We lost our shirts buying from GAWminers while owner pays 1 million for url

[foodstamps]

Just read this and it literally makes me sick to my stomach. I lost big investing in scrypt asics from GAWminers, they destroyed the price of Litecoin. On the GAW forum they make it seem like GAW lost tons of money too. Well obviously not. The owner just paid $1,000,000 for btc.com. What he should have done is help out some of the people that lost all of their money buying worthless hardware from his company.

http://techcrunch.com/2014/08/08/an-interview-with-josh-garza-ceo-of-gaw-miners-on-his-1-million-purchase-of-btc-com/

[kalus]

i turned a profit from my miners.  anybody that did their homework before buying should have turned a profit too. 

[foodstamps]

i turned a profit from my miners.  anybody that did their homework before buying should have turned a profit too.  

There is no way you turned profit on the GEN A hardware. Unless you got it on the first day released and rented it out to some idiot at many factors higher than what Litecoin mining earns. I have had mine rented on nicehash or betarigs since I got them, and I will only get 30% of what i spent back before the big ones release making the current ones basically worthless.

[Burninj]

There is no way you turned profit on the GEN A hardware. Unless you got it on the first day released and rented it out to some idiot at many factors higher than what Litecoin mining earns. I have had mine rented on nicehash or betarigs since I got them, and I will only get 30% of what i spent back before the big ones release making the current ones basically worthless.

That's why you are loosing money...

You ever thought you would ROI just with rental?

[kalus]

i turned a profit from my miners.  anybody that did their homework before buying should have turned a profit too.  

There is no way you turned profit on the GEN A hardware. Unless you got it on the first day released and rented it out to some idiot at many factors higher than what Litecoin mining earns. I have had mine rented on nicehash or betarigs since I got them, and I will only get 30% of what i spent back before the big ones release making the current ones basically worthless.

that, or you could have started buying batch 2 and 3 instead of batch 12 and 13, and sell off the hardware early to buy second generation asics.  feb profits were much better than they are now.  your join date tells me you got in late.

Multiple ways to turn a profit from "GEN A" hardware.  anyone who didn't wasn't paying attention. 

[trader001]

Posters who claim they turn profit on ASIC scrypt, care to share how you do it exactly?

[sang]

Posters who claim they turn profit on ASIC scrypt, care to share how you do it exactly?

Constantly turn hardware via resale. I did it quite a bit personally and came out very ahead.

I see no reason to fault GAWMiners for the fact that Scrypt difficulty has skyrocketed. The difficulty would rise the same with or without them. Especially since they don't even make the equipment.

[Spoetnik]

ya i see your point and notice that story recently too..

That guys comment is why i would never touch this Asic bs..

having to watch stuff like a hawk and keep re-selling your hardware over and over is a dumb pain in the ass.

Asics i think are the aids of crypto.. it may be a double edged sword for LTC and on or two others but it's the seal of death for 98% of the rest.
they also decimate all other forms of mining and kick people out of the scene.. they simply leave !
and all that happens is we get clones for no other purpose than for guys to pump an dump with their asics.. contributing nothing to crypto
in turn causing more losses and lower prices and market dilution and yet even more people leaving.

[kalus]

Posters who claim they turn profit on ASIC scrypt, care to share how you do it exactly?

buy batch 2, mine, sell, buy next generation asic.

Timing is important.

[foodstamps]

Posters who claim they turn profit on ASIC scrypt, care to share how you do it exactly?

Constantly turn hardware via resale. I did it quite a bit personally and came out very ahead.

I see no reason to fault GAWMiners for the fact that Scrypt difficulty has skyrocketed. The difficulty would rise the same with or without them. Especially since they don't even make the equipment.

So from the replies it seems the only way to get a ROI% is to dump the hardware on some unsuspecting person while you know they will end up losing money? That is extremely selfish, bad karma, and I will pass.

You should be able to get a ROI by mining coins, not ripping someone else off so that you get profit. You guys that said this are what is wrong with the crypto world today.

[kalus]

So from the replies it seems the only way to get a ROI% is to dump the hardware on some unsuspecting person while you know they will end up losing money?

no, you sell for a fair price:  whatever you want to sell it at.  it's up to you. 

That is extremely selfish, bad karma

how do you make ROI from mining coins anyway?  don't you have to dump the coins on some unsuspecting person?  isn't that extremely selfish, bad karma?

You should be able to get a ROI by mining coins, not ripping someone else off so that you get profit. You guys that said this are what is wrong with the crypto world today.

to get ROI, do your homework.  

you seem to think you can simply buy a box, make money from it, and not do any research of your own.  

[foodstamps]

So from the replies it seems the only way to get a ROI% is to dump the hardware on some unsuspecting person while you know they will end up losing money? That is extremely selfish, bad karma, and I will pass.

no, you sell for a fair price.

and for people that don't believe in karma, your second point is irrelevant. 

You should be able to get a ROI by mining coins, not ripping someone else off so that you get profit. You guys that said this are what is wrong with the crypto world today.

to get ROI, do your homework.  

you seem to think you can simply buy a box, make money from it, and not do any research of your own.  

The only fucking research you should have to do is what coin to mine, not making someone think they are getting a "fair price" while in reality you know you are ripping them off. I know about mining coins dude. I spent over $5k on my GPU set-up and have already paid that off. The hardware still retains value as well.

[kalus]

The only fucking research you should have to do is what coin to mine, not making someone think they are getting a "fair price" while in reality you know you are ripping them off. I know about mining coins dude. I spent over $5k on my GPU set-up and have already paid that off. The hardware still retains value as well.

you can't use GPU economics with asics.  that's your first mistake.  just becuase you start with a mistaken assumption that doesn't mean everyone else investing in asics is 'scamming' somehow.

do you even know what the purpose of mining is?  it seems to be short term ROI for you, but in reality mining is to maintain the blockchain.  value has to come from somewhere.

you joined this forum in march.  the GPU gold rush was over before you joined, so i'm happy you broke even.  if you started mining in march, you've never mined scrypt without the influence of asics. 

[foodstamps]

The only fucking research you should have to do is what coin to mine, not making someone think they are getting a "fair price" while in reality you know you are ripping them off. I know about mining coins dude. I spent over $5k on my GPU set-up and have already paid that off. The hardware still retains value as well.

you can't use GPU economics with asics.  that's your first mistake.

just becuase you start with a mistaken assumption that doesn't mean everyone else investing in asics is 'scamming' somehow.

do you even know what the purpose of mining is?  it seems to be short term ROI for you, but in reality mining is to maintain the blockchain.

you joined this forum in march.  the GPU gold rush was over before you joined.  if you started mining in march, you've never mined scrypt without the influence of asics.  

Bro, you are talking in circles. You are trying to say that the only way to make profit is by selling to someone(dumping the hardware on them). If you are doing this, you obviously know that they will not make profit so in a sense you are ripping them off.


You and people like you are killing the crypto world.

You think I started mining coins in March? I was mining dogecoin when it launched if that tells you anything.

Anyway, if the only thing you have to offer to my thread is saying I should have ripped someone else off by dumping my shitty GAW hardware on them, please leave and do not come back.

[kalus]

Bro, you are talking in circles. You are trying to say that the only way to make profit is by selling to someone(dumping the hardware on them). If you are doing this, you obviously know that they will not make profit so in a sense you are ripping them off.

sounds like daytrading to me.

i'm showing you have a double standard:  you're willing to dump your coins onto someone else and don't see it does more long term damage to the coins you mine.

you only see the negative consequences of buying asics, but don't see the cost of your own market manipulation.  when you say "The only fucking research you should have to do...", the person that sees more angles than you do will come out ahead of you.

You think I started mining coins in March? I was mining dogecoin when it launched if that tells you anything.

 yeah:  parachute accounts much?

if you started mining dogecoin and couldn't do much better than break even on GPUs, and now you think gawminers is somehow ripping miners off you have a lot more learning to do.  i'd advise you do a hell of a lot more research before you lose a lot more money. 

[foodstamps]

Bro, you are talking in circles. You are trying to say that the only way to make profit is by selling to someone(dumping the hardware on them). If you are doing this, you obviously know that they will not make profit so in a sense you are ripping them off.

sounds like daytrading to me.

i'm showing you have a double standard:  you're willing to dump your coins onto someone else and don't see it does more long term damage to the coins you mine.

you only see the negative consequences of buying asics, but don't see the cost of your own market manipulation.  when you say "The only fucking research you should have to do...", the person that sees more angles than you do will come out ahead of you.

You think I started mining coins in March? I was mining dogecoin when it launched if that tells you anything.

 yeah:  parachute accounts much?

When I sell coins to someone on an exchange there is no way to know if the price will go up or down. I sold off most my Dogecoins at 25 sats a couple weeks later they hit 200 sats. Whoever bought them off me made tons of money.

The difference is you are selling people hardware knowing that the person buying it is going to lose money.

[kalus]

When I sell coins to someone on an exchange there is no way to know if the price will go up or down

that is purposefully obtuse:  you're complaining that there are too many asics and they're ruining the market, and you also claim that there's no way to know how the market will react?  You're denying the obvious.

if you are looking at short-term ROI, you're making coins, dumping them, and  abandoning the blockchain when you turn your hardware to another coin. 

The difference is you are selling people hardware knowing that the person buying it is going to lose money.

that's not actually true e.g.  how much do you pay for electricity?

what is your exit strategy when you buy hardware?

what is your investment strategy?

these factors all affect profitability as much or more than "what coin to mine".

you're assuming just becuase you can't turn a profit on asics, nobody can do it legitimately.  i'm saying you really need to do your homework, and anticipate, rather than react, to the market.  

[foodstamps]

The difference is you are selling people hardware knowing that the person buying it is going to lose money.

that's not actually true e.g.  how much do you pay for electricity?

what is your exit strategy when you buy hardware?

what is your investment strategy?

these factors all affect profitability as much or more than "what coin to mine".

you're assuming just becuase you can't turn a profit on asics, nobody can do it legitimately.  i'm saying you really need to do your homework, and anticipate, rather than react, to the market.  

that's not actually true e.g.  how much do you pay for electricity? $0.00/kw/h

what is your exit strategy when you buy hardware? Once it reaches EOL use it for a paperweight

what is your investment strategy? Buy hardware and mine with it.


Now please leave my thread, I understand that you think its okay to rip someone off. I don't, I believe in karma.

[kalus]

I understand that you think its okay to rip someone off. I don't, I believe in karma.

by talking ROI and thinking mining is supposed to make you profit, you're ripping people off when you exchange your coins.  don't think the value comes from anywhere else other than someone else's pockets.

that's not actually true e.g.  how much do you pay for electricity? $0.00/kw/h

what is your exit strategy when you buy hardware? Once it reaches EOL use it for a paperweight

what is your investment strategy? Buy hardware and mine with it.

then you can make money with ASICS, unless you fucked up along the way.

you're just whining about how someone richer than you had a million bucks to buy a URL. go cry in a corner.

[foodstamps]

that's not actually true e.g.  how much do you pay for electricity? $0.00/kw/h

what is your exit strategy when you buy hardware? Once it reaches EOL use it for a paperweight

what is your investment strategy? Buy hardware and mine with it.

then i don't see how you can lose money on ASICS unless you fucked up somehow along the way.

i don't see what your problem with asics are, except someone had a million bucks to buy a url.  go cry in a corner.

He got the million bucks by selling overpriced hardware. I made multiple purchases trying to recoup my losses. Here is one example: I bought 7 furies@ $149 each....2 days later(before i even received my hardware) he had dropped the price to $100 each so I lost 33% of my investment before I even received the fucking hardware.

Once again, I understand you think it is okay to rip someone off...you have made that clear. You are obviously a shill. Please leave now.