It's Over

[scatterbrain]

Is it too far away to think about free heat in the winter

[1713863358]

1713863358

[metacontent]

Yes, good, pack up your miner. Only then will your journey to the darkside be complete.

[Opsamk]

Sold all my mining equipment. Net profit is $600 over 1 month.

[Mirotvorez113]

Seems like its too late to get into mining now because it lost the profitability. But I like to mine because I want bitcoin to be the future, at the same time, I do not want to send $ buying it because who knows what happens next. Mining is risk free investment I think.

[Gr4ndpA]

Whats over?

[silverchair]

He's over, tired i guess.

[ultrarun]

mmh, I though the goal of BC is not to mine and make profit but to create some real value and trade.
good that miners drop out then, good for the BC market saturation.

[noob_jul11]

It sure is hard to continue mining @ ~ USD7/btc and I totally understand the OP's feelings. I'm still mining at this point; but I don't think it'll be profitable at any point in time. Whatever your reasons are for getting btc (usd, trade, etc), I don't see it going anywhere. I'm still mining because I hope I'm wrong. HOPE ...

BTC/USD prices has been going down since the $30 high. Those early adopters that sold at $30 have profitted and left the game, probably. Or they are playing with the market with the enormous amount of btc. Bringing the price down with the over-supply, make people leave, then bring the price back up for a profit. Who knows?

Trade - It's just not enough businesses that know, not to mention adopted btc as payment. I recently had an experience with a handyman (got some work done to my house); to me, he's a very technical person for a handyman. He's got an Iphone and responds to his emails pretty frequently. He's well represented in the web (his own website, etc), and got his rankings taken care in multiple sites. And he accepts checks, credit cards, cash, gold and silver. He is the kind of person that I though would know about btc (because of his acceptance of gold and silver). But he has never even heard of it when I spoke to him about it.

[Christian Pezza]

It sure is hard to continue mining @ ~ USD7/btc and I totally understand the OP's feelings. I'm still mining at this point; but I don't think it'll be profitable at any point in time. Whatever your reasons are for getting btc (usd, trade, etc), I don't see it going anywhere. I'm still mining because I hope I'm wrong. HOPE ...  

BTC/USD prices has been going down since the $30 high. Those early adopters that sold at $30 have profitted and left the game, probably. Or they are playing with the market with the enormous amount of btc. Bringing the price down with the over-supply, make people leave, then bring the price back up for a profit. Who knows?

it's looking for a resistance, the price went up too fast, the growth of community very quick... now we need to see how many people stays and how many people leave! Consistency will pay back and what this community be challenge is the TRUST factor

Trade - It's just not enough businesses that know, not to mention adopted btc as payment. I recently had an experience with a handyman (got some work done to my house); to me, he's a very technical person for a handyman. He's got an Iphone and responds to his emails pretty frequently. He's well represented in the web (his own website, etc), and got his rankings taken care in multiple sites. And he accepts checks, credit cards, cash, gold and silver. He is the kind of person that I though would know about btc (because of his acceptance of gold and silver). But he has never even heard of it when I spoke to him about it.

it will take almost 5 years before BTC become of public domain. BTC still too technical!
there is only of 6MLN BTC  of 21MLN think about there is not enough currency yet to cover a potential market... too much greed, not enough market to be spend it and not too many other currency accept it! BTC will be perfect to exchange between other currency like USD-BTC-EUR... BTW GOLD is up to $100 right now! It could be BTC instead gold in the future! Banks in the international exchange have the own currency to facilitate the transaction and don't lose the value!

The beauty of all of this if people leave the difficulty factor will adjust, it will be more easy to earn them as mining and thinks keep moving. Mean also when some one have a lot of them eventually will be as situation where will have BTC speculate for good purpose like create service exchange, goods and not necessary for greed

[redneck]

I think the whole concept is very interesting to many people. To my casual probing however the biggest obstacles seem to be getting honest trades and fair deals with people who are not seeking to simply steal your money. Once you get the bitcoins it is not as simple as sticking them in the bank or even the old fashion redneck way...bury that cash in mason jars....LOL

This will keep a lot of mainstream types from pursuing building the trade and "buying" aspect of this currency. The recent attacks on so called credible places to acquire, store and exchange this currency is not helping to settle things down. In ther current market many of us are searching for alternatives to the good old USD...However, opening myself up with wires and bank transfers and the other accepted types of funding accounts to do anything is daunting.

Mining is a whole aspect of the game that I am not understanding completely. It does seem to water down the pool though....

[En Banc]

I don't think you can have people selling BTC for USD and hope to have BTC be a currency in any real sense.

[Sh1337]

Well, at least you earned some money, eh?

[rgm]

If you're mining bitcoin in order to make a lot of USD, you're doing it wrong (arguably, of course).

The point of Bitcoin is not to turn them into USD, it's to trade them for goods and services.  Buy things with your BTC, sell things for BTC -- this is the way you add real value to the community.

[leeloulee]

ya I know

[PatrickHarnett]

it will take almost 5 years before BTC become of public domain. BTC still too technical!

There it is, the gem of the post.  it's going to take time.

I can think I missed the early 2011 opportunity because I had a stack of GPUs doing something else, and have come in late, paid for a few hundred coins and having a bit of fun trading.

BUT

The people I see who are genuinely wealthy have invested many years on ventures.  I got some money out of a high risk venture after working on it for eight years and I'm not expecting bitcoin to be months rather than years. 

[Opsamk]

Here we go again.

[runeks]

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. 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.

All this would require is a service where you can borrow Bitcoins, right? Does a service like this not exist right now?
I guess the problem is that it's hard to enforce over the internet, when you lend Bitcoins to someone. What if they don't pay you back?

It just doesn't make any sense to declare a distributed electronic currency like this "over." It almost can't be over.

Breaking the SHA-256 hash function would make it over. Or at least the current incarnation of Bitcoins would be.

[strider007]

I recently started mining and plan to add a few rigs over the coming year. My whole reason for mining is to SAVE money by paying for services (that I already use) with BTC. I think that is the only rational reason to mine. If you are in it to make USD and speculate, you are just setting yourself up for heartache.

If you already use services like web servers, virtual hosting etc like I do for web hosting and game servers or any other service that takes BTC, then mining is for you. If you just want to cash out every few weeks for USD, that ride is just going to be too damn wild for a foreseeable future, for me anyway.

[Bitcraft]

I'm thinking about selling off my mining rig also, only so that I can buy BTC with it. I'm in it for the long run. We'll see how things turn out :3

[Gustavofring]

Honestly, as long as things like Silk Road exist there will always be a market for a completely anonymous currency if only as a means of transfer of funds.

All this would require is a service where you can borrow Bitcoins, right? Does a service like this not exist right now?
I guess the problem is that it's hard to enforce over the internet, when you lend Bitcoins to someone. What if they don't pay you back?

Bitcoin's anonymity will eventually collide with the trustworthiness needed to make something like what you've proposed work.