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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1805059 times)
cypherdoc
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February 07, 2013, 07:05:17 PM
 #4141

1. I am very happy that someone got amused. My "complaints" are very much tongue in cheek as usual and so amusement is the best I could hope for. LOL

2. I have not much to say about ASIC's because I am not in ASIC game for a while now. Back in May/June I have decided that I will let other ASIC players to play this dog eat dog game without me and I would better hold on to BTC.

Considering that those ASIC players had to invest their money back then when BTC fetched about 5$ they now need to at least quadruple their money just to catch up on to their cost of lost opportunity. Good luck with that.


that's actually pretty smart of you.  you didn't even mention the labor and headache involved in such a project as well.

otoh, if they do it right, they could make millions.
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February 07, 2013, 07:07:49 PM
 #4142

This thread's name is kind of wrong. Who the hell cares about gold? I am more interested if there is any other asset on this damn planet that performed better than Bitcoin during last 4, 3, 2, 1 years, or 8, 6, 4, 2, 1 month or any other period of time?

Nevermind, I'll wait until we get to 4 digits before I get really excited.




Litecoin 1 year ago was 1/2 a penny. So now it is $0.074 so there you go 1400% gain in 1 year.

Litecoin beat bitcoin in that arena as you asked.

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February 07, 2013, 07:20:15 PM
 #4143

otoh, if they do it right, they could make millions.

Sure. However, there are only so many bitcoins are mined and only very few ASIC miners like Jeff who managed to start early will do really good. The rest will inevitably ramp up difficulty and still have to share all the same new coins.

In risk/reward models, that I've looked at back in May, it was clear that if BTC price rises as it has now then ASIC mining project will be profitable (assuming other risks, like getting a dodgy manufacturer etc work out). However, when comparing that model with simply holding BTC it became painfully obvious that risk/reward of mining investment was significantly worse.

@smoothie. Great to hear that litecoin is doing so well. It probably will do even better once GPU miners are "kicked out of Bitcoin" and have nowhere to go but to start mining litecoins.



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cypherdoc
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February 07, 2013, 07:25:06 PM
 #4144

otoh, if they do it right, they could make millions.

Sure. However, there are only so many bitcoins are mined and only very few ASIC miners like Jeff who managed to start early will do really good. The rest will inevitably ramp up difficulty and still have to share all the same new coins.

In risk/reward models, that I've looked at back in May, it was clear that if BTC price rises as it has now then ASIC mining project will be profitable (assuming other risks, like getting a dodgy manufacturer etc work out). However, when comparing that model with simply holding BTC it became painfully obvious that risk/reward of mining investment was significantly worse.

@smoothie. Great to hear that litecoin is doing so well. It probably will do even better once GPU miners are "kicked out of Bitcoin" and have nowhere to go but to start mining litecoins.




yes, i definitely have to agree with this.
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February 07, 2013, 07:29:02 PM
 #4145

really the moral of the story is "grab as many Bitcoin now while you still can".
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February 07, 2013, 07:31:31 PM
 #4146

really the moral of the story is "grab as many Bitcoin now while you still can".

grab and stash and do not let it go
 Wink

I had to turn down a number of potential investment opportunities only because risk/reward on those, comparing to simply holding BTC, was just so  pitifully horrible.



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February 07, 2013, 07:40:51 PM
 #4147

really the moral of the story is "grab as many Bitcoin now while you still can".

grab and stash and do not let it go
 Wink

I had to turn down a number of potential investment opportunities only because risk/reward on those, comparing to simply holding BTC, was just so  pitifully horrible.




this is exactly how i've been thinking but even i want to buy some of those asic's and have been tempted to invest in some businesses.

actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.

i think i'll forget the asic's for now.
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February 07, 2013, 07:44:58 PM
 #4148


...
actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.
...



Surprised you stayed in the game getting scammed that early...

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
cypherdoc
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February 07, 2013, 07:47:25 PM
 #4149


...
actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.
...



Surprised you stayed in the game getting scammed that early...

not really.  i've always been able to focus on the fact that the protocol was never an issue.  only my stupidity was.
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February 07, 2013, 08:16:40 PM
 #4150

otoh, if they do it right, they could make millions.

Sure. However, there are only so many bitcoins are mined and only very few ASIC miners like Jeff who managed to start early will do really good. The rest will inevitably ramp up difficulty and still have to share all the same new coins.

In risk/reward models, that I've looked at back in May, it was clear that if BTC price rises as it has now then ASIC mining project will be profitable (assuming other risks, like getting a dodgy manufacturer etc work out). However, when comparing that model with simply holding BTC it became painfully obvious that risk/reward of mining investment was significantly worse.

@smoothie. Great to hear that litecoin is doing so well. It probably will do even better once GPU miners are "kicked out of Bitcoin" and have nowhere to go but to start mining litecoins.




+1 I tend to agree.

 Cheesy

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     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
mc_lovin
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February 07, 2013, 08:17:56 PM
 #4151

otoh, if they do it right, they could make millions.

Sure. However, there are only so many bitcoins are mined and only very few ASIC miners like Jeff who managed to start early will do really good. The rest will inevitably ramp up difficulty and still have to share all the same new coins.

In risk/reward models, that I've looked at back in May, it was clear that if BTC price rises as it has now then ASIC mining project will be profitable (assuming other risks, like getting a dodgy manufacturer etc work out). However, when comparing that model with simply holding BTC it became painfully obvious that risk/reward of mining investment was significantly worse.

@smoothie. Great to hear that litecoin is doing so well. It probably will do even better once GPU miners are "kicked out of Bitcoin" and have nowhere to go but to start mining litecoins.




+1 I tend to agree.

 Cheesy

+1

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February 07, 2013, 08:52:50 PM
 #4152

..
... i've always been able to focus on the fact that the protocol was never an issue.  only my stupidity was.

My hats off to you sir, not many peers realize this fact and abandon the "race" early. I had my share of scams too but I'm still here doing business like usual, because the protocol is sound and no "tungsten" in sight.

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February 07, 2013, 09:07:08 PM
 #4153

not really.  i've always been able to focus on the fact that the protocol was never an issue.  only my stupidity was.

You misspelled education in the school of hard knocks Smiley
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February 07, 2013, 09:40:04 PM
 #4154

the silverbox update (comparison from the beginning of this thread):

Bitcoin:  +311%

Gold:  -1%

GPL:  -25% silverbox long

Diff:  +312% advantage Bitcoin and growing
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February 07, 2013, 09:44:03 PM
 #4155


...
actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.
...



Surprised you stayed in the game getting scammed that early...

not really.  i've always been able to focus on the fact that the protocol was never an issue.  only my stupidity was.


Yeah... I mean, obviously you have a nice ability to stick to your analysis and not be swayed by other people or irrelevant events...

I do identify to a degree...I've never sold a coin despite the sentiment around here at times, and 1/3 of my current position was bought for $3/btc, right when Tradehill folded (I actually pleaded with Jared to keep it going or do something else with bitcoin - felt like the btc economy really needed stand-up guys like him at the time).

But still...I probably would've gone away for a few months after being scammed for 800btc.



Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
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February 07, 2013, 09:55:26 PM
 #4156


...
actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.
...



Surprised you stayed in the game getting scammed that early...

not really.  i've always been able to focus on the fact that the protocol was never an issue.  only my stupidity was.


Yeah... I mean, obviously you have a nice ability to stick to your analysis and not be swayed by other people or irrelevant events...

I do identify to a degree...I've never sold a coin despite the sentiment around here at times, and 1/3 of my current position was bought for $3/btc, right when Tradehill folded (I actually pleaded with Jared to keep it going or do something else with bitcoin - felt like the btc economy really needed stand-up guys like him at the time).

But still...I probably would've gone away for a few months after being scammed for 800btc.




it's funny when i hear ppl say that the run to $32 with it's subsequent crash was just a bubble, disproving Bitcoin's worthiness.  for me, the run up was very informative about just how many believed in the concept early on.  and for good reasons.  it was an important indicator to me of its future possibilities.  this is why i objected to miscreanity's monthly closing charts he published a couple of weeks ago as they obscured that information. 

yes, it was too much too soon; but the crash allowed me to scoop up alot of cheap Bitcoin. 

the other thing is that based upon alot of real world experience in investing and business, i've learned to trust myself.  that is a hard thing to learn about oneself. 

b/c quite honestly, alot of ppl shouldn't trust themselves.
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February 07, 2013, 09:59:27 PM
 #4157


...
actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.
...



Surprised you stayed in the game getting scammed that early...

not really.  i've always been able to focus on the fact that the protocol was never an issue.  only my stupidity was.


Yeah... I mean, obviously you have a nice ability to stick to your analysis and not be swayed by other people or irrelevant events...

I do identify to a degree...I've never sold a coin despite the sentiment around here at times, and 1/3 of my current position was bought for $3/btc, right when Tradehill folded (I actually pleaded with Jared to keep it going or do something else with bitcoin - felt like the btc economy really needed stand-up guys like him at the time).

But still...I probably would've gone away for a few months after being scammed for 800btc.




it's funny when i hear ppl say that the run to $32 with it's subsequent crash was just a bubble, disproving Bitcoin's worthiness.  for me, the run up was very informative about just how many believed in the concept early on.  and for good reasons.  it was an important indicator to me of its future possibilities.  this is why i objected to miscreanity's monthly closing charts he published a couple of weeks ago as they obscured that information. 

yes, it was too much too soon; but the crash allowed me to scoop up alot of cheap Bitcoin. 

the other thing is that based upon alot of real world experience in investing and business, i've learned to trust myself.  that is a hard thing to learn about oneself. 

b/c quite honestly, alot of ppl shouldn't trust themselves.

I would also call it discipline.
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February 08, 2013, 06:17:25 AM
 #4158

really the moral of the story is "grab as many Bitcoin now while you still can".

grab and stash and do not let it go
 Wink

I had to turn down a number of potential investment opportunities only because risk/reward on those, comparing to simply holding BTC, was just so  pitifully horrible.




this is exactly how i've been thinking but even i want to buy some of those asic's and have been tempted to invest in some businesses.

actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.

i think i'll forget the asic's for now.

Oh man...I only lost 1 BTC to that guy and now I feel bad about feeling bad about it.

Bitcoin combines money, the wrongest thing in the world, with software, the easiest thing in the world to get wrong.
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February 08, 2013, 07:18:40 AM
 #4159


But still...I probably would've gone away for a few months after being scammed for 800btc.


Keep in mind that "early 2011" could mean a very low price per BTC, like $0.80 or even $0.40.

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February 08, 2013, 04:15:13 PM
 #4160

really the moral of the story is "grab as many Bitcoin now while you still can".

grab and stash and do not let it go
 Wink

I had to turn down a number of potential investment opportunities only because risk/reward on those, comparing to simply holding BTC, was just so  pitifully horrible.




this is exactly how i've been thinking but even i want to buy some of those asic's and have been tempted to invest in some businesses.

actually getting fleeced in early 2011 by the 14 yo Nathaniel Theis/cuddlefish for 800 BTC was probably the best thing that ever happened to me.  it allowed me to focus on just accumulating after that.

i think i'll forget the asic's for now.

Oh man...I only lost 1 BTC to that guy and now I feel bad about feeling bad about it.

i remember back when it was just you, me, noagendamarket, boonies4u, and a coupla other guys hanging out in the Ubitex IRC channel waiting for updates from cuddlefish.

for those of you who wonder what we're talking about, Ubitex was the 2nd or 3rd stock issuance on GLBSE (precursor to MPEX) around May 2011 IIRC.  the price was around $5 at the time so we'd already had significant upward movement.  i thought i'd jump on what seemed like a good idea at the time for a local p2p Bitcoin exchange service (Ubitex).  yes, it was started by a 14 yo, but being new to this shady world of IRC, anonymous stock exchanges, and Bitcoin i thought i'd take a flyer on this kid.  he actually had a very good rep amongst the devs around here as being quite a brilliant coder as far as i could tell.  some ppl had actually met him and said things like "some of the best coders in the world are 14yo".  Nefario, who ran GLBSE, gave him a thumbs up.  he was one of my son's age so i thought i'd think positive and go for it.  he actually developed a site and supposedly got a few customers.  he was great at hyping things.  

ultimately i think he just got in way over his head from the business side of things.  i don't think he started off as a scam (like many of how these things start out it seems).  everyone could see he was wasting BTC left and right for biz expenses.  and i also think when he ended it all he walked off with most of the BTC invested in him (mostly mine).  i learned alot from that.

funny thing is, i know where he lives.  one day i might stop by and pay him a visit.
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