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TechnoDonut
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61 - 09-17-2017, 09:36 AM
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Originally Posted by Odio View Post
For every person who makes money in this way, I'll wager there's 10 who lose.
 
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Zanthious
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62 - 09-17-2017, 09:49 AM
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yeh but to be fair i never met a rich guy (not from inheritance) who played it safe.
 
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Brasstax
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63 - 09-17-2017, 10:09 AM
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Most folks I know who have been "rich" for any amount of time share the same characteristics. Let me add that I know some complete dickholes who I choose not to associate with.

At some point in their life - they took a risk with their own assets. They followed their heart and made an investment in something they truly believed in.

All of them have an llc or corp.

All of them are conservative with the majority of their assets.

All of them take calculated risks with their "play" money. Mostly because they want to feel good about themselves and get some satisfaction out of making money by making conscientious investments. Money becomes just a scorecard for certain things.

Most of them are very generous and give to charity / help others. Partly because there is a tax benefit and mostly because they want to be the kind of people that help.

They all have a ruthless streak when it comes to business. Some more than others. But when the chips are down - they are looking out for #1 and that's them.

A large majority of the people I know turn out to be pretty frugal but have a passion for really expensive toys/things. The reason why? At some point, most people realize that happiness has very little to do with wealth and more to do with being happy with what you have. Also - what you do for others or leave behind. There is great satisfaction in that.

New wealth is kinda funny to watch. Like a combination of puppies and a firework show.

God Bless America
 
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Last edited by Brasstax; 09-17-2017 at 10:33 AM.
TechnoDonut
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64 - 09-17-2017, 10:59 AM
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Originally Posted by Zanthious View Post
yeh but to be fair i never met a rich guy (not from inheritance) who played it safe.
Of course, but taking out a HEL on your home to buy Bitcoin is idiotic.
 
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Zanthious
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65 - 09-17-2017, 11:02 AM
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Originally Posted by TechnoDonut View Post
Of course, but taking out a HEL on your home to buy Bitcoin is idiotic.
while i agree, pump and dump on alt coin is pretty common.. If he bought to double or triple on pump n dump *shrug*


tons of ppl will forgo paying off a house loan and putting it in the stock market. Altcoins have been paying WAY better than the stock market...

But yeh. 300k loan of any kin to buy BTC on a hunch is ****ing dumb lol. Some people get lucky..
 
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Federere
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66 - 09-17-2017, 11:06 AM
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Originally Posted by ArakAtak View Post
Can you mine these things without internet access? Or without permanent access at least?
No and it's more about having a stable connection than just a fast one (cellphone would suck)
 
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HumDumpin
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67 - 09-20-2017, 07:41 PM
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Dentacoin *****es, get sum
 
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Edofnor
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68 - 09-20-2017, 10:49 PM
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dental loins, *****es, get sum
 
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houston
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69 - 09-22-2017, 03:52 PM
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ordered a miner, getting started next week
 
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Zanthious
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70 - 09-22-2017, 04:12 PM
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what kind of miner?
 
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ArakAtak
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71 - 09-22-2017, 04:13 PM
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houston
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72 - 09-22-2017, 04:24 PM
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Originally Posted by Zanthious View Post
what kind of miner?
Antminer L3+

I have low kWh at my office and a perfect setup for heat/noise. If the first month looks good I'll scale up to 5 units. If it fails I'll probably sell the L3+ for double what I paid and just buy & hold with that profit.
 
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Zanthious
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73 - 09-22-2017, 04:48 PM
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yeh.. the noise and price tag on it is what is holding me back. They amount of cash they make though...
 
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houston
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74 - 09-22-2017, 04:51 PM
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Will update, still waiting for China DHL
 
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ArakAtak
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75 - 09-22-2017, 07:06 PM
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So when I look at the calculators for these things. Running a 500 MH/S unit generates about $400 / month at the best, if you pay nothing for power.

How do they actually make money? It would take about 1 year to recover the cost of the miner, more if you pay for electricty. I'm sure the earning rate drops quite rapidly too, wouldn't it be obsolete in about 3 months?
 
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houston
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76 - 09-22-2017, 08:39 PM
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thats if you're hashing BTC, smarter to hash scrypt

scrypt switches your mining around to whatever coin is most profitable. BTC is rarely the most cost effective coin to mine. Alt coins hash at lower difficulty and you cover power conversion fee to BTC, power, and bring in maybe 900/mo at 500 mhs current difficulty.
 
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ArakAtak
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77 - 09-22-2017, 11:54 PM
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Oh ok - I looked at a calculator for all sorts of coins and the best seemed to be about $450/month.

I wouldn't mind getting 10 of them, water cooling would be nice. The noise would be a problem if I put them on the roof at work.
 
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HumDumpin
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78 - 09-23-2017, 07:45 AM
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Quote:
Originally Posted by ArakAtak View Post
Oh ok - I looked at a calculator for all sorts of coins and the best seemed to be about $450/month.

I wouldn't mind getting 10 of them, water cooling would be nice. The noise would be a problem if I put them on the roof at work.
There are two factors coming into play here, when you get paid in BTC for mining altcoins. One is your hashrate, which only changes if your hardware is throttled or drivers/mining software changes. Hashrate then determines your rate of altcoin mining, which can be paid out in BTC, so with the constant value of BTC/Altcoins changing sometimes its waay more profitable to do one altcoin than the other during these currency value spikes.

Then, if you want to look at dollars/day, that is dependent on the BTC/USD value that day. As a result, you get these wild spikes and troughs of profitability when the value of altcoins changes, and a wild spike in Dollars/Day profitability as BTC/USD values change.

So most reliable way to judge is hashrate, the least reliable way to judge is USD/period of time. As others have said, its volatile and you're hedging a bet that this antminer will pay for itself before altcoin values drop below their cost in electricity to produce. Those calculators don't really show you the whole picture but its a decent estimate.

The nice part about an antminer i suppose is that you don't need to hunt down a half dozen graphics cards of the same type.
 
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houston
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Old
79 - 09-23-2017, 01:35 PM
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ASIC >>>>> GPU
 
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triple
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Old
80 - 09-23-2017, 01:45 PM
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yeah years ago when bitcoins weren't worth ****

I lost the paper key I wrote down, probably had 20-30 bitcoins on it
 
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