Topic: TO NEW MINERS: trust your feelings... - page 3. (Read 9265 times)

No. As difficulty goes up, price may go up. Difficulty doesn't go up based on price, it can never go down.

No. As price goes up, so does difficulty.

IE as difficulty goes up so does price

Man, I wish I'd blown all my savings on mining rigs at the start.

If the difficulty jumps 90%, then you will see a lot of people starting to drop out.  I would go until the next difficulty increase after that, but then would probably stop mining.  I don't need to run my  computers overclocked for a week to be gaining 50-100 dollars.  If the difficulty increases 90 percent AND the price of bitcoins falls, then a TON of people are going to bail.

ROFL. Sorry, I have no pity for someone who spends shared savings without consulting the other party, and gets dumped by the other party. And if he did consult the girl, and she said go for it, and is leaving him regardless, he is better off without her.

Anyway... "Luke, trust your feelings."

Thanks Ben, maybe I'll make out with my sister while I'm at it.

Revisit your calculations.  You might be thinking "It's no problem, at the worst, I break even and get the hardware for free within X days."  You need to run your calculations for the next 3 months assuming MINIMUM +90% difficulty per increase, and a $10 BTC price.

My buddy is likely going to lose his girlfriend over BTC mining after blowing their whole savings chasing BTC rainbows...

awesome. Go by $10/BTC when after/while correction it's still $20+ right now. then do calculation of 3 months expecting minimum 90+% jumps. I thought we're over that. -.-

I don't think u're ever going to breakeven with such figures. This is a thread to discourage people from getting into mining? or what? I mean yea natural market doesn't behave like this. But I'm quite sure with the exchange falling right now. People do think twice in getting into mining. 90+% jumps is still a way to go.

However, I'm expecting difficulty to cross 1M in 2 or 3 more adjustments if the exchange doesn't stabilize and people just jump into mining blindly. I just earn a little less I guess.

I see there has been a huge influx of new miners as of late, and with the recent spike in the exchange rate, it's understandable.

Lately I've been giving this a whole lot of thought, and all my gut instinct tells me that the true price of BTC for a long haul is not the astronomic $100/BTC or higher that the bigbit miners are all hoping for, but about $10/BTC.

I just urge these new guys, specifically the ones that have recently ordered $500-1000+ and ESPECIALLY $1000+ of new equipment with no prior bitcoin experience, to really just take a look at the charts and reflect on everything and trust your feelings.  Listening to the big miner's estimations based on hope is not smart.

Revisit your calculations.  You might be thinking "It's no problem, at the worst, I break even and get the hardware for free within X days."  You need to run your calculations for the next 3 months assuming MINIMUM +90% difficulty per increase, and a $10 BTC price.

Otherwise, you're likely to be in for a rude awakening.

Just look at the charts again.  Natural markets don't behave this way, trust your gut.  Don't get burned.

I cancelled my 4x 6990 rig, cause it would be foolish.  You young guys who are taking risks, please do the same.  My buddy is likely going to lose his girlfriend over BTC mining after blowing their whole savings chasing BTC rainbows...

I see there has been a huge influx of new miners as of late, and with the recent spike in the exchange rate, it's understandable.

Lately I've been giving this a whole lot of thought, and all my gut instinct tells me that the true price of BTC for a long haul is not the astronomic $100/BTC or higher that the bigbit miners are all hoping for, but about $10/BTC.

I just urge these new guys, specifically the ones that have recently ordered $500-1000+ and ESPECIALLY $1000+ of new equipment with no prior bitcoin experience, to really just take a look at the charts and reflect on everything and trust your feelings.  Listening to the big miner's estimations based on hope is not smart.

Revisit your calculations.  You might be thinking "It's no problem, at the worst, I break even and get the hardware for free within X days."  You need to run your calculations for the next 3 months assuming MINIMUM +90% difficulty per increase, and a $10 BTC price.

Otherwise, you're likely to be in for a rude awakening.

Just look at the charts again.  Natural markets don't behave this way, trust your gut.  Don't get burned.

I cancelled my 4x 6990 rig, cause it would be foolish.  You young guys who are taking risks, please do the same.  My buddy is likely going to lose his girlfriend over BTC mining after blowing their whole savings chasing BTC rainbows...