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Cryptocoin Mining?

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I wont sell under 17. Ever. If that means I hold on to my bitcoins for the rest of my life so be it. But I wont help keep prices low by selling mine at 11 or 12.
 
chihlidog said:
If that means I hold on to my bitcoins for the rest of my life so be it. But I wont help keep prices low by selling mine at 11 or 12.
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I agree with ya there, part of the problem is there are too many desperate people out there. If all the sellers banded together and decided not to sell below x price, we wouldn't have these major drops. You can send bitcoins to what, an eight of a decimal? So even if you do buy a bitcoin for $20, you can part that puppy way out when sending it to another bitcoin address. And the things you are buying with bitcoins have fluctuating prices based on the current bitcoin rates.
 
ghost recon88 said:
I agree with ya there, part of the problem is there are too many desperate people out there. If all the sellers banded together and decided not to sell below x price, we wouldn't have these major drops. You can send bitcoins to what, an eight of a decimal? So even if you do buy a bitcoin for $20, you can part that puppy way out when sending it to another bitcoin address. And the things you are buying with bitcoins have fluctuating prices based on the current bitcoin rates.
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Hahaha, yeah that's normally known as price fixing and it tends to be illegal. Not that bitcoin has any real rules but it's funny how badly people just want to manipulate this "currency" that was touted as letting them escape the big bad corrupt financial institutions.
 
i've said it before, at sub $10 btc miners need to start thinking about becoming speculators. at the current single digit values, you are donating your compute time by operating at near cost.

either hold on to your coins until the price goes up or just buy btc directly.
 
darkewaffle said:
Hahaha, yeah that's normally known as price fixing and it tends to be illegal. Not that bitcoin has any real rules but it's funny how badly people just want to manipulate this "currency" that was touted as letting them escape the big bad corrupt financial institutions.
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Youre right to a point. But everyone has freedom to decide to sell or not to sell, and if all sellers decided not to sell below a certain price, without having all agreed on it prior, then there's nothing illegal or immoral about it.
 
trollolo said:
bittcoin mining has only ever been profitable for people living in their parents' basements who have free electricity, and can stack 6950s till the air burns.
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Actually, electricity is fairly cheap, even for those who have to pay for it. Can't tell if you're trolling.
 
Jen said:
how low does it need to go before everyone stops

Jen
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Best bet is to just keep mining without selling. Sure it may cost you more in electricity then what coins are currently selling for, however you aren't mining them to sell now, you're mining to sell in the future when the profit per coin way outweighs the cost of producing it. So basically, just keep mining and hoarding coins. Then next year when the amount of coins per block drops to 25, the price should go back up. By that time, you'll have been mining the last 5+ months straight while the difficulty is "low" and have a nice stash of coins to unload.
 
Apparently one of the biggest mortgages scammer in IL is the one behind the MyBitcoin scam. There goes all hope in recovering some of the coins lost from that site.
No wonder price is falling fast.
 
ghost recon88 said:
Best bet is to just keep mining without selling. Sure it may cost you more in electricity then what coins are currently selling for, however you aren't mining them to sell now, you're mining to sell in the future when the profit per coin way outweighs the cost of producing it. So basically, just keep mining and hoarding coins. Then next year when the amount of coins per block drops to 25, the price should go back up. By that time, you'll have been mining the last 5+ months straight while the difficulty is "low" and have a nice stash of coins to unload.
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that may be good for some who can afford to wait but many cant that is why they are selling as they do to help offset cost of mining. myself i dont know how much further i can go due to cost


Jen
 
ghost recon88 said:
Best bet is to just keep mining without selling. Sure it may cost you more in electricity then what coins are currently selling for, however you aren't mining them to sell now, you're mining to sell in the future when the profit per coin way outweighs the cost of producing it. So basically, just keep mining and hoarding coins. Then next year when the amount of coins per block drops to 25, the price should go back up. By that time, you'll have been mining the last 5+ months straight while the difficulty is "low" and have a nice stash of coins to unload.
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If cost to produce a coin is more than cost to buy a coin, it makes more sense to simply buy coins if you want to bet on them going up in value.
 
ghost recon88 said:
If coins drop below $4, then yes that would be the case. If that does happen, I plan on buying up a ton.
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Heh... this thread is starting to remind me of a penny stock forum. Investors know who I'm talking about... posts from that guy who held onto the stock when it went from $30 a share all the way down to 30 cents, and is now planning to buy even more because it's "cheap" and it's going to rebound any day now...
 
dakU7 said:
You can use it's volatility for your advantage, so it's not necessary a bad thing.
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You're assuming that it's going to go back up, which I doubt is going to happen. No business in their right mind is going to accept a currency for their product that might be worth $5 one day and $2.50 the next.

Even the potheads on SilkRoad aren't going to be willing to take a potential loss like that for much longer.
 
tommo123 said:
wow, how much longer till thing just dies out completely?
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Well I've already created a For Sale thread with pretty much my entire 3 Ghash operation of video cards...

At $5 a pop, it's just ludicrous to continue for me. The stress on the parts and the maintenance and time wasted just isn't worth it to me anymore. And I was one of those that was going to hang around until the end. Just can't afford to do that anymore.

I would rather put my time into something that is more profitable.

Yes you could say that it does the work with little to know aid from the outside, however there are always networks going down, hardware resets/windows updates, and random things to deal with that require attention.

I guess to each his own, but if/when my hardware sells in the for sale thread... I'm out.

Good luck guys
 
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