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[BitcoinEXpress]

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[gavgav]

Well said

[Cloudpost]

Great post.

It's just about you believing in crypto future or not. Huge profits are gone and now we'll see who is a trye crypto supporter Also a good time to buy cheap gpus

[pedrog]

Then you had made a better deal buying the coins instead of mining them, your logic is not solid when it comes to business...

[lucazane]

I was mining BTC at lost after the halving.

I can tell you, it was definitely not a lost after one year

[pedrog]

Then you had made a better deal buying the coins instead of mining them, your logic is not solid when it comes to business...

Mining is in effect buying them with electricity instead of funds.

Even though every $1.96 BTC cost me more in electricity, let's say $3.00 each (guess)....I can assure you I made a profit at $1200.


I actually think obtaining them at $3.00 and selling at $1200 is very solid business logic.


~BCX~

But if you bought the coins instead of mining you'll have ~33% more coins...

[maardein]

Then you had made a better deal buying the coins instead of mining them, your logic is not solid when it comes to business...

Mining is in effect buying them with electricity instead of funds.

Even though every $1.96 BTC cost me more in electricity, let's say $3.00 each (guess)....I can assure you I made a profit at $1200.


I actually think obtaining them at $3.00 and selling at $1200 is very solid business logic.


~BCX~

But if you bought the coins instead of mining you'll have ~33% more coins...

But if everyone did so, the network would stop working, and the coins would be worth nothing...

[Spoetnik]

i think that makes sense..

i think i've been doing that pretty much but on a small scale.. i try anyway lol
ocasionaly i get impulsive with some coin trading though when i should just sit tight and wait

this is a good message for the huge volume of guys who say well i don't care about Doge coin or what ever and mine it to dump it and brag about dem Lambo'z

[Oldminer]

A bear market always separates the men from the boys

[pedrog]

Then you had made a better deal buying the coins instead of mining them, your logic is not solid when it comes to business...

Mining is in effect buying them with electricity instead of funds.

Even though every $1.96 BTC cost me more in electricity, let's say $3.00 each (guess)....I can assure you I made a profit at $1200.


I actually think obtaining them at $3.00 and selling at $1200 is very solid business logic.


~BCX~

But if you bought the coins instead of mining you'll have ~33% more coins...

But if everyone did so, the network would stop working, and the coins would be worth nothing...

No, it will come to an equilibrium.

[kalus]

But if you bought the coins instead of mining you'll have ~33% more coins...

the point is most people (e.g. me) bought into mining during a bubble phase of the market.  a subset of these people overpaid for equipment and/or bought their rigs on credit.  the people only expecting to get rich quick got burned because they didn't do the basic math. 

there continues to be a huge number of threads about how alts are dying, how mining is dying, and how people aren't breaking even.  the people that didn't plan far enough ahead are the rigs offered for fire-sale prices shortly before the rent check is due. 

looking at the day-to-day price of bitcoin etc. is an incredibly shortsighted way to look at mining as an investment strategy.  

[thresher]

I agree with you about holding, if holding bitcoin or litecoin (not that I agree it is smart, I agree that it is the only viable option in this situation.)

There are many differences though.
For example the guy you quoted probably bought gpus at scalped prices, assumed a good resale value, and got burned.
Gpu miners used to destroy bitcoin ascis (profit wise), sort of happy I put my gpu earnings into antminers, (but at this point not happy as i'm holding mining earnings until btc hits an amount I deem reasonable.)
Scrypt asics came out way faster and way cheaper than people thought.
A lot of people, myself included like having the option to sell some, keep some, or a have semi steady flow of supplemental income to use for fun, whatever.
Of course the altcoin and bitcoin issues.
Holding a coin at $1 to $35, takes either extreme balls or extreme greed (I commend you for that).  Most people (Myself included)  would never hold something until its value increases 35 times.  In fact if that was my aim for any bitcoin I ever bought or mined, i'd be down fuckloads at this point lol. 

 

[Warning__3]

I'm totally send a link to this topic to my brother
He's recently invested in a 4x280x rig and he already wanna sell it all because nothing is worth mining anymore(in his eyes)

[hilariousandco]

There's always going to be 'crybabies' and naysayers. Most are just mad cryptos wern't the get rich quick scheme they imagined. I'm sure they'll regret not having a bit more patience someday.

[Vicodin]

There is nothing left to mine, it all is basically unprofitable now. I can't even sell my mining equipment on Ebay, trying to sell 1.9 m/h system using 3 Twin Frozr 7950 gpu's for 1100.00 and no takers on Craigslist. I won't part it out on Fleabay because losers will buy the gpu's and use them for 45 days then say they are not as described. So I guess I will just throw the shit in the garbage.  I have a number of miners and no way to sell it.  The noise and wear and tear on the miners is not worth the measly few dollars it makes a day after electricity costs. Litecoin falls everyday, bitcoin is flushing down the shitter, and all the rest of the shit coins are done for also.

I heard the same crap from friends and co-workers back in December 2011 when BTC fell to $1.96 each from the all time high of $36.00 in June 2011. I heard the same thing when LTC was less than $0.11 each also after falling from about $1.00 high.

If you are trying to pay today's bills with current mining proceeds you're an idiot. Mining is about speculation. You are mining for future payouts, not current ones.

Trust me I had a number of people give me hell for going $1500 in the negative every month verses coin earnings by paying electricity bills while maintaining a personal 90 ghs gpu farm back in Dec 2011. Funny thing all of those $1.96 btc turned into $1200 BTC just recently. I caught the same crap when I flipped over my gpu farms to LTC when I upgraded to all ASIC for BTC. Again, all of those LTC turned into $35.00 each from sub $1.00.

If you cannot afford to support your gpu miners for at least 180 days, you need to get out.


~BCX~



This thread moderated to control stupidity and spam only. Differing opinions welcomed.

This is mind blowing to me. These kinds of returns are just unheard of in the outside world. Do you have any coins that you are holding right now? When is your sell point? Just a couple examples would be appreciated. If you have a minute to respond that would be amazing. You look like you've been around awhile. You also seem to know what you are doing. Thanks!

[cryptopaths]

Great post.

It's just about you believing in crypto future or not. Huge profits are gone and now we'll see who is a trye crypto supporter Also a good time to buy cheap gpus

Huge profits for the moment are really just gone for Bitcoin not for altcoins. It's possible for some altcoins to see x100 growth the new country coins for example they usually have explosive growth at the start while not really a sure determination of long term gain these so far have been good for short term return. But at the moment x100 really isn't even in the realm of possibility for bitcoin seeing as that would put its market cap at $600 billion.

[Bit_Happy]

...
I heard the same crap from friends and co-workers back in December 2011 when BTC fell to $1.96 each from the all time high of $36.00 in June 2011.....

The actual (Gox) low was $1.9998 you came within 2% of the correct number.   

[Ibistru]

Then you had made a better deal buying the coins instead of mining them, your logic is not solid when it comes to business...

+1

[Wipeout2097]

Then you had made a better deal buying the coins instead of mining them, your logic is not solid when it comes to business...

The OP is addressing the ones that already invested in mining rigs, I suppose.

With mining, as mentioned, you just pay to the power company. You can also pick low difficulty, adjust power usage, play around with rigs and hardware, etc... Buying coins requires other kind of skills and issues, dealing with crappy fiat -> btc gateways and exchanges, compete with day traders and bots. Mining is a mix of business and hobbyism.

[jrossIV]

I heard the same crap from friends and co-workers back in December 2011 when BTC fell to $1.96 each from the all time high of $36.00 in June 2011. I heard the same thing when LTC was less than $0.11 each also after falling from about $1.00 high.

If you are trying to pay today's bills with current mining proceeds you're an idiot. Mining is about speculation. You are mining for future payouts, not current ones.

Trust me I had a number of people give me hell for going $1500 in the negative every month verses coin earnings by paying electricity bills while maintaining a personal 90 ghs gpu farm back in Dec 2011. Funny thing all of those $1.96 btc turned into $1200 BTC just recently. I caught the same crap when I flipped over my gpu farms to LTC when I upgraded to all ASIC for BTC. Again, all of those LTC turned into $35.00 each from sub $1.00.

If you cannot afford to support your gpu miners for at least 180 days, you need to get out.


~BCX~



This thread moderated to control stupidity and spam only. Differing opinions welcomed.

If you are going for future payouts, then just buy the currencies on the market.  You are using fiat for power, so might as well just buy coins on the market.  Save your rigs for winter time when power might be free.