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Anyone into bitcoins?


Jewtoys

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I'm about to throw a grand at it and see if it sticks.

 

I was just thinking the exact same thing, or maybe hedge a little bit and put a few hundred into a few of the big cryptocurrencies, maybe something less in some of the smaller ones?

 

One of my coworkers is talking about 'taking a sizable loan out of his 401k' to invest into bit coin, because he is convinced it will go to $100k+/bitcoin by 2030 based on an article he read. :dumb: He's also talking about moving it around the different cryptocurrencies on a regular basis, sounds like basically day-trading in cryptocurrencies.

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Day trading in currency is a fantastic way to make your money make money but I promise you there's almost nothing more stressful. With markets open and moving all day every day around the world you can go to sleep wake up and have lost huge sums. Your life style changes, your timing changes, your stress levels change, you can never disconnect for fear of missing a positive or negative movement across the world that you are buying/selling/parking in. Know more than a few people who have done very well at it but most get out and buy a few toys and "settle down" before their brain melts out an ear hole.

 

Bitcoin buying while stressful due to no tangible piece to touch or obvious value is considerably easier to deal with. And with the freight train of a run its on lately you can certainly be forgiven wanting to jump in now. Keep in mind though only risk "play money" unless you are willing to start your personal financial empire over again if things go sideways

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What fucking planet are there people on?

 

What times are we in that "currency biased on, well, nothing but "data", is targeted to be valued at 300k LOL

 

Dude, I’m not a believer either, but I’ll be really happy if it get to $50k.

 

And as of now, what’s the US currency is base on? Promises?

 

The way I see it and is, there will be only 21 millions bitcoins but there are SEVEN BILLIONS plus people on this Earth. You do the math.

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Dude, I’m not a believer either, but I’ll be really happy if it get to $50k.

 

And as of now, what’s the US currency is base on? Promises?

 

The way I see it and is, there will be only 21 millions bitcoins but there are SEVEN BILLIONS plus people on this Earth. You do the math.

 

Its based on the strength of the US economy. 241 years of work, hard work. Its based on the desire for people to live in it, and exchange products/commodities/assets within it and outside of it. The Dollar is controlled, its monitored, and the best part is YOU CAN PUT IT IN YOUR HAND.

 

This thing exists only has a set of data points on the internet. Its literally make believe.

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Its based on the strength of the US economy. 241 years of work, hard work. Its based on the desire for people to live in it, and exchange products/commodities/assets within it and outside of it. The Dollar is controlled, its monitored, and the best part is YOU CAN PUT IT IN YOUR HAND.

 

This thing exists only has a set of data points on the internet. Its literally make believe.

 

Im still going to work six days a week. I’m just buying one Bitcoin to save for my family. I’m not in it to get rich quick. And if there are people out there that believe this Earth is flat, anything is possible. And yes, Bitcoin has just hit $10,000 mark.

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And there's a machine I can buy to produce 2 coins a day? What's the initial investment and cost to run? ( I have zero computer background or knowledge )

 

I just did 5 minutes of google research, some calculations, and the result is = you are a potato.

 

My quick image is you would need something roughly in the supercomputer realm (maybe many of them) to get 2 BTC/day.

 

You would need about 167 of Antminer S9's according this article. https://www.bitcoinmining.com/bitcoin-mining-hardware/

Which would put you back roughly 1/3 of a million dollars, assuming the cost ~$2k like that article says. But, they would pay for themselves in 16 days?

Quite possibly the bigger issue is you would need 225Kw of power to run all of them. Just as a point of reference, you're house assuming a 200amp service has 48kw running to it, so you would need all of the power running to you and 4 of your mostly friendly neighbors power to run all of them.

 

The S9 miner price might be $3k now, so the up front cost would be closer to a cool half a million doll hairs.

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I just did 5 minutes of google research, some calculations, and the result is = you are a potato.

 

My quick image is you would need something roughly in the supercomputer realm (maybe many of them) to get 2 BTC/day.

 

You would need about 167 of Antminer S9's according this article. https://www.bitcoinmining.com/bitcoin-mining-hardware/

Which would put you back roughly 1/3 of a million dollars, assuming the cost ~$2k like that article says. But, they would pay for themselves in 16 days?

Quite possibly the bigger issue is you would need 225Kw of power to run all of them. Just as a point of reference, you're house assuming a 200amp service has 48kw running to it, so you would need all of the power running to you and 4 of your mostly friendly neighbors power to run all of them.

 

The S9 miner price might be $3k now, so the up front cost would be closer to a cool half a million doll hairs.

 

If I had $500k to burn, I would buy a warehouse and these computers and start doing this immediately.

 

You'd be a billionaire in no time.

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If I had $500k to burn, I would buy a warehouse and these computers and start doing this immediately.

 

You'd be a billionaire in no time.

 

I'm seriously thinking about buying one of the miners after reading a few articles. With one of those S9's you'd spend $3k on the machine, $1.5k on power for a year, and end up with 4.3 BTC, about $40k worth of BTC. Am I missing something? Yeah, the computing will get harder over time, but not exponentially harder in 1 year right?

 

Edit: Is this calculator correct? https://www.buybitcoinworldwide.com/mining/calculator/

13.5TH/s (Antminer S9 rate) would only get you 0.5 BTC/year at the current difficulty rate?

 

Edit 2: Bitcoin computing power is growing at 0.5% per day (your miner mines that much less/day), but price is going up (makes what you mine worth more). The calculus is a little difficult to see profitability or not with these miners. I'll have to dig into it some more later.

 

Edit 3: My previous post calculation of 167 S9's was based on 'old' info. Assuming the calculator I just posted is correct, you would need a lot more than that now, maybe about 1,500 of them to get 2/day, but that only works for today and you'd get ~1.99 tomorrow, and about 1.98 the next day... I think. But, you'd need about 2Mw of power for those. :lolguy:

 

That amount of power looks like this, by the way.

http://www.cumminspowerblog.com/en/files/2012/08/Screen-shot-2012-08-27-at-1.46.19-PM.png

Edited by Trouble Maker
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I just did 5 minutes of google research, some calculations, and the result is = you are a potato.

 

My quick image is you would need something roughly in the supercomputer realm (maybe many of them) to get 2 BTC/day.

 

You would need about 167 of Antminer S9's according this article. https://www.bitcoinmining.com/bitcoin-mining-hardware/

Which would put you back roughly 1/3 of a million dollars, assuming the cost ~$2k like that article says. But, they would pay for themselves in 16 days?

Quite possibly the bigger issue is you would need 225Kw of power to run all of them. Just as a point of reference, you're house assuming a 200amp service has 48kw running to it, so you would need all of the power running to you and 4 of your mostly friendly neighbors power to run all of them.

 

The S9 miner price might be $3k now, so the up front cost would be closer to a cool half a million doll hairs.

 

I'm seriously thinking about buying one of the miners after reading a few articles. With one of those S9's you'd spend $3k on the machine, $1.5k on power for a year, and end up with 4.3 BTC, about $40k worth of BTC. Am I missing something? Yeah, the computing will get harder over time, but not exponentially harder in 1 year right?

 

That’s article is dated. As of now, you’ll be lucky to get 1 Bitcoin in a year with the S9. Still profit, but not as much.

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That’s article is dated. As of now, you’ll be lucky to get 1 Bitcoin in a year with the S9. Still profit, but not as much.

 

You would profit for 'today', but what about in the long run as the hash get's more and more difficult? Will you ever actually hit the break even point?

 

I guess the way I'm starting to look at it is, if I just throw/waste $1k, I can buy 0.1BTC, or I could buy an R4. I think I like the gamble of the miner more than just the investment. If it worked well, I think if it paid for itself I would just roll that into another one, or whatever the newest shiny miner is.

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