Topic: change you minedset (mindset) (Read 670 times)

this advice is to all of the people selling out to fiat as soon as your blockreward mature.

many people are now mining to instantly convert to dollar to pay electric bills.

you guys are not bitcoin investors, you are electricity company investors. Think about it, your selling at a loss purely to pay electric companies alot of money.

if you cant afford the electric. then turn your miners off, and buy bitcoins. and hold bitcoins

ok you may be confused with the concept. so lets think of it another way:

1) by spending your bitcoins, purely to buy a larger rig is also not profiting your just chasing your own tail purely to keep an average rate of reward, to pay your electric company.
2) to mine bitcoin, purely to sell off to pay your electric and miner off is not making profit or making a nice retirement pot of bitcoin
3) your purely throwing money at electric companies and chip manufacturers
4) your mining and selling your coin at a loss. today you get $450/coin. the next block reward, because everyone is selling you may only get $445/coin. your shooting yourself in the foot.

mining has become a good investment for people who are FIAT heavy and want bitcoin. and here is the change of mindset.

instead of buying bitcoins at localbitcoins. and then holding. you pay your electricity bill with your FIAT. to then mine and make bitcoins for HOLDING.

bitcoins are more valuable then FIAT so stop selling bitcoin at a loss to pay fiat companies.... instead.. pay fiat to BUY bitcoins (using the electric company as your bitcoin purchaser(without them realizing that is how they are being used))

put simply "stop making bitcoins to pay your electric.. instead pay your electric to make bitcoins"