The end of Bitcoin or take over by Big Money

[ftizzlefry]

Did he show you proof that he bought at a bottom and sold at a top with that $5k?

Bitcoin to me right now is like many other things I may or may not throw a few bucks at as a speculative play - if I ever did throw a few bucks in it, it would just be with a very, very small amount of my $ that would be $ I wouldn't be afraid of losing totally. Like a few penny stocks here and there that look very promising but could prove worthless due to empty oil wells, failed drug trials, accounting fraud, or any of a number of other reasons.

It's largely a question of valuation for me. I'm not much on charts and technicals.

How do you value the investment? I can always measure revenue growth, earnings, margins, cash flow, etc with a stock. Or credit worthiness / risk with a bond. Demand with oil, gas, real estate, etc. Gold is a hedge and an alternate form of currency with real value and liquidity.

If it's difficult or impossible to estimate value, supply / demand, etc, it's a speculative play for me that I may or may not throw a few bucks at here and there. But NOT something I'm putting much into if I do play it. Be careful!

No he didnt, i didnt ask. He may have exaggerated i suppose. I dont play with my hard earned dollars in any game unless im sure of the outcome. Good info though thanks

 

[prime]

I'm currently 691% up but I didn't invest that much. Right after the cypress crash when it peaked at $266, I got in at $94. Bought a small amount at $400 as well

 

[macgyver]

I am about 1/2 way to recouping my investment of about 10k at 2.5months in. To me, it was an investment where I knew I could 'lose' everything and I was comfortable with that. (this has been a fun hobby and continues to be)

Really my 'investment' is paid off and then some if I sold my equipment (which is in VERY high demand right now). Hell, I would probably turn a nice profit if I just sold it all and kept all the coins.

I am expecting my payoff to be more towards the end of 14. (remember I am playing Litecoin heavily, which is the #2 crypto coin). It is VERY undervalued and still practical to mine for the individual.

I am not expecting anything crazy, but even if Litecoin only hits half of expected value (which should be in the range of 25% the value of bitcoin, the payoff will be big. I should to have close to 1000 litecoins by then at a value of anywhere between 50 and 150 (or more if bitcoin hits 1000 again it would possibly be 250 range.). If it pays off....it will have been something fun to do.

My real income in made in realestate, and construction so this is a cool hobby to have. If it goes to crap....then it was not a huge gamble.

 

[Dex]

So you've lost 5k on Bitcoin?

 

[macgyver]

So you've lost 5k on Bitcoin?

Are you talking to me?... I am assuming.

No I have not made or lost any money on bitcoin. I am going after the secondary market. I am also going after it from a mine/trade angle. (meaning I am producing all the coins I trade with).

I did not use a cash investment to buy coins. Instead, I invested money, and built mining rigs, which I am now operating and they are producing coins daily. I also trade when it looks like I can make a profit on margins.

So no, I have not made any profits yet at the 2.5 month mark. But if I sold all my equip, I would easily be well in the black. I dont plan on doing that though..... I am going to let them mine away and keep on producing for me. By years end, I am hoping for 800-1000 coins. (todays value only 16k but could be worth 100 to 150k by then.....who really knows?)

I will be even in another 1.5 months (if litecoin stays at 16-17). I am pretty sure it will be a good deal higher then that though . Actually, put a few buck in litecoin and then see me in two weeks from now. I think you will be a happy guy (yes something big is getting ready to happen).


That is not to forget the equipment I have still has value too. Even at $.50 on the dollar. This is far from a 'red or black' bet for me.

 

[prime]

MacGyver, have you considered mining in a multi pool? Those pay back in btc and more profitable than if you just stuck to mining a single coin. You could in turn then buy more Litecoin with the btc than you could of just straight mining.

Currently ltc is trading 39 to one bitcoin but I've seen it range from 25 to 55. If you see great longterm in ltc you could keep a btc bankroll and buy ltc when the ratio is in your favor like 39 to 45 when it's under valued.

 

[macgyver]

MacGyver, have you considered mining in a multi pool? Those pay back in btc and more profitable than if you just stuck to mining a single coin. You could in turn then buy more Litecoin with the btc than you could of just straight mining.

Currently ltc is trading 39 to one bitcoin but I've seen it range from 25 to 55. If you see great longterm in ltc you could keep an btc bankroll and buy ltc when the ratio is in your favor like 39 to 45 when it's under valued.

I tried several multi-pools and I am convinced the ones I tried (especially the biggest "multipool" is a scam). I keep close stats of my rigs and I know what they produce. I also have two rigs which are 'clones' that I can use to compare pools.

I was mining doge with Multipool and was only getting 70% of what I should have gotten (mining directly with dogehouse). I made a good hit on Doge for a while. I was making 3:1 mining it and selling for LTC.

I know I could play the margin a little with BTC, but I am a big believer in LTC longer term. I know (I feel I do ) that something big is going to happen and the room for growth is there in LTC much more so then BTC. Currently LTC is VERY undervalued.

If you saw the spike earlier this week that was BTC China adding it to their exchange. There is a BIGGER fish coming soon. Huobi. Lots of LTC rumors. If true....you will see a big jump. Once it is on a big enough Fiat exchange, coinbase is next. When (and if) that happens, LTC will be over $100 (with BTC at 600). If BTC is back at 1000, LTC should be 200-250.

Watch the next few weeks. LTC will spike big, small selloff after and new setpoint. Increase in the ratio of LTC:BTC as well.

Love to hear your thoughts.

 

[prime]

One of the guys in a pool was slinging 450Mhash of gpu power.

 

[prime]

I like ltc as well. It was trading at $40 a while back and I could never figure it out completely why it spiked like that.

Main focus is btc in terms of mass adoption and If it settles down I can't see a reason why ltc couldnt exist alongside btc commercially.

Definitely need multiple crpyptos in the transfer of funds between exchanges or you'd be at a standstill with arbitrage.

 

[macgyver]

One of the guys in a pool was slinging 450Mhash of gpu power.

That is A LOT.... I have 11.5. Buddy of mine with a bunch of 290x rigs has 20.5. I think he just passed about 22k invested. He went a little crazier then I did . He had to bring in a separate 200a service to run them. He runs an internet business, so he had the room at his warehouse.


My big issue will be summer cooling. I am thinking I am going to build a liquid immersion coolers. (basically I am going to dump everything in mineral oil with pumps and radiators). One giant liquid cooler. It is about 10,000 btu/ hr in heat put off, so I could AC it, but that would run me about $120 extra a month in electric.

 

[prime]

That is A LOT.... I have 11.5. Buddy of mine with a bunch of 290x rigs has 20.5. I think he just passed about 22k invested. He went a little crazier then I did . He had to bring in a separate 200a service to run them. He runs an internet business, so he had the room at his warehouse.


My big issue will be summer cooling. I am thinking I am going to build a liquid immersion coolers. (basically I am going to dump everything in mineral oil with pumps and radiators). One giant liquid cooler. It is about 10,000 btu/ hr in heat put off, so I could AC it, but that would run me about $120 extra a month in electric.

What would be the alternate to immersion? An Ac unit for the room? How much for electricity there? Mine is 36.5c a kw.

 

[macgyver]

What would be the alternate to immersion? An Ac unit for the room? How much for electricity there? Mine is 36.5c a kw.

Alternate plans are fans, or a small AC enclosure around rigs running a small ac unit.

HOLY CRAP you have expensive power. I am not bad a .12/kh. Not great...but not bad. Too bad we are not out west in states with good hydro. They get power as cheap as $.05/kwhr