Originally Posted by Syan48306
I'd argue that that "downtrend" was Gox pulling prices down as it tumbled from 900 down to 100 over the course of a month. If you compared the graphs, a lot of the major drops were caused by massive selloffs from Gox which spread doubt in bitcoin and thus pulled the other exchanges down. With Gox out of the picture, I expect a nice correction back up to $600 by probably the end of the week if not next week.
Don't quote me on that but I bought a few coins coins last night with that expectation.
I think that's a very safe bet... I'm still holding off for the final announcement as I expect Gox to try to assuage fears a little longer until their true exit strategy (like new identities and moving to a country without extradition) can be fully implemented. My guess is they're sitting on a $100M+ shortfall and they fully understand that people will
be murdered for that kind of loss.
Originally Posted by Abs.exe
IMO worse case scenario you lose a few hundred $ and that's it. Best case scenario, you wake up in 4 years with $32 000 000 worth of various coins lol.
That's why I'm stacking everything I can without looking at the current market, because all that matters to me is in 3-8 years from now.
I keep mining, I eat the electricity bill and wait lol
Exactly. Although I definitely believe there will be gains (possibly even significant ones) I think you're being way too optimistic with your 'best case scenario' but I sure hope you're right! I personally can't see BTC ever getting anywhere close to the $10K/BTC range myself. At that point most 'normal' purchases will be measured in Satoshi and many things will require fractions not even handled by the wallet at this point (not to mention that a .001 BTC 'service charge' will be $10). I can eventually see the entire crypto market reaching hundreds of billions in USD... but BTC itself I think it's much less likely. For any nominal investment at this point (mining or fiat for that matter) to turn into millions, would have to see a 20K% gain or more - and the crypto market would have a market cap larger than the current GDP of the US.
But hey, here's to hoping!
Originally Posted by tuffy12345
Mining them is still paying for them, you're just taking longer to do so. Power bills and such.
This. Also it all depends on time... even with prices high... it takes at least 4-6 weeks to even pay for the GPU itself... then another week to pay for the electricity during that time. During the recent price declines this is perfectly fine as you'll start realizing a return at a lower price... but the exact same gains could also be realized by simply using a dollar-cost-average acquisition of the underlying crypto itself.
If it takes you a week to earn an extra $100 then mining is definitely a better way of going - except for the fact it takes a month's disposable income to buy that first GPU. On the other hand if it takes you and hour or two to earn that extra $100... then you're likely to spend as much time managing your mining operation (and hopping pools/coins to chase the most profitable) as well as exchanging them into whatever you actually wanted - than your going to clear in mining profits. Obviously, if you can still easily make the extra and
spend the additional time mining then doing both
will net the largest gains... but also require the largest investment of time+assets.Edited by DiGiCiDAL - 2/25/14 at 9:05am