Bitcoin - What Goes Up Must Come Down

Discussion in 'HardForum Tech News' started by FrgMstr, Feb 2, 2018.

  1. collegeboy69us

    collegeboy69us [H]ardness Supreme

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    That's the kicker though -- it's not a loss at all if/when that point arrives. You keep acting like people who run successful mining farms are losing out big time if they sell off hardware, they don't lose anything. And any money coming in from the sale of ex-mining equipment is just icing on the cake.

    I made the mistake of selling off my 1st gen mining farm back in the day it was a case of "i just want this stuff gone", not the case with farm 2.0 I currently run, live and learn.

    Your understanding and attitude about this facet of mining is like going to a garage sale and berating the owner for selling some Blu Ray movies for 25 cents a pop... do you think he actually cares about the price he sells them at? He just wants them gone and that's the same sort of situation some miners get to when they exit the market.

    I would highly suggesting picking up an economics book sometime to better understand things like ROI, break even points, or profit/loss analysis. At the very least... to understand what constitutes a loss
     
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  2. collegeboy69us

    collegeboy69us [H]ardness Supreme

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    From what I've seen here, on reddit, and various others spots online, the people that take that approach or view on the topic are the ones that missed the boat, and are too lazy to actually understand the numbers behind the things we do. The first thing I tell anyone who's even 1/2 interested in crypto is to start reading and build an excel spread sheet of what it costs to get in, what it generates, etc. It's oddly similar to a business plan. Combine this with their preconception that if you are mining you'd better be a millionaire in 30 days else it's a failed venture.

    Just like any other game in the world it's easier for them to sit on the sidelines and talk shit than it is for them to workout, study, or put in any effort to play the game themselves. The timeless classic are the kiddos that whine about not being able to buy a GPU... if they'd done some research 6 months ago and put in a little effort they could have had 10 GPU's at zero cost to them.
     
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  3. Sycraft

    Sycraft [H]ardness Supreme

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    Or maybe just maybe they've done one or both of the following:

    1) Looked in to it, the fundamentals, and realized there are none: That is is nothing but a speculative bubble, one that is based entirely on greed and that uses a ton of natural resources, and as such isn't something that is going to be sustainable. When it'll fall they don't know, but since they don't know that safer to just stay out.

    2) Evaluated the costs vs profits and determined that it is not worth their time. Maybe for some people making $5-10/day is an amazing amount but for others that is literally not worth the time it would take to get things set up. Even more so for larger scale operations that could generate more profit, but would require large upfront outlays.
     
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  4. WhoBeDaPlaya

    WhoBeDaPlaya 2[H]4U

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    Having done CPU, GPU and FPGA (Butterflylabs) BTC mining a couple of years ago,
    I was not very interested in participating this time around.

    Selling pickaxes (GPUs), or throwing some cash into the game here and there?
    Sure, but otherwise did not want the time / trouble of setting up a new mining operation.

    Admittedly, the software side is a helluva lot simpler than it used to be, but still.
     
  5. opfreak

    opfreak Gawd

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    And bitcoin/blockchain defenders have? Where?
     
  6. motomonkey

    motomonkey [H]ard|Gawd

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    So have we passed the time when "hobby" miners are wasting time? what is the serious mining rig now? multiple ASIC rigs and 6x 1080ti rigs?

    I know a lot of the Alt coins are still doable on a small scale. but what about ETH and BTC?

    Crypto feels like it is on the edge of a cliff, it's either going to go "legit" with rules and regulations and all that, or it's just going to go implode with boom bust cycles and scandal after scandal until it's driven underground and fades away.
     
  7. SomeoneElse

    SomeoneElse [H]ard|Gawd

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    Totally agree. We got to this point because they let speculators trade on this. Obviously if someone went all in when it 20K that was dumb, no stock of this type is a good investment (given its market history and short history at that). If you have bitcoin (which I do not) and got in at a much cheaper price. Id say like 2k or lower just hold on to it because you haven't lost any money and anything from here will go back up again. If you bought low to start, ride it a bit higher and jump ship when its high enough that you feel comfortable with. Otherwise its going to be a bumpy road because of how volatile it really is. This is because of how aggressive the Governments are getting against it and the fact that there was always from the beginning a set amount of bitcoin that would be produced.
    Hind sight is always 20/20. I was going to mine lightcoin back in the day but my rig couldn't handle it and crashed right away. I never attempted it from there. I wish I could have gotten it to work but I don't regret it that much since its nothing I actually lost. Its just more of a missed opportunity, in a lifetime of missed opportunities.....
     
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  8. triwolf

    triwolf Gawd

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    I'd like to call an "agree to disagree" to this thread. It's to the point that no one is going to change the other side's mind. Haters gonna hate.
     
  9. tacos4me

    tacos4me Gawd

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  10. natos

    natos Limp Gawd

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    I shouldn't have listened to any naysayers about possibly doubting the coin market....they are all now %40 higher and still gaining within the last week....Damnit!!!!
     
  11. tetris42

    tetris42 [H]ardness Supreme

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    I agree with you except for your last sentence. You're kind of conflating two different markets there considering how there are hundreds of millions of PC gamers. I think most of the people complaining about GPU prices don't care about cryptocurrency either way and are upset more about cards being drastically higher than the MSRB since nothing like this has ever happened across the board in the history of GPUs pretty much.

    What you're saying is sort of like people complaining that the price of milk went up to $20 a gallon and you're saying if they were smart and saw this coming, they could have started a cheese making business and had it pay for itself when really they just wanted some milk with their cookies and already spend their time working on other things not related to the cheese business.