Just going to vent to you about how we the people(miners) are getting ripped

[andrewboy44]

Bitcoin is like the California Gold Rush. For those of you that have no idea what that is then here is a brief summary. Gold was found in California, everyone rushes to California, the people that got to it early make tons, the people that developed the tools for mining make tons, and if you're late.... good luck.

Bitcoin mining companies are ripping us. First example is butterfly labs. They had no asic technology whatsoever until WE THE PEOPLE wasted our btc on their preorders. Then they mine with our hardware and just give us this i'm sorry, were working as fast as possible.

Avalon openly admitted to using batch two miners for mining to get more btc to expand their corporation. I give it to them though. I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 80-100 btc a day. But now they are back to ripping us. They did preorders for chips. I myself talked to high in asic companies and they say and asic chip is worth 2 cents once made. It cost so much to get the asic chips developed no made. Avalon took thousands upon thousands of dollars from preorders to fund their new chip making then now since the chips are created and they have a unlimited supply to boost their mining farm they can offer refunds of make you continue to wait. WE THE PEOPLE ARE GETTING RIPPED

I know I can vent and vent all I want but that still wont change a thing. I just want people to realize that bitcoin mining isnt for everyone. If you are late to the game, invest in the coin itself not a miner. Hell you never know if that miner will come or not. (BITFURY IS AMAZING. HANDS DOWN. RELEASED PREORERS LESS THAN 5 MONTHS AGO AND ALREADY IS SHIPPING THEIR 400GH/S UNITS. THANK YOU FOR BEING LOYAL TO YOUR CUSTOMERS). But back to what I was saying... Going back to my analogy from earlier. The people that mined btc and made over 60> btc a day and have already broke even can afford to risk 50-100 btc on all these different companies. Thats just play money. The people creating the miners can stay in the game bc they are creating miners. But the people that haven't mined shouldn't attempt to mine if they are looking for profit. If you're like me and just like securing the network and has a fascination with the whole bitcoin concept then great, mine on. But newbs need to know that btc isn't some get rich thing now. the coin is a very very very liquid investment but miners arent.

Dont waste your money helping to fund companies that dont give a rats ass about you. Invest invest invest in the coin if you're trying to make money. Miners are not the way to go. Tired of this.

[franky1]

in short

the gold rush era has passed

now is the industrial era (manufactureres offering products for currency)

and then is the retail era....

so lets all stop advertising the mining aspect of bitcoin. and re-do the video's concentrating on businesses that can manufacture goods and supply the world the goods without the red tape of multi-currencies licences/taxes for dealing with those countries FIAT.

imigine it.
the brits doing business in america without ever having to set up an american bank or receiving an american dollar.
the yanks doing business in europe without ever having to set up a european bank or receiving an euro.
and so on and so on

[andrewboy44]

in short

the gold rush era has passed

now is the industrial era (manufactureres offering products for currency)

and then is the retail era....

so lets all stop advertising the mining aspect of bitcoin. and re-do the video's concentrating on businesses that can manufacture goods and supply the world the goods without the red tape of multi-currencies licences/taxes for dealing with those countries FIAT.

imigine it.
the brits doing business in america without ever having to set up an american bank or receiving an american dollar.
the yanks doing business in europe without ever having to set up a european bank or receiving an euro.
and so on and so on

Well said

[01BTC10]

I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 100-200 btc a day for a few months.

Not true. Early batch#1 will get maybe 400-500BTC max in their lifetime most of the others orders including batch#2 way less than that.

However, I congratulate you for understanding that bitcoin mining is not for everyone and not an easy and safe way to make money.

[andrewboy44]

I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 100-200 btc a day for a few months.

Not true. First batch one will get maybe 400-500BTC max in their lifetime.

when the mainstream of people received batch one miners (the people in china) they were too making well over 100 btc. If you can recall the us customers didn't get their miners until after the chinese holiday bullshit. I watch the forums of owners in china. And saw the chilling images of the miners they had already received

[01BTC10]

I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 100-200 btc a day for a few months.

Not true. First batch one will get maybe 400-500BTC max in their lifetime.

when the mainstream of people received batch one miners (the people in china) they were too making well over 100 btc. If you can recall the us customers didn't get their miners until after the chinese holiday bullshit. I watch the forums of owners in china. And saw the chilling images of the miners they had already received

No more than 7-8BTC per day in January with 71GH/s Avalon unit and then it went down exponentially since February. The first customer to receive their miner was Jeff Garzik and The Bitcoin Foundation.

[andrewboy44]

I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 100-200 btc a day for a few months.

Not true. First batch one will get maybe 400-500BTC max in their lifetime.

when the mainstream of people received batch one miners (the people in china) they were too making well over 100 btc. If you can recall the us customers didn't get their miners until after the chinese holiday bullshit. I watch the forums of owners in china. And saw the chilling images of the miners they had already received

No more than 7-8BTC per day in January with 60GH/s Avalon unit and then it went down exponentially since February. The first customer to receive their miner was Jeff Garzik and The Bitcoin Foundation.

Not really into arguing but I promise you they did. US customers might not have seen it but the people that lived in china did.  Bottom line is newbs shouldn't seek btc just to attempt to get rich. If you dont have an enormous amount of btc from mining in the early age or usd to just blow, its not a smart market to try.

I wish I started mining years earlier ha. I just created this forum because I'm tired of everyone thinking this is a way to get rich. Btc was once a nerdy little hobby but now its like who can mine the most btc to take over and make big bucks. Hey there is nothing wrong with that, thats what an entrepreneur does but the greed that is taking place now is crazy and I hate it.

Before even considering mining btc today first invest and think of another way to add on to it. Such as btc atms, debit cards, more businesses, just a service offered to the btc world. Do that and you will probably make more than you have ever made

[01BTC10]

It was impossible to mine 100-200BTC per day with 71GH/s in January when Avalon started shipping. For the rest of your post you may have missed my edit on my first post.

However, I congratulate you for understanding that bitcoin mining is not for everyone and not an easy and safe way to make money.

Some people win millions playing the lotteries but it doesn't means it's easy money. The reality is quite the opposite actually.

[andrewboy44]

It was impossible to mine 100-200BTC per day with 71GH/s in January when Avalon started shipping. For the rest of your post you may have missed my edit on my first post.

However, I congratulate you for understanding that bitcoin mining is not for everyone and not an easy and safe way to make money.

haha yeah I didn't see that edit. But thanks mate. This is just all built up and its time for people to realize. Bitcoin has a very bright future but the greed that comes with btc will have to die down. Its practically killing the coin. People mine mine mine, dump dump dump... doesn't help the value of btc.

[ronimacarroni]

People seem to think that bitcoins has an egalitarian mission.
It doesn't.
The only thing that it has that could be considered egalitarian, is taking power away from the federal reserve and allowing people to replace fiat with sound money, if they choose.
That's it.

[will1982]

I mine solely for fun nowadays. It's nice not having to pay the electricity bill

[NWO]

I've known this for a while but no one listens. Most people played the fools funding BFL's ASIC research and mining operation with YOUR equipment.

[mgio]

Just because they admitted to doing it doesn't mean that what Avalon did with mining with batch 2 was right.

Myself and a lot of other batch 2 customers whose orders were shipped late will never make back ROI and will likely lose at couple of grand on their batch 2 purchase.

Avalon stole money out of my pocket, it's as simple as that.

Still way better than what BFL has done though.

I paid $1300 (about 125 BTC at the time) for a 60 GH/s miner last October that still hasn't arrived yet...

[01BTC10]

So guys, it took you more than one year to figure out what I told ya all long ago?

Buy BTC, not mining BS (unless you have an edge, and you do not).

I've made more money reselling my pre-orders and miners than mining (or holding) but it was very risky. Most newcomer don't have a high enough edge to take those risk.

[Peter Lambert]

So guys, it took you more than one year to figure out what I told ya all long ago?

Buy BTC, not mining BS (unless you have an edge, and you do not).

People on this forum have been saying since it was created that mining will always trend towards low profits, any times people are making high profits on mining will be short-lived.

I think the title of this thread is misleading. "we the people" and "miners" are not the same thing. Many bitcoiners do not mine at all.

[01BTC10]

Yes, the huge profit that could be made during the ASIC transition shrinked super fast.

[andrewboy44]

So guys, it took you more than one year to figure out what I told ya all long ago?

Buy BTC, not mining BS (unless you have an edge, and you do not).

People on this forum have been saying since it was created that mining will always trend towards low profits, any times people are making high profits on mining will be short-lived.

I think the title of this thread is misleading. "we the people" and "miners" are not the same thing. Many bitcoiners do not mine at all.

The title we the people is that because this whole post was referring to bitcion miners. I did not say bitcon as a whole. The whole post is about mining. We the people are the miners that paid for them to develop asic technology then ripped us. Never was I referring to we the people as the whole bitcoin industry

[andrewboy44]

if you read the title, right after I said we the people I put "miners" in para. It just adds emphasis on how bad most of us were ripped. We the miners funded your operation then turn right back around and ripped us..

And another thing about avalon.. avalon always sold their batches when the bitcoin value was cheap so they could get more coins. I observed that happen with batch 2 and three. Smart business decision but wrong to rip us like that. But hey thats all apart of the entrepreneur business I guess

[01BTC10]

So you think Avalon knew in advance that the price would sky-rocket after they sold batch#1-2?

[andrewboy44]

Definitely. They didn't know for sure but that was definitely a thought. Thats why they only accepted bitcoins. I'm talking about for batch 2 and three though. If you go back and look, they always opened preorders for miners when the btc value was low.