BITCOIN - mining 4 a year now

Status
Not open for further replies.
Longover said:
I just liquidated all my worldly possessions and cashed in my USD for bit coins. Now what?
Click to expand...

Wow, really? Let's take a look at your gains!

For this exercise, let's use the price of $14.75 per coin as of June 12, 2011. Let's also assume, conservatively, that your worldly possessions and USD total $20,000 at the time of that post.

$20,000 / $14.75 per coin = 1355.9322 Bitcoin.

Now, let's take a look at today's price:
yOzWQus


Assuming you will lose some money in transaction fees, let's take 95% of 817.99 and use $777.09 per coin in your bank if you were to sell at this moment.

1355.9322 coins * $777.09 = $1,053,681.35

$20,000 to 7 figures in two and a half years...not bad!














Oh, the initial post was sarcasm? Well I'm sure you appreciated the five thanks way more than you would the $1,000,000+ if you had been serious.
 
Advertise on BHW
MrSmith said:
So Mt Gox got hacked and everyone started freaking. When they recovered the trading value was set @ 14 USD instead of the original 17.50 - Why? People are afraid and want to cash out ASAP. This currency is doomed. Senators are looking to get this currency banned; that means you won't be able to use sites that are based in the US or EU, when they start regulating and banning it in countries.
Click to expand...

"The currency is DOOMED." ROFLMAO...
 
Just watch the Documentary on Docmentaryheaven.com called Bitcoins: Bankers Worst Fear.
Intriguing to say the least!
 
eransacked said:
From the info I skimmed over in this thread:

It sounds like "BitCoin" is a marketing ploy by the graphics card companies, to increase sales and prey on those looking to make "money" online.

"Yeah dude, I work on the internet, yeah.. I got 6 new graphics cards that are mining virtual money bro... I can like.. but digital stuff with it. and like trade it.. and stuff.. "
Click to expand...

I wonder if this financial genius made an 800% profit on his investments over the last year.
 
This is torture to read about how low the prices were. It's also funny to see how sure people were that it would fail and be worth nothing. I'm pissed I didn't get in on it and always thought it was gaming money used in games and never really learned about it, ahh!
 
Any talk about bitcoin becoming banned by any government is ridiculous, it would be impossible to ban it, people just need to understand the architecture behind it to understand that.

I started mining about a month after bitcoin began after stumbling upon it and when a standard CPU did the job nicely. Mined 104, but then keeping up with other miners became expensive and it didn't seem worthwhile.

Wish I had continued mining, but I never sold any and still have them now.

Tempted to cash out but don't want to find out they're worth 5k etc in the future given how much the market fluctuates.
 
Why the hell someone would trade something with virtual money that doesn't have backups like gold ?
 
Because the bitcoin market is much more volatile, and therefore potentially much more profitable than the traditional currency markets/precious metal markets.

If you have money you can afford to lose then trading bitcoin is a fast way to quick and significant profits if you know what you are doing.
 
Do you actually make any money from mining Bitcoins? I just watched a vid and saw that a guy ran a pretty powerful setup for 1 week straight and made $3. Also to the guy who started this thread how much money did you make on your 1 year anniversary? Any others who have made decent money mining bitcoins let me know!
 
seocloaker said:
Any talk about bitcoin becoming banned by any government is ridiculous, it would be impossible to ban it, people just need to understand the architecture behind it to understand that.

I started mining about a month after bitcoin began after stumbling upon it and when a standard CPU did the job nicely. Mined 104, but then keeping up with other miners became expensive and it didn't seem worthwhile.

Wish I had continued mining, but I never sold any and still have them now.

Tempted to cash out but don't want to find out they're worth 5k etc in the future given how much the market fluctuates.
Click to expand...

Of course it would be impossible to completely outlaw it (drugs are a good example of this) but they can regulate it so much that it never reaches the point of mainstream adoption.
 
You are a bit wrong, if governments would have try to ban bitcoin then my guess market would have crashed. Why? Simple, a lot of people would be trying to cash out all their bitcoins in any way and all BTC would drop their value because the only people who owned BTC is a online shops (which would have close down due to new laws etc.). I mean how a currency which is backed by virtual mining can be cash out to physical money?

Someone said there can only 270,000,000 bitcoins. Say that btc = $2k as last time I checked it goes around 0.7k to 2k which give that value of all BTC would be 540,000,000,000 dollars. If people were to try cash out all their BTC where would those money came from?
 
AustBost10 said:
Do you actually make any money from mining Bitcoins? I just watched a vid and saw that a guy ran a pretty powerful setup for 1 week straight and made $3. Also to the guy who started this thread how much money did you make on your 1 year anniversary? Any others who have made decent money mining bitcoins let me know!
Click to expand...

I had the idea of mining Bitcoins back in College when the concept of bitcoins first appeared. With a $1,000 investment on a couple mining rigs and free internet/electricity in University housing I would have made out well. I won't forgive myself for passing that opportunity up. Now the risk/reward is too high
 
Why are all you people jumping in on something you have no knowledge of. As far as I understand bitcoin only holds its value due to processing power, as soon as people start to run away from, its value will decrease. Also just because someone says they make money, that doesn't mean they make money(show the proof and then believe)
 
Last edited:
06-11-2011, Ask anyone with a degree in economics and they will explain in great detail why Bitcoin is doomed to fail, even if it isn't made illegal in most of the world before then.

And please, nobody quote my post and be like 'ZOMG SHUTUP NOOBZ BITCOIN IS 4 LYFE!!!1!1!1!one!1!haxbbq!1!' because it's honestly not worth my bandwidth responding.

However, if you genuinely think otherwise and have a solid argument worth posing, I'm gladly up for a debate!
Click to expand...

...and 2 years later it's going strong.
 
It all looks over complicated and very game like, is there actually any money in this?
 
Ive been always wondering when is this bubble going to blop, or at what common value it will remain as stable. (Like USD vs EUR) or something like that. Right now it is very volatile, and the only thing I want to do is just focus on emerging cryptocurrencies that are just starting.
I guess I will be buying $100 USD for each cryptocurrencie, its like a bet, who knows?
What you all think?
 
I think the technology behind cryptos is great but there's a lot more improvements to be made. BTC right now is getting kicked straight out of china so its price keeps dropping but the US has started to make statements on how its is to be taxed which, even though right now it kills a lot of profitability, is a step in the right direction for legitimacy.
 
Advertise on BHW
Status
Not open for further replies.
Sign up now!

Main Menu

Home Main Forum List Black Hat SEO White Hat SEO BHW Newbie Guide Blogging Black Hat Tools Social Media Downloads

Marketplace

Account Selling Content / Copywriting EBooks / Methods Hosting Misc Proxies For Sale SEO - Link building SEO - Packages Social Media Social Media - Panels Web Design More

Making Money

Affiliate Programs Hire a Freelancer IM Journeys Making Money Pay Per Click Site Flipping Want to Buy

BlackHat World

Dispute Resolution Forum Suggestions & Feedback Introductions Lounge
Back
Top