I wish I never started mining | Bitcointalksearch.org

Fiyasko

legendary

Activity: 1428

Merit: 1001

Okey Dokey Lokey

Quote from: lacedwithkerosene on June 04, 2011, 06:07:47 AM

Keep your hopes up, kid.

"The road may be long and winding, but the journey is the incentive"

*meniacle laugh* youuuuu biiiiiiitch, Dont sway mind my around with a single quote!, I do that to MY friends!, Dont make me feel how it feels!

phenom

newbie

Activity: 35

Merit: 0

That's like watching a football game. Then thinking damn, if only I had placed a bet on Team A winning, I would have got $$$$$.

In other words, it's completely retarded.

It's pure speculation. It could drastically drop next month, or dramatically rise. No one really knows. That's the reason why you didn't invest before. The same still applies right now, else you'd be buying as many BTC as you can get your hands on right?

Count yourself lucky, there have been guys who found out about BTC mining a long time ago and have binned thousands of BTC because at the time it was worthless. So they've potentially lost hundreds of thousands of dollars.

vamdor

newbie

Activity: 50

Merit: 0

Everyone says what if they had known about BitCoin earlier... Well, there is a good chance you wouldn't have started mining anyway.

I first heard about it a year ago, checked it out, saw that there was hardly any market, and thought that it won't scale, (still not convinced) so I didn't bother. Then I checked it again a few months ago, but then I saw that the client isn't mining anything with cpu. I decided that I will look further into it when I have some time. Well, by that time the thing just exploded. So much for my luck and foresight...

f5inet

member

Activity: 64

Merit: 10

simply put in a spreadsheet your Watt consumed, the cost of electricity, the BTCs mined and the convertibility of that BTCs in $ or EUR or your currency.

if balance is positive, go ahead.
if balance is negative, stop mining.
no more, no less.

in the meantime, invest earned BTC/USD/EUR in solar/wind energy, lowering electricity bill.

perhaps, mining bitcoins, earns enougth money to be energy independent.

if not, at least you have the equipment bought!!!

rezin777

full member

Activity: 154

Merit: 100

Quote from: Litt on June 04, 2011, 05:50:50 AM

Not to mention that each difficulty jump is another step towards the end of mining altogether.

As long as there is Bitcoin, there is mining.

Cluster2k

legendary

Activity: 1692

Merit: 1018

I started mining three weeks ago and sold my first BTC at $7 each. Now they're pushing $30. Do I feel a bit foolish? A little. But I decided it was worth getting some money back for all the money I invested in new hardware just in case bitcoin's value collapsed or the US government shut down the major exchanges. Never underestimate the sudden intervention of governments (online poker players know something about that from a few months ago). Even if only a few exchanges were shut down, most investors and speculators would flee, collapsing BTC's value.

Maybe bitcoins will be $100 within a few weeks, maybe back to $10. Who knows? We all wish we had stuck $10k into BTCs when they were less than a dollar each, but how many people had the foresight and the tolerance for a very high risk investment to do that?

eturnerx

member

Activity: 84

Merit: 10

I did my sums and decided the risk of mining vs speculating just sat better with me if I mined. If it all went pear shaped at least I had the envy-of-my-friends graphics card :-) so I went with mining. Maybe my worker-ethic is hardwired to prefer production over speculation.
So far, if I'd instead put my money into speculation I'd be 3.3 times better off than I am by mining - but at what risk?

gigabytecoin

sr. member

Activity: 280

Merit: 252

Quote from: Atroxes on June 04, 2011, 05:56:15 AM

I don't get it.

You're complaining at yourself for not knowing the future?

Bitcoin might aswell have had its peak at $5 and maybe it would've never risen above that. You could potentially have lost thousands of $'s.

Mining dying? No, mining can't really die, it can just get harder. Someone HAS to find the BTC's before they can be traded.

I like your thinking.

I too could have spent $10k on bitcoins - which could have been worthless tomorrow - instead I spent it on mining equipment - which I can sell tomorrow for at least 75% of what I paid (since I bought it all used in the first place).

Had I have spent $10k on bitcoins - I would be nuts... now I am safe and semi rich.

borito4

member

Activity: 87

Merit: 10

Or you could mine AND invest, and have the best of both worlds!

Vladimir

hero member

Activity: 812

Merit: 1001

-

and yet 2 year old 5970's command on ebay prices comparable with prices of new cards and I was just quoted 750USD for 2GB 5970 card by some chinese "manufacturer" (yea I know they are insane)

Justsomeforumuser

member

Activity: 84

Merit: 10

I liked the part where some people in the thread implied one of the fastest deprecating items in the world (GPU cycles used to be new a new card coming every 6 months) was the equivalent of a sound investment they could always sell again.

30%ish off value within 3-6 months of nearly anything computer related, > 50% / over 60% prices gone within a year of high end / enthusiast level overpriced items.

That would be similiar to whatever BTC you buy losing 50% value..both are acts of speculation, but the computer hardware value loss is a whole lot more certain due to 20+ years of this mechanism being in play..

Which is not to say that I at any point felt it a great idea to invest actual money into BTC, even despite what is happening right now. If at all? Maybe 1-3% of your "risk money", if you have such a thing.

Maxxx

member

Activity: 70

Merit: 11

Quote from: max in montreal on June 04, 2011, 08:18:15 AM

Quote from: SmokeTooMuch on June 04, 2011, 06:29:32 AM

It really hurts seeing all those people just thinking about Bitcoin as a money machine.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.

What is it then? How can you not be in it for the money? We are not making bananas here, its currency. I don't care about the politics, its the money I am interested in.

This is bigger than simple profits. Read some of the comments in the source code and learn about the cyberpunk/cypherpunk culture. Of course I won't call anyone a gold shitting mule just because they want to profit, because I'm a gold shitting mule myself.

It's just that there is a point, a reason it was created and it wasn't to just shit gold. It's not about politics. It's about privacy in a world full of camera nests, nationwide wire-tapping, warrant-less searches, monopoly money, world banks, and tyranny.

jasonk

full member

Activity: 168

Merit: 100

Could of, should of, would of etc.

We can always hope we did something, but we didn't.

Sure I spent $1k on mining hardware, and within 1 month I've more than paid it off already.

Had I spent $1k on BTC @ $3, I'd be sitting on about $6,000 at current rates.

The fact is though that mining is much less risky, considering you still own the hardware and can sell it at any time.

---------

If you want more risk, buy now @ $19. Who knows it could hit $100 in a month's time.

--------

Mining and holding the BTC might be a pretty good strategy. I told myself I'd keep 1/3 for long term investment. But when I saw $15 a coin, greed set in and I cashed in the 1/3 i set a side. Embarrassed

Litt

sr. member

Activity: 350

Merit: 250

Quote from: grndzero on June 04, 2011, 06:28:47 PM

Quote from: CubedRoot on June 04, 2011, 06:16:02 PM

Hindsight is 20/20, you should never regret the decisions you make, since there is nothing you can do about them.

Don't regret them, but always learn from them.

Seeing as I am not an experienced investor and have little free money it was easier for me to justify buying hardware so if the venture didn't go anywhere I at least had equity in the hardware that I could get back.

Now that I can mine some coins and use them to gain experience investing in the market perhaps next time I'll put $500 into the market instead of hardware. Of course the market will be different and probably won't be as insanely profitable as Bitcoin is right now.

yes hindsight is 20/20 and I do regret, but learned from my past. The issue was that I thought the market won't be profitable like it was then and it was and then some. At this point I see btc breaking 18.25 highest ever. This is why I should have invested and ride the big early gains when it cheap to double up. I don't think it will ever slow down like it has in the past. The flame caught on now. Investing imo is definitely a better option than mining and will be for a long time. I'm definitely leaving the mining to the better people and investing. Once the value increases to a certain lvl say next year, at that point mining maybe better option with more efficient hardware.

grndzero

sr. member

Activity: 392

Merit: 250

Quote from: CubedRoot on June 04, 2011, 06:16:02 PM

Hindsight is 20/20, you should never regret the decisions you make, since there is nothing you can do about them.

Don't regret them, but always learn from them.

Seeing as I am not an experienced investor and have little free money it was easier for me to justify buying hardware so if the venture didn't go anywhere I at least had equity in the hardware that I could get back.

Now that I can mine some coins and use them to gain experience investing in the market perhaps next time I'll put $500 into the market instead of hardware. Of course the market will be different and probably won't be as insanely profitable as Bitcoin is right now.

CubedRoot

sr. member

Activity: 291

Merit: 250

I got into mining a few weeks back. Absolutely love it despite the rising difficulty. The worst case scenario for me is i end up with a totally badass gaming rig that cost me little to no money! The most likely case is I end up with same gaming system, AND making a few bucks as well.

Hindsight is 20/20, you should never regret the decisions you make, since there is nothing you can do about them.

I will even make you a deal... sell me your mining rig, and you can invest that money in BTC's

supa

copper member

Activity: 56

Merit: 0

Quote from: LegitBit on June 04, 2011, 04:35:29 PM

The way things are going I'd start buying AMD stock....

This.

A warehouse store manager told me AMD is having some huge announcement in the next few months about new CPU/GPU combos and some other stuff.

So either way.... AMD could be a big winning...

LegitBit

full member

Activity: 140

Merit: 100

For those of us who already had the equipment, Mining is still the best investment. Definitely wish I knew about this two years ago, but thats life. The 100$ I've made thus-far is almost all profit, which practically pays for my gaming habits.

Win-Win, sure I am not rolling in cash, but every little bit helps man.

The way things are going I'd start buying AMD stock....

bcpokey

hero member

Activity: 602

Merit: 500

Quote from: Atroxes on June 04, 2011, 05:56:15 AM

I don't get it.

You're complaining at yourself for not knowing the future?

Bitcoin might aswell have had its peak at $5 and maybe it would've never risen above that. You could potentially have lost thousands of $'s.

Mining dying? No, mining can't really die, it can just get harder. Someone HAS to find the BTC's before they can be traded.

I'm sure there are a lot of other worthwhile replies in this thread, but I'm just going to go ahead and say that I like you. And read the rest later.

I wish that I had been born 20 or so years earlier and known that a little company called microsoft was going to blow up and buy tons and tons of their stock, or that I had been born 10 years earlier and made good buddies with the guy who started google and get a bunch of their internal stock before they went public. Or actually I guess if I could see the future I could still make a ton of money now.

grndzero

sr. member

Activity: 392

Merit: 250

I have reinvested along the way to build out my mining ops. The other day I added it up and I have mined about 650 BTC. If only I had held onto them forever BTC wil go to US$100,000/BTC and I could have been a multimillionaire. Seriously? I just got past breaking even on my reinvestment and if the something catastrophic happened to the network, the price plummeted, or I just got tired of the noise and heat I have a really kick ass machine and some extra money in my pocket from selling a few video cards, even at a bit of a loss.

Now I can use the BTC I make to buy some Bitcoin T-shirts, Alpaca Socks, Play Blackjack, and buy munchies and practice currency trading/investing after paying for electricity. I'm happy.

Topic: I wish I never started mining (Read 6186 times)