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Message
re: Mr Bitcoin Goes to Washington
Posted on 4/12/14 at 1:02 am to joshnorris14
Posted on 4/12/14 at 1:02 am to joshnorris14
I honestly don't have an opinion on the subject. I've washed my hands of bitcoin now alt mining is practically worthless. I have better things to do with my time these days. I wish it the best of luck though. 
ETA: Oh, and welcome back.
ETA: Oh, and welcome back.
This post was edited on 4/12/14 at 1:08 am
1
Posted on 4/12/14 at 8:08 am to brucevilanch
quote:Wiki assured me that mining would always be profitable for the most efficient miners. Thus, there would always be sufficient incentive for people to engage in the activity and provide the computing power necessary to keep the Bitcoin exchange operating. The economic equivalent of a perpetual energy device so to speak. How could you have concluded that mining isn't worth it? Are you telling me Wiki was wrong?
I've washed my hands of bitcoin now alt mining is practically worthless
Posted on 4/12/14 at 9:13 am to Poodlebrain
quote:
Wiki assured me that mining would always be profitable for the most efficient miners. Thus, there would always be sufficient incentive for people to engage in the activity and provide the computing power necessary to keep the Bitcoin exchange operating. The economic equivalent of a perpetual energy device so to speak. How could you have concluded that mining isn't worth it? Are you telling me Wiki was wrong?
I see you guys haven't changed in the last month.
The post above yours clearly states "alt mining is practically worthless".
Alt Mining
ALT MINING
ALTERNATIVE-COIN MINING
As in
NOT BITCOIN MINING
Posted on 4/12/14 at 9:24 am to joshnorris14
quote:Look who's talking....
I see you guys haven't changed in the last month.
Posted on 4/12/14 at 9:27 am to joshnorris14
So how much money have you made mining Bitcoins in the last month? If it is still a profitable exercise you would be foolish to let others earn that easy money.
Posted on 4/12/14 at 9:33 am to Poodlebrain
Is there a need to explain the difference in Alt-Coin mining and bitcoin mining again?
Alt-coin mining has been popular due to ASIC-resistance (Anyone could mine and make a profit).
Bitcoin mining on the other hand is impossible to profit from without costly ASICs. If you have a Jet you'll make money, but I'd rather buy bitcoin than mine it after buying a Jet.
If you were to mine bitcoin, I'd suggest cloud mining.
Alt-coin mining has been popular due to ASIC-resistance (Anyone could mine and make a profit).
Bitcoin mining on the other hand is impossible to profit from without costly ASICs. If you have a Jet you'll make money, but I'd rather buy bitcoin than mine it after buying a Jet.
If you were to mine bitcoin, I'd suggest cloud mining.
Posted on 4/12/14 at 9:53 am to joshnorris14
Josh, you remind me of that mosquito that buzzes my ear right after I turn the lights out and go to bed.
While you don't do any real harm, you're also not good for anything either. Mainly, you're just annoying.
While you don't do any real harm, you're also not good for anything either. Mainly, you're just annoying.
Posted on 4/12/14 at 10:12 am to joshnorris14
quote:Are you sure you will profit with costly ASICs? You would rather speculate than engage in an activity you claim would positively result in profit. I think that speaks volumes about your economic wisdom, and the advice you have provided the readers of this board.
Bitcoin mining on the other hand is impossible to profit from without costly ASICs. If you have a Jet you'll make money, but I'd rather buy bitcoin than mine it after buying a Jet.
quote:No, it is you who insists there is some sort of distinction between the two that makes mining Bitcoins worthwhile and Alt-Coins not worthwhile. I don't believe there are any material differences that make one more worthwhile than the other. Is that clear enough for you?
Is there a need to explain the difference in Alt-Coin mining and bitcoin mining again?
quote:Another poster in this very thread has abandoned the activity because it is not worth the effort. So just anyone won't make a profit from mining Alt-Coin despite your claim.
Alt-coin mining has been popular due to ASIC-resistance (Anyone could mine and make a profit).
quote:I can guarantee you I will not be mining Bitcoin now or in the future. And if you think I would follow your economic advice I would refer you to the first paragraph of this post as a reminder of how much I value your advice.
If you were to mine bitcoin, I'd suggest cloud mining.
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