And with more people making big cash ($) investments for larger FPGA and ASIC mining equipment, I believe there will be more downwards pressure on the Bitcoin.
My thinking is that a lot of relative small scale miners that only spent a few hundreds or a thousand dollars for their equipment are perfectly happy to keep their income in Bitcoin. While the ones that spent up to $15k or even more, have an urgent need to put those Bitcoin back on an exchange in order to sell them for $$$ to pay the bills.
In other words, while more large scale miners won't mean more Bitcoin on the market, we will have more people that put their Bitcoin up for sale for $$$.
Topic: LargeCoin Pricing Announced; Taking Pre-Orders - page 4. (Read 30323 times)
I hate to say it, but investing US dollars in something like this, if true, is probably one of the stupidest things you could do right now. Your money may be better spent investing in coin.
While the profit from mining is nice, it's not the only reason to mine. Buying coins does nothing to increase the network security. Mining does. So rather than calling miners stupid, you should be thanking them for making the network stronger.
The last time this happened people warned about dropping $10-15k on mining farms but people did it anyway. Those of us that were smart just bought coin instead. It went from $.65 to $31 in less than four months. I remember the price was falling at the time, and people thought I was stupid spending money on coin, but I was looking at the difficulty increases and I knew there'd be people upset they spent several $K on mining equipment when they could have just bought coin.
I hate to say it, but investing US dollars in something like this, if true, is probably one of the stupidest things you could do right now. Your money may be better spent investing in coin. I guess it depends on if you think Bitcoin is going to get more popular or less popular. If less, and you still want to do it, then mine. If more, then you have to at least be considering the fact that the price might increase, in which case you'll want to consider buying now and purchasing miners maybe later.
I hate to say it, but investing US dollars in something like this, if true, is probably one of the stupidest things you could do right now. Your money may be better spent investing in coin. I guess it depends on if you think Bitcoin is going to get more popular or less popular. If less, and you still want to do it, then mine. If more, then you have to at least be considering the fact that the price might increase, in which case you'll want to consider buying now and purchasing miners maybe later.
Appreciate the other side of the equation.
Previosuly the invest decision was offset a bit by the fact that you were buying GPUs and there was a fairly high salvage value. Now with these monster machines it is questionable if the salvage value is any more than pennies on the dollar (which scares me a tad).
PS - If I thought another 46,000% rise in price was possible I'd be buying coins now and not hardware.
The last time this happened people warned about dropping $10-15k on mining farms but people did it anyway. Those of us that were smart just bought coin instead. It went from $.65 to $31 in less than four months. I remember the price was falling at the time, and people thought I was stupid spending money on coin, but I was looking at the difficulty increases and I knew there'd be people upset they spent several $K on mining equipment when they could have just bought coin.
I hate to say it, but investing US dollars in something like this, if true, is probably one of the stupidest things you could do right now. Your money may be better spent investing in coin. I guess it depends on if you think Bitcoin is going to get more popular or less popular. If less, and you still want to do it, then mine. If more, then you have to at least be considering the fact that the price might increase, in which case you'll want to consider buying now and purchasing miners maybe later.
I hate to say it, but investing US dollars in something like this, if true, is probably one of the stupidest things you could do right now. Your money may be better spent investing in coin. I guess it depends on if you think Bitcoin is going to get more popular or less popular. If less, and you still want to do it, then mine. If more, then you have to at least be considering the fact that the price might increase, in which case you'll want to consider buying now and purchasing miners maybe later.
...
An equally strong motivation for me is the prospect of a portable, anonymous and potentially even unaccountable and untraceable income stream
...
An equally strong motivation for me is the prospect of a portable, anonymous and potentially even unaccountable and untraceable income stream
...
I also see that as desirable.. but I wonder if the 'stream' will be in the order of a few cents(ie those trashy 'fiat' cents) per month by the time the unit has paid for itself.
If I were to buy one of these - I'd actually be content if it paid itself off by the end of 2013 even if it was making negligible amounts after that.
The motivation in that case for me would simply be the satisfaction of supporting the security of the Bitcoin network with 20GH.
The counterpoint to that is that I also worry that before it's even recovered 50% of the cost price, it could be as obsolete for Bitcoin mining as CPUs are today.
I'm still tempted as a gamble.. but it's a pretty big gamble, with an obvious downside, and a not so obvious upside.
For this to actually be 'exciting' - wouldn't we need to see a massive and extended crash in network hash power (and also presumably price), followed by a recovery?
... strong motivation for me is the prospect of a portable, anonymous and potentially even unaccountable and untraceable income stream. ...
I suspect you are joking. Otherwise you have just given public evidence of your intent to hide income from the IRS, your wife and your son. If you eventually do this then your stated intent will be incriminating.
The guy would be one medical issue, one car accident, one layoff away from living on the streets. ...
You already have this risk even without the divorce.
I personally plan on using my LargeCoins to take over the world. I anticipate the world being less expensive in 2014.
Sam
ITT : only men make money and get hurt by divorce
I am not sure under which laws you are married, but in many countries half of those 12 singles belong to your wife and half of your LargeCoin box too (in case of a divorce). And I am no divorce lawyer, but you don't need to have a very creative imagination to see your wife and her divorce lawyer taking away half of your income derived from those BFL and LC investments if the sh*t hits the fan.
julz, I can only answer for myself, but for me the potential for profit is nice, but it is not the only motivation for investing in 12 BFL singles, all of them undelivered, and one LargeCoin box, undelivered as well. An equally strong motivation for me is the prospect of a portable, anonymous and potentially even unaccountable and untraceable income stream. Consider, for instance, what would happen if a married couple with 3 kids, the guy a software engineer and the woman a housewife, were to divorce in the People's Republic of California. I tell you what would happen: The guy would be left with an income similar to what a single guy who flips burgers at McDonalds makes, and the ex-wife would be riding the gravy train at about 2.5 times that amount. The guy would be one medical issue, one car accident, one layoff away from living on the streets. Literally. A significant percentage of the homeless population in California are divorced guys who had their wages garnished and thus could not afford the rent anymore.
I'm curious as to roughly what conditions would have to hold to break even in any reasonable timeframe. (even at the $15K price)
Looking at the pace of development of FPGAs, and with this ASIC based solution and possibly others in the wings, surely difficulty is set to crank right up in a few months - even if the price holds around current levels.
Taking an approximate cost of 3000BTC.. (likely a fair bit more depending on your tax/shipping issues) it seems to me you'd be very lucky to earn 1500BTC between receipt of the machine in July and the reward halving.
By that time, with more FPGA farms humming away and continual sales of these ASIC devices at presumably similar if not lower costs, I'd guess you'd be extremely lucky to get the other 1500BTC of your initial investment over the entirety of 2013.
Is that what initial purchasers are going for? Lock up all that money for the chance that at the beginning of 2014 they may have a now long-in-the-tooth piece of hardware to start earning profit with?
Am I way off? What's the possible win here? What events would cause this purchase to be more obviously worthwhile?
Looking at the pace of development of FPGAs, and with this ASIC based solution and possibly others in the wings, surely difficulty is set to crank right up in a few months - even if the price holds around current levels.
Taking an approximate cost of 3000BTC.. (likely a fair bit more depending on your tax/shipping issues) it seems to me you'd be very lucky to earn 1500BTC between receipt of the machine in July and the reward halving.
By that time, with more FPGA farms humming away and continual sales of these ASIC devices at presumably similar if not lower costs, I'd guess you'd be extremely lucky to get the other 1500BTC of your initial investment over the entirety of 2013.
Is that what initial purchasers are going for? Lock up all that money for the chance that at the beginning of 2014 they may have a now long-in-the-tooth piece of hardware to start earning profit with?
Am I way off? What's the possible win here? What events would cause this purchase to be more obviously worthwhile?
So...has anyone been contacted about paying the deposit yet?
No. I'm in Europe right now and would actually prefer to wire the deposit from Europe, and I told them that, but they replied by email that they need more time to set up everything.
As I was the first one to fill out the document they sent to everyone who expressed interest in buying a rig (the document was mostly about confirming name & address), they sent me a gift via Amazon.com (I think it is a Nerf gun - I'll give it to my son, whose 9th birthday is coming up).
Agreed - got very quiet this past week... 
So...has anyone been contacted about paying the deposit yet?
But its a btcasic not a btcfpga... lol 
*/ quietly registers btcasic.com /*
go ahead I already own bitcoinasic.com
RJK you rule this thread with an iron fist man - you order like 10 of these or something? 
lolwut no, I was kidding you 
If I had the cash, I would have been in at half price, but didn't have any to spare. Shame, I have a nice rack they could live in.
But its a btcasic not a btcfpga... lol
even so we have gpus on their for comparison as well as BFL which might be an asic? half an asic? has that been determined yet?
RJK you rule this thread with an iron fist man - you order like 10 of these or something?
But its a btcasic not a btcfpga... lol
*/ quietly registers btcasic.com /*
But its a btcasic not a btcfpga... lol
This is a 50% attack in the making. (DRM, access via their web interface, the capabilities of a asic could be much higher than the devices are sold for)
Or it's a fraud.
Or both.
Or it's a fraud.
Or both.
Jump to: