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    Author Topic: BitCoin ramblings from a noob that's got almost 800GHs in mining..  (Read 1930 times)

    • lphelps (OP)
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    March 02, 2014, 06:26:10 AM
     #1
    My story is I got into BitCoins back in mid December 2013. I had come across a story of some dude buying a Tesla Model S for 91.4 BTC and I was like WTF?!? You can buy tangible goods with these things??? I had heard about BitCoins about 2 years prior but didn't know what the hell they were. At that time I was heavily into WOW and  I knew about the mining operations for gold, and when I first heard about BTC, I was like what is it?? Another gaming currency?? I wish I had did some more research at that time and realized what it was. I could have bought several thousand BTC at that time and been a millionaire now..... Woulda..Shoulda..Coulda...

    Ok, so if there's only 21 Million BTC available and we're up to just over half already mined, at what point will they actually skyrocket in value like Max Kaizer had said... Something like $700K+ per BTC?!? I figure the demand would have to be pretty heavy with say nearly a billion people wanting to use them to make them that pricey.. Would that be an accurate guess??

    I took about 500 ounces of my silver stash and sold it because it's been doing nothing for me over the past 3 years.. I think back in 2011 it went as high as $49 an ounce, but then soon afterwards it crashed. I'm aware that fraud and manipulation is taking place in the precious metals.. For how much longer I have no idea.. Seeing that BTC has been up over $1000, I figured I'd try my luck in mining for them.. I've gone with CEX:IO because they are they only exchange that isn't contractual. You buy shares and keep them for however long you want and hopefully sell them when the share prices go up.. That's usually when BTC has gone up in value as well... My first 100GHs I was paying $36-$40 a GHs. Now it's been below $15. That's why I'm now at 800GHs. Probably will be over 1 THs in a month or so..

    I'm not really understanding the difficulty changes every 12-13 days.. Since the last difficulty change my daily payout has dropped quite a bit.. I was making about $80 a day, now it's about $55. I wish the difficulty would take longer to ramp up and at smaller increases.. I guess if the number of total BTC was like around 100 million then it would be more profitable for miners.

    Will another BTC be introduced?? like BTC2.0 with more to be mined?? Just wondering what happens when the difficulty gets so high that it's not worth it anymore.. That's when I'd think another kind of BTC would be introduced that had greater value..

    Well that's it.. Just rambling mostly..  Back to my R&D on building a Vapor Carburetor....   

  • inflatin
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    March 02, 2014, 09:51:18 AM
     #2
    If you've got that much GHS held up on Cex.io, I'd dump them all and cash out my BTC.

    Visit https://cex.io/maintenance. Right now with the current difficulty, you're paying 12.27% of all your mining profit to maintain those GHS's. Just a few weeks ago it was at ~4%, and the maintenance fees will keep climbing with the difficulty. Soon the maintenance fees will be so high it'll no longer be profitable to own those GHS's, and they will become worthless. Good luck trying to sell them at that point for anything close to what you paid.

    Right now cashing out 800GHS will yield you about ~18.5 BTC (@$570/ea) = ~$10,500. Hold onto the BTC and let the price appreciate, or sell out and invest that money somewhere else.

    My $0.02

  • odolvlobo
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    March 02, 2014, 10:30:30 AM
     #3
    Do yourself a favor and sell your cex.io shares now before you lose any more money.
    Join an anti-signature campaign: Click ignore on the members of signature campaigns.
    PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt

  • S4VV4S
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    March 02, 2014, 04:18:10 PM
     #4
    I used to point my own miners at cex.io due to the fact that they had 0% fees and the extra alt coins.

    That being said, ever since I moved back to BTCGuild I make more BTC with my miners even if I pay a small fee.
    And as far as the alt cons, they ain't worth jack shit.

    Dump the GH power you have on CEX and keep the coins.

    If you wish to mine for coins then get a few of these: https://bitmaintech.com/productDetail.htm?pid=00020140107162747992Ce5uBuxW06D6

    5 Ants will cost you 6.725BTC excluding the PSUs

    That's 1TH power overclocked.
    More than you have now, for less coins.

    And you get to keep the change Wink

  • franky1
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    March 02, 2014, 04:34:32 PM
     #5
    a few points
    1. get out of CEX as soon as possible
    2. there will not be a btc2.0, thats what altcoins are for.. if there was something better then bitcoin we would be using the other protocols (altcoins)
    3. mining difficulty jumps because miners buy more hashing power. hashing power increases because miners see a drop in profits. the drop in profits is because the mining difficulty jumps. mining difficulty jumps because miners buy more hashing power. hashing power increases because miners see a drop in profits. the drop in profits is because the mining difficulty jumps.mining difficulty jumps because miners buy more hashing power. hashing power increases because miners see a drop in profits. the drop in profits is because the mining difficulty jumps.mining difficulty jumps because miners buy more hashing power. hashing power increases because miners see a drop in profits. the drop in profits is because the mining difficulty jumps.
    .. a vicious and endless circle
    4. no matter if there were billions of coins (zeta) or 4x the coins(litecoin) the greed of people will move to the most profitable coin. this has been happening for a while and on average a coin is only more profitable then another for a couple hours (the time lots of miners switch over to make it then unprofitable)
    5. its not so much about difficulty as it is about share price. if only one miner solved the block he doesnt have to share it. but if 10,000 people help mine one block then the share of the reward has to be divided 10,000 times (i ignored the variance of has power per user to make it easy to understand). so the more miners there are, the more hash power they have, the less the share value is worth. check the share value of each pool to help assess most profitable pool.
    I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
    Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at

  • bitvestor
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    March 04, 2014, 05:25:12 PM
     #6
    MTGOX just died, get a cold wallet, or watch the news every night waiting for some response!

  • aesma
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    March 04, 2014, 11:21:14 PM
     #7
    I'm surprised someone would put significant money and time (to study the concept of shares etc.) without understanding Bitcoin at all !

  • Bitcoin Magazine
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    April 01, 2014, 04:15:58 AM
     #8
    I'll buy a Tesla for 70 BTC but not 90 (Bit coin is that valuable)
    i am here.
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