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Bitcoin Discussion Thread Part 2

Yeah, I will keep mining until it becomes unprofitable(i.e. costs more in power than what I can cash out). Right now, my power bill is only raised about $160/mo.
 
man this drop is brutal. I thought I was being clever holding my mined coins when prices were at $7.50 until the prices went back up.

Below $3.50 and I have to pull the plug. Honestly below 4 I may pull the plug just because the income is so low it's not worth managing the machines.
 
Ive already pulled the plug on my miners. Sold one rig, and ill keep the other (has modern 6950's in it) so if the price comes back up ill mine more, and if it doesn't, ill have a quad GPU setup for my main rig.

If you look bitcoin in phases, you have the early adopters phase, then the public influx looking for quick bucks and dont give a shit about bitcoin in general phase. Soon, the only people left will be the people who beleive in the currency itself.
 
ya if it come time to shutdown ill probably get a few 7 series cards or a 4p folding boxen with the proceeds
 
Yes, everyone pull out now!

I want lower difficulty.

No, wait, don't do it now. Wait for about 1450 more blocks, then pull out.
 
Everyone is just getting scared and selling to get what they can out of what they have left. I'm still going to mine unless it drops ridiculously low... I'm not selling at this point because it doesn't make sense...
 
mj112588 said:
Everyone is just getting scared and selling to get what they can out of what they have left. I'm still going to mine unless it drops ridiculously low... I'm not selling at this point because it doesn't make sense...
Click to expand...

I actually bought at $4.27! Hopefully people stop being stupid, and I can make some decent chedda from this trade! :p
Now it can go up to $20+!
 
mj112588 said:
Everyone is just getting scared and selling to get what they can out of what they have left. I'm still going to mine unless it drops ridiculously low... I'm not selling at this point because it doesn't make sense...
Click to expand...

Sadly, this is the mentality thats killing BTC..
BTC will only flourish if people spend, Spend, SPEND..

As it is, with the limited amount of coin that there is, people that hoard them are only hurting their value..
From the moment the value skyrocketed and everyone saw it as a get rich quick scheme, people just started to hoard as much as they could in hopes the profit would go up.. and since EVERYONE is doing this, the value will never really go up unless some entity dumps a massive amount of cash into the trade.

Food for thought.
 
$4/BTC and this block from the deepest depths of hell make me :(
That and my hashrate somehow dropped to zilch.

Edit : ROFLcopter. Some dumba*s unplugged the router that's wirelessly bridging my miners to the internal network.
 
I've also stopped mining since yesterday. Sad to see how far the prices have dropped since the boom over the summer.
 
wow they did more than I thought. Every place the word bitcoin appears has been replaced with cosby coin. Some of the you tube videos that pop up are pretty funny. I enjoyed the fake "downloading wallet.dat" popup too.
 
Well damn.....when i finally mine my first coin the price of it drops 2 dollars yay!
 
I fell like I made out like a bandit lol. I bought a brand new MSI 890FXA-GD70, an Athlon II X2 250, 2GB of DDR3 and a 5870 for 30 coins(coins were ~$8.5). By today's prices I only paid $150 and I still have 15 coins left. I should've bought the 6870 he was selling me as well, but I didn't really have a place for it. The guy has been sending me a bunch of PMs asking me to make up the difference, I haven't replied lol.

What does [H] think I should do? Gain some karma and pay a little more or continue ignoring him :D
 
I would assume that is the risk you take with bitcoins. Lets say bitcoins actually went up in value! Do you think he would refund you the difference? No he wouldn't.

Don't give him anything :)
 
Lorien said:
I fell like I made out like a bandit lol. I bought a brand new MSI 890FXA-GD70, an Athlon II X2 250, 2GB of DDR3 and a 5870 for 30 coins(coins were ~$8.5). By today's prices I only paid $150 and I still have 15 coins left. I should've bought the 6870 he was selling me as well, but I didn't really have a place for it. The guy has been sending me a bunch of PMs asking me to make up the difference, I haven't replied lol.

What does [H] think I should do? Gain some karma and pay a little more or continue ignoring him :D
Click to expand...

tis the nature of BTC.. Im not gonna bitch about them going from 20$ to 5$, no one owes the the 15$ difference.. Its a market, and thats how it works.. Sorry bout his luck..
 
Lorien said:
I fell like I made out like a bandit lol. I bought a brand new MSI 890FXA-GD70, an Athlon II X2 250, 2GB of DDR3 and a 5870 for 30 coins(coins were ~$8.5). By today's prices I only paid $150 and I still have 15 coins left. I should've bought the 6870 he was selling me as well, but I didn't really have a place for it. The guy has been sending me a bunch of PMs asking me to make up the difference, I haven't replied lol.

What does [H] think I should do? Gain some karma and pay a little more or continue ignoring him :D
Click to expand...

LOL, yeah it's just one of those things. It could have easily gone the other way where they went up in price.
 
WhoBeDaPlaya said:
Don't even joke about that :(
I need it to stay around at least $2 to be not be losing my pants.
Click to expand...

Sadly, its a reality.. with how little people spend coins and all the people pulling out, and all the hit and runners.. Its likely gonna be pretty low for a while..
I need it to stay in the 3-3.50$ range to remain profitable.. however if a ton of people drop now, and value plummets, so will difficulty, giving me a chance to mine much more.. At some point in time BTC will hit an equilibrium, but its gonna be a VERY wavy battle.. I can afford to pay the electric even if the value is negative for a while, so im gonna remain in the race as long as I can sustain it..

Best thing you can do is to mine and spend regardless of what the price is..
If everyone hoards and no-one spends, you end up with worthless cryptocrap..
 
Evil Juggalo said:
I can afford to pay the electric even if the value is negative for a while, so im gonna remain in the race as long as I can sustain it..

Best thing you can do is to mine and spend regardless of what the price is..
If everyone hoards and no-one spends, you end up with worthless cryptocrap..
Click to expand...

Why not just buy them on the market instead of mining them and losing money?
 
I can make about 40-50btc/month with my rigs, costs $160-180/month in elec last month. Cheaper to mine, than to buy, even at $4/btc for me.
 
danman said:
Why not just buy them on the market instead of mining them and losing money?
Click to expand...

It hasnt hit that point yet, but it may still happen..
Really depends on how low the difficulty gets tho..

my 4 rigs cost roughly 150$/mo in electricity to run
mine roughly 60 coins a month
@ 3.50USD/BTC = 210$ Total income


But if BTC drops to 1$USD/BTC, but difficulty allows me to earn 200 coins, I still come out on top..

Its all just a matter of watching carefully.
Sitting on all your coins is about the worst thing you can do.. You might as well just give em to me if your not gonna use em..
 
Last edited:
Well holy shit, I just lost my second and my last ethernet port on my x58 sli to mining. I'm using working wires and no matter which port I put it in the orange activity light will not blink. It started off with one a few weeks ago and after new drivers and all of that I took out the i/o shield and revealed the second one. Was working fine until about a few hours ago.
 
master noran said:
Well holy shit, I just lost my second and my last ethernet port on my x58 sli to mining. I'm using working wires and no matter which port I put it in the orange activity light will not blink. It started off with one a few weeks ago and after new drivers and all of that I took out the i/o shield and revealed the second one. Was working fine until about a few hours ago.
Click to expand...

Shoulda bought Gigabyte! ;)
 
Lorien said:
I fell like I made out like a bandit lol. I bought a brand new MSI 890FXA-GD70, an Athlon II X2 250, 2GB of DDR3 and a 5870 for 30 coins(coins were ~$8.5). By today's prices I only paid $150 and I still have 15 coins left. I should've bought the 6870 he was selling me as well, but I didn't really have a place for it. The guy has been sending me a bunch of PMs asking me to make up the difference, I haven't replied lol.

What does [H] think I should do? Gain some karma and pay a little more or continue ignoring him :D
Click to expand...

Tell him you bought the coins when they were at $10 so you're already taking a loss. If he wanted $8.50 per coin he should have sold right after the transaction. Everyone knows bitcoins fluctuate in value.

Prices could have just as easily jumped to $20 and you wouldn't be whining for a refund.
 
Does this look Bullish? :p
bullish.png
 
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