Mining Machines

[phazon307]

That was my plan initially mine BTC for a little bit then start mining the other alt coins. I am not just planning on mining BTC I would probably just run it tell those new monsters come out and make the difficulty impossible and then switch to an alt. I keep telling people to get on Betacoin but nobody listens until it's to late.

[1715359423]

1715359423

[1715359423]

1715359423

[1715359423]

1715359423

[1715359423]

1715359423

[metroickha]

Because I think it is not really profitable to buy miners for bitcoins, I invested mining other coins.

A friend of mine did something much more profitable. He bought one BTC and started trading.
He bought for 600 euro and then sold for 650 euro. Then bought at 630 euro and sold at 645 euro.
Redo this trick a month long. He made 4,3 BTC out of 1 BTC. He was able to make about 80 euro every day.
If he continues like this, next month he could have 16 BTC.

[phazon307]

Yes that is a good idea but where do you trade this at? Who does he go through where does he buy btc from then get cash from same place? I planned on doing this as well.

[metroickha]

I am not sure probably bitstamp or mtgox. I use bitonic (the Netherlands). However it has a payment delay of one day. So if you have 6 coins, you should trade 3 maximum per day. If you do well enough you gain 80 euros a day. For me this is more than enough.

[phazon307]

Yea that's like having a full time Job.

[jermwerty]

...CH a veteran miner with miners in hand and actual data on BTC ROI is telling you on all the machines he bought he would have had more BTC in hand by buying and holding than mining, and if you want more real maths historical data has shown buying and holding has been significantly more profitable for 99.9% of miners than buying a miner and mining.

While nothing you said is incorrect as I too have been bitten by bad miner investments - the real killer CH referrs to has been preorders where you lock in a BTC/$ ratio early then get a miner much much later than promised ...

Sucks to spend over 100BTC on a BFL only for it to arrive nearly a year later and only mine a small fraction of that.  But if we would have all known the prices would go up by a few thousand % of course we would all have behaved very differently.

Buying in-hand miners that can ROI maybe 40days out (or less sometimes with altcoins as pointed out) is a much better idea, and if you can resell it (*cough* eBay) before it becomes too devalued it can provide a nice little extra profit.  But basically this comes down to:  importing/reselling can be more profitable than holding gear past its useful life, but then you are relying a greater fool to buy it down the road and accepting a lot of risk (paypal cracking down on BTC, freezing accounts, etc)...

[empoweoqwj]

I am not sure probably bitstamp or mtgox. I use bitonic (the Netherlands). However it has a payment delay of one day. So if you have 6 coins, you should trade 3 maximum per day. If you do well enough you gain 80 euros a day. For me this is more than enough.

Don't use gox. Sucks as almost everything. Can't get your money out. Very high transaction fees. Use other eXchange

[MANofthePEOPLE]

I am not sure probably bitstamp or mtgox. I use bitonic (the Netherlands). However it has a payment delay of one day. So if you have 6 coins, you should trade 3 maximum per day. If you do well enough you gain 80 euros a day. For me this is more than enough.

Don't use gox. Sucks as almost everything. Can't get your money out. Very high transaction fees. Use other eXchange

I see people saying this all the time but I wonder how much truth there is to it? With that volume surely everyone can't have problems with withdrawing. Regarding the fee's the seem to be the same on bitstamp?

[phazon307]

Paypal is cracking down on BTC are they retarded. That only leaves the opportunity for someone else to come along and create a paypal type system to sell and receive BTC. An ebay style way to sell all altcoins where people can bid on them then pay with a system. Offer refunds if people don't pay. I thought of it first so don't still my idea without funding my wallet . That would be cool as heck though if there was a system like that. That would protect both buyers and sellers of BTC it would have to be honest and fair. This way all those who are not scam artists will win

[empoweoqwj]

I am not sure probably bitstamp or mtgox. I use bitonic (the Netherlands). However it has a payment delay of one day. So if you have 6 coins, you should trade 3 maximum per day. If you do well enough you gain 80 euros a day. For me this is more than enough.

Don't use gox. Sucks as almost everything. Can't get your money out. Very high transaction fees. Use other eXchange

I see people saying this all the time but I wonder how much truth there is to it? With that volume surely everyone can't have problems with withdrawing. Regarding the fee's the seem to be the same on bitstamp?

If people say it all the time its quite likely to be true isn't it? Or do you think there is a massive conspiracy against gox?

[MANofthePEOPLE]

I am not sure probably bitstamp or mtgox. I use bitonic (the Netherlands). However it has a payment delay of one day. So if you have 6 coins, you should trade 3 maximum per day. If you do well enough you gain 80 euros a day. For me this is more than enough.

Don't use gox. Sucks as almost everything. Can't get your money out. Very high transaction fees. Use other eXchange

I see people saying this all the time but I wonder how much truth there is to it? With that volume surely everyone can't have problems with withdrawing. Regarding the fee's the seem to be the same on bitstamp?

If people say it all the time its quite likely to be true isn't it? Or do you think there is a massive conspiracy against gox?

Well I have been on forums long enough to know how things go. Have you been affected by it? The poster I quoted?

I'm not trying to defend mtgox, as a matter of fact I am gonna get verified on stamp or btc-e and trade there instead. It was a genuine question.

[empoweoqwj]

I am not sure probably bitstamp or mtgox. I use bitonic (the Netherlands). However it has a payment delay of one day. So if you have 6 coins, you should trade 3 maximum per day. If you do well enough you gain 80 euros a day. For me this is more than enough.

Don't use gox. Sucks as almost everything. Can't get your money out. Very high transaction fees. Use other eXchange

I see people saying this all the time but I wonder how much truth there is to it? With that volume surely everyone can't have problems with withdrawing. Regarding the fee's the seem to be the same on bitstamp?

If people say it all the time its quite likely to be true isn't it? Or do you think there is a massive conspiracy against gox?

Well I have been on forums long enough to know how things go. Have you been affected by it? The poster I quoted?

I'm not trying to defend mtgox, as a matter of fact I am gonna get verified on stamp or btc-e and trade there instead. It was a genuine question.

Have I been affected by gox's inability to withdraw fiat? Sure. That's why I've abandoned using them. That and they charge 0.60% commission which is pretty massive now.

[phazon307]

I am trying to use BITStamp bit I am trying to get my documents right for them perhaps when I have some extra time.

[empoweoqwj]

I am trying to use BITStamp bit I am trying to get my documents right for them perhaps when I have some extra time.

Yes it can take some time because they do the document stuff properly. That's a good sign, a sign of professionalism.