To start over or not to start over after theft

[thekidcoin]

So long story short, lost roughly 120K worth of coins to theft.  Everything I had.  Basically gave up after that and sold all my mining equipment, etc etc.

I am looking to maybe get back into mining, but is it even worth trying to buy into one of the pre-orders (seeing the only available are 2nd batch pretty much)? anything currently available will be worthless IMHO in a month or two (the 25 - 40GH variety miners).  But then again, in a few months 300 - 600GH will be as well.

Kind of on a low budget at the moment after that loss, so trying to decide if its a better bet to invest in BTC or invest in mining equipment.  I know I will never get the 120K back but who knows maybe if I hold even 10BTC they could be worth 10K in a few years...

What do you think?  is this a rich man's game at this point?

[reCrypto]

So sorry to hear that man. I do hope you don't give up... Don't let anyone hinder you to continue on Bitcoins. I've had that experience of yours when I lost everything on the April 2013 crash but somehow motivated myself to still continue on. Yeah, you can get back on mining but maybe you can make a product or service that generate Bitcoin revenue I guess?

Cheers~ God bless!

Edit: Sorry, I can't give you any suggestions on your mining question as I don't have any personal knowledge about it.

[KonstantinosM]

The fact remains that bitcoin is the future. Just store a big part of your coins offline until you use them. Send them to a paperwallet. Do this a few times until you're comfortable about it.

[Desensitizer]

At this point I don't see that there is any reason to give up. It is true that you suffered a massive catastrophic loss but bitcoins grow stronger and stronger with each passing day. They are also at a low point. I would not get back into buying new mining equipment at the moment, at that tends to only be a great investment with each new generation of ASIC's coming out, but given their price range buying some and holding seems like a good plan. How much experience do you have buying and selling on the market?

[The 4ner]

  Never give up! Never surrender!

[thekidcoin]

Yeah I'm looking into a number of options, possibly mining contracts (but who can I trust), pre-orders, group buys, etc.  frustrating but trying to make the right decision.

[Moogle]

Personally I think mining isn't the way to go. It costs far too much these days. Your best bet is simply buying coins when you feel the price is as low as it will go. Then sit on them and sell them when its as high as you see it going

[thekidcoin]

Consider cloud mining. It's convenient, instant and highly liquid. I tried cex.io and am now convinced that this is the way forward. It is expensive and you will pay premium but it's well worth it in my view. I am going to liquidate my gpu's and asic hardware miners and go all-in on cex. If you click on my signature below and follow the link to register, I will send you a 0.01 btc. I get 3% bonus for referral, doesn't affect you in any way.

Registered for cex.io going to check that out and see how that site is.   Looks cool

[thekidcoin]

I am with you guys I think on the mining.  I wish I had that 120K in coins because I would be pre-ordering 12TH as we speak LOL.  I am weighing in a number of obvious factors including hardware, difficulty, etc.

I was also thinking of buying some hardware and "renting" out my hashes.  People seem to be paying insane prices for hashes these days.  Can possibly just rent out hashes most of the time and divert the funds to BTC.  I mean people selling (or trying to sell) 650gh for $100 an hour is crazy...

[cowandtea]

Consider cloud mining. It's convenient, instant and highly liquid. I tried cex.io and am now convinced that this is the way forward. It is expensive and you will pay premium but it's well worth it in my view. I am going to liquidate my gpu's and asic hardware miners and go all-in on cex. If you click on my signature below and follow the link to register, I will send you a 0.01 btc. I get 3% bonus for referral, doesn't affect you in any way.

Registered for cex.io going to check that out and see how that site is.   Looks cool

cex.io is overpriced, wouldn't advice you to buy it even though I have it in my signature...

[Frost000]

Cex.io might be overpriced like crazy, but the advantage of being able to trade your GHS is what helps me make most of my BTC there. It's not even the mining at this point, though I'm definitely not spitting on it either.

[DrG]

See if someone is wanting to sell their hosted miners.  Dalkore has a colocation service - perhaps one of his customers wants to sell.

[goggles1200]

If you aren't dealing with hundreds of GH/s, it's pretty rough to get anything from mining. I'm at that point where do I go bigger from the novelty stuff or liquidate everything and get out. Not mining for months waiting for a big rig isn't going to go over well with all of these countries jumping of the BTC ship. It's a big risk these days. Hell, even the preorder I put in 3 weeks ago for some miners, I feel like I might get stuck with them because the market is saturated.

In whatever you decide to do, I wish you the best of luck and may a little fortune come your way. 

[Aaroenz0r]

wow 120k!

[Prolifik]

I will always have a rig mining crypto-currency as long as I live.

[twistedtrick]

If you can be bothered, might I ask what circumstances led to you having and subsequently losing $120,000 worth of coins?

[FlyForFun]

So long story short, lost roughly 120K worth of coins to theft.  Everything I had.  Basically gave up after that and sold all my mining equipment, etc etc.

I am looking to maybe get back into mining, but is it even worth trying to buy into one of the pre-orders (seeing the only available are 2nd batch pretty much)? anything currently available will be worthless IMHO in a month or two (the 25 - 40GH variety miners).  But then again, in a few months 300 - 600GH will be as well.

Kind of on a low budget at the moment after that loss, so trying to decide if its a better bet to invest in BTC or invest in mining equipment.  I know I will never get the 120K back but who knows maybe if I hold even 10BTC they could be worth 10K in a few years...

What do you think?  is this a rich man's game at this point?

Just curious, how did you lost the 120k?

[thekidcoin]

If you can be bothered, might I ask what circumstances led to you having and subsequently losing $120,000 worth of coins?

Ahh good question.  So I usually kept USB sticks at various locations (mostly family members) containing the keys/addresses.

I went to Florida last minute in September, someone I knew had booked a timeshare and could't use it.  I get a call from my brother that weekend and he tells me my door is broke when he went there to walk my dog.

It just so happened that I was moving coins around to new wallets because I was always paranoid about electronic theft (I moved the coins to addresses I generated on ubuntu laptops that weren't on the internet), but never moved the USB sticks anywhere.  I collected them the day before, and had wrote the new keys and wallet backup dat's of the old wallets to them.  I put them all in a watch box that had a few watches, and left for Florida.

They kicked the door in (I have alarm now with ADT but a little late for that), and took a few TV's, 3 laptops (1 with my old live wallets, 2 with the new wallets), guitars (though they left a really expensive one that was hidden behind moving boxes), some small jewelry including the watch box that had the USB sticks.

I have like no record of the public addresses, and even so I don't have the private addresses.  I don't even have the old wallet(s) keys because those were on the sticks and laptops.  I had some stuff left over on wallets but no more than a few hundred tops.  I was so pissed I sold all my GPU's (already sold most of them already before this though as I was going to pre-order 1 or 2 of the big 2TH ASIC machines).

Insurance covered the physical items but they wouldn't even consider the crypto stuff LOL.

From now on I will always make copy of my keys, dat files whatever elsewhere in secure locations before I make transfers.  May even try to memorize the private key.  Not that hard.

The ONLY thing that brings a smile to my face is this: the thieves most likely had no clue what they had and either formatted the USB drives or tossed them, and most definitely formatted the laptops because they had encrypted HDD's.  I keep looking for the stuff on craigslist and ebay LOL you never know.

[thekidcoin]

^^^ I can some up my post with one word:  STUPIDITY

[flexgroo]

yes it would be nice to know how, and if you had any idea who/where/address... for that much "things" could happen to help you

to bad the detectives didnt find any finger prints or anything else that might have helped