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Topic: Panic Buying! (Read 2089 times)

hero member
Activity: 784
Merit: 1004
Glow Stick Dance!
December 09, 2013, 03:00:28 AM
#21
You mean panic buy mining equipment by paying with bitcoins? Because bitcoin's price dropped? Does that even makes any sense?


Not because the priced dropped but because it was probably going to drop further.  I wanted to get more hashing power for fewer bitcoins.

Btw, when I made the original post the price was just under $1000, I think.  And then dropped into the 600s a day later.  So my instincts were correct although I thought it would probably drop further.  It is nice to see the price rebounding back into the high 800s.  I'll probably buy more hardware if/when the price goes over 1000 again.
full member
Activity: 126
Merit: 100
Retired from the mistressing business
December 08, 2013, 04:50:26 PM
#20
I have been very strict with myself to not ever put any fiat in, or take any fiat out, of any cryptocoins.  I have been buying equipment for my work and christmas presents with my coins Smiley
sr. member
Activity: 252
Merit: 250
December 08, 2013, 04:48:33 PM
#19
You mean panic buy mining equipment by paying with bitcoins? Because bitcoin's price dropped? Does that even makes any sense?
full member
Activity: 232
Merit: 100
December 08, 2013, 04:23:48 PM
#18
BTC been on a bubble for a while and it's based on 1 factors IMO.

1) Speculation: that it will get a broad adaptation.
2) Pump and dump: (self explanatory)

In the last week, China basically banned it and one of the key pump and dump players dropped off the internet. My 2 cents is that the market is now adjusting and give it a few days before deciding on what to do.

You should also do a profitability calculation, factor in risks like BTC drops and then decide what you want to do.
It was not banned at all, simply said Banks can not deal or trade in BTC at this moment in time.
sr. member
Activity: 462
Merit: 250
Lux e tenebris
December 08, 2013, 03:56:43 PM
#17
blackarrow are legit get a nice x-3 you might even make a few quid

http://www.minersource.net/ bobsag3 is out there in Shenzhen now...
newbie
Activity: 34
Merit: 0
December 08, 2013, 02:44:30 PM
#16
It will be back up, no worries.

It'll go up but nowhere close to $1200/BTC for a while
sr. member
Activity: 448
Merit: 250
December 08, 2013, 01:44:39 PM
#15
A fool and his btc are soon parted...
newbie
Activity: 14
Merit: 0
December 07, 2013, 05:49:47 PM
#14
It will be back up, no worries.
newbie
Activity: 34
Merit: 0
December 06, 2013, 10:33:25 PM
#13
BTC been on a bubble for a while and it's based on 1 factors IMO.

1) Speculation: that it will get a broad adaptation.
2) Pump and dump: (self explanatory)

In the last week, China basically banned it and one of the key pump and dump players dropped off the internet. My 2 cents is that the market is now adjusting and give it a few days before deciding on what to do.

You should also do a profitability calculation, factor in risks like BTC drops and then decide what you want to do.
sr. member
Activity: 440
Merit: 250
December 06, 2013, 09:41:31 PM
#12
Yeah, I'm waiting for MBP to unload my BTC. Glad I spend some BTC when it's at the peak.

To all those grammar police I would like them to meet my kids generation that now fluent in english, chinese and their mother tongue Cheesy

MBP?

MegaBigPower, the US distributor of Bitfury boards and chips.

Ah, thanks for that.
hero member
Activity: 784
Merit: 1004
Glow Stick Dance!
December 06, 2013, 09:26:38 PM
#11
Yeah, I'm waiting for MBP to unload my BTC. Glad I spend some BTC when it's at the peak.

To all those grammar police I would like them to meet my kids generation that now fluent in english, chinese and their mother tongue Cheesy

MBP?

MegaBigPower, the US distributor of Bitfury boards and chips.
sr. member
Activity: 440
Merit: 250
December 06, 2013, 08:29:26 PM
#10
Yeah, I'm waiting for MBP to unload my BTC. Glad I spend some BTC when it's at the peak.

To all those grammar police I would like them to meet my kids generation that now fluent in english, chinese and their mother tongue Cheesy

MBP?
member
Activity: 119
Merit: 10
December 06, 2013, 08:08:07 PM
#9
Yeah, I'm waiting for MBP to unload my BTC. Glad I spend some BTC when it's at the peak.

To all those grammar police I would like them to meet my kids generation that now fluent in english, chinese and their mother tongue Cheesy
sr. member
Activity: 440
Merit: 250
December 06, 2013, 08:07:56 PM
#8
Thanks for the insight!  Btw, you English is perfect.

I almost have bitcoin investing/mining thing backwards.  To me, earning BTC is really just a way to be able to buy more mining gear.  I'm more into accumulating gear rather than the BTC itself, lol.  And I know at some point I'll have to stop because I'm not living in a datacenter.  And I'd like to still have a few BTC left when they are $50,000 each... Or more.

This is exactly what I've been doing.  Grin

Everytime I end up with a significant amount of BTC I buy more stupid miners! LOL!

I've been eyeballing KNC, BlackArrow and CoinTerra all day.
sr. member
Activity: 420
Merit: 250
December 06, 2013, 08:06:28 PM
#7
So is anyone else thinking of emptying their BTC wallet and buying more equipment before the bubble bursts? It's already down ~$200 today and I'm feeling very bearish right now.

I'm moving some posts to this thread from another thread since it's was off-topic over there...


Ok, I have to admit that Cointerra is starting to excite me now the way KNC and Bitfury did months ago.

And because I'm very late to this preorder, just how dumb would it be for me to order an April batch TerraMinerIV?  Or if you still think it's a good idea, please tell me why.

I already have preorders for a Neptune and 2 Monarch 600's.  And I feel like now might be a good time to add another miner to my collection before BTC crashes back to $130... "Panic Buying!"  Lol.

i wouldn't sweat the $200 drop. i was thinking they needed to level out. they are just acclimating to where they should be imo.
legendary
Activity: 1946
Merit: 1006
Bitcoin / Crypto mining Hardware.
December 06, 2013, 07:55:35 PM
#6

Sorry for my bad English, don't know how to describe it. I just give it a try to explain it.
international forum dude, people don't judge you by your english here Wink  chill Smiley
hero member
Activity: 784
Merit: 1004
Glow Stick Dance!
December 06, 2013, 06:50:33 PM
#5
Relax, You haven't seen the crash of summer 2011.
In percentage that one was bigger than now.
You can see that ppl are willing to catch the dropping bitcoins compare to 2011.
The coming weeks, you will see Bitcoin move sideways.
Big guys use it to pump and dump, shaking all the new guys out of the tree
Bitcoin is already in 2 nd gear. It will move faster if can leave this behind us.
Don't forget where we came from 2 months ago.
It's time to consolidate.
Sorry for my bad English, don't know how to describe it. I just give it a try to explain it.

Thanks for the insight!  Btw, you English is perfect.

I almost have bitcoin investing/mining thing backwards.  To me, earning BTC is really just a way to be able to buy more mining gear.  I'm more into accumulating gear rather than the BTC itself, lol.  And I know at some point I'll have to stop because I'm not living in a datacenter.  And I'd like to still have a few BTC left when they are $50,000 each... Or more.
hero member
Activity: 575
Merit: 500
December 06, 2013, 06:40:57 PM
#4
haha, I ended up doing the same buying a 2nd batch neptune that cost me "less" than the first batch one.
hero member
Activity: 854
Merit: 500
einc.io
December 06, 2013, 06:40:48 PM
#3
Relax, You haven't seen the crash of summer 2011.
In percentage that one was bigger than now.
You can see that ppl are willing to catch the dropping bitcoins compare to 2011.
The coming weeks, you will see Bitcoin move sideways.
Big guys use it to pump and dump, shaking all the new guys out of the tree
Bitcoin is already in 2 nd gear. It will move faster if can leave this behind us.
Don't forget where we came from 2 months ago.
It's time to consolidate.
Sorry for my bad English, don't know how to describe it. I just give it a try to explain it.
hero member
Activity: 784
Merit: 1004
Glow Stick Dance!
December 06, 2013, 06:34:10 PM
#2
Ok, I have to admit that Cointerra is starting to excite me now the way KNC and Bitfury did months ago.

And because I'm very late to this preorder, just how dumb would it be for me to order an April batch TerraMinerIV?  Or if you still think it's a good idea, please tell me why.

I already have preorders for a Neptune and 2 Monarch 600's.  And I feel like now might be a good time to add another miner to my collection before BTC crashes back to $130... "Panic Buying!"  Lol.

its not for me to sway you one way or another.  you need to make your own decisions.  I'm just reporting what I've seen and heard from cointerra.

like you, I've ordered from multiple asic providers to spread my risk.  i rate knc highly and i think you can't go wrong with them.  cointerra is also good (and cheaper).  I'm not so hot on bfl.

i personally think the neptunes will be wayy better than the monarchs.  i think the idea of putting monarchs into a pc, like a graphics card isn't a good solution.  they've left it to the user to figure out how to make the pc run in low power mode, and not suck down more wattage than the mining card itself will use.  and how to cool a pc that has one or more multi hundred watt cards inside is a lot harder, with all the bits and bays and cables its got.. than a dedicated miner.  i want to see how their cooling solution works out... as putting high powered cards into a pc each draw more than the pc.. right next to each other.. is a significant challenge to cool, and keep running.  and if they decide to go down the liquid cooling route that hashfast and cointerra have gone down (which is the only option that makes sense as i honestly don't think they can air cool something like that at the performance they're expecting) then they're making the user jump through hoops.  i mean, if you had to cram in 3 liquid cooling systems into the box, you'd need to buy a very big pc case that lets you mount three separate radiators, each with 120mm fans.  and cooling radiators are bigger than the fans, so they don't always co-exist nicely next to each other.  its going to be an awkward install for the customer, not to mention a high extra cost.



I'm not real high on the Monarchs either.  The first order was a trade-up from an April Single and Jalapeno order.  The second Monarch was a Black Friday 25% discount order.  I was in a buying frenzy at that moment and it seemed like a good idea, lol.

During that buying frenzy, I also ordered a couple of 60GH Singles and won a forum auction for an AntMiner.  Ironically the Singles are already hashing away but I'm still waiting for my AntMiner, lol.

As of this moment I don't have enough in my wallet for another Neptune but I do have enough for a Cointerra TerraminerIV, HashFast Sierra or BlackArrow Prospero X-3.  HashFast just seem like the don't know what they are doing compared to Cointerra... the case design being the most obvious to me.  And I have absolutely no faith that BlackArrow will deliver anything.

Or might it be best to hang onto the coins for now?  I'm mining nearly one BTC per day at the current difficulty so I've been accumulating coins quite quickly by my standards.  And with the recent high price of BTC, I get itchy and want to buy more gear whenever I can.  This is just supposed to be a hobby for me but it's taking over my life, lol.

So, that's where I am.
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