Miners should be sold with the warning - page 2.

Xyver

full member

Activity: 281

Merit: 100

Quote from: btcusr on October 27, 2013, 02:17:11 AM

I paid for 3.2 btc for ~10GHashes, expecting it will break even, at least in a year. may be some more for second year as profit.

Everything is ok so far, and received my 0.1 BTC as my weekly payout.

Except September delivery announced, received in late in October.

If this extends for 32 more weeks (8 months), then it will break even with my investment, which is great.

But I think it will never return my investment. Sad

Ouch, I just got 10 giga for 0.9 and I'm questioning my ROI.... Good luck!

high110

sr. member

Activity: 728

Merit: 253

A Blockchain Mobile Operator With Token Rewards

I think the mining community is quickly realizing purchasing mining equipment is not profitable unless they do it as a hobby. It is pretty addictive to play around with optimizing your machines.

MrHempstock

full member

Activity: 140

Merit: 100

"Don't worry. My career died after Batman, too."

Quote from: Trongersoll on October 27, 2013, 03:09:54 PM

Bitcoin won't start to deflate until the last bitcoin is mined. Roll Eyes

I like that. Grin

Fodder for a signature quote, right there.

Mining companies would never put a warning on their product, it's a non-starter. But you know that. Is this thread just a vent, or are you looking for solace from like-minded miners? If so, I'll throw out the obligatory "Don't worry, man. All will be well with your investment. Difficulty increases should be incremental from here on out."
Now all you have to do is sabotage all the undelivered-as-of-yet ASIC mining companies' operations, or marry into on of their families. I'm already married, but I've got a single brother I'm currently trying my damndest to sneak into the fold. Just bought him Rosetta Stone for Swedish. Wink

Trongersoll

hero member

Activity: 490

Merit: 501

Bitcoin won't start to deflate until the last bitcoin is mined. Roll Eyes

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: btcusr on October 27, 2013, 02:17:11 AM

I paid for 3.2 btc for ~10GHashes, expecting it will break even, at least in a year. may be some more for second year as profit.
Everything is ok so far, and received my 0.1 BTC as my weekly payout.
Except September delivery announced, received in late in October.
If this extends for 32 more weeks (8 months), then it will break even with my investment, which is great.

I hate to be the one to break it to you, but unless there is some major change in the next few months, you'll be lucky to ever see even 1 BTC.

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

I paid for 3.2 btc for ~10GHashes, expecting it will break even, at least in a year. may be some more for second year as profit.

Everything is ok so far, and received my 0.1 BTC as my weekly payout.

Except September delivery announced, received in late in October.

If this extends for 32 more weeks (8 months), then it will break even with my investment, which is great.

But I think it will never return my investment. Sad

induktor

hero member

Activity: 710

Merit: 502

I don't think is so bad, I made my numbers, but well time will tell Wink

, I tell you guys in a year (just ordered some rigs)
so far I am doing quite ok (of course, I don't pretend to ROI in 3 months!, if I ROI in 1 year, I am happy)

TheDragonSlayer

sr. member

Activity: 273

Merit: 250

Quote from: odolvlobo on October 26, 2013, 06:54:47 PM

Quote from: btcusr on October 26, 2013, 04:06:38 AM

Miners should be sold with the warning,
You can NEVER get all your Bitcoins back.

That is false. You can definitely make money by mining. You just have to avoid paying too much for the equipment. Most people are spending a bunch of money on mining equipment before they even bother to figure out how much it will mine.

This is just like the Gold Rush of the 1840's. The only people that made money then were also the people that sold mining equipment. I'm sure there will be stories about the Bitcoin Rush in 100 years, too.

This. And people need to do homework before buying. Some people just dont understand what dificulty is and buying bunch of asic.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: btcusr on October 26, 2013, 04:06:38 AM

Miners should be sold with the warning,
You can NEVER get all your Bitcoins back.

That is false. You can definitely make money by mining. You just have to avoid paying too much for the equipment. Most people are spending a bunch of money on mining equipment before they even bother to figure out how much it will mine.

This is just like the Gold Rush of the 1840's. The only people that made money then were also the people that sold mining equipment. I'm sure there will be stories about the Bitcoin Rush in 100 years, too.

j68r

member

Activity: 94

Merit: 10

Quote from: gerXhonza on October 26, 2013, 04:51:35 AM

Quote from: btcusr on October 26, 2013, 04:06:38 AM

You can NEVER get all your Bitcoins back.

Might be true now, but not in the past, and the future is unknown Wink

In terms of mining the future is more or less known, the mining difficulty will only ever go up unless the process is somehow compromised and dies which is unlikely.

The next drop in block reward will really separate the righteous devoted miners from the casual miners because the mining process will just become a much more serious fiat money pit unless btc "worth" rises significantly.

The people I feel sorry for are those who were ordering KnC miners with their life savings and expecting to be millionaires in a year, they were warned.. but greed has that effect.

klondike_bar

legendary

Activity: 2128

Merit: 1005

ASIC Wannabe

should we write on the side of food : "might make you fat. hoarding your food money will make you thinner and richer"?

(if you say yes, welcome to the nanny state for idiots)

challen

newbie

Activity: 48

Merit: 0

Quote from: btcusr on October 26, 2013, 04:06:38 AM

Miners should be sold with the warning,

You can NEVER get all your Bitcoins back.
Hoarding is safe and bitcoin deflation pays you better returns.

Sigh. Sad

Should happens.

gerXhonza

hero member

Activity: 812

Merit: 1000

Quote from: btcusr on October 26, 2013, 04:06:38 AM

You can NEVER get all your Bitcoins back.

Might be true now, but not in the past, and the future is unknown Wink

waltermot321

sr. member

Activity: 322

Merit: 250

Quote from: btcusr on October 26, 2013, 04:06:38 AM

Miners should be sold with the warning,

You can NEVER get all your Bitcoins back.
Hoarding is safe and bitcoin deflation pays you better returns.

Sigh. Sad

Then they will never sell any of the ASIC they produce

gadman2

legendary

Activity: 978

Merit: 1001

And they should change Bitcoins motto to:

Bitcoin: the only use is to make USD.

btcusr

sr. member

Activity: 405

Merit: 255

@_vjy

Miners should be sold with the warning,

You can NEVER get all your Bitcoins back.
Hoarding is safe and bitcoin deflation pays you better returns.

Sigh. Sad

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