Almost four weeks have passed, some guys need to close their positions after 28 days so let's have a quick look how these imaginary individuals are doing today:
First guy, miner, went and bought that gpu and is adding it to his rig today. He is -$400 on cash and is holding hardware worth of $300. Estimated mining profits $1/day and he is back where he started from in 100 days.
-$400 on cash, hardware worth of $250-300, mining profits $1/ day so currently somewhere in $278-328 range total. Loosing money so far but this miner still believes there are better days to come and keeps on mining.
-$100 in four weeks, this thing isn't going to the moon.
Second guy, investor, went and bought 0.083 btc @$4800. He is -$400 on cash and is today holding btc worth of $475.
-$400 on cash, holding BTC worth of ~$620.
+$220 in four weeks, looking good.
Third one, trader, opened a leveraged 5x long position on btc/usd. He still has that $400 (tied to position) and his position today is worth of $775.
$400 still tied to position, now the time has come to close it. After expenses he now has $1,450 cash,
+$1,050 in four weeks. Probably better to sit down and do some thinking. One thing is for sure, he's not going to buy more gpu's.
Just some food for thought.
Happy mining guys!
Except those aren't quotes. You took your original quotes and added in what I just talked about. The post wasn't even a response to discussing investment verse mining either, we were talking about GPL coding.
Furthermore, you giving me a 'I told you so', when I've talked about this a few different times in the past, as I already mentioned. Also not even comparing it to hardware, real hardware rates, or actual income.
Unfortunately slack only remembers so many messages so I can't dig it up. I see some of you regurgitating things I post in the NXS slack and don't remember who said it. I spent about nine months in there instead of typing wisdom in this thread.
You're missing the point bro. Miners don't put money into the system, investors do. You aren't going to find buy support from miners.
I'm very good at missing points haha!
What I tried to say is, using my earlier post (four days ago) as an example:
Buying a $400 gpu today vs. going long btc/usd, who wins?
First guy, miner/ investor, went and bought that gpu and is adding it to his rig today. He is -$400 on cash and is holding hardware worth of
$300 (pulling this from ass). Estimated mining profits $1/day and he is back where he started from in 100 days.
Second guy, investor, went and bought 0.083 btc @$4800. He is -$400 on cash and is today holding btc worth of
$475.
Third one, trader, opened a leveraged 5x long position on btc/usd. He still has that $400 (tied to position) and his position today is worth of
$775.
To sum it up, first and second guy add some value to this ecosystem but third one doesn't (except volume). And still that leecher makes the biggest profits off all. Also if/ when market starts going south that fucker is the only one who makes money (shorting), the rest are panic selling or waiting for better times underwater.
How is this post on topic someone might ask? Well, sp_ is a leecher too. So is every "dev" who is launching or pumping these compute heavy coins/ algos. Or 90% of ICO's. Or shady exchanges. List continues...
The amount of stupid money currently flowing in is just so huge that everyone who knows how this shit works gets his "fair" share and then some. Knowing that new money is mostly after quick and easy profits helps when raping them.
No offence guys,
Antantti
Leecher
Nothing about SP is leeching dude. The same private farms with big money take open source code and they optimize it. It's funny that the GPL was designed to prevent companies from locking it down, to keep code 'free', but when it comes to monopolies where there is no input/output that people can see from the outside, GPL coding actually hurts everyone else since as long as you don't distribute it, it still complies with GPL coding.
Both SP and bigprivatefarm take GPL code and optimize it, the difference is you'll never get your hands on bigprivatefarm's code. SP sells his code and if developers that opensource their code and want it to remain 'free and open' they should regularly update it, but we know this isn't realistic. Something about time, work, and it basically being a job. When it becomes a job people expect to get paid for it, such as what SP does. Bigprivatefarm still gets paid for it as they use it to make more money.
Coding isn't static. The best miners aren't public. We're lucky SP actually takes time to do this stuff. While people talk about how amazing Alexis and his work is (much like other open source developers), they don't do this for a living. This a side project they do whenever they give two shits about it, which is to say, not often. That's the crappy thing about the open source community, it's not a job, it's a hobby and you can't count on hobby projects when your job involves using their software.
I try to use Epsylons pool as much as possible and I donate when relevant, but I'll continue buying SPs miners as I don't have any other choice to compete with those farms. If someone wants to present a new option that works for everyone, by all means, do so.
Now what do I mine, what do I mine. The age old question.