Newly minted idiot - page 3. | Bitcointalksearch.org

Synaptic

member

Activity: 84

Merit: 10

Quote from: NetTecture on June 16, 2011, 02:37:15 PM

Quote from: Synaptic on June 16, 2011, 10:22:37 AM

Nothing there appeared to be used goods.

In all likely-hood everything there, including the rented office space, was paid for on credit/loan(s). I have a hard time imagining anyone with that kind of disposable income (unless it's some bored rich young man) wasting it on such a speculative venture...

Even at the very lowest end that easily $10k worth of gear there, plus rent, plus electricity. Everything here (yes, it's just a picture, but knowing what we do of bitcoining so far we can make pretty damn good assumptions) points to this being someone who supposes they can make a business out of this.

I just hope he doesn't have a family, or has a shitload of disposable income and a hell of a lot of otherwise worthless free time to kill.

Why? Seriously. USD 10k worth of goods + some thousands operating costs is about my ticket for "lets try it out". Defined by not hurting me - the amount that makes me mad for wasting some money, but nothing that I remember after half a year.

Not everyone has a disposable income of a mcDonalds worker. There are those of us that would take 15000 USD from a credit card to finance something like that - and then pay out back next month totally from their post tax income. Seriously. It is not that much money. And it could be worth it.

That is again assuming that he got all that stuff at distributor pricing. If he paid retail it will be significantly more.

NetTecture

full member

Activity: 140

Merit: 100

Quote from: Synaptic on June 16, 2011, 10:22:37 AM

Nothing there appeared to be used goods.

In all likely-hood everything there, including the rented office space, was paid for on credit/loan(s). I have a hard time imagining anyone with that kind of disposable income (unless it's some bored rich young man) wasting it on such a speculative venture...

Even at the very lowest end that easily $10k worth of gear there, plus rent, plus electricity. Everything here (yes, it's just a picture, but knowing what we do of bitcoining so far we can make pretty damn good assumptions) points to this being someone who supposes they can make a business out of this.

I just hope he doesn't have a family, or has a shitload of disposable income and a hell of a lot of otherwise worthless free time to kill.

Why? Seriously. USD 10k worth of goods + some thousands operating costs is about my ticket for "lets try it out". Defined by not hurting me - the amount that makes me mad for wasting some money, but nothing that I remember after half a year.

Not everyone has a disposable income of a mcDonalds worker. There are those of us that would take 15000 USD from a credit card to finance something like that - and then pay out back next month totally from their post tax income. Seriously. It is not that much money. And it could be worth it.

Isepick

full member

Activity: 180

Merit: 100

Quote from: hugolp on June 16, 2011, 06:35:40 AM

Quote from: Isepick on June 16, 2011, 06:27:49 AM

What a perfect illustration of the Tragedy of the Commons.

How?

A new farmer to the commons not adding a couple of cows, but an entire herd of them. In two weeks the commons will be that much harder to utilize for everyone. It is advantageous for each miner to add as many video cards as possible, but in so doing they make the difficulty increase, thus causing diminishing returns on everybody's cards and requiring more cards to keep the same level of income, causing a higher difficulty, etc etc. Unless price moves substantially, in a couple of months the difficulty will be so high that many will be mining at a loss. But that is how the game goes.

With the current difficulty progression, at best I am going to make *maybe* 200 more bitcoins in the next 3 months...and I am pushing 6 GHash/s.

Clipse

hero member

Activity: 504

Merit: 502

$10k worth of gear is quite cheap lol

Timo Y

legendary

Activity: 938

Merit: 1001

bitcoin - the aerogel of money

In the long run, the profitability of mining doesn't depend on the price of BTC. It depends on whether you can mine a Ghash cheaper than the competition.

and what's gonna happen in 15 days, oh prophet?

Synaptic

member

Activity: 84

Merit: 10

Quote from: airdata on June 16, 2011, 10:13:34 AM

Saw the picture last night...

I'd hope he got everything on a discount. I'll reserve my judgement until it's known what he paid for all of that. with the priced of used 5770's, I would hope you'd be getting them @$60 or so each if you're buying quantity like that.

They are however decent hash / power consumption.

Nothing there appeared to be used goods.

In all likely-hood everything there, including the rented office space, was paid for on credit/loan(s). I have a hard time imagining anyone with that kind of disposable income (unless it's some bored rich young man) wasting it on such a speculative venture...

Even at the very lowest end that easily $10k worth of gear there, plus rent, plus electricity. Everything here (yes, it's just a picture, but knowing what we do of bitcoining so far we can make pretty damn good assumptions) points to this being someone who supposes they can make a business out of this.

I just hope he doesn't have a family, or has a shitload of disposable income and a hell of a lot of otherwise worthless free time to kill.

airdata

hero member

Activity: 1148

Merit: 501

Saw the picture last night...

I'd hope he got everything on a discount. I'll reserve my judgement until it's known what he paid for all of that. with the priced of used 5770's, I would hope you'd be getting them @$60 or so each if you're buying quantity like that.

They are however decent hash / power consumption.

Gladiator

newbie

Activity: 42

Merit: 0

If you haven't noticed all cards are 5770... Which you can get dirt cheap. Smart investment.

hugolp

legendary

Activity: 1148

Merit: 1001

Radix-The Decentralized Finance Protocol

Quote from: Isepick on June 16, 2011, 06:27:49 AM

What a perfect illustration of the Tragedy of the Commons.

How?

DamienBlack

jr. member

Activity: 56

Merit: 1

I'm sure he can make a profit. I'm jealous.

Isepick

full member

Activity: 180

Merit: 100

What a perfect illustration of the Tragedy of the Commons.

Synaptic

member

Activity: 84

Merit: 10

http://www.reddit.com/r/Bitcoin/comments/i0r4o/ready_for_a_little_casual_mining/

What a poor sap...judging by the time this was posted, this is likely a delivery to someone who went all-in and ordered everything when they saw BTC at $30.

Hopefully this isn't some dipshit with a wife and kid(s)...cause this fuck-face is in for a rude awakening in about 15 days, lol.

Topic: Newly minted idiot - page 3. (Read 8630 times)