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Author Topic: Noobs, this is your best exit strategy. Read up  (Read 2147 times)
Nemesis
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November 27, 2013, 08:07:11 PM
 #21

Only a fool would part with his btc for a miner...

However its more foolish to part btc for fiat....
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Keyser Soze
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November 27, 2013, 08:12:31 PM
 #22

My block erupters reached ROI four times over.  They're working on a fifth.

I find this hard to believe. How much did you pay and how much have they mined?
Nemesis
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November 27, 2013, 08:18:51 PM
 #23

My block erupters reached ROI four times over.  They're working on a fifth.

I find this hard to believe. How much did you pay and how much have they mined?

I'm sure he meant in fiat.
Keyser Soze
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November 27, 2013, 08:23:16 PM
 #24

My block erupters reached ROI four times over.  They're working on a fifth.

I find this hard to believe. How much did you pay and how much have they mined?

I'm sure he meant in fiat.

Probably, making money on the exchange rate doesn't mean the miners profited.
Nemesis
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November 27, 2013, 08:31:22 PM
 #25

My block erupters reached ROI four times over.  They're working on a fifth.

I find this hard to believe. How much did you pay and how much have they mined?

I'm sure he meant in fiat.

Probably, making money on the exchange rate doesn't mean the miners profited.

how is it different than selling your btc and hold fiat? In the end he got his fiat and a little coffee warmer thats chucking out free coffee.
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November 27, 2013, 08:42:17 PM
 #26

Only a fool would part with his btc for a miner...

However its more foolish to part btc for fiat....


Sure a miner that will get you 0.01 btc per day for 3 months is much better  Grin
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November 27, 2013, 08:43:29 PM
 #27

My block erupters reached ROI four times over.  They're working on a fifth.

I find this hard to believe. How much did you pay and how much have they mined?

I'm sure he meant in fiat.

Probably, making money on the exchange rate doesn't mean the miners profited.

I immediately repurchased the BTC used to purchase the erupters.  Then I mined for several months.  Then the price went up like mad.

Of course I profited.  I just didn't profit as much as if I had bought more BTC.  But it was better than sitting on my hands doing nothing.  If  the price of BTC had gone down it's possible I would have been able to dump my hardware and be left better off than if I had bought BTC outright.

ElectricMucus
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November 27, 2013, 08:48:41 PM
 #28

FYI block erupters have no ROI even at current prices.

My block erupters reached ROI four times over.  They're working on a fifth.
duh
when they came out pre-ordering them worked out. That's how it works, and guess what, that's nothing compared to the profit margin of batch #1 Avalons.
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November 27, 2013, 09:24:17 PM
 #29

FYI block erupters have no ROI even at current prices.

My block erupters reached ROI four times over.  They're working on a fifth.
duh
when they came out pre-ordering them worked out. That's how it works, and guess what, that's nothing compared to the profit margin of batch #1 Avalons.

It seemed like you were referencing all block erupters and that you were saying block erupters 'back then' were expensive as hell and had no chance of ROI.

ElectricMucus
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November 27, 2013, 09:50:14 PM
 #30

This thread is addressed to newbies who are supposed to buy miners, so of course that was for getting them now.
Oh and if you want even more profit you should probably sell your Block errupters to a poor soul, rates are crazy, how I heard.
geraFoerra
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November 27, 2013, 09:59:11 PM
 #31

I immediately repurchased the BTC used to purchase the erupters.  Then I mined for several months.  Then the price went up like mad.

Of course I profited.  I just didn't profit as much as if I had bought more BTC.  But it was better than sitting on my hands doing nothing.  If  the price of BTC had gone down it's possible I would have been able to dump my hardware and be left better off than if I had bought BTC outright.


Seems you reduced expected profit but also reduced variance of result. Not bad way to invest at all
Keyser Soze
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November 27, 2013, 10:09:23 PM
 #32

I immediately repurchased the BTC used to purchase the erupters.  Then I mined for several months.  Then the price went up like mad.

Of course I profited.  I just didn't profit as much as if I had bought more BTC.  But it was better than sitting on my hands doing nothing.  If  the price of BTC had gone down it's possible I would have been able to dump my hardware and be left better off than if I had bought BTC outright.
Yes, you profited by buying more btc before the price went up. Unless you generated more btc then it cost, you did not profit from mining.
AndrewWilliams
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November 27, 2013, 10:18:35 PM
 #33

 Cheesy  Cheesy  Cheesy


Thanks for confusing the noobs. I needed that laugh!  Grin
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November 27, 2013, 11:14:53 PM
 #34

I immediately repurchased the BTC used to purchase the erupters.  Then I mined for several months.  Then the price went up like mad.

Of course I profited.  I just didn't profit as much as if I had bought more BTC.  But it was better than sitting on my hands doing nothing.  If  the price of BTC had gone down it's possible I would have been able to dump my hardware and be left better off than if I had bought BTC outright.
Yes, you profited by buying more btc before the price went up. Unless you generated more btc then it cost, you did not profit from mining.

No.

Let's say I spend 10 BTC at $200 apiece ($2000) for mining hardware.  BTC balance = -10; USD balance = $0

Then I rebuy those 10 BTC at $200 apiece.  BTC balance = +0; USD balance = -$2000

Notice that I'm now in the same BTC position as I was when I started, but I'm down USD.  But, I have the mining hardware.

All this means is that from now on, profits are measured in USD.  If the balance is -$2000, I now need to mine $2000 worth of BTC to reach 100% ROI.

Let's say I mine and hold 5 BTC.  During the time I'm mining, the price goes from $200 to $1000.  Those 5 BTC are now worth $5000.  So, in that scenario I profit $3000.

BitcoinTraderFX
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November 27, 2013, 11:37:14 PM
 #35

My erupter (mining experiment) is currently at 0.00027877 (Daily Average) which works out to $8/month.

But since we KNOW difficulty is going to keep increasing, and faster until all the new ASIC stuff flushes into the market, I would say mining hardware is NOT a good investment.

You would be better off buying more bitcoin at major dips (just beware of a bull-trap) where you buy, then it bounces lower.

: )

cj

www.QuantTech.us -- Artificially Intelligent Adaptive Algorithmic Trading Systems
Keyser Soze
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November 28, 2013, 08:40:29 AM
 #36

No.

Let's say I spend 10 BTC at $200 apiece ($2000) for mining hardware.  BTC balance = -10; USD balance = $0

Then I rebuy those 10 BTC at $200 apiece.  BTC balance = +0; USD balance = -$2000

Notice that I'm now in the same BTC position as I was when I started, but I'm down USD.  But, I have the mining hardware.

All this means is that from now on, profits are measured in USD.  If the balance is -$2000, I now need to mine $2000 worth of BTC to reach 100% ROI.

Let's say I mine and hold 5 BTC.  During the time I'm mining, the price goes from $200 to $1000.  Those 5 BTC are now worth $5000.  So, in that scenario I profit $3000.
In your scenario you do profit (in USD, not BTC), but not due to mining. USD profit from currency speculation is not the same as profit from mining activities. Trading 10 BTC today for 5 BTC in the future is never recommended.
btcprice
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November 28, 2013, 08:50:09 AM
 #37

Looks like we have Nemesis shilling for anything except selling when the bubble bursts. He's a lifetime holder so if the price goes down he doesn't want people to sell to cause the price to go down further. Now he makes these nonsense posts about mining for btc when the difficulty is prohibitive to do so.

He also uses namecalling toward people who advocate for selling when the price goes down. Don't listen to this shill.
pandaisftw
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November 28, 2013, 09:02:04 AM
 #38

I immediately repurchased the BTC used to purchase the erupters.  Then I mined for several months.  Then the price went up like mad.

Of course I profited.  I just didn't profit as much as if I had bought more BTC.  But it was better than sitting on my hands doing nothing.  If  the price of BTC had gone down it's possible I would have been able to dump my hardware and be left better off than if I had bought BTC outright.
Yes, you profited by buying more btc before the price went up. Unless you generated more btc then it cost, you did not profit from mining.

No.

Let's say I spend 10 BTC at $200 apiece ($2000) for mining hardware.  BTC balance = -10; USD balance = $0

Then I rebuy those 10 BTC at $200 apiece.  BTC balance = +0; USD balance = -$2000

Notice that I'm now in the same BTC position as I was when I started, but I'm down USD.  But, I have the mining hardware.

All this means is that from now on, profits are measured in USD.  If the balance is -$2000, I now need to mine $2000 worth of BTC to reach 100% ROI.

Let's say I mine and hold 5 BTC.  During the time I'm mining, the price goes from $200 to $1000.  Those 5 BTC are now worth $5000.  So, in that scenario I profit $3000.

No. If you spent that $2000 USD buying bitcoins instead of hardware, it would be worth $10k USD now. So in essence, by spending that $2k on mining hardware, you lost out on $5k profits.

http://www.investopedia.com/terms/o/opportunitycost.asp

No matter how you look at it, investing in bitcoin is the better option at this point in time.

Btw, exit strategy means you're leaving bitcoin for good. Buying hardware to mine more bitcoin with your earnings (at a loss) is a terrible exit strategy.

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