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Author Topic: What do you think..  (Read 374 times)
KCK402
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August 13, 2011, 01:05:49 PM
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I'm thinking of selling a lot of my silver bullion to get into Bitcoin Mining. My buddy keeps telling me that's the way to go. I would miss my silver!! If I don't sell my silver then it will be over a month till I can get a rig up and running. And it does not sound like it is getting any easier as time goes by. My buddy would be the one to set it all up for me if I pay him a set-up fee. Then I'm good from there. He knows the Hardware I know the Software. So in the long run...  Silver or Bitcoins?

-Thanks- 
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deepceleron
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August 13, 2011, 01:49:41 PM
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It depends on if you are one of those people saving their silver for the collapse of society as we know it...

pro-bitcoin:
Bitcoins can be instantly sent around the globe. Silver, not so much.
Bitcoins cannot be counterfeited. Is there a touchstone for silver?
Bitcoins can be quickly changed for other currencies. Where do you take silver at 3am?

pro-silver:
You can't press 'delete' on all your silver.
You can make shiny things out of silver.

If we just consider silver an asset you can use to buy computer hardware, and bitcoins an asset you can turn into paper money, the above doesn't address your main questions, which are:

1. Is mining bitcoins a good return on your investment?
You may eventually pay for your computer "shovels" used to mine, or more. You may barely pay for the electricity you use. You at least have a reason to get a cool video game rig.

2. Are bitcoins good to invest in long-term?
Nobody can answer this except the flying spaghetti monster, and since she doesn't exist, she's not giving up her secrets.

pekv2
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August 13, 2011, 02:01:16 PM
 #3

It's up to you. What I see is, sell off some silver to buy a mining rig, if it takes all your silver to buy a minning rig, after so long of generating bitcoins, buy your amount or more of silver back. Pay electric bill, win win. Now you have your silver back, a minning rig + bitcoins.
TheBitMan
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August 13, 2011, 02:10:21 PM
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I don't know much about mining..actually I know nothing. But I heard it's getting harder. Prices of silver are going up. At the end of course it's up to you. Just my .02 btc
KCK402
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August 14, 2011, 01:48:49 AM
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Thanks for your help guys. I have some thinking and studying to do.  Huh
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