I've spent almost all of my mined BTC to purchase such things that are sold and require BTC for payment. So neither really "Hold" or "Sell" applies, I've "Spent", but I suppose "Sell" would apply more so since in effect I've generally sold my BTC for goods and services.
However, if I could ever actually purchase a real ASIC, say through eBay or Craigslist - maybe just a Jalapeno or something, I might sell my GPUs and such and/or sell BTC to buy that. But that would have to be in person where I could see it with cash or BTC, or online with a credit card and charge back protection and all of that kind of security, none of this "pre order" dodgy bullshit where for all we know the ASICs could be fake because I sure as hell haven't seen real proof either way.
Ultimately I'm not so committed as to take such a risk financially on something like that without proof. The only reason why I was initially successful in mining is that I just happen to own - arbitrarily - a workstation (Mac Pro) with an OEM Radeon 5770 and room to fit two more cards in the case, as well as favorable electricity rates.
Topic: [Poll] What have you doing with the coins you mined? (Read 4683 times)
I used the coins to buy pci-e x1- pci-e x16 extenders.
My last GPU rig was built on 21 august 2012.
I am not going to build GPU rigs anymore.
I hoard most of the coins.
I used a small part of the coins to place preorders at BFL and bASIC.
If the ASICS are true and hash as promised I will order more.
My last GPU rig was built on 21 august 2012.
I am not going to build GPU rigs anymore.
I hoard most of the coins.
I used a small part of the coins to place preorders at BFL and bASIC.
If the ASICS are true and hash as promised I will order more.
Litecoins are a very viable alternative for GPU miners right now.. not sure about the future though.
However I do suspect the price to rise when all the GPU miners switch to litecoin in the future, of course the difficulty will ensue which is why it is a good time to switch.
I used the coins to buy pci-e x1- pci-e x16 extenders.
My last GPU rig was built on 21 august 2012.
I am not going to build GPU rigs anymore.
I hoard most of the coins.
I used a small part of the coins to place preorders at BFL and bASIC.
If the ASICS are true and hash as promised I will order more.
My last GPU rig was built on 21 august 2012.
I am not going to build GPU rigs anymore.
I hoard most of the coins.
I used a small part of the coins to place preorders at BFL and bASIC.
If the ASICS are true and hash as promised I will order more.
Around 9 months mining at 2.6gh, before that had a single 5770 for 5 months or so. Like the majority who've replied, I generally save the btc earned, unless I need to sell some for paying expenses or upgrading the mining rig. Not prudent to invest more in gpu based stuff at this time, however, so I've been holding onto it.
I've been mining for about 18 months now with an average of ~1600mh/s. I originally planned to hoard, at least until BTC value increased beyond the $31 it had been at shortly after I began mining. I hoarded up until about a month ago. I now have only 8.3 BTC in my wallet. I bought a few things... gold coin from Coinabul, some honey caramels from Bees Brothers, a ... "decorative glass vase" from Dank Glass, some coffee from bitcoincoffee..... and pre-ordered 270gh/s worth of ASIC gear from cablepair. I'm in it for the long haul. I'm not interested in selling BTC for fiat, I'm interested in spending BTC to make more BTC in the longterm, and to spend BTC on goods and services(to promote merchants accepting BTC).
Your thought process is exactly the same as mine, except I have only 400MH/s in the past 14 months, and I turned that into 54gh/s from cablepair. The only difference is I haven't spent BTC on goods and services yet because I forgot about my miner running in the background for a long while as I was busy with work and a 2 year old.
I've been mining for about 18 months now with an average of ~1600mh/s. I originally planned to hoard, at least until BTC value increased beyond the $31 it had been at shortly after I began mining. I hoarded up until about a month ago. I now have only 8.3 BTC in my wallet. I bought a few things... gold coin from Coinabul, some honey caramels from Bees Brothers, a ... "decorative glass vase" from Dank Glass, some coffee from bitcoincoffee..... and pre-ordered 270gh/s worth of ASIC gear from cablepair. I'm in it for the long haul. I'm not interested in selling BTC for fiat, I'm interested in spending BTC to make more BTC in the longterm, and to spend BTC on goods and services(to promote merchants accepting BTC).
I wonder what fraction of the stowed away coins are with active users versus dormant users. That is, what fraction of coins out there are lost for good..
That's a good point. At least for me, I know I've lost bitcoins in accounts I can't ever seem to find again...I know it's not that much (maybe a few tenths of a coin), but multiple that by a few thousand (or more) people doing the same thing and it'll add up quickly.
This is what I mean by "more like play money". Currently, people will sell into fiat to recoup their costs, realize their income, etc. For BTC to become a real currency, that mindset has to go away, and people will just have a BTC balance and a fiat balance. People have to think of BTC as real money. For that to happen, there has to be many merchants accepting BTC, but for there to be many merchants accepting BTC, there has to be the mindset that BTC is real money...a chicken and egg problem of which comes first.
Excellent realization. +1
Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars
I read this the other day too. Thought it was interesting study. If I recall they even pointed to the majority of coins on the market today being traced to a 90,000 sell order over a year ago.
I thought it was a little far fetched when I first read it, but as I look around and see what the general trend is just on the forums I'm starting to see how plausible it actually is. Everyone wants the price to go up, so they hold as much as they can.
I wonder what fraction of the stowed away coins are with active users versus dormant users. That is, what fraction of coins out there are lost for good..
I generally keep half and sell half, but I would have been better off had I kept them all.
This is what I mean by "more like play money". Currently, people will sell into fiat to recoup their costs, realize their income, etc. For BTC to become a real currency, that mindset has to go away, and people will just have a BTC balance and a fiat balance. People have to think of BTC as real money. For that to happen, there has to be many merchants accepting BTC, but for there to be many merchants accepting BTC, there has to be the mindset that BTC is real money...a chicken and egg problem of which comes first
The best thing would be for stores to just slowly but surely add BTC as a payment option, and eventually we will reach the tipping point that the mindset changes.
I generally keep half and sell half, but I would have been better off had I kept them all.
I thought it was a little far fetched when I first read it, but as I look around and see what the general trend is just on the forums I'm starting to see how plausible it actually is. Everyone wants the price to go up, so they hold as much as they can.
The trend will stay that way until the majority has a way to make BTC. When you have to buy BTC with fiat, it makes it more like play money and a luxury. So the chicken and egg problem: you need stores to accept only BTC, but if they do that, they alienate a lot of business. So they have to accept fiat, which means it is hard to find a reliable source of BTC.
Ya, but looking how I spend my non-BTC monies: >75% of my USD$ sit in a bank. It's the same with BTC. It's not that I'm "holding" them, it's that I'm saving up to buy something that I need. Or want, whichever comes first. 
But most do not have 75% of their bills sitting in under the mattress at home. You store your money at a bank, who loans it out to others for interest. Holding bitcoins to save up for something is more like stashing every bill under the mattress until you have enough. But without FDIC, there will never be trust in any kind of BTC bank. The closest thing would be buying / selling BTC with fiat.
Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars
Ya, but looking how I spend my non-BTC monies: >75% of my USD$ sit in a bank. It's the same with BTC. It's not that I'm "holding" them, it's that I'm saving up to buy something that I need. Or want, whichever comes first. 
what else? two chicks at the same time.....
Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars
I read this the other day too. Thought it was interesting study. If I recall they even pointed to the majority of coins on the market today being traced to a 90,000 sell order over a year ago.
I thought it was a little far fetched when I first read it, but as I look around and see what the general trend is just on the forums I'm starting to see how plausible it actually is. Everyone wants the price to go up, so they hold as much as they can.
Apparently, the trend is "Hold" ..given 75% of coins aren't moving around the network, as per this article on Ars
I read this the other day too. Thought it was interesting study. If I recall they even pointed to the majority of coins on the market today being traced to a 90,000 sell order over a year ago.
Hold + Sell
I started mining a year ago as a hobby and was under the "hold" category. I spent $200 on 2x5770 to get me started. They have just been running in the background for the past year. First I mined in the ars pool until the pool died because the owner had no time to maintain it. Then I switched to solo mining mostly because I had no time to keep up with all the different pool payment schemes. And earlier today, I checked and realized my solo mining had found 2 blocks in the past 10 months!
So I looked up ASIC mining hardware and put in a preorder for one of the devices. So those 2 lucky blocks were sold for more mining hardware, and the remaining from the pool is still being held.
I started mining a year ago as a hobby and was under the "hold" category. I spent $200 on 2x5770 to get me started. They have just been running in the background for the past year. First I mined in the ars pool until the pool died because the owner had no time to maintain it. Then I switched to solo mining mostly because I had no time to keep up with all the different pool payment schemes. And earlier today, I checked and realized my solo mining had found 2 blocks in the past 10 months!
So I looked up ASIC mining hardware and put in a preorder for one of the devices. So those 2 lucky blocks were sold for more mining hardware, and the remaining from the pool is still being held.
That's awesome. I have a 6450 in my media center pc that pulls around 35 mh/s. I've thought about solo mining with it on the off chance I might get really lucky and find a block.
I try to keep my stockpile around 100 BTC. I spend and sell the rest.
I'm basically selling the percentage of the bitcoins that I mined to cover electricity. Keeping 95% of the rest of it, for when bitcoin raises to $1100 each 
I know, I wasn't expecting it at all. I saw the first block I found solo in January sometime in February or March. And I didn't see the one I found in July until today when I needed to reboot my computer.
Since it felt like a Christmas present, I decided to pre-order an ASIC miner with it. At least if it turns out to be a scam, I wouldn't feel too bad about it. And if it ships, then it's a tangible Christmas present that would keep on giving in the future!
Since it felt like a Christmas present, I decided to pre-order an ASIC miner with it. At least if it turns out to be a scam, I wouldn't feel too bad about it. And if it ships, then it's a tangible Christmas present that would keep on giving in the future!
sr. member
Activity: 350
Merit: 250
Trust me, these default swaps will limit the risks
Man that's pretty awesome you found 2 blocks with 2 5770's! I've only found 1 block in 8 months but that was through a pool.
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