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[galbros]

This is a good point, mining is rarely profitable at the time of the mining.  It implicitly involves speculation, just in a different form, consider it a premium for getting "virgin" coins.

[poncom]

Feels like someone else is posting on behalf of BCX for the last 2-3 days. Where is the real slim shady?  
Kidding aside, thank you for this piece of history. It is great to read about some of the past events.
Much appreciated.

I found it very comforting to read the posts from people who experienced early crashes and witnessed bitcoin going down to 1/20 of it's peak value, then going back up again.

Ah, but is the alt coin market the same now as it was back then when these experts got into ltc and btc?
If not, what are the differences? Would there happen to be more shitcoins flooded the market now?

I know coinmarketcap had about 30 alts before christmas and 200+ now. Nevertheless, an older member here remembered an earlier time from a year or two ago when the market was being flooded with shit coins. Not many of them seem to have survived, and maybe most of the current ones will die soon enough.

[s1gs3gv]

This is a good point, mining is rarely profitable at the time of the mining.  It implicitly involves speculation, just in a different form, consider it a premium for getting "virgin" coins.

Buying with fiat is no less speculative. Lets generalize and say that everything about virtually all economic activity with crypto-currencies is speculative right now.

[catoshi]

I`m usually crying about something but never about mining catcoin

Its true, when people started mining bitcoins they were not doing it to get rich.  Doing what everyone else is doing will never make you rich, if that logic was true we would all be eating fancy feast 3x daily with a side of liver! Yum!!!!

[hiddensphinx]

Posted From bitcointalk.org Android App

[Spoetnik]

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.

i got a mouthy comment from some dick about selling some Bitcoin on BTC-E's troll box a couple weeks ago roughly..
The guy gave me a matter fact speech about, well don't invest money your not in a position to lose
and fair enough he is right but i was insulted he assumed i was an idiot lol

I had told guys on that chat box when they post their usual dumb theories such things as huge mining operations
have no choice but to dump some coins by the end of the month to "pay bills" as i said i was doing and that they'
have to do this to pay back money they borrowed to setup the massive operations and to pay staff and electrical bills etc
AND that when the troll box idiots start spouting off wild conspiracy theories about Whales playing the market with some clever strategy
it may in fact be some big mining operation like i just said that has some bills to pay.. such as some big mining operations in Washington State USA or in China etc
or even some big holders who simply want out of the scene like Mark Krapelles or famous rich guy investor Richard Branson.

People in the scene especially on Troll box's bark out the most utterly ridiculous matter of fact bullshit that it agitates me like nails on a chalk board
they are so simple minded, blind, naive and gullible it blows me away.. they just get a random thought in their head and assume a ton of shit then jam it down
everyone's throat that will listen OR just out right lie nonstop to pump up popularity for the coin their stuck holding a bag in..
Troll-box geniuses lol

Anyway i told that mouth idiot on BTC-E's troll box.. spare me the investment lecture i never invested one cent ever..
i have made many thousands thank you so kiss my ass pretty much lol
So needing or wanting to cash out doesn't mean <insert assumptions>

edit:
I was told by a person that wanted to know about this stuff that had didn't give flying fuck about any currency stuff..
he wanted to get rich quick.
i have not talked to him since.. I'm in crypto because i believe in it.. contrary to the guy saying to me literally fuck that shit i don't care he said.
i was rather disgusted when he said that.. we don't need greedy assholes like that ..be we got over run with them not long ago
that was when bitcoin was last at $900 and i gave him 1 BTC to get started.. it ended a friendship pretty much.

[nextgencoin]

Does this mean I'm going to get rich from hoarding my Corgicoins?

[catoshi]

If we look at our history,  Cats and dogs always win the technology battle.

[B2BigAl]

Wow, I was fully expecting an inflammatory post, ridiculing alt coin miners...but I couldn't agree more.  I keep telling people,  you're going to have to do some work and actually think about what you mine instead of just pointing your rigs at whatever is turning a profit at that exact moment.  That is unsustainable, and is exactly why the bottom of the market has fallen out.  Gotta look at the big picture, or you might as well pack it up, cause you're going to be very disappointed. 

[markm]

The people stuck with GPUs constantly kill any "golden goose" that comes along, about the only chance to make anything that lasts is probably to make it useless for GPU miners so they can stick to killing off all the GPU coins leaving the ASIC ones to thrive and prosper without all those idiots constantly running around making the entire panoply of GPU coins look silly and pathetic.

-MarkM-

[SlipperySlope]

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.

BCX, because I strongly believe that the next bitcoin bubble will occur this summer, I have postponed adding capacity to my GPU mining rigs - even though used equipment that meets my needs is now available for half the my cost two months ago. Rather, I have been buying coins at my local Robocoin ATM when I have the fiat cash, and also retaining the bitcoin profit that I get from leasing out my rigs. My plan is to spend coin when prices are some multiple of where they are now. Even if all the great deals vanish on Ebay, Craigslist, Amazon, etc., I still come out way ahead buying hardware during the bubble than at other times.

Your thoughts?

[smoothie]

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.

When and where did bitcoin hit $36.00 per coin in June 2011? I was around and didn't see that price anywhere. lolz 

[eightspaces]

´When and where did bitcoin hit $36.00 per coin in June 2011? I was around and didn't see that price anywhere. lolz 

check the historical charts to see what u missed

[jonnysomething]

So, BCX, what are you mining?

[eightspaces]

So, BCX, what are you mining?

afaik he mines most profitable coins. other than that he holds more than 5000 BTC, so he plays the markets...

[Acidyo]

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.



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

This is literally what is wrong with people lately, they check sites like coinwarz etc on what to mine. The hivemind moves together and starts mining x coin and when they do that difficulty raises and profitability falls and they switch to the next only to do the same thing.

Mining isn't about a fast cashout, it's about speculation, holding your shares and choosing the right coin to exchange it into.

I mined on a laptop from november-december and made 2.9 btc profit back then, by mining on low difficulty coins that I thought would rise later on, some did, most didn't.

These multipools and gpu farms + the recent asic scrypt miners have ruined that part of the game. Now it's just trading that is left, or holding for a longer time and making a profit when value changes over a bigger amount of time.

[mazuma]

Il say this flatout : Almost Every person that has joined in 2014 on this forum are fucking scumbags, with no knowledge at all, no attempt to gain knowledge either and lastly, these are the same fucks that are trying to bring about "change". Ridiculous. Also im glad its harsh times right now, it was too easy before.

You might consider getting together with Spoetnik and muddafudda and starting an IED self help group. (emphasis added)

dude stfu and go mine on a multipool (emphasis added)

[eightspaces]

Il say this flatout : Almost Every person that has joined in 2014 on this forum are fucking scumbags, with no knowledge at all, no attempt to gain knowledge either and lastly, these are the same fucks that are trying to bring about "change". Ridiculous. Also im glad its harsh times right now, it was too easy before.

You might consider getting together with Spoetnik and muddafudda and starting an IED self help group. (emphasis added)

+4

[HCLivess]

Another "back to reality" post. Thank you, BCX

[jonnysomething]

So, BCX, what are you mining?

afaik he mines most profitable coins. other than that he holds more than 5000 BTC, so he plays the markets...

5000 BTC? Where did you hear that?
That's a stupid amount of money.