Mining with CEX.IO or why do I not believe skeptics - page 2.

lucates

member

Activity: 222

Merit: 11

Quote from: fattypig on December 21, 2013, 08:51:35 AM

Quote from: iPaulito on December 21, 2013, 06:16:20 AM

Quote from: Ultimist on December 20, 2013, 07:56:59 PM

Quote from: iPaulito on December 20, 2013, 05:34:46 PM

So basically if you buy lets say 10 GH from their website you are renting their mining equipment and you are getting same amount of BTC like you would if you bought 10 GH asic and mine for yourself minus fees?? So if you manage to sell your GHS at the same price you bought you have rented those hashes for free. In real life you would not be able to sell your $10K USD asic right away for $10K USD

But in real life $10K would buy you a heck of a lot more than 10 GHS.

Now I see the problem, Currently you can buy 600 GHs from butterfly labs for $4680 and you have to pay electricity cost. Same 600 GHs will cost around $8500 through cex.io - not a great deal, but I can imagine when next batch of asic miners will be shipped and GHS/BTC will fall that for few months this could be profitable

You still have to pay electricity buying hash from cex.io. It is already priced in

I buyed 250 GHS and realise he mines only with 16%, 84% goes for costs to cex where is logic!!!!!

U loose money 100% take calc in hand!

xstr8guy

hero member

Activity: 784

Merit: 1004

Glow Stick Dance!

Quote from: greenlion on March 11, 2014, 11:27:53 PM

Definitely a losing deal unless you magically make money day trading GH/s themselves.

The organization itself can dump as much hashing power as they want on the market making you a perpetual bag-holder.

They've basically invented a business model where they can be in perpetual IPO mode and constantly create new shares.

They don't even need to actually have the hardware to back all the GH/s they issue, because the market price they can dump into is always higher than that amount of GH/s will ever mine until the end of time. They could in principle operate as a Ponzi for a long time without anyone noticing it, as long as there are sufficient people willing to hook up to Ghash.io to make its total hashrate look plausible, because the immediate BTC sale of any GH/s they dump onto the market will pay off any simulated mining earning plus generate a profit.

Ridiculous. They obviously have the hashing power. Check blockchain.info. They're the biggest portion of the network by far. Not that I think CEX.io is a good way to make money. Far from it!

TechByPC

full member

Activity: 168

Merit: 100

Quote from: semik on March 31, 2014, 02:11:03 PM

Quote from: hungpham on March 27, 2014, 06:07:43 AM

the price is down and down agian Sad

Down? 27.3. was price 0.0105 and now is 0.0114, I've covered my loses from past two weeks and I'm at zero balance now. A time to quit I guess

But I'm still curious about reasons for growing. Maybe it's related to bitcoin price loses...

Yes, it can't be anything logical. You won't return .003 BTC with 1GHS between now and the FHA contracts, so there is no reason to purchase at the current rates. It's silliness. FHA is an obvious better value at this point.

semik

newbie

Activity: 22

Merit: 0

Quote from: hungpham on March 27, 2014, 06:07:43 AM

the price is down and down agian Sad

Down? 27.3. was price 0.0105 and now is 0.0114, I've covered my loses from past two weeks and I'm at zero balance now. A time to quit I guess

But I'm still curious about reasons for growing. Maybe it's related to bitcoin price loses...

hungpham

member

Activity: 98

Merit: 10

the price is down and down agian Sad

BigBoy89

legendary

Activity: 1512

Merit: 1011

no profit at all when you invest in cex.io
even after 1 year you never get ROI

Quote from: Gator-hex on January 20, 2014, 04:04:26 PM

Do you guys realize the CEX.io contact address is on Threadneedle Street?

The Bank of England is also on Threadneedle Street and it came to power as a central bank by buying all the Kings currency out of circulation (royal tally sticks).

Must watch video to educate yourself about the City of London not being London!

http://www.youtube.com/watch?v=LrObZ_HZZUc

Even the Queen of England has to get their permission before she can visit that's how powerful they are!

You don't know the power of the dark side!

http://www.youtube.com/watch?v=onhFH7jpq2c

Wink

i even just know it form you
thanks for information Grin

hunter001

member

Activity: 82

Merit: 10

Quote from: msc_de on January 14, 2014, 10:11:15 AM

no way make profit only mining on cex

but with trading from time to time is ok Cool

+100

greenlion

hero member

Activity: 667

Merit: 500

A price of 0.016 per gigahash breaks even within about a year if you assume that difficulty only averages about 10% per retargeting, and by the end of that year you're mining only a matter of satoshis per jump.

That's simply not going to happen. Slightly more realistic but still fantasy-world optimistic assumptions show that even if jumps only average about 20%, you're still talking maybe 0.01 total ever.

flounderella

sr. member

Activity: 350

Merit: 250

Bitcoin Evengelist

Quote from: barruka on March 12, 2014, 03:49:18 AM

What do you think about actual CEX price GHS/BTC aprox. 0.016 ?

Approx $10 per GH! Assuming the GH is even REAL, its a losing deal with difficulty rising every two weeks.

For comparison, an Antminer S1 will get you $3 per GH.

barruka

sr. member

Activity: 266

Merit: 250

What do you think about actual CEX price GHS/BTC aprox. 0.016 ?

greenlion

hero member

Activity: 667

Merit: 500

This is potentially even crazier and more sustainable than your run of the mill Ponzi.

The GH/s prices in BTC have always supported more than enough to pay what that amount of hashing power would generate until the end of time. I'd even go so far as to say it's stupid and unnecessary to even really have the hashing power in the first place, or at least start out with some and just start selling ficticious GH/s.

In the traditional Ponzi setup, the revenue of new investors is required to pay off older investors. If this kind of scheme decided to go Ponzi, they don't even need the revenue of new investors, because the buy-and-hold GH/s buyer is basically locking into giving the hosting company a loan with negative interest. It doesn't even matter how the buyer behaves because by putting new GH/s on the market, the revenue already takes care of all future "mining" revenue payments no matter how it changes hands, so long as it's always possible to sell new GH/s above total BTC ROI on that hashing power.

The only way a scheme like that would start falling apart is if difficulty leveled off such that the GH/s prices at any given time were actually discounted compared to projected mining revs.

bitpop

legendary

Activity: 2912

Merit: 1060

Quote from: BenAnh on March 11, 2014, 11:35:17 PM

If you're trading and not making profits, only losses then this means someone is making a profit. So it's not the system but it's you! Where do you think the money go?

The owner and ponzi tops

BenAnh

hero member

Activity: 518

Merit: 500

If you're trading and not making profits, only losses then this means someone is making a profit. So it's not the system but it's you! Where do you think the money go?

greenlion

hero member

Activity: 667

Merit: 500

Definitely a losing deal unless you magically make money day trading GH/s themselves.

The organization itself can dump as much hashing power as they want on the market making you a perpetual bag-holder.

They've basically invented a business model where they can be in perpetual IPO mode and constantly create new shares.

They don't even need to actually have the hardware to back all the GH/s they issue, because the market price they can dump into is always higher than that amount of GH/s will ever mine until the end of time. They could in principle operate as a Ponzi for a long time without anyone noticing it, as long as there are sufficient people willing to hook up to Ghash.io to make its total hashrate look plausible, because the immediate BTC sale of any GH/s they dump onto the market will pay off any simulated mining earning plus generate a profit.

bitpop

legendary

Activity: 2912

Merit: 1060

Quote from: flounderella on March 11, 2014, 10:35:56 PM

Quote from: kickbit on January 21, 2014, 06:46:44 AM

Quote from: greenlion on January 20, 2014, 02:41:28 PM

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

Yeah, it's a really nice idea. But i don't think it's easy.. We'll see what's coming up next.

Looks like price per gh is now down to 0.01644718 BTC. Still pretty unprofitable

There were others. There was one called gpu something. The owners always stole the money and ran.

Fuck ghashio

flounderella

sr. member

Activity: 350

Merit: 250

Bitcoin Evengelist

Quote from: kickbit on January 21, 2014, 06:46:44 AM

Quote from: greenlion on January 20, 2014, 02:41:28 PM

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

Yeah, it's a really nice idea. But i don't think it's easy.. We'll see what's coming up next.

Looks like price per gh is now down to 0.01644718 BTC. Still pretty unprofitable

kickbit

sr. member

Activity: 276

Merit: 250

In Blockchain We Trust!

Quote from: greenlion on January 20, 2014, 02:41:28 PM

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

Yeah, it's a really nice idea. But i don't think it's easy.. We'll see what's coming up next.

Gator-hex

hero member

Activity: 490

Merit: 500

Do you guys realize the CEX.io contact address is on Threadneedle Street?

The Bank of England is also on Threadneedle Street and it came to power as a central bank by buying all the Kings currency out of circulation (royal tally sticks).

Must watch video to educate yourself about the City of London not being London!

http://www.youtube.com/watch?v=LrObZ_HZZUc

Even the Queen of England has to get their permission before she can visit that's how powerful they are!

You don't know the power of the dark side!

http://www.youtube.com/watch?v=onhFH7jpq2c

Wink

greenlion

hero member

Activity: 667

Merit: 500

Quote from: phiche on December 27, 2013, 05:08:29 AM

So the reason why I left Cex, is because I don't trust them to add hashpower to the market efficiently in a way that has a minimal effect on the price. They could be as clumsy as adding 5TH/s and dumping it all onto the market at once causing the price to crash, or they could be smarter and dribble it in over time. You just don't know, but I guarantee they are not as smart or as experienced as the traders in a commodities market.

This is a very intelligent way to look at it.

The only way that Cex could actually function as a real futures market is if there weren't a monopoly commodity seller.

The fact that Cex themselves are the only entity that can put tradable GH/s on the market makes the whole thing a nightmare. It would actually be amazing if there were some standardized way developed that people could provably put their own GH/s on a market like that, a system like that would actually function like a real commodity market.

realitycheck

member

Activity: 85

Merit: 10

trading (and mining when you get caught holding the bag) - great way to trade with BTC.

Topic: Mining with CEX.IO or why do I not believe skeptics - page 2. (Read 22076 times)