I think the electricity cost for GPU miner is the fundamental support for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is 50 USD for 1 bitcoin
Topic: 2011 survivors club - page 3. (Read 5075 times)
2011 after crash was the best memory for me, difficulty went down all the way and my mining profit increased week by week, but this time seems no luck, difficulty still on the rise, and with the release of Avalon Batch 2/3 and BFL ASICs in sight, it will double in another month or two
I think the electricity cost for GPU miner is the fundamental support for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is 50 USD for 1 bitcoin
I think the electricity cost for GPU miner is the fundamental support for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is 50 USD for 1 bitcoin
I invested in bitcoin at the worst time ever after a week of research... at the value of 28$ in 2011, just before the crash. (I believed in bitcoin, so held on them despite the pressure from mocking relatives.) The funny thing is that if I were to get out now I would still triple my investment!
I'm kind of kicking myself now because I decided to sell 5 BTC just before the bubble popped because I need some cash right now, but didn't act on it because I lost my MtGox password (and can't seem to be able to get a new one, will probably need to make a new account), and because it looks like I'm going to need several weeks for the Bitcoin client to catch up... (you can send BTC even if you aren't 100% synchronized, right?)
So, do you think that history is going to repeat itself : that we're going to see BTC go down to about 30$ during the next months, then gaining momentum for a new bubble at around 2200$ in two years?
I'm kind of kicking myself now because I decided to sell 5 BTC just before the bubble popped because I need some cash right now, but didn't act on it because I lost my MtGox password (and can't seem to be able to get a new one, will probably need to make a new account), and because it looks like I'm going to need several weeks for the Bitcoin client to catch up... (you can send BTC even if you aren't 100% synchronized, right?)
So, do you think that history is going to repeat itself : that we're going to see BTC go down to about 30$ during the next months, then gaining momentum for a new bubble at around 2200$ in two years?
I lost some money in 2011, then afterwards bought a lot of coins at $5. I still have all of those coins, and I just might just do something similar again if the price goes low enough.
I was there ways before. The whole narrative is overblown. The price goes up, the price goes down... what's the big deal? What matters to me is that Bitcoin is growing, as more and more people find it useful for whatever purpose. Speculation, store of value, international transfers, tax avoidance, consumer tracking, financial audits, micropayments, macropayments, gambling, contracts, whatever. We should not focus on price fluctuations too much while forgetting to think about and work on the utility of Bitcoin.
Lets just say, in the coming months we will see who the real bulls are... 
When gox reopens I should come up with a reasonable timeframe. Shorting becomes a temptation again but I think I will resist it this time.
When gox reopens I should come up with a reasonable timeframe. Shorting becomes a temptation again but I think I will resist it this time.
Don't suppose anyone's seen Nagle yet?
Where's nagle when you need to kick him?
Another $32-$2 survivor here. I sold out completely after I saw a similar pump & dump this time last year, and didn't buy in again until early this year. It was nice taking a year off from checking charts constantly, though like everyone else, I wish I had bought more at $2 and sold more at $250!
We found the floor in late 2011 at $2, with later floors at $5 and $13. I think the new floor will be $75 based on the 35k bid that was flashed last night at that price, and we'll be back over $100 within the next week. Bitcoins still have some very useful properties.
Still here and Mt Gox still has all my coins on lockdown from bitcoinica. Probably same story when this thread gets created in 2014 once again.
Here's what I've learned over the past couple years, consider coins not in your own secure wallet something other than your own. Despite what lots of people probably think of me, I do value bitcoins, but I don't think their value can be sustained much above a few bucks (optimistically) until people really internalize and appreciate that fact.
Still here and Mt Gox still has all my coins on lockdown from bitcoinica. Probably same story when this thread gets created in 2014 once again.
I smiled all the way up to $34 in 2011, then smiled all the way down to $2, then smiled all the way up to $266 yesterday.
Never sold. Still not selling. Still smiling.
Why am I smiling this whole time? Because of the Trillion Dollar Question: https://bitcointalksearch.org/topic/the-trillion-dollar-question-173536
Never sold. Still not selling. Still smiling.
Why am I smiling this whole time? Because of the Trillion Dollar Question: https://bitcointalksearch.org/topic/the-trillion-dollar-question-173536
still here.
Here to stay.
I'm still here 
Yep. I "lost" money then, "gained" it back when the price went back over $20.
Remember how people were always saying that Bitcoin would never see single-digits again? And how, even if it did, it would be for a very short period because everyone would want to buy at that price?
Good times...
Good times...
I joined in June 2011, having solved two blocks myself with a CPU miner back in 2010. Last time around, I commented mainly on small scale GPU mining rigs, mining pools, and then some swing trading down the backside of the 2012 June bubble peak. This time around I was able to better time the peak, and half of my spread out, pre-positioned sell/buy-back limit orders on Mt.Gox executed, netting me a double on the small number of coins risked.
Timing a bitcoin peak is perhaps more knowable given that the 2011 Survivors Club members have seen two of them. There are common attributes that stand out ...
Timing a bitcoin peak is perhaps more knowable given that the 2011 Survivors Club members have seen two of them. There are common attributes that stand out ...
- Several months of monotonically increasing price growth, including multiple doublings
- Increase in the doubling rate. In Bubble 1 - June 2011, the price doubled in a single day at the peak. In Bubble 2 - this one, the price doubled in seven days at the peak.
- The very large number of new investors, and the explosion of buy orders.
- Problems at Mt.Gox occurred during the crash phase.
Looks like I have the oldest account here 
Was here a long time ago, but didn't get involved in bitcoin much until after 2011 crash. Started seriously investing into it at the end of 2011, but sold most of them in February and March (not at the top unfortunately). Looking forward to buy some more after the price stabilizes. I don't think it will be in next couple of months though, there's still a long way downwards.
Was here a long time ago, but didn't get involved in bitcoin much until after 2011 crash. Started seriously investing into it at the end of 2011, but sold most of them in February and March (not at the top unfortunately). Looking forward to buy some more after the price stabilizes. I don't think it will be in next couple of months though, there's still a long way downwards. 
Bought all the way down from the 2011 crash. Will continue to buy these days as long as nothing actually fundamental to bitcoin changes for the negative.
Mined some coins before the 2011 bubble but didn't even make an account on any exchange. Saw the bubble build and burst and kept my coins. Almost forgot about my coins, luckily remembered when we hit the previous ATH.
Then there was a time in the last weeks when i was actually below the amount of coins i went in from mining due to bad daytrading - staying short when prices jump up 30% - but things were moving way to fast. Now it feels like just holding might not always be the best strategy
As long as the price doesn't jump above 250 Euros before I get the chance to buy back in I'm feeling fine.
http://www.youtube.com/watch?v=Z0GFRcFm-aY
Then there was a time in the last weeks when i was actually below the amount of coins i went in from mining due to bad daytrading - staying short when prices jump up 30% - but things were moving way to fast. Now it feels like just holding might not always be the best strategy
As long as the price doesn't jump above 250 Euros before I get the chance to buy back in I'm feeling fine.
http://www.youtube.com/watch?v=Z0GFRcFm-aY
Bought in at around $1 back when it was paypal gifts, and a good set of balls(/stupidity).
Sold bits on the way up to 32, becuase just like recently, it was going to high too fast.
Bought back in on the way down (too early, and not enough at the bottom because i was too chicken!) what I'd sold was up. Zhoutonged for $700 on bitcoinica lockout. Was still a bit up.
Held tight, sold bits on the way up to $266, even counting the bitcoinica loss I am several thousand dollars in profit now. Still have half my coins. Gonna be sitting tight and hold until the next bubble. Probably won't buy unless we go super low (sub $30 again). Still beleive BTC is going to the moon 10-100k per coin, and I'm happy to wait.
Sold bits on the way up to 32, becuase just like recently, it was going to high too fast.
Bought back in on the way down (too early, and not enough at the bottom because i was too chicken!) what I'd sold was up. Zhoutonged for $700 on bitcoinica lockout. Was still a bit up.
Held tight, sold bits on the way up to $266, even counting the bitcoinica loss I am several thousand dollars in profit now. Still have half my coins. Gonna be sitting tight and hold until the next bubble. Probably won't buy unless we go super low (sub $30 again). Still beleive BTC is going to the moon 10-100k per coin, and I'm happy to wait.
Never been banned either
i have been! and it was fun! Jump to: