Mining with CEX.IO or why do I not believe skeptics

[msc_de]

no way make profit only mining on cex

but with trading from time to time is ok 

[kickbit]

no way make profit only mining on cex

but with trading from time to time is ok 

Yep

[yslyung]

just started too, yeah agreed with trading. just mining alone will take ages !

[realitycheck]

trading (and mining when you get caught holding the bag) - great way to trade with BTC.

[greenlion]

So the reason why I left Cex, is because I don't trust them to add hashpower to the market efficiently in a way that has a minimal effect on the price. They could be as clumsy as adding 5TH/s and dumping it all onto the market at once causing the price to crash, or they could be smarter and dribble it in over time. You just don't know, but I guarantee they are not as smart or as experienced as the traders in a commodities market.

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

[Gator-hex]

Do you guys realize the CEX.io contact address is on Threadneedle Street?

The Bank of England is also on Threadneedle Street and it came to power as a central bank by buying all the Kings currency out of circulation (royal tally sticks).

Must watch video to educate yourself about the City of London not being London!

http://www.youtube.com/watch?v=LrObZ_HZZUc

Even the Queen of England has to get their permission before she can visit that's how powerful they are!

You don't know the power of the dark side!

http://www.youtube.com/watch?v=onhFH7jpq2c

 

[kickbit]

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

Yeah, it's a really nice idea. But i don't think it's easy.. We'll see what's coming up next.

[flounderella]

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

Yeah, it's a really nice idea. But i don't think it's easy.. We'll see what's coming up next.

Looks like price per gh is now down to 0.01644718 BTC. Still pretty unprofitable

[bitpop]

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

Yeah, it's a really nice idea. But i don't think it's easy.. We'll see what's coming up next.

Looks like price per gh is now down to 0.01644718 BTC. Still pretty unprofitable

There were others. There was one called gpu something. The owners always stole the money and ran.

Fuck ghashio

[greenlion]

Definitely a losing deal unless you magically make money day trading GH/s themselves.

The organization itself can dump as much hashing power as they want on the market making you a perpetual bag-holder.

They've basically invented a business model where they can be in perpetual IPO mode and constantly create new shares.

They don't even need to actually have the hardware to back all the GH/s they issue, because the market price they can dump into is always higher than that amount of GH/s will ever mine until the end of time. They could in principle operate as a Ponzi for a long time without anyone noticing it, as long as there are sufficient people willing to hook up to Ghash.io to make its total hashrate look plausible, because the immediate BTC sale of any GH/s they dump onto the market will pay off any simulated mining earning plus generate a profit.

[BenAnh]

If you're trading and not making profits, only losses then this means someone is making a profit. So it's not the system but it's you! Where do you think the money go?

[bitpop]

If you're trading and not making profits, only losses then this means someone is making a profit. So it's not the system but it's you! Where do you think the money go?

The owner and ponzi tops

[greenlion]

This is potentially even crazier and more sustainable than your run of the mill Ponzi.

The GH/s prices in BTC have always supported more than enough to pay what that amount of hashing power would generate until the end of time. I'd even go so far as to say it's stupid and unnecessary to even really have the hashing power in the first place, or at least start out with some and just start selling ficticious GH/s.

In the traditional Ponzi setup, the revenue of new investors is required to pay off older investors. If this kind of scheme decided to go Ponzi, they don't even need the revenue of new investors, because the buy-and-hold GH/s buyer is basically locking into giving the hosting company a loan with negative interest. It doesn't even matter how the buyer behaves because by putting new GH/s on the market, the revenue already takes care of all future "mining" revenue payments no matter how it changes hands, so long as it's always possible to sell new GH/s above total BTC ROI on that hashing power.

The only way a scheme like that would start falling apart is if difficulty leveled off such that the GH/s prices at any given time were actually discounted compared to projected mining revs.

[barruka]

What do you think about actual CEX price GHS/BTC aprox. 0.016 ?

[flounderella]

What do you think about actual CEX price GHS/BTC aprox. 0.016 ?

Approx $10 per GH! Assuming the GH is even REAL, its a losing deal with difficulty rising every two weeks.

For comparison, an Antminer S1 will get you $3 per GH.

[greenlion]

A price of 0.016 per gigahash breaks even within about a year if you assume that difficulty only averages about 10% per retargeting, and by the end of that year you're mining only a matter of satoshis per jump.

That's simply not going to happen. Slightly more realistic but still fantasy-world optimistic assumptions show that even if jumps only average about 20%, you're still talking maybe 0.01 total ever.

[hunter001]

no way make profit only mining on cex

but with trading from time to time is ok 

+100

[BigBoy89]

no profit at all when you invest in cex.io
even after 1 year you never get ROI

Do you guys realize the CEX.io contact address is on Threadneedle Street?

The Bank of England is also on Threadneedle Street and it came to power as a central bank by buying all the Kings currency out of circulation (royal tally sticks).

Must watch video to educate yourself about the City of London not being London!

http://www.youtube.com/watch?v=LrObZ_HZZUc

Even the Queen of England has to get their permission before she can visit that's how powerful they are!

You don't know the power of the dark side!

http://www.youtube.com/watch?v=onhFH7jpq2c

 

i even just know it form you
thanks for information

[hungpham]

the price is down and down agian

[semik]

the price is down and down agian

Down? 27.3. was price 0.0105 and now is 0.0114, I've covered my loses from past two weeks and I'm at zero balance now. A time to quit I guess But I'm still curious about reasons for growing. Maybe it's related to bitcoin price loses...