Topic: Friends coming at me with 40-50k to invest into mining rigs - page 2. (Read 3268 times)

remember 50k isn't that much for this person...so the risk is minimal.

It is tax deductible as well...



What should my "fee" be for setting this up and maintaining it?


Is 20% too much?

Tell your friends that other people have friends who also have 40-50k to invest.


Let them think about that for a minute...

If they are smart in business... they will know what that means.

Honestly the smartest thing to do might just be wait 1-2 months, then make that decision.

I am in a scenario very much like yours and am very curious as to where your head is at with it all.

For me, I've been mining as a hobby for a year and a half or so but have been into crypto since I discovered silk road lol.. But I was constantly trying to get my family to shift their holdings into something that offered a more secure store of value with an extremely high upside with prices rising over the years.

Now they've all shown up on my front door wanting to throw money at me lol

Trying to decide how best to go about this mitigating risk as much as possible as even though I have been fortunately successful trading, we all know it might as well be gambling some days. Your input would be greatly appreciated

Really , 50k now at this time , man you are taking too much risk for a bussines person, you should consider investing 5 months ago when everything was dust cheap

Buying gpus are too late. Crypto is dying...  RIP profits

I would say don't buy gpus currently, go with the asics, difficulty wise ethereum turned from almost 80TH to a 1037TH today, while bitcoin on the other hand only doubled, dash from january quadrupled, still a big increase but not as much as gpus.

Mining party currently playing last record on the cd. Party is almost over

I am really far from sir, haha!!

I don't know what will be a good buy, I can only guess...

1) Stay away from ICO

2) Do not buy ICO projects

3) Also, remember to not to invest into ICO

edit: Metroid is actually trying to help you guys, really 

Does reality scare you? if yes then that is good thing. People wanting to invest 50k on a saturated market then they better to pull the trigger and shoot their heads because they are not their research correct and by the way people should have common sense and not be greedy and assume on false assumptions that they will get their money back in few months, right now pending doom is coming, difficult will increase 300% in 2 months.

The fuck is wrong with you boy? You ain't right in the head.

Will be so much fun, this guy spending 50k on mining rigs and selling them for 80% of the price hoping to get at least 20% of those 50k hehe, I have seen many people losing 80% or more in 2013, this will be so much fun hehe, you op you must be careful, your friend might waste you after hehe, even though you said its risky, he will not remember what you said hehe and then he will shoot you to death hehe

You are giving probably a precious advice, and coming from an Hero Member I respect it a lot . BUt it is not very precise : you are telling him to wait, but you do not tell him to wait fpr what, and moreover, you tell him to buy something, which you do not precise too.

That is probably a good point, but could you be a bit more precise please sir ?

He is zoned commercial.

Maybe a hybrid approach, 25k in mining equip., buy some "coins" and hold some cash for deals (on equipment and buying coins on drops)

Tell your friend to wait, now it is time to be in cash.

Wait, wait, wait and then some more wait. It is always the hardest part.

When the time is right, buy. But don't buy mining hardware, buy something that is cheap and still alive.

Just my two fiat cents...

Frankly it depends where he lives. I have seen some countries where there is for example plenty of 1060s, while there is a great shortage in some other countries. Unless we know more about his case we cannot tell him more.

The real issue is sourcing hardware right now. Chances are it will take 3 months to find all the hardware you need.

A. He'd make a lot more if he invested directly into a winning coin. He'd lose flexibility though, so he'd better get a winning coin.

B. Better get industrial power rates for that big of an investment. Get a single grinder and call it a machine shop.

Why do you have some weird infatuation with suicide? I don't get on here that often but half your post (that I have seen) have something to do with killing oneself.

I hear people from 2-3 years ago saying difficulty is too hard with their current  hardware at the time and I hear people now saying the same thing with new hardware. There is no easy money. You gota mine and be willing to accept to break even or have slim profits in the short term to mid term. If your willing to accept that potential reality then go for it. The real gains come from holding your coins as long as you can, or until it has a nice price breakout after mining them if your lucky. That can take 6 months or more. The biggest mistake to me is giving up and not trying it. I rather try and fail and try again. Those are the winners. It's just like housing. Get in as early as you can. It's a long term game. Always think bigger picture, go against trend, and do things that not many people are doing due to difficulty.

Going back to specifics if your going to run a mining farm you're going to have to learn as you go, debug the hardware equipment and software,  find ways to better optimize cost of equipment as you build and go on.  Even if it's not the most optimized your fighting against time so you can make a few mistakes and keep improving as you go.  Ditch the shopping list and just do it and build your 1st fully functional working rig. Once that's running perfectly you'll build your next rig cheaper and more efficient. Start small and expand