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Author Topic: A thought from an old timer...  (Read 1682 times)
OgNasty
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January 17, 2015, 06:21:49 AM
 #1

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

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January 17, 2015, 07:05:21 AM
 #2

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

So good times are ahead?

Get rich or die trying
OgNasty
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January 17, 2015, 07:09:45 AM
 #3

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

So good times are ahead?

Good times are a path, not a destination. If you are being productive in the Bitcoin community, learning, and having fun, then the good times are already here. You choose your own path.

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January 17, 2015, 07:19:36 AM
 #4

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

Very well said.
All the early adopters who got in didn't knew that Bitcoin would ever be this big but they trusted it when others didn't.

 

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January 17, 2015, 07:22:50 AM
 #5

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

In other words: "if you hear it in the streets, it's time to get out"!
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January 17, 2015, 07:25:27 AM
 #6

I wish I would have found bitcoin much earlier when those times when you could actually earn something from cpu mining. It's too late right now but what I can do to look forward is to get as much as possible on whatever I can with the current price dip and hopefully someday I could look and see what I've done today and be proud of it  Cry

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January 17, 2015, 06:54:20 PM
 #7

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

You'da been richer if you bought coin back then, instead of mining it.  And didn't "reinvest" the profits into [now worthless] gear.
Oh wait, it was "the fans" who paid for the worthless gear...
Nvrmnd, carry on.
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January 17, 2015, 06:57:46 PM
 #8

And compared to just buying at the time?

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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January 17, 2015, 06:59:55 PM
 #9

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

Buying coins was always more profitable than mining yourself. And with the current equipment you will never see ROI in bitcoin.
The good thing is: Most miners can not properly calculate their costs. All mining equipment sellers say: Thanks TARDS for the easy money.

< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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January 17, 2015, 07:10:03 PM
 #10

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

At next to no cost, CPU hashing in the background on a PC you were using anyway or an always-on PC? Before there were any exchanges?

Good times are a path, not a destination. If you are being productive in the Bitcoin community, learning, and having fun, then the good times are already here. You choose your own path.

Those are perhaps the wisest words that have ever been posted in this trollbox sub-forum.

You're obviously not some goofy inexperienced adolescent like most of the bears around here seem to be.

Cheers.  Smiley
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January 17, 2015, 07:12:48 PM
 #11

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

So good times are ahead?

Good times are a path, not a destination. If you are being productive in the Bitcoin community, learning, and having fun, then the good times are already here. You choose your own path.

Might be pearls cast in front of swine, but wise word indeed.

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January 17, 2015, 07:23:40 PM
 #12

Buying coins was always more profitable than mining yourself.

Wrong.

CPU mining on a a PC that was on anyway was always profitable. Same with single GPU mining.

Also, Bitcoin didn't start with MtGox. There haven't always been exchanges from which to buy bitcoins.

There was a time when if you wanted coins you had to either mine them or trade pizzas for them.
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January 17, 2015, 07:36:53 PM
 #13

There was a time when if you wanted coins you had to either mine them or trade pizzas for them.

Nope. Even then you could buy BTC for gaming currencies and other stuff. Even some accepted paypal. 5$ for 1000 BTC  Shocked
You can still find such forum postings in the internet. Scammers were not that popular than today.

And a PC that is always on in IDLE consumes much less power than a CPU miner. Buying or Trading BTC for other stuff was easier and much more profitable.

< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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January 17, 2015, 07:42:18 PM
 #14

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

Yup. Bitcoin back then was unheard of by many people until the ath back in 2013. Most people jumped into the train thinking that they could get some easy money out of bitcoin. But look at those who invested during that time. They are now worrying because of the massive price drop.

And again, (I like this line a lot):

Quote
The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

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January 17, 2015, 07:53:30 PM
 #15

And a PC that is always on in IDLE consumes much less power than a CPU miner. Buying or Trading BTC for other stuff was easier and much more profitable.

I guess it comes down to how much electricity costs. If it's free, mining is a no-brainer.

This is why I only mine during the electric heating season.
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January 17, 2015, 07:55:45 PM
 #16

This is why I only mine during the electric heating season.

That is a good point.
But you can only mine a significant amount of coins with ASIC miners, and they normally do never achieve ROI (late shipping, increase in difficulty, ...).

Even LTC GPU mining is a waste of time after ASICs emerged for script mining.

< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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January 17, 2015, 08:16:07 PM
 #17

But you can only mine a significant amount of coins with ASIC miners, and they normally do never achieve ROI (late shipping, increase in difficulty, ...).

Agreed. Luckily I got my 30GH BFL ASIC miner barely in time (Oct 2013) to mine enough to pay for it, even at today's prices, before it became almost totally obsolete. Fuck BFL. I hope they all rot in jail.

I was fortunate that I bought mine with fiat (Paypal) the previous February while trying to find a way to buy bitcoins. If I'd paid in Bitcoin, I'd be really pissed off.

As for Scrypt ASICs making LTC and others unprofitable to mine, perhaps there's still a ray of hope in multi-algorithm alts like Ethereum or Darkcoin.
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January 17, 2015, 08:36:24 PM
 #18

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

Can you clarify that ? Is it because you mined when the price was around 100$ and went to 1000$ in very less time ?

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January 17, 2015, 08:48:19 PM
 #19

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

Can you clarify that ? Is it because you mined when the price was around 100$ and went to 1000$ in very less time ?

I was referring to coins mined in the <$3 range, which was the last time I saw people as fearful as they are now.

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TookDk
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One coin to rule them all


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January 17, 2015, 08:50:38 PM
 #20

I was referring to coins mined in the <$3 range, which was the last time I saw people as fearful as they are now.

Do you have any virgin coins left?

Cryptography is one of the few things you can truly trust.
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