People are overspeculating potential profits for bitcoin Mining

DPoS

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Quote from: lazydna on June 26, 2013, 02:53:22 PM

Quote from: superresistant on June 26, 2013, 02:46:31 PM

I don't think there is so many people betting all their life on bitcoins.

We mostly do it for fun or experiment like talking on this forum... do you get any money from it ? no, it's just for the fun.

I like making money.
I don't like to lose money.

IF i have a hobby that can make money, that's much more fun then a hobby that loses money, no?

i mean, it's basic math.
people dropping 10Grand on machines that won't ROI?
or 200USD on machines that won't ROI?

if that's fun, well. enjoy donating money to hardware companies, i'm sure they appreciate it.

no, you want to make easy money

mining is braindead simple these days so of course there is low ROI unless you gots the brains to make your ASIC chips and boards from scratch then you make ROI or perhaps you just need to get your pre-order scam going..

scamming is a hobby too

superresistant

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Quote from: lazydna on June 26, 2013, 02:53:22 PM

Quote from: superresistant on June 26, 2013, 02:46:31 PM

I don't think there is so many people betting all their life on bitcoins.

We mostly do it for fun or experiment like talking on this forum... do you get any money from it ? no, it's just for the fun.

I like making money.
I don't like to lose money.

IF i have a hobby that can make money, that's much more fun then a hobby that loses money, no?

i mean, it's basic math.
people dropping 10Grand on machines that won't ROI?
or 200USD on machines that won't ROI?

if that's fun, well. enjoy donating money to hardware companies, i'm sure they appreciate it.

By fun I mean that you won't invest a "crazy" amount of money. For some people spending 2000USD is nothing for some other it is.

If you really want to make money you know mining hardware is not the way to go but building your mining rig is fun.
Making big money on Bitcoin is not a hobby, it's a hard work.

lazydna

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Quote from: superresistant on June 26, 2013, 02:46:31 PM

I don't think there is so many people betting all their life on bitcoins.

We mostly do it for fun or experiment like talking on this forum... do you get any money from it ? no, it's just for the fun.

I like making money.
I don't like to lose money.

IF i have a hobby that can make money, that's much more fun then a hobby that loses money, no?

i mean, it's basic math.
people dropping 10Grand on machines that won't ROI?
or 200USD on machines that won't ROI?

if that's fun, well. enjoy donating money to hardware companies, i'm sure they appreciate it.

superresistant

legendary

Activity: 2142

Merit: 1131

I don't think there is so many people betting all their life on bitcoins.

We mostly do it for fun or experiment like talking on this forum... do you get any money from it ? no, it's just for the fun.

lazydna

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Activity: 126

Merit: 100

people are going to be in for a rude awakening soon.
mining hardware is grossly overpriced and judging from people on these forums and the number of people still buying USB miners and blades, they don't know shit about how difficulty scales.

GigaWave

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Quote from: mgio on June 25, 2013, 01:53:59 PM

Quote from: pinger on June 24, 2013, 03:23:13 AM

Quote from: k9quaint on June 23, 2013, 03:05:35 PM

Quote from: hamiltino on June 23, 2013, 06:49:01 AM

Ok if that first link is truly reflective of bitcoin mining then mining is still worth it, thanks for the reply.

Mining is worth it as long as your costs to accomplish the mining are less than the value of the amount you will mine.

unless you keep your mined coins until it becomes 1 BTC = 1 Milion Dolar :p

no, because they it would be cheaper to buy coins directly.

Dollars should not enter the picture at all.

Look at the costs in bitcoins only.

Most miners are not going to mine at a cost to themselves. IE. not cashing out BTC to at least pay the power consumption. (Most miners want some kind of cut in addition to the power to make it worth their time also) So yes, USD(or what ever fiat for the miners country) is completely relevant. You can't pay the power company with BTC, at least not yet anyway.

mgio

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Quote from: pinger on June 24, 2013, 03:23:13 AM

Quote from: k9quaint on June 23, 2013, 03:05:35 PM

Quote from: hamiltino on June 23, 2013, 06:49:01 AM

Ok if that first link is truly reflective of bitcoin mining then mining is still worth it, thanks for the reply.

Mining is worth it as long as your costs to accomplish the mining are less than the value of the amount you will mine.

unless you keep your mined coins until it becomes 1 BTC = 1 Milion Dolar :p

no, because they it would be cheaper to buy coins directly.

Dollars should not enter the picture at all.

Look at the costs in bitcoins only.

ScaryHash

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You're also pretty likely to have 1 BTC go back down to $19 or $35 dollars, just as likely probably for it to go to $150...

You payz yer money and you takes yer changes.

It's all part of the fun !

Grin

pinger

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Bitcoin - Resistance is futile

Quote from: k9quaint on June 23, 2013, 03:05:35 PM

Quote from: hamiltino on June 23, 2013, 06:49:01 AM

Ok if that first link is truly reflective of bitcoin mining then mining is still worth it, thanks for the reply.

Mining is worth it as long as your costs to accomplish the mining are less than the value of the amount you will mine.

unless you keep your mined coins until it becomes 1 BTC = 1 Milion Dolar :p

k9quaint

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Quote from: hamiltino on June 23, 2013, 06:49:01 AM

Ok if that first link is truly reflective of bitcoin mining then mining is still worth it, thanks for the reply.

Mining is worth it as long as your costs to accomplish the mining are less than the value of the amount you will mine.

GigaWave

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Quote from: hamiltino on June 23, 2013, 06:49:01 AM

Ok if that first link is truly reflective of bitcoin mining then mining is still worth it, thanks for the reply.

'These are not the droids you are looking for.'

hamiltino

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P2P The Planet!

Ok if that first link is truly reflective of bitcoin mining then mining is still worth it, thanks for the reply.

torbank

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That is because the generation is also flattening over time

http://en.wikipedia.org/wiki/File:Total_bitcoins_over_time.png

http://blockchain.info/charts/total-bitcoins?showDataPoints=false&show_header=true&daysAverageString=1×pan=all&scale=1&address=

pinger

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Bitcoin - Resistance is futile

sssshhhh shut the f*** up, I have to sell my Jala for 3K $ on ebay, and is not yet delivered. Wink

hamiltino

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P2P The Planet!

From the graph: http://blockchain.info/charts/total-bitcoins

We can see that the line is flatenning out, i see people thinking they will be able to make big profits with ASIC mining but the fact is there is only around 10 million bitcoins left and the flatter line is indicating that mining will become really slow. Also take into account that the rest of the 10 million bitcoins will be mined by 2100+ compared to the 5-6 years that 11 million have been mined in the past. You would rather invest your money in as much bitcoins as you can buy now and wait for the prices to go up in my opinion.

Topic: People are overspeculating potential profits for bitcoin Mining (Read 1990 times)