how come you keep ignoring me???
Matthew how come you keep ignoring me???
Matthew how come you keep ignoring me???Matthew how come you keep ignoring me???Matthew how come you keep ignoring me???
Matthew how come you keep ignoring me???
Matthew how come you keep ignoring me???
Matthew how come you keep ignoring me???

Fixed your retarded post for you

Quote
there's no way you're going to see $350 in Bitcoins at today's Bitcoin price from one of those cards if you purchased it today
Quote
there's no way you're going to see $350 in Bitcoins at today's Bitcoin price from one of those cards if you purchased it today
Quote
there's no way you're going to see $350 in Bitcoins at today's Bitcoin price from one of those cards if you purchased it today
Quote
there's no way you're going to see $350 in Bitcoins at today's Bitcoin price from one of those cards if you purchased it today
Quote
there's no way you're going to see $350 in Bitcoins at today's Bitcoin price from one of those cards if you purchased it today
Quote
there's no way you're going to see $350 in Bitcoins at today's Bitcoin price from one of those cards if you purchased it today

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bcpokey
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July 07, 2011, 08:03:28 PM
 #16

Angelius has really played with my mind. I went from seriously debating his posts, to being annoyed by his refusal to respond to basic contrary evidence, to being very annoyed by seeing thread after thread of the same stuff, to just about downright hating him, and then back again to amusement when I see a new thread.

This thread has made me laugh, mostly the responses to it I suppose, I'm almost looking forward to these now. I will be sad if he manages to outlast his detractors though.

So anyway, difficulty is skyrocketing, bitcoin prices are plumetting, and the market will be flooded with GPUs as people desperately sell off their rigs jumping ship out of bitcoin... (and none of these will affect the other), hopefully I've encapsulated everything in one sentence. Go go go.
Lars
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July 07, 2011, 08:10:43 PM
 #17

Why do you assume that everyone buying or selling AMD cards have anything to do with bitcoin mining?
BCwinning
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July 07, 2011, 08:33:14 PM
 #18

we don't give a fuck about you or your efforts in buying gpu cards.
Corner the fucking market who cares.
Stop mining who cares.
Stop the fucking QQ
we are going to die also eventually

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rampone
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dafq is goin on


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July 07, 2011, 09:12:26 PM
 #19

stop babbling dude

a friend of mine sold his 2 month mining 5870 for 40% then he bought: actually he sold for 320$...



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Mousepotato
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July 07, 2011, 09:20:47 PM
 #20

stop babbling dude

a friend of mine sold his 2 month mining 5870 for 40% then he bought: actually he sold for 320$...

I just bought a 5870 for $189.99 and already got an offer from someone in my guild for $250 Smiley  And I haven't even received it yet!

Mousepotato
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