BitCoin Insane profit!

I tried to get it at $260 but the damn Mt gox verification process is taking too long and now it's at $600

Nigel Farage said:

I don't understand how seemingly intelligent people can in good conscience make posts like this. No personal offense, but it's a classic example of an intelligent person assuming something and then basing an entire post on that assumption, which in this case is that the value of BitCoin remains relatively static. Sure, it will "never" pay for itself, nor even the electricity at $100, $1000 per BitCoin, but BitCoin is a dynamic variable in the equation.

What if the value of a single BitCoin reaches $10,000? $100,000? Is BitCoin mining a waste of money at that point?

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I don't understand how seemingly intelligent people can in good conscience make posts like this. The original poster is talking about the present value of bitcoins. At present, I can obtain one bitcoin either by mining it or by paying approximately $700 USD. If the electricity and use of equipment cost me more than $700, it will not pay for itself - the current price is indeed "relatively static." I can buy the bitcoin directly instead if I want to speculate on the future "dynamic" value. If I can sell a bitcoin later on for $10,000 that I can pay $700 or I can mine for $1000 in electricity in present value, then yes - BitCoin mining is still a waste of money at that point. With $1000, I could buy 1.43 bitcoins at market value - which apparently will be worth at least $14,300 in the future by your logic.

Does anyone here have any experience with cloud hosted bitcoin mining? I do know quite a few people that have sold off their ASIC rigs after the long wait because the new monarch is already being rolled out.

I wouldn't ever really do the butterfly labs cloud hosting but I've been looking into CEX.io, has anyone here tried them?

Bitcoin miners are basically a risky investment. You pick a price you think Bitcoin will be at in a month or two, then calculate how long it will take you to mine that much BC, and in most of my calculations, taking difficulty into account, it will take you 40-80 days to pay off your machine/electricity, and then it is profit - electricity costs.

BUT

If you buy a miner I think you're stupid.

1. What is the value of a currency that undergoes a 45% value change in a day?
2. Does paying .0023 BC for a burger make sense? Because Bitcoin production was created to execute on a logarithmic rate, meaning soon the number of Bitcoins will start to peak. Meaning the price theoretically should only increase...
3. You think the US Government will really not want a peek at Bitcoin? Right now there's no back door, the cryptocurrency is pretty much on autopilot, but the government isn't going to let that much tax revenue just slip away. Not to mention it is kind of undermining the value of the US dollar (which is why China is a fan).
4. Does a currency via the internet make sense when only 33% of the world has access to internet?

The idea of a bitcoin like cryptocurrency is fantastic, but governments aren't going to let it fly without modifications, and from what I understand it really can't be modified at this point. Not to mention it's kind of impractical at this point. 30 years from now I'd take it seriously, but it is just ahead of its time...

Now finally get Butterfly Lab machine running. 5GH/s produce around $2-3 dollar a day. That's too small. Now I guess I'll just use it as a small heater for this winter.

youssfy said:

After seeing this thread I opened BTC-e and was left off my chair seeing that BTC is now around 700$.

And happy that I have some BTC at BTC-e which I purchased for 70$/BTC

BTW, I have heard that mining now-a-days is really tough as you need very powerful HW.

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Nice holiday gift you got there from yourself. But take it off of the exchange. Always hold your own BTC or else you risk losing it.

I have a few hundred that I bought years ago.
Not sure what to do with all the potential profit and money now.

holyfckngshit ! 1 BTC = $768 USD OMFG , the last time I saw bitcoin it cost only $97/BTC mother of god -_- I wish I know how to play BTC :

AmateRasu said:

holyfckngshit ! 1 BTC = $768 USD OMFG , the last time I saw bitcoin it cost only $97/BTC mother of god -_- I wish I know how to play BTC :

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I remember the damn kids over on Hackforums said it was going to crash. I told them no, you can see the formation of an uptrend forming... oh did it go up! November first, this kid said it was going to go down in 1 day or two. Duhh...

Anyhow, I sold my 0.65 for 233, and now I could get around $550. I'm in a boat of regret! I thought I needed it for something and no longer needed it, so I said to myself, let's sell it back to my bank account. I wish there was a reverse button haha.

Man! It's just constantly rising right now.

Man you guys missed the boat with regards to BTC. Try investing when it was still under $20-$30 per coin. With a size-able amount of money.
Honestly I wouldn't waste your time, energy or money in trying to mine. Its essentially a waste of time unless you already have some serious hash power and can operate your rig for as little as possible.
You would just have to hope that either the speed of difficulty drastically goes down or slows down for that matter. Or that bitcoin goes up to 3-4k+ per coin.

I had bought 1.86 bit coins for 258$ spent them to buy my Laptop
i wish i had those coins now

It's never late to buy some...and you can also buy Litecoins, which which will reach their prime time as well.

Now, it is only a matter of time, when better crypto will be introduced, and when BTC will be forgotten. That's why I don't recommend it as investment at all.

closedCaption said:

It's never late to buy some...and you can also buy Litecoins, which which will reach their prime time as well.

Now, it is only a matter of time, when better crypto will be introduced, and when BTC will be forgotten. That's why I don't recommend it as investment at all.

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Anything that "better crypto" implements will more than likely be implemented into Bitcoin if its a good feature. Bitcoin has first mover advantage as well as a huge following vs the runner up at the moment. So the network effects of being in the number 1 spot are pretty big. Also there is tons and tons of development for Bitcoin right now including new protocols which are being developed on top of Bitcoin. For example, Mastercoin which is being built on top of bitcoin gives you many new features and reasons to stick with Bitcoin.

You are still able to buy Bitcoins if you want. You can just buy a fraction of one, you don't have to buy a complete Bitcoin. I feel like it's still a safe investment to make, just make sure you don't panic sell. The best strategy for now would to be buy and hold.

I wish I had brought more...i only brought 1 bit coin for $124.00 and sold it for $818.00 well that's how much it was after the fees, if it drops again ill more then likely buy 6k worth and hold.

I started with Bitcoins around October, I've made 3k pure profit so far. I can scale it up if anyone wants to JV and invest.

Mining bitcoins does not seem very glamourable to me even with a good rig.

But boy am I mad for not seeing the potential money making that I could have made if I had brought bitcoins for $5 when they were priced around there and held them until now.

I setup my bitcoins mining USB hardware too. I'm using bi*fury if anybody need help with set things up. PM me.

I know about those developments, but there are some tech limitations regarding whole p2p nature that makes it unsuitable for large scale deployment. So far it is holding it's ground very well, but the trouble is that new kid in town will
replace it almost instantly.

Patel said:

Anything that "better crypto" implements will more than likely be implemented into Bitcoin if its a good feature. Bitcoin has first mover advantage as well as a huge following vs the runner up at the moment. So the network effects of being in the number 1 spot are pretty big. Also there is tons and tons of development for Bitcoin right now including new protocols which are being developed on top of Bitcoin. For example, Mastercoin which is being built on top of bitcoin gives you many new features and reasons to stick with Bitcoin.

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