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Author Topic: It's Over  (Read 4133 times)
Opsamk
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August 06, 2011, 10:05:20 AM
 #1

I sold all my bitcoins when it was $13. I made a profit of $600 but now it's not economical to mine anymore. I am selling all of my equipment(or refunding) for the amount I placed into the investment. This was a good run but bitcoin is falling apart on many fronts. I will keep 67btc in my wallet for now but im done.

1FaTKKYFBtrDfn558AbgbVcmgjsV7SLzk9

Feeling generous? Send me some bits Smiley
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August 06, 2011, 10:23:05 AM
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I sold all my bitcoins when it was $13. I made a profit of $600 but now it's not economical to mine anymore. I am selling all of my equipment(or refunding) for the amount I placed into the investment. This was a good run but bitcoin is falling apart on many fronts. I will keep 67btc in my wallet for now but im done.

Maybe I haven't understood anything yet, but to me it seemed that bitcoin was supposed to be a means of payment, an electronic form of money.

You are treating it like it was an investment, some financial product that is somehow miraculously supposed to grow.

Those two uses of money are actually incompatible. When money is used for payment, it needs to circulate. When it's used for investment, it needs to be fixed. Money can't do both at the same time.
Opsamk
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August 06, 2011, 10:35:46 AM
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I sold all my bitcoins when it was $13. I made a profit of $600 but now it's not economical to mine anymore. I am selling all of my equipment(or refunding) for the amount I placed into the investment. This was a good run but bitcoin is falling apart on many fronts. I will keep 67btc in my wallet for now but im done.

Maybe I haven't understood anything yet, but to me it seemed that bitcoin was supposed to be a means of payment, an electronic form of money.

You are treating it like it was an investment, some financial product that is somehow miraculously supposed to grow.

Those two uses of money are actually incompatible. When money is used for payment, it needs to circulate. When it's used for investment, it needs to be fixed. Money can't do both at the same time.

Exactly, I got into bitcoins only for the mining however. I had no intention to trade it like stocks.

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Lucas
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August 06, 2011, 01:31:53 PM
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To be honest, I hope more people will stop mining now, that'll leave the rest of us more BTC to mine at the current difficulty  Wink
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August 06, 2011, 01:41:16 PM
 #5

Why even keep 67 BTC? If bitcoin becomes a global phenomenon, then only 1 BTC will make you wealthy. I came in too late to acquire many, but I am still very optimistic about the efficacy of the technology.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
mtcmanager
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August 06, 2011, 02:20:34 PM
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Sure. But the problem is vast amount of miners who mining BTC in order to exchange for traditional currencies and there is much less ask for BTC. In other words, most people is mining BTC to get fast money and make bitcoin weaken.
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August 06, 2011, 02:37:10 PM
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Pack it boys. Yer finished  Cool
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August 06, 2011, 04:11:58 PM
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It makes perfect sense that the price is dropping. Mining became super popular recently. If everyone starts mining to get USD, then that's a huge increase in bitcoin supply. There was no new increase in demand (in fact, maybe a decrease, due to all the security scandals lately), so that translates into a big price drop like what you're seeing now.

If only you could have shorted BTC, then I would have been able to make a profit. Smiley And many people wouldn't have wasted so much money buying mining equipment, because the price would have never gotten so high, and would have steadily decreased as the mining pool increased, instead of crashing rapidly like it is now.

This is why shorting is good for the market. Smiley

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malbritten
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August 06, 2011, 04:34:55 PM
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I sold all my bitcoins when it was $13. I made a profit of $600 but now it's not economical to mine anymore. I am selling all of my equipment(or refunding) for the amount I placed into the investment. This was a good run but bitcoin is falling apart on many fronts. I will keep 67btc in my wallet for now but im done.

Good. We don't need targii like you mining just to make USD.  Also means more future BTC for me.  Can I have you stuff?

Help me fulfill the BTC pledge! Donate to: 17VBgC5q7SfytSpsKLU4x6gf9MpjhzaZKn
UrbanAdventurer
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August 06, 2011, 07:07:52 PM
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Bitcoin mining has become unprofitable for many due to electricity costs.  So, purchasing hardware solely for mining at this point is completely speculative. 
Opsamk
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August 07, 2011, 02:05:04 AM
 #11

Looks like I was right on time. Price dropped rapidly.

1FaTKKYFBtrDfn558AbgbVcmgjsV7SLzk9

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joulesbeef
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August 07, 2011, 02:08:50 AM
 #12

sell your rig... buy more coin, I have a feeling that 67 BTC wont be enough

mooo for rent
ElectricBTC
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August 07, 2011, 02:32:45 AM
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Everybody should start buying again :s
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August 07, 2011, 03:03:28 AM
 #14

I am selling all of my equipment(or refunding) for the amount I placed into the investment.

I'll Buy it!

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August 07, 2011, 04:34:27 AM
 #15

As someone that has been using Bitcoin for a month or so, I would double down and buy more if I had some cash on an exchange. If I thought it would still be sitting at ~$7 in a week, I'd mail a check today.

Sure, I lost some value of my BitCoin, but it isn't like I had put my retirement funds in it and it serves too valuable of a service to completely give up.

It's far from over.
eh_remraf
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August 07, 2011, 04:39:44 AM
 #16

I'm still making money
lemonginger
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August 07, 2011, 05:03:51 AM
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If everyone starts mining to get USD, then that's a huge increase in bitcoin supply.

Sorry, do not pass go. Do not collect 200 BTC. Please google "bitcoin difficulty".
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August 07, 2011, 06:00:58 AM
 #18

Over? Shit's just gettin' started!

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar!

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August 07, 2011, 07:38:42 PM
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+1. just barely getting started
Keynez
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August 07, 2011, 08:26:34 PM
 #20

All these people who keep saying "bitcoin is over" never define their terms..
What do you mean by "over"? It certainly couldn't be that the network has crashed, or that people have stopped using them (neither of those is true.)
Or by what standard was it "not over" previously, that has now changed?
It just doesn't make any sense to declare a distributed electronic currency like this "over." It almost can't be over.
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