Topic: Throwing in the towel (Read 12673 times)
I am not touching bitcoinia anymore I lost enough bitcoins from it already. I shouldn't have even attempted to leverage in the first place even if it was 1:2.5. Wasn't prepared for such a large drop in a matter of days. I got force liquidated .05 cents from the lowest price that was reached. Should have sold earlier.
I am out, with these prices I am mining at a loss.
So short your coins at bitcoinica and make monies, its not hard.
Ah, makes sense
Right, it is all a matter of predicting the future.
Not really. If you're mining at a loss, you can use your cash in buying coins instead of paying for electricity. That will surely be a better usage of money whatever happens to BTC/$. It's only a matter of prediction only in edge cases (mining at a loss only when considering hardware devaluation, but beating the electricity bill).
Right, it is all a matter of predicting the future.
If you think the value may go up in the future but others don't, the others will stop mining, increasing the chances of you finding a block. Then in the future you will make even more money due to this drop. Right?
Sure. From an egoistic POV miners benefit from others stop mining, as long as mining doesn't go low enough to start putting the whole system in danger.
If you think the value may go up in the future but others don't, the others will stop mining, increasing the chances of you finding a block. Then in the future you will make even more money due to this drop. Right?
Walk away from the markets, never stop mining unless you can't afford the electric bill, then just cut back a little 
.
You paying not only electric bill, but also with life of your hardware, it will be payed off in a year right now (freshly bought), and if it'll die earlier... Bitcoin is a waste of money then. .
You guys act like the value can't go up in the future 
I am out, with these prices I am mining at a loss.
Wow, how much do you pay for power? Even a moderately configured mining rig ought to be able to crank out in the neighborhood of 800Mhash/s while drawing 500W. That would give you around 0.52 BTC per day, or 15.6 BTC per month, with a total power use of ~360 kWh. At a price of $4 per BTC, you'd earn $62.40, so your power costs would have to be $0.17 per kWh to break even. I suppose I'm lucky that I live in an area where I pay under $0.10/kWh.Even with $0.10/kWh you are pushing it considering hardware depreciation. Thanks for supporting the network, anyway.
If I had a big mining rig I'd probably keep it for the time being even at a loss. Getting mining hardware now doesn't make sense though, it makes much better sense to buy coins instead if you think they will recover short-term, or just waiting otherwise.
Walk away from the markets, never stop mining unless you can't afford the electric bill, then just cut back a little .
. I am out, with these prices I am mining at a loss.
Wow, how much do you pay for power? Even a moderately configured mining rig ought to be able to crank out in the neighborhood of 800Mhash/s while drawing 500W. That would give you around 0.52 BTC per day, or 15.6 BTC per month, with a total power use of ~360 kWh. At a price of $4 per BTC, you'd earn $62.40, so your power costs would have to be $0.17 per kWh to break even. I suppose I'm lucky that I live in an area where I pay under $0.10/kWh.Guess what my power cost is .17 per KWh.
I am out, with these prices I am mining at a loss.
Wow, how much do you pay for power? Even a moderately configured mining rig ought to be able to crank out in the neighborhood of 800Mhash/s while drawing 500W. That would give you around 0.52 BTC per day, or 15.6 BTC per month, with a total power use of ~360 kWh. At a price of $4 per BTC, you'd earn $62.40, so your power costs would have to be $0.17 per kWh to break even. I suppose I'm lucky that I live in an area where I pay under $0.10/kWh.Guess what my power cost is .17 per KWh.
I am out, with these prices I am mining at a loss.
I don't blame you.
And you can rest assured that the Daytraders here don't give a dam about the consequences or repercussions
to Bitcoin miners.
They just want to short all their Bitcoins on margin and see if they can predict the next fake wall and then brag
how they can't wait for Bitcoins to hit 1 Dollar.
Brilliant.
I am out, with these prices I am mining at a loss.
Wow, how much do you pay for power? Even a moderately configured mining rig ought to be able to crank out in the neighborhood of 800Mhash/s while drawing 500W. That would give you around 0.52 BTC per day, or 15.6 BTC per month, with a total power use of ~360 kWh. At a price of $4 per BTC, you'd earn $62.40, so your power costs would have to be $0.17 per kWh to break even. I suppose I'm lucky that I live in an area where I pay under $0.10/kWh.
I am out, with these prices I am mining at a loss.
A lot of people throwing in the towel now.
How does that even apply? I can go to nearly any country in the world without any money, just VISA. There are no rules anymore that apply to money, that's why the world economy is in the mess it is in. Bitcoin offers discipline and new rules, but we haven't figured out what they are yet. There are new economic relationships to be described with math that we haven't yet discovered. Bitcoin is still a big unknown.
Because his "simple math" is complete bunk without considering that the same bitcoin can be passed around to settle multiple transactions.
That said, I don't think his final answer is outrageous.
I had to view a couple cartoons explaining the velocity of money to get up to speed. I still stand behind needing at least 2M users by 4 year's end. My on-average $172.50 USD didn't take into consideration the velocity of money aspect or coins sitting idle or lost or coins stuck in the markets. But, at a $23 USD exchange rate in 4 years to satisfy 15M users ($345M USD market cap), I don't see that cutting the mustard. To put this into perspective, that would only be about $1 USD per every current ZYNGA user.
~Bruno~
Bear rug
How does that even apply? I can go to nearly any country in the world without any money, just VISA. There are no rules anymore that apply to money, that's why the world economy is in the mess it is in. Bitcoin offers discipline and new rules, but we haven't figured out what they are yet. There are new economic relationships to be described with math that we haven't yet discovered. Bitcoin is still a big unknown.
Because his "simple math" is complete bunk without considering that the same bitcoin can be passed around to settle multiple transactions.
That said, I don't think his final answer is outrageous.
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