I have been watching people throw money down a bottomless pit for a year now, by continuing to buy ASICs.
Through greed, inability to math, and just plain believing the hype, ASIC makers are making a fortune, and people are setting up ASIC miners at home, and hoping for an ROI that never happens, much less a profit.
Are any ASIC miners making a profit these days? I am willing to bet the answer is no. And if any are making a profit, I am sure it is nowhere near what you hoped for.
So tell me, if you knew then what you know now, and after comparing the amount of mining money you have now to what you had before you placed your ASIC order, would you still buy it?
I'll bet most of you would not have bought the ASICs, and would have either stuck to GPU mining BTC or Scrypt coins.
With your greed and mindless buying of SHA-256 ASICs, look at what you have done to Bitcoin mining. You have utterly destroyed it. The difficulty has gone so high that you have to invest thousands of dollars to even have a slim chance at ROI, and as more greedy miners come after you and buy more ASICs and drive the difficulty higher and higher, now by BILLIONS every 12 days or so, your chance for ROI is eliminated.
BTC price has been fairly stable in the $400-$650 range for most of this year. I know, you are saying it could go up, but it can also go down just as easily. Even if BTC went to $2000, how many of you would make enough of a profit that all the expense and hassle and waiting and hoping was worth it?
I wonder what the very long term effect this has on the health of this ecosystem, once the shortsightedness wears off from any block rewards that is and only transaction fees are processed.
Seems like the terms used came from a slick marketing campaign, very ingenious I would have to say.
Bitcoin/bitcoin to me is not a store of value but a means to transmit/move value around.
The ASICs I bought will never ROI, I knew that when I bought them. I wanted to learn how this all worked at a very deep level. The only thing I see distributed about this whole process is the Ledger, all other aspects are centralizing.
I got in when BTC was in the cents range with FRN/USD and know what a debt based monetary system is.
Will I buy more ASICs? Sure since this is a hobby to me, more blinking lights! I combine this hobby with experimentation with apparatus you can find on PESWiki and at local Maker meetups. On that site you will find a startup venture with a process for making gold, was only a mater of time since we can already make just about anything else.
8 )
