Bitcoin is collapsing! Sell your ASICs NOW while you still can!

SargeR33

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Quote from: aurel57 on December 22, 2014, 05:55:29 AM

I just stayed at a Hotel that I made reservations online thru Expedia and was able to pay for it using BTC. It was very fast and easy to use.

This is why I believe there is so much potential for BTC and cryptocurrency in general. I remember when PayPal first came into light, it seems so strange and foreign. Now I can go to a number of stores where PayPal is accepted and you are often rewarded for using it!

aurel57

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Quote from: SargeR33 on December 22, 2014, 12:20:06 AM

Although there has been a decline in BTC value, the future is not as predictable as you make it seem. I sold 3 BFL units in the last 3 days. Who buys BFL units? People looking to start get into mining. Everyday people read and learn and become captivated. Unfortunately, there are many out there who believed that a BTC should have been worth $1100USD all the time. This is not the case. Its dropped down and its sitting flat line. If it retains its current value, ASIC machine will retain value until new tech comes out.

The more I look into BTC the more I am seeing become useable. More people online now accepting BTC as payment. Hell if my boss decided to pay me 3btc per week for work, I'd take it. It needs to become readily available. Anything as new as BTC will still seem extremely foreign to non tech savvy people.

One day electronic currency will completely replace fiat currency. I'm not talking about tap and go with your mobile phones, I'm talking systems like we see in place here. If you could tap n go with your BTC for a meal during your lunch break, it would be great. As long as it remains a decentralized and can't be 'taxed' and 'regulated' by governments then this is something that will be around for a very long time.

I just stayed at a Hotel that I made reservations online thru Expedia and was able to pay for it using BTC. It was very fast and easy to use.

SargeR33

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Although there has been a decline in BTC value, the future is not as predictable as you make it seem. I sold 3 BFL units in the last 3 days. Who buys BFL units? People looking to start get into mining. Everyday people read and learn and become captivated. Unfortunately, there are many out there who believed that a BTC should have been worth $1100USD all the time. This is not the case. Its dropped down and its sitting flat line. If it retains its current value, ASIC machine will retain value until new tech comes out.

The more I look into BTC the more I am seeing become useable. More people online now accepting BTC as payment. Hell if my boss decided to pay me 3btc per week for work, I'd take it. It needs to become readily available. Anything as new as BTC will still seem extremely foreign to non tech savvy people.

One day electronic currency will completely replace fiat currency. I'm not talking about tap and go with your mobile phones, I'm talking systems like we see in place here. If you could tap n go with your BTC for a meal during your lunch break, it would be great. As long as it remains a decentralized and can't be 'taxed' and 'regulated' by governments then this is something that will be around for a very long time.

timk225

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Quote from: klondike_bar on December 18, 2014, 12:49:22 PM

Quote from: TheTribesman on December 18, 2014, 04:10:53 AM

Quote from: spazzdla on December 11, 2014, 02:49:40 PM

One should mine to support the security of the blockchain. If you are here only for greed please see yourself out.

I agree with you in principle but it costs money to mine. The returns on the energy investment individuals are making is not encouraging.

people didn't mine gold because they wanted a gold-based economy. they did it because gold had value to whoever found it.

right now, a lot of bitcoin miners are mining paycoin at 3-8x the daily income. (down to about 2.5x now). Ive mined more in the last 2 days then I was able to by mining BTC for almost 7 days otherwise. Combined with multiple negative changes in the difficulty recently, I KNOW that my investment in mining hardware is well on the way to a positive return.

Klondike, Klondike, Klondike... You WANT your investment in mining ASICs to yield positive returns. You do not KNOW jack shit.

And the sooner you admit that to yourself, the sooner you will realize the fools' folly of buying ASICs and paying high power bills and HOPING the price goes up.

I had a firm grasp on the realities all during the time I was mining. Of course I wanted the price to skyrocket, but I knew it probably wouldn't.

Xian01

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Christian Antkow

Quote from: timk225 on December 07, 2014, 05:32:54 PM

Bitcoin is collapsing, difficulty is dropping off due to people getting out while BTC still has some value, and within the next month, you will wish you had never bought an ASIC!

Cool story, bro.

TheTribesman

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Quote from: klondike_bar on December 18, 2014, 12:49:22 PM

Quote from: TheTribesman on December 18, 2014, 04:10:53 AM

Quote from: spazzdla on December 11, 2014, 02:49:40 PM

One should mine to support the security of the blockchain. If you are here only for greed please see yourself out.

I agree with you in principle but it costs money to mine. The returns on the energy investment individuals are making is not encouraging.

people didn't mine gold because they wanted a gold-based economy. they did it because gold had value to whoever found it.

right now, a lot of bitcoin miners are mining paycoin at 3-8x the daily income. (down to about 2.5x now). Ive mined more in the last 2 days then I was able to by mining BTC for almost 7 days otherwise. Combined with multiple negative changes in the difficulty recently, I KNOW that my investment in mining hardware is well on the way to a positive return.

I put 3x SP31 units online a little over a week ago, and estimated that they would be profitable if:
a) bitcoin price stays >$300 and difficulty adjustments average <3.5% for the next year
b) bitcoin price gradually increases to >$600 and difficulty adjustments average <5% for the next year
c) bitcoin price gradually increases to >$1000 and difficulty adjustments average <7.5% for the next year

because of the last drop, the coming expected drop, and the paycoin profits, my return in any of the above scenarios is already about 6% higher.

Glad to hear it. Some miners have had to make tough decisions over the last few months.

klondike_bar

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ASIC Wannabe

Quote from: TheTribesman on December 18, 2014, 04:10:53 AM

Quote from: spazzdla on December 11, 2014, 02:49:40 PM

One should mine to support the security of the blockchain. If you are here only for greed please see yourself out.

I agree with you in principle but it costs money to mine. The returns on the energy investment individuals are making is not encouraging.

people didn't mine gold because they wanted a gold-based economy. they did it because gold had value to whoever found it.

right now, a lot of bitcoin miners are mining paycoin at 3-8x the daily income. (down to about 2.5x now). Ive mined more in the last 2 days then I was able to by mining BTC for almost 7 days otherwise. Combined with multiple negative changes in the difficulty recently, I KNOW that my investment in mining hardware is well on the way to a positive return.

I put 3x SP31 units online a little over a week ago, and estimated that they would be profitable if:
a) bitcoin price stays >$300 and difficulty adjustments average <3.5% for the next year
b) bitcoin price gradually increases to >$600 and difficulty adjustments average <5% for the next year
c) bitcoin price gradually increases to >$1000 and difficulty adjustments average <7.5% for the next year

because of the last drop, the coming expected drop, and the paycoin profits, my return in any of the above scenarios is already about 6% higher.

TheTribesman

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Quote from: spazzdla on December 11, 2014, 02:49:40 PM

One should mine to support the security of the blockchain. If you are here only for greed please see yourself out.

I agree with you in principle but it costs money to mine. The returns on the energy investment individuals are making is not encouraging.

coingamblingreviews

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Makes you wonder if there has been a big decrease in miners with the price dropping Undecided

xstr8guy

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Glow Stick Dance!

Quote from: sobe-it on December 18, 2014, 12:04:09 AM

Quote from: xstr8guy on December 11, 2014, 06:20:29 AM

Quote from: Soros Shorts on December 10, 2014, 09:40:12 PM

Quote from: timk225 on December 09, 2014, 05:05:33 PM

Incorrect. As stated above, I am not mining anything now, and I am almost done selling off my GPUs and big power supplies. 2 nice motherboards left.

Selling GPUs? Everyone else mining bitcoins sold theirs 2 year ago.

Shhhh! I have 70 USB Block Erupters that he may want to buy. Cheesy

pfffffft i have been trying to buy some of em, but it seems no one wants to even send me a offer.

They're not worth the cost of shipping.

sobe-it

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Quote from: xstr8guy on December 11, 2014, 06:20:29 AM

Quote from: Soros Shorts on December 10, 2014, 09:40:12 PM

Quote from: timk225 on December 09, 2014, 05:05:33 PM

Incorrect. As stated above, I am not mining anything now, and I am almost done selling off my GPUs and big power supplies. 2 nice motherboards left.

Selling GPUs? Everyone else mining bitcoins sold theirs 2 year ago.

Shhhh! I have 70 USB Block Erupters that he may want to buy. Cheesy

pfffffft i have been trying to buy some of em, but it seems no one wants to even send me a offer.

spiceminer15

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already sold mine, profit margin way too thin. might be a good idea to sell while you can still get some $ for the machines

sherbyspark

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Quote from: Paul Revere on December 13, 2014, 03:55:50 PM

I LOL at screwballs who admittedly do not mine yet spend their time hanging out on mining forums posting sob stories about why they do not mine. Cry

I guess you must just "do it for a hobby" or "to maintain the network" Roll Eyes

he is not posting a story, but saying why its bad to invest as a hobby into ASICs. Maybe if we have something new this year, then that might be a great investment opportunity for making profits with mining.

Paul Revere

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The Scamcoats are coming!

I LOL at screwballs who admittedly do not mine yet spend their time hanging out on mining forums posting sob stories about why they do not mine. Cry

I guess you must just "do it for a hobby" or "to maintain the network" Roll Eyes

timk225

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I LOL at people (Like YOU, Klondike) who piss away thousands of dollars on now-obsolete ASICs, rewire their house, pay the power bill, make little to no profit, and then say "oh, I just do this for a hobby". Grin

If it ain't payin', I ain't playin'. Which is why I got out with a profit, and now live happily without the stress of maintaining miners, restarting computers daily, paying high power bills, praying that the coin I'm mining skyrockets in price (and doesn't), and all that BS.

xstr8guy

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Glow Stick Dance!

Quote from: spazzdla on December 11, 2014, 02:49:40 PM

One should mine to support the security of the blockchain. If you are here only for greed please see yourself out.

Right! Because BTC is a charity case. Roll Eyes

klondike_bar

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ASIC Wannabe

Quote from: timk225 on December 12, 2014, 09:55:17 AM

If someone were truly interested in only securing the blockchain, then I should think that an old Pentium 4 machine mining BTC in the closet would be enough. Even though its hash rate is low, it is still an independent source of blockchain confirmations.

people who say things like "support the blockchain even if you are paying more for power than you generate daily" are dumb, and so is the pentium 4 example. The blockchain will not be even marginally more secure by the addition of a few GH, and its just pissing away money.

fact is that bitcoin price is low right now, and its squeezing the budgets of miners and makes machines expensive in terms of what they will mine. The difficulty tapers out with no new growth as seen lately, and a trend is emerging where the difficulty increases are exceptionally low. If we see a few more low jumps then equipment that is profitable now will stay profitable longer.

source: been mining for about 15 months, and am past 20TH right now. If i sold all my equipment at fair price, I would have paid for a $1500 electrical install, >$1000 more in PSUs/networking, and made several bitcoins profit. nothing massive, but still very good for a hobby

mavericklm

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this motha'fucker is dead! dead motherfucker!!!! so dead!!!!
collapsing i mean! Cheesy

timk225

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If someone were truly interested in only securing the blockchain, then I should think that an old Pentium 4 machine mining BTC in the closet would be enough. Even though its hash rate is low, it is still an independent source of blockchain confirmations.

cryptocoiner

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hyperboria - next internet

cryptocoiner

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hyperboria - next internet

Everybody stopped mining now. It's a big guy's bisiness now.
But i would buy some cheap scrypt asics just in order to play with them.
Time to use btc (and doge) just as money. Buy and sell stuff and services for crypto. And fuck the banks and goverments.

timk225

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NOBODY who has ever bought an ASIC is the least bit interested in the security of the blockchain. And if they were only thinking of the blockchain security as their reason to dump thousands into an ASIC, they are fools. They are all greedy like me, looking to grab as much Bitcoin as they can.

I never cared the least little bit about the security, I only mined for profit. And when it became unprofitable, I got out. With about $5000 in net profit after all hardware and electrical expenses, thanks to my holding 205 Litecoins during the big price spike a year ago and I sold them all off within a couple days at that time.

spazzdla

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One should mine to support the security of the blockchain. If you are here only for greed please see yourself out.

timk225

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I haven't mined Bitcoin since August 2013, I have been GPU mining Scrypt and X11 coins, and I'm done with that too.

xstr8guy

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Glow Stick Dance!

Quote from: Soros Shorts on December 10, 2014, 09:40:12 PM

Quote from: timk225 on December 09, 2014, 05:05:33 PM

Incorrect. As stated above, I am not mining anything now, and I am almost done selling off my GPUs and big power supplies. 2 nice motherboards left.

Selling GPUs? Everyone else mining bitcoins sold theirs 2 year ago.

Shhhh! I have 70 USB Block Erupters that he may want to buy. Cheesy

Soros Shorts

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Quote from: timk225 on December 09, 2014, 05:05:33 PM

Incorrect. As stated above, I am not mining anything now, and I am almost done selling off my GPUs and big power supplies. 2 nice motherboards left.

Selling GPUs? Everyone else mining bitcoins sold theirs 2 year ago.

Snipe85

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Infleum

If too many people shut down their rigs and the difficulty drops even more it will become more profitable for those who decide to stay.
I hope you practice what you preach, OP.

mavericklm

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Just another clown! Cheesy

MCHouston

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Where am I?

Sell me your ASICs then.

thefunkybits

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OP is doing it right Cool

b-trading

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what the matter i don't even have any mining rig

timk225

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Incorrect. As stated above, I am not mining anything now, and I am almost done selling off my GPUs and big power supplies. 2 nice motherboards left.

RealMalatesta

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Let me guess: You have some other account on Bitcointalk and hope someone may be stupid enough to sell you equipment with a discount.

iglasses

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I am making money EVERY day mining.
Sorry you can't do it.
No I'm not.

timk225

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I own no ASICs, I am currently not mining any type of coin. I saw that the profit opportunity had gone away for everyone except the developers who make a new coin and pump and dump it.

People should admit I am right, but they would rather piss their money away on ASICs, pay huge power bills, and in the end, have little to show for it except an empty bank account and a bunch of burned up ASICs.

jbrnt

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Quote from: timk225 on December 07, 2014, 05:32:54 PM

That ASIC you pissed your money away on is about to become an even more useless doorstop or paperweight. Bitcoin is collapsing, difficulty is dropping off due to people getting out while BTC still has some value, and within the next month, you will wish you had never bought an ASIC!

Price of ASIC drops everyday because it's future mining revenue drops as difficulty rises. It has nothing to do with the price of bitcoin, or whether bitcoin is collapsing.

ezeminer

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Lie down. Have a cookie

As long as there is a hash rate....

notlist3d

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I wish I had a crystal ball like others

.

BTC will remain to have a a value as long as people use it. Currently... they keep using it. Yes it is cheaper then we want but it still has a value.

chicagoleo

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I agree, everyone should drop off and let the difficulty fall for me... I mean.. ya im out too.. Promise, LOL

dropt

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Quote from: timk225 on December 07, 2014, 05:32:54 PM

That ASIC you pissed your money away on is about to become an even more useless doorstop or paperweight. Bitcoin is collapsing, difficulty is dropping off due to people getting out while BTC still has some value, and within the next month, you will wish you had never bought an ASIC!

SELL NOW!!!!

This is the dumbest thing I've read on here in quite some time. Now, that's saying something since I spend a lot of time lurking in the Speculation forum of Bitcointalk and on the GAW Hashtalk forums.

o_solo_miner

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-> morgen, ist heute, schon gestern <-

sorry, pop's up in my mind as i read your words.

timk225

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That ASIC you pissed your money away on is about to become an even more useless doorstop or paperweight. Bitcoin is collapsing, difficulty is dropping off due to people getting out while BTC still has some value, and within the next month, you will wish you had never bought an ASIC!

SELL NOW!!!!

Topic: Bitcoin is collapsing! Sell your ASICs NOW while you still can! (Read 4392 times)