Topic: Just going to vent to you about how we the people(miners) are getting ripped - page 2. (Read 4496 times)
September 11, 2013, 06:09:25 PM
Thanks for this thread. As miner myself (and BFL customer), its been incredibly frustrating to watch the difficulty skyrocket while listening to excuses from BFL. At the end of the day, it is money out of my pocket directly. I may be lucky and earn back what I paid (actually converted cash to BTC to make the purchase) so as long as I recoup the dollar amount I am happy. At this point I am quitting the mining race, but will continue to mine with the hardware now that I have it.
The real unfortunate thing is the people jumping into the fray now, with the whole "next generation" of ASICs coming up. The likely proliferation of >500GH miners within the year will mean that the difficulty will be so high that I will bet anyone receiving ANY hardware past December of this year simply won't recoup their investment (unless they paid cash or cash equivalent and the price increases significantly).
The early gold rush certainly is over. And your analogy is spot on. I would expect the hardware prices would have to drop significantly if people actually did the calculation for ROI, but sadly most miners-to-be simply won't.
BTW, the mining calculator at TGB should give a pretty good idea of whether you can expect a ROI or not:
http://mining.thegenesisblock.com/
Cheers
September 11, 2013, 06:08:19 PM
Definitely. They didn't know for sure but that was definitely a thought. Thats why they only accepted bitcoins. I'm talking about for batch 2 and three though. If you go back and look, they always opened preorders for miners when the btc value was low.
I don't agree but you can think what you want!ps: batch 1-2 was priced in $, $1500. Only batch 3 was priced at 75BTC
Im not talking about the price. I'm talking about the overall value of btc. For example silkroad sellers love love love to sell their product when the btc value is low because they get more btc and they know the value will eventually go back up. In my opinion avalon waited for the btc price to go down then released the preorders. People had no choice to wait until the value of btc went up to purchase the miners bc their was only a limited amount of preorders allowed. But thats jut my little conspiracy theory lol
September 11, 2013, 06:02:09 PM
Definitely. They didn't know for sure but that was definitely a thought. Thats why they only accepted bitcoins. I'm talking about for batch 2 and three though. If you go back and look, they always opened preorders for miners when the btc value was low.
I don't agree but you can think what you want!ps: batch 1-2 was priced in $, $1500. Only batch 3 was priced at 75BTC
September 11, 2013, 05:55:32 PM
So you think Avalon knew in advance that the price would sky-rocket after they sold batch#1-2?
well, its a win-win for them.
they sell miners to secure the network for a lot of coins. their value can only go up.
September 11, 2013, 05:54:59 PM
Definitely. They didn't know for sure but that was definitely a thought. Thats why they only accepted bitcoins. I'm talking about for batch 2 and three though. If you go back and look, they always opened preorders for miners when the btc value was low.
September 11, 2013, 05:48:39 PM
So you think Avalon knew in advance that the price would sky-rocket after they sold batch#1-2?
September 11, 2013, 05:45:54 PM
if you read the title, right after I said we the people I put "miners" in para. It just adds emphasis on how bad most of us were ripped. We the miners funded your operation then turn right back around and ripped us..
And another thing about avalon.. avalon always sold their batches when the bitcoin value was cheap so they could get more coins. I observed that happen with batch 2 and three. Smart business decision but wrong to rip us like that. But hey thats all apart of the entrepreneur business I guess
And another thing about avalon.. avalon always sold their batches when the bitcoin value was cheap so they could get more coins. I observed that happen with batch 2 and three. Smart business decision but wrong to rip us like that. But hey thats all apart of the entrepreneur business I guess
September 11, 2013, 05:41:10 PM
So guys, it took you more than one year to figure out what I told ya all long ago?
Buy BTC, not mining BS (unless you have an edge, and you do not).
Buy BTC, not mining BS (unless you have an edge, and you do not).
People on this forum have been saying since it was created that mining will always trend towards low profits, any times people are making high profits on mining will be short-lived.
I think the title of this thread is misleading. "we the people" and "miners" are not the same thing. Many bitcoiners do not mine at all.
The title we the people is that because this whole post was referring to bitcion miners. I did not say bitcon as a whole. The whole post is about mining. We the people are the miners that paid for them to develop asic technology then ripped us. Never was I referring to we the people as the whole bitcoin industry
September 11, 2013, 05:13:44 PM
Yes, the huge profit that could be made during the ASIC transition shrinked super fast.
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September 11, 2013, 05:10:50 PM
So guys, it took you more than one year to figure out what I told ya all long ago?
Buy BTC, not mining BS (unless you have an edge, and you do not).
Buy BTC, not mining BS (unless you have an edge, and you do not).
People on this forum have been saying since it was created that mining will always trend towards low profits, any times people are making high profits on mining will be short-lived.
I think the title of this thread is misleading. "we the people" and "miners" are not the same thing. Many bitcoiners do not mine at all.
September 11, 2013, 05:05:21 PM
So guys, it took you more than one year to figure out what I told ya all long ago?
Buy BTC, not mining BS (unless you have an edge, and you do not).
I've made more money reselling my pre-orders and miners than mining (or holding) but it was very risky. Most newcomer don't have a high enough edge to take those risk. Buy BTC, not mining BS (unless you have an edge, and you do not).
September 11, 2013, 04:57:50 PM
Just because they admitted to doing it doesn't mean that what Avalon did with mining with batch 2 was right.
Myself and a lot of other batch 2 customers whose orders were shipped late will never make back ROI and will likely lose at couple of grand on their batch 2 purchase.
Avalon stole money out of my pocket, it's as simple as that.
Still way better than what BFL has done though.
I paid $1300 (about 125 BTC at the time) for a 60 GH/s miner last October that still hasn't arrived yet...
Myself and a lot of other batch 2 customers whose orders were shipped late will never make back ROI and will likely lose at couple of grand on their batch 2 purchase.
Avalon stole money out of my pocket, it's as simple as that.
Still way better than what BFL has done though.
I paid $1300 (about 125 BTC at the time) for a 60 GH/s miner last October that still hasn't arrived yet...
September 10, 2013, 09:10:31 PM
I've known this for a while but no one listens. Most people played the fools funding BFL's ASIC research and mining operation with YOUR equipment.
September 10, 2013, 08:30:08 PM
I mine solely for fun nowadays. It's nice not having to pay the electricity bill 
September 10, 2013, 07:50:58 PM
People seem to think that bitcoins has an egalitarian mission.
It doesn't.
The only thing that it has that could be considered egalitarian, is taking power away from the federal reserve and allowing people to replace fiat with sound money, if they choose.
That's it.
It doesn't.
The only thing that it has that could be considered egalitarian, is taking power away from the federal reserve and allowing people to replace fiat with sound money, if they choose.
That's it.
September 10, 2013, 07:47:54 PM
It was impossible to mine 100-200BTC per day with 71GH/s in January when Avalon started shipping. For the rest of your post you may have missed my edit on my first post.
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However, I congratulate you for understanding that bitcoin mining is not for everyone and not an easy and safe way to make money.
haha yeah I didn't see that edit. But thanks mate. This is just all built up and its time for people to realize. Bitcoin has a very bright future but the greed that comes with btc will have to die down. Its practically killing the coin. People mine mine mine, dump dump dump... doesn't help the value of btc.
September 10, 2013, 07:45:20 PM
It was impossible to mine 100-200BTC per day with 71GH/s in January when Avalon started shipping. For the rest of your post you may have missed my edit on my first post.
Some people win millions playing the lotteries but it doesn't means it's easy money. The reality is quite the opposite actually.
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However, I congratulate you for understanding that bitcoin mining is not for everyone and not an easy and safe way to make money.
Some people win millions playing the lotteries but it doesn't means it's easy money. The reality is quite the opposite actually.
September 10, 2013, 07:43:10 PM
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I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 100-200 btc a day for a few months.
Not true. First batch one will get maybe 400-500BTC max in their lifetime.when the mainstream of people received batch one miners (the people in china) they were too making well over 100 btc. If you can recall the us customers didn't get their miners until after the chinese holiday bullshit. I watch the forums of owners in china. And saw the chilling images of the miners they had already received
Not really into arguing but I promise you they did. US customers might not have seen it but the people that lived in china did. Bottom line is newbs shouldn't seek btc just to attempt to get rich. If you dont have an enormous amount of btc from mining in the early age or usd to just blow, its not a smart market to try.
I wish I started mining years earlier ha. I just created this forum because I'm tired of everyone thinking this is a way to get rich. Btc was once a nerdy little hobby but now its like who can mine the most btc to take over and make big bucks. Hey there is nothing wrong with that, thats what an entrepreneur does but the greed that is taking place now is crazy and I hate it.
Before even considering mining btc today first invest and think of another way to add on to it. Such as btc atms, debit cards, more businesses, just a service offered to the btc world. Do that and you will probably make more than you have ever made
September 10, 2013, 07:35:58 PM
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I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 100-200 btc a day for a few months.
Not true. First batch one will get maybe 400-500BTC max in their lifetime.when the mainstream of people received batch one miners (the people in china) they were too making well over 100 btc. If you can recall the us customers didn't get their miners until after the chinese holiday bullshit. I watch the forums of owners in china. And saw the chilling images of the miners they had already received
September 10, 2013, 07:33:07 PM
Quote
I applaud them for dropping their first miner at 1300 dollars. Those people that were lucky enough to get them got over 100-200 btc a day for a few months.
Not true. First batch one will get maybe 400-500BTC max in their lifetime.when the mainstream of people received batch one miners (the people in china) they were too making well over 100 btc. If you can recall the us customers didn't get their miners until after the chinese holiday bullshit. I watch the forums of owners in china. And saw the chilling images of the miners they had already received
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