Bitcoin Forum
June 14, 2024, 09:51:13 PM *
News: Voting for pizza day contest
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: If a CEX.IO voucher doesn't expire then shouldn't I get unlimited bitcoins?  (Read 1721 times)
Puberty (OP)
Member
**
Offline Offline

Activity: 84
Merit: 10


View Profile
August 10, 2014, 04:34:02 AM
 #1

Someone has been selling 2 GH/s CEX.IO vouchers on eBay for a couple of dollars each. Apparently these don't ever expire meaning that they continue hashing and hashing and hashing forever.

Now, my question is, why is this not a good deal? Isn't the potential reward infinite? Wouldn't it make great sense to spend a finite amount of money to get something that gives an infinite amount of money back?

[̲̅$̲̅(̲̅2̲̅0̲̅0̲̅)̲̅$̲̅]  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  [̲̅$̲̅(̲̅2̲̅0̲̅0̲̅)̲̅$̲̅]
[̲̅$̲̅(̲̅2̲̅0̲̅0̲̅)̲̅$̲̅]  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  ★★★★★  [̲̅$̲̅(̲̅2̲̅0̲̅0̲̅)̲̅$̲̅]
williamj2543
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500

Get ready for PrimeDice Sig Campaign!


View Profile WWW
August 10, 2014, 04:36:25 AM
 #2

The profit will slowly turn to zero, and cex.io might discontinue it. Also the price of ghs can fluctuate, and eventually they will be worth less than what they are worth now, so when you want to cash back into btc, you are left with nothing

█████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
▓▓▓▓▓  BIT-X.comvvvvvvvvvvvvvvi
→ CREATE ACCOUNT 
▓▓▓▓▓
█████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
odolvlobo
Legendary
*
Offline Offline

Activity: 4354
Merit: 3261



View Profile
August 10, 2014, 06:53:44 AM
Last edit: August 10, 2014, 03:08:39 PM by odolvlobo
 #3

Someone has been selling 2 GH/s CEX.IO vouchers on eBay for a couple of dollars each. Apparently these don't ever expire meaning that they continue hashing and hashing and hashing forever.

Now, my question is, why is this not a good deal? Isn't the potential reward infinite? Wouldn't it make great sense to spend a finite amount of money to get something that gives an infinite amount of money back?

Before you jump in, consider these:

1. You may earn an infinite amount of BTC, but it will take an infinite amount of time to do so.
2. Right now, 1 GH/s at cex.io earns about $0.008 per day (less than a penny). How much are you willing to pay for that?
3. The amount you earn will get smaller and smaller, halving every 4 months or so.

Join an anti-signature campaign: Click ignore on the members of signature campaigns.
PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
Wusolini
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


no need to carry heavy money bags anymore


View Profile
August 10, 2014, 08:09:52 AM
 #4

Someone has been selling 2 GH/s CEX.IO vouchers on eBay for a couple of dollars each. Apparently these don't ever expire meaning that they continue hashing and hashing and hashing forever.

Now, my question is, why is this not a good deal? Isn't the potential reward infinite? Wouldn't it make great sense to spend a finite amount of money to get something that gives an infinite amount of money back?

until you redeem voucher those GH/s will mine for cex.io. Second point, check Ghs price chart (last month) ... dropped drastically, and this will continue due to raising difficulty. In few months 2 Ghs will be worthless.
 

 

shorena
Copper Member
Legendary
*
Offline Offline

Activity: 1498
Merit: 1520


No I dont escrow anymore.


View Profile WWW
August 10, 2014, 08:38:02 AM
Last edit: August 11, 2014, 06:56:18 PM by shorena
 #5

Someone has been selling 2 GH/s CEX.IO vouchers on eBay for a couple of dollars each. Apparently these don't ever expire meaning that they continue hashing and hashing and hashing forever.

Now, my question is, why is this not a good deal? Isn't the potential reward infinite? Wouldn't it make great sense to spend a finite amount of money to get something that gives an infinite amount of money back?

Before you jump in, consider these:

1. You may earn an infinite amount of BTC, but it will take an infinite amount of time to do so.
2. Right now, 1 GH/s at cex.io earns about $0.08 per day. How much are you willing to pay for that?
3. The amount you earn will get smaller and smaller, halving every 4 months or so.


If these numbers are correct:

I have been made aware that these numbers are indeed false

#1 for each GH/s you earn $0.08 in BTC each day 0.008$ is more likely
#2 the earning from #1 decreases by ~1.25% each day (~halfes every 40 days)
#3 for each GH/s you pay 2$

you will ROI after 33 days and double your investment after ~118 days. After ~304 days your return will be 2.55 $, after 340 days 2.56$, after 458 days 2.57 $ etc.



Keep in mind that the price for BTC changes as well as the rate the difficulty changes.

---------

Did some research on ebay to see how the prices are. If you take 2TH/s (2000 GH/s) you pay 3.0475$ [1] per GH/s and end up with this (ROI after 63 days, 1.50 $ profit after 298)



---------



If you buy a single GH/s 4.45$ seems to be the best price [2] unless you have luck while bidding.
ROI: ~207 days
.10 $ after ~ 304 days




[1] http://www.ebay.com/itm/2-TH-s-or-2000-GH-s-CEX-io-cloud-Bitcoin-mining-voucher-contract-LIFETIME-/201143869065?pt=US_Virtual_Currency&hash=item2ed51bde89
[2] http://www.ebay.com/itm/1-GH-s-CEX-io-lifetime-contract-voucher-ASIC-BitFury-BitCoin-cloud-mining-CEX-/181490588686?pt=US_Virtual_Currency&hash=item2a41ae9c0e

Im not really here, its just your imagination.
Kprawn
Legendary
*
Offline Offline

Activity: 1904
Merit: 1074


View Profile
August 10, 2014, 08:44:28 AM
 #6

You might get your money back, but "non expiry" contracts are just a marketing gimmick. The voucher will become worthless over time anyways.

You would be mining dust after awhile anyways. {Increased Difficulty will eat it up}

THE FIRST DECENTRALIZED & PLAYER-OWNED CASINO
.EARNBET..EARN BITCOIN: DIVIDENDS
FOR-LIFETIME & MUCH MORE.
. BET WITH: BTCETHEOSLTCBCHWAXXRPBNB
.JOIN US: GITLABTWITTERTELEGRAM
ranochigo
Legendary
*
Offline Offline

Activity: 2982
Merit: 4193



View Profile
August 10, 2014, 09:29:02 AM
 #7

Someone has been selling 2 GH/s CEX.IO vouchers on eBay for a couple of dollars each. Apparently these don't ever expire meaning that they continue hashing and hashing and hashing forever.

Now, my question is, why is this not a good deal? Isn't the potential reward infinite? Wouldn't it make great sense to spend a finite amount of money to get something that gives an infinite amount of money back?
Yes it will hash for you forever. However, they charge a maintenance fee which you would need to pay from your shares submitted. When the payouts turns to 0, you would have negative balance and you have to pay for them. Even though it will mine for you forever, it isn't free.

█████████████████████████
████▐██▄█████████████████
████▐██████▄▄▄███████████
████▐████▄█████▄▄████████
████▐█████▀▀▀▀▀███▄██████
████▐███▀████████████████
████▐█████████▄█████▌████
████▐██▌█████▀██████▌████
████▐██████████▀████▌████
█████▀███▄█████▄███▀█████
███████▀█████████▀███████
██████████▀███▀██████████
█████████████████████████
.
BC.GAME
▄▄░░░▄▀▀▄████████
▄▄▄
██████████████
█████░░▄▄▄▄████████
▄▄▄▄▄▄▄▄▄██▄██████▄▄▄▄████
▄███▄█▄▄██████████▄████▄████
███████████████████████████▀███
▀████▄██▄██▄░░░░▄████████████
▀▀▀█████▄▄▄███████████▀██
███████████████████▀██
███████████████████▄██
▄███████████████████▄██
█████████████████████▀██
██████████████████████▄
.
..CASINO....SPORTS....RACING..
█░░░░░░█░░░░░░█
▀███▀░░▀███▀░░▀███▀
▀░▀░░░░▀░▀░░░░▀░▀
░░░░░░░░░░░░
▀██████████
░░░░░███░░░░
░░█░░░███▄█░░░
░░██▌░░███░▀░░██▌
░█░██░░███░░░█░██
░█▀▀▀█▌░███░░█▀▀▀█▌
▄█▄░░░██▄███▄█▄░░▄██▄
▄███▄
░░░░▀██▄▀


▄▄████▄▄
▄███▀▀███▄
██████████
▀███▄░▄██▀
▄▄████▄▄░▀█▀▄██▀▄▄████▄▄
▄███▀▀▀████▄▄██▀▄███▀▀███▄
███████▄▄▀▀████▄▄▀▀███████
▀███▄▄███▀░░░▀▀████▄▄▄███▀
▀▀████▀▀████████▀▀████▀▀
Mobius
Hero Member
*****
Offline Offline

Activity: 988
Merit: 1000



View Profile
August 11, 2014, 03:23:39 AM
 #8

The TL;DR version is that the mining rewards will eventually approach 0 as the difficulty increases. Since CEX charges a fee for electric and maintenance your actual rewards will actually reach 0 at one point. 
Pony789
Hero Member
*****
Offline Offline

Activity: 882
Merit: 1000



View Profile
August 11, 2014, 03:58:48 AM
 #9

Someone has been selling 2 GH/s CEX.IO vouchers on eBay for a couple of dollars each. Apparently these don't ever expire meaning that they continue hashing and hashing and hashing forever.

Now, my question is, why is this not a good deal? Isn't the potential reward infinite? Wouldn't it make great sense to spend a finite amount of money to get something that gives an infinite amount of money back?

1. Cex.io is just a company and it won't be in business forever.
2. As difficulty goes up, mining reward goes down.
3. Block reward halves every ~4 years, and there will be only tx fees for block finders in the end.

Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!