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Paul&John

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#1

Bitcoin - buy or sell?

03-13-2014, 12:40 AM

Hi!

So its going up and down between 600-700$/btc.. wtf, it should be more volatile then that.. sold a little at 700$ so I don't know what to do now.. or look for other alt coins?

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#2

03-13-2014, 12:53 AM

Buy coins and put it in bitfinex and do some margin trading to take advantage of price swings.
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Paul&John

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#3

03-13-2014, 01:15 AM

I've used bitstamp, but the problem is that, the swing is pretty low.. mainly from 630 to 670 or so..

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jscott

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#4

03-13-2014, 01:20 AM

I'm not going to stress anymore. If below $600 I'll always buy. Otherwise no need to constantly check the value, I plan to hold for a long long time

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#5

03-13-2014, 01:24 AM

Buy an scrypt ASIC and mine altcoins. They're about $250-$280 right now and will mine at 0.4MH/s, drawing fuck all electricity (compared to a GPU). If you choose the right mix of altcoins, you can pay back your purchase price within about 90 days, and if you choose to speculate with ones that aren't yet listed on exchanges you could be lucky and have one break out (throw various pieces of shit at the wall, and hope some sticks.)
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woj

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#6

03-13-2014, 04:36 AM

Originally posted by rowan

Buy an scrypt ASIC and mine altcoins. They're about $250-$280 right now and will mine at 0.4MH/s, drawing fuck all electricity (compared to a GPU). If you choose the right mix of altcoins, you can pay back your purchase price within about 90 days, and if you choose to speculate with ones that aren't yet listed on exchanges you could be lucky and have one break out (throw various pieces of shit at the wall, and hope some sticks.)

.4 is fuck all, that's about $50/month so would take 5-6 months to break even in the best case scenario.... but since difficulty will likely rise significantly in that time frame, realistically you are looking at more like 10-12 months to get your investment back and by that time the difficulty will likely be so high that the hardware will be worthless...

Last edited by woj; 03-13-2014, 04:43 AM.

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#7

03-13-2014, 04:47 AM

Just buy buy buy and wait
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#8

03-13-2014, 05:02 AM

Originally posted by woj

.4 is fuck all, that's about $50/month so would take 5-6 months to break even in the best case scenario.... but since difficulty will likely rise significantly in that time frame, realistically you are looking at more like 10-12 months to get your investment back and by that time the difficulty will likely be so high that the hardware will be worthless...

you are only basing that on BC alone though, he mentioned alt coins. It's more speculative, sure, but far from the worst idea i've heard on the subject.

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woj

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#9

03-13-2014, 05:13 AM

Originally posted by PR_Glen

you are only basing that on BC alone though, he mentioned alt coins. It's more speculative, sure, but far from the worst idea i've heard on the subject.

I'm not basing it on btc... mining established alt coins with that hardware will earn about $50/month... unless you mine some really obscure one and happen to get lucky... but then it's no longer a business/investment, it's more like gambling..

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Paul&John

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#10

03-13-2014, 06:34 AM

Originally posted by woj

I'm not basing it on btc... mining established alt coins with that hardware will earn about $50/month... unless you mine some really obscure one and happen to get lucky... but then it's no longer a business/investment, it's more like gambling..

then it's maybe better to buy up some alt coins for a few hundred total and see maybe one rises like btc

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#11

03-13-2014, 06:43 AM

Originally posted by Paul&John

I've used bitstamp, but the problem is that, the swing is pretty low.. mainly from 630 to 670 or so..

He's talking about high frequency trading of alt coins with your bitcoins.

If you are selling BTC right now you will be sorry in less than a year. Wallstreet is getting involved in a big way. Price will soar soon.

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#12

03-13-2014, 06:45 AM

Originally posted by rowan

Buy an scrypt ASIC and mine altcoins. They're about $250-$280 right now and will mine at 0.4MH/s, drawing fuck all electricity (compared to a GPU). If you choose the right mix of altcoins, you can pay back your purchase price within about 90 days, and if you choose to speculate with ones that aren't yet listed on exchanges you could be lucky and have one break out (throw various pieces of shit at the wall, and hope some sticks.)

Where are you getting scrypt ASICs from. All I have seen are vapourware

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Paul&John

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#13

03-13-2014, 08:55 AM

Originally posted by DAMNMAN

Wallstreet is getting involved in a big way. Price will soar soon.

Any link to that?

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rowan

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#14

03-13-2014, 09:16 AM

Originally posted by woj

.4 is fuck all, that's about $50/month so would take 5-6 months to break even in the best case scenario.... but since difficulty will likely rise significantly in that time frame, realistically you are looking at more like 10-12 months to get your investment back and by that time the difficulty will likely be so high that the hardware will be worthless...

You're probably thinking of BTC and its ever increasing difficulty.

There's a new scrypt altcoin (shitcoin) released pretty much every day. If you choose the right ones, they are profitable. You don't need to think about difficulty in 6 months because you will have moved onto another new coin long before then.

BTW, if you're only making $4 per megahash per day with scrypt you're not doing it right.
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#15

03-13-2014, 09:20 AM

$50 a month mining bitcoin?

What planet are you people living on, if you join a good pool you can make much more than that, we're at Slush's pool mining and we're clearing almost $350 a month at the moment, before difficulty increased we were clearing over $450.

That's running several ASICs with a combined hashing power of roughly 50-60mhs.

Yes, the time it takes to break a block is increasing dramatically, but if you work smart about it, you can still make a good chunk of change.

There are also other coins we can mine with these ASICs once BTC difficulty surpasses the point of diminished return.

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woj

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#16

03-13-2014, 09:41 AM

Originally posted by rowan

You're probably thinking of BTC and its ever increasing difficulty.

There's a new scrypt altcoin (shitcoin) released pretty much every day. If you choose the right ones, they are profitable. You don't need to think about difficulty in 6 months because you will have moved onto another new coin long before then.

BTW, if you're only making $4 per megahash per day with scrypt you're not doing it right.

What coin can you mine right now that will get you significantly more than $4/MH/day?

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#17

03-13-2014, 09:42 AM

Originally posted by Wellness Cash

$50 a month mining bitcoin?

What planet are you people living on, if you join a good pool you can make much more than that, we're at Slush's pool mining and we're clearing almost $350 a month at the moment, before difficulty increased we were clearing over $450.

That's running several ASICs with a combined hashing power of roughly 50-60mhs.

Yes, the time it takes to break a block is increasing dramatically, but if you work smart about it, you can still make a good chunk of change.

There are also other coins we can mine with these ASICs once BTC difficulty surpasses the point of diminished return.

$50 mining scrypt based coins with a hardware that is only .4MH/s...

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#18

03-13-2014, 09:44 AM

Dump it for whatever you can get for them and chalk it up for retardation.

Bitcoins will be like "huh? wtf is that" inside of 18 months.

Don't be stupid.

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#19

03-13-2014, 09:49 AM

Originally posted by Harmon

Dump it for whatever you can get for them and chalk it up for retardation.

Bitcoins will be like "huh? wtf is that" inside of 18 months.

Don't be stupid.

So 18 months, means September 14th, 2015? Want to stand behind your words and place a bet?

If bitcoin is under $500 at that time, I pay you $100

If bitcoin is over $500 at that time, you pay me $100

Simple, small, but fun little bet

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#20

03-13-2014, 10:11 AM

We're stuck here until there's news. Most alts are suffering as well. Will we get good news or bad?

If you've played it right, you're sitting on 'house' money so no worries.


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See Cig

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#21

03-13-2014, 10:15 AM

Originally posted by jscott

So 18 months, means September 14th, 2015? Want to stand behind your words and place a bet?

If bitcoin is under $500 at that time, I pay you $100

If bitcoin is over $500 at that time, you pay me $100

Simple, small, but fun little bet

im with jscott if youd like to make it it 200.

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#22

03-13-2014, 10:15 AM

I'd dump it and move on. If you're just into investing, there are plenty of things to put your money into that arent based on videocards solving math problems.
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#23

03-13-2014, 10:38 AM

Originally posted by jscott

So 18 months, means September 14th, 2015? Want to stand behind your words and place a bet?

If bitcoin is under $500 at that time, I pay you $100

If bitcoin is over $500 at that time, you pay me $100

Simple, small, but fun little bet

Totally. I'm in.

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jscott

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#24

03-13-2014, 10:46 AM

Originally posted by Harmon

Totally. I'm in.

Perfect, thanks man i'll bookmark this thread and note in calendar to check back around that time, we pay via one of the 3p's ok?

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#25

03-13-2014, 03:03 PM

Originally posted by woj

What coin can you mine right now that will get you significantly more than $4/MH/day?

That would be telling. ;)

There's one I'm mining now that is getting me around 0.011 BTC per MH per day, but that's just from a quick hunt. I'm sure there's better. I'm working on automating the whole process, which will be able to choose the best coin to mine.

Big multipools can't jump on the obscure coins because they'd absolutely obliterate them - some of the coins I mine have very low exchange volume - but there's nothing stopping a smaller miner from switching around...
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#26

03-13-2014, 03:06 PM

Originally posted by Harmon

Totally. I'm in.

Congrats on cash
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#27

03-13-2014, 03:25 PM

Originally posted by Harmon

Totally. I'm in.

Bitcoin has too many things going for it to hit rock bottom that soon. I am thinking about 3 years from now but I think it will be a close bet in 18 months for either one. 3 years from now I would bet 10K it is under. 12 months from now I would bet it is over 1K

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#28

07-10-2014, 07:08 PM

Originally posted by mineistaken

Congrats on cash

Would you like to take the same bet?

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#29

07-10-2014, 07:40 PM

Originally posted by jscott

Would you like to take the same bet?

He'd have to find $100 first. He seems to be on the wrong end of every crypto-currency prediction so far.
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jscott

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#30

07-10-2014, 07:44 PM

Originally posted by edgeprod

He'd have to find $100 first. He seems to be on the wrong end of every crypto-currency prediction so far.

Ya lol, i guess i'd be wrong to be betting this guy.... same as stealing i guess

Minnniestaken how about just for fun friendly bet, $1 ok? and after you lose, i'll even not make you pay it, hows that?

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#31

07-10-2014, 11:58 PM

Buy and hold!

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#32

07-11-2014, 01:05 AM

Originally posted by rowan

BTW, if you're only making $4 per megahash per day with scrypt you're not doing it right.

Only 4 months later - how things change. These days you'd be lucky to make $1 per scrypt megahash. But of course the overall cost of hashing is much lower. With the amount I've paid for about 3.5MH/s worth of ASIC power between about February and May this year I could now buy 25MH/s+. There are now 500MH/s units available.
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