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Offlinetospace
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Can I get a loan? for dis investment
    #15829106 - 02/18/12 07:10 PM (11 years, 11 months ago)

I'm 18 and I don't have a job but I have really good feeling about dis investment.  I got free food shelter and power... so in the long run I will be making $$$.

So what I need for dis investment is a few video cards for mining bitcoins, (they can be traded for weapons, drugs, other weird shit, and cash).

You never know how much bitcoins are gonna be worth next, but lets say i got 2 - 100$ cards... I might make around 25-40$ a month.

If i get those 2 cards to put in my computer and also maybe build a low end dedicated mining computer ($300 for parts) (3x400$ for video cards), thatd be like 6 time as much as the 2 cards.

What if I don't an interest in paying out the loan (and I don't care about my credit)?
Maybe I should pay it out... Whats the lowest I could pay per month?  Maybe my video cards will make that much money, and when its over I will still be making money.

Bitcoins man http://en.wikipedia.org/wiki/Bitcoin

another example... If this card was only in stock http://www.newegg.com/Product/Product.aspx?Item=N82E16814103195 (that would be an insanely awesome buy)  I produces around 800 Mhash/s which means at the current markey value (its at a low right now) per Month: 17.77bitcoins > $74.65.  Now thats just an approximate, could be off by 30-50%.

Imagine a dedicated miner with 3 of those.

Power?  Its well worth it for ati cards, 5xxx and up.  HD 5970 prolly wont eat more than 25$ of juice every month, and again i live hare for free.


Edited by tospace (02/18/12 07:24 PM)


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OfflineCuriousgeorge22
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Re: Can I get a loan? for dis investment [Re: tospace]
    #15829148 - 02/18/12 07:20 PM (11 years, 11 months ago)

mining bitcoins is not really worth it imo. it takes far too long. but i suppose if they did somehow explode to $20 per bitcoin again it might be a little worth it


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“The people who were trying to make this world worse are not taking the day off.
Why should I?” - Bob Marley


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Offlineroni
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Registered: 05/28/11
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Re: Can I get a loan? for dis investment [Re: Curiousgeorge22]
    #15829163 - 02/18/12 07:24 PM (11 years, 11 months ago)

what are bitcoins I keep hearing about them.


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Offlinetospace
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Re: Can I get a loan? for dis investment [Re: Curiousgeorge22]
    #15829241 - 02/18/12 07:38 PM (11 years, 11 months ago)

Quote:

Curiousgeorge22 said:
mining bitcoins is not really worth it imo. it takes far too long.



Dude I spend $1600, ill be making over 100 each month.  My friend has been doing this for a long time and hes already cards pay for them self and then other cards and is still expanding.  Cards are always worth money if this system crashes.

People make living off of bitcoins man.

Quote:

but i suppose if they did somehow explode to $20 per bitcoin again it might be a little worth it



lol a little worth it.  let me explain this.  2x hd 6770, 220$, 450 Mhash/s.  If its 20$ per coin, thats $199.95 in a month, for a full year, that's about $2400.

power. about 20$ per month.

http://www.alloscomp.com/bitcoin/calculator.php


Any way I don't wana know about bitcoins anymore, wana know about loans.


Edited by tospace (02/18/12 07:47 PM)


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OfflineCuriousgeorge22
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Re: Can I get a loan? for dis investment [Re: tospace]
    #15829252 - 02/18/12 07:40 PM (11 years, 11 months ago)

well damn bro thats wassup i guess then, go for it! 100 bitcoins right?
but how much would the electricity bill cost you?
you plan on leaving it on at all times?


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“The people who were trying to make this world worse are not taking the day off.
Why should I?” - Bob Marley


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Offlinetospace
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Re: Can I get a loan? for dis investment [Re: Curiousgeorge22]
    #15829306 - 02/18/12 07:54 PM (11 years, 11 months ago)

Quote:

Curiousgeorge22 said:
well damn bro thats wassup i guess then, go for it! 100 bitcoins right?
but how much would the electricity bill cost you?
you plan on leaving it on at all times?



Quote:

Curiousgeorge22 said:
well damn bro thats wassup i guess then, go for it! 100 bitcoins right?
but how much would the electricity bill cost you?
you plan on leaving it on at all times?



Na I meant, 100$, maybe a few hundred.  But it still pays off in about a year.  Just look at the axample I made with the 2x hd 6770's, divide that by like 4 or 5.  Power still stays the same but for it to be not worth it power wise it would have to be like 2$ power coin.

The trick is mining when the price is low, selling em when the price as high... buying when price is low and so on.  If your smart you can make allot of money.

You could run your cards for a few years strait before the fan on it goes out prolly,  you could let it cooldown once a day or week. just whatever.  I'm not worried about having to replace fans.


--------------------
a teenage girl looking for guidance


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OfflineCuriousgeorge22
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Re: Can I get a loan? for dis investment [Re: tospace]
    #15829315 - 02/18/12 07:56 PM (11 years, 11 months ago)

i read  a story once about a teacher using the school computers to mine :lol:


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“The people who were trying to make this world worse are not taking the day off.
Why should I?” - Bob Marley


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Invisible666 Sun
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Registered: 02/18/12
Posts: 353
Re: Can I get a loan? for dis investment *DELETED* [Re: Curiousgeorge22]
    #15829341 - 02/18/12 08:02 PM (11 years, 11 months ago)

Post deleted by 666 Sun

Reason for deletion: Stupidity



Edited by 666 Sun (02/18/12 08:08 PM)


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OfflineCuriousgeorge22
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Re: Can I get a loan? for dis investment [Re: 666 Sun]
    #15829347 - 02/18/12 08:03 PM (11 years, 11 months ago)

Quote:

666 Sun said:
Don´t feed the Jew.
WINNING THE LOTTERY
Check out my thread under physical & mental wellbeing, train with ZOX and go do something on the stock market if lottery doesn´t cut it.



?


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-------------------------------------------------------------------------------------------------------
“The people who were trying to make this world worse are not taking the day off.
Why should I?” - Bob Marley


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InvisibleKEEPYOURAIDSAWAY
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Re: Can I get a loan? for dis investment [Re: tospace] * 1
    #15836440 - 02/20/12 06:08 AM (11 years, 11 months ago)

when you fill out the loan application, be sure to include the word "dis" instead of this and tell them you dont have a job and live with your parents.


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BUSHRAT DOES NOT SOW


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OfflineRon
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Registered: 12/06/11
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Re: Can I get a loan? for dis investment [Re: tospace]
    #15841311 - 02/21/12 05:40 AM (11 years, 11 months ago)

Not worth it really, you sure might make $100 from leaving your computer on close to 24/7 but you will be running your parents electricity bill up which at the price BTC are now you might be running close to negative. Running your GPU on full load 24/7 will cost you close to $100 a month any ways. So it would be a dick move on your parents for making them pay extra money just for you to run your PC.


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InvisibleMr. Bojangles
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Registered: 04/08/08
Posts: 1,937
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Re: Can I get a loan? for dis investment [Re: Ron]
    #15849952 - 02/22/12 09:53 PM (11 years, 11 months ago)

Quote:

I produces around 800 Mhash/s which means at the current markey value (its at a low right now) per Month: 17.77bitcoins > $74.65.  Now thats just an approximate, could be off by 30-50%.




You do know that you can only get blocks of 50 right?  Unless you're in a pool with other people, which most of those are already set up right now.  By December, Bitcoin will have reached it's 50 block limit and go down to 25 bitcoin per block.  The algorithms also get tougher to solve as each block is mined.  Not a good investment...It was a couple years ago, and those people are most definitely making bank...but the Bitcoin ship has sailed.


--------------------
"It is dangerous to be right in matters on which the established authorities are wrong."

Francois-Marie Arouet


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Can I get a loan? for dis investment [Re: Mr. Bojangles]
    #15850340 - 02/22/12 11:22 PM (11 years, 11 months ago)

My current PC loses money bitminnig.  But look at this hardware!

http://www.butterflylabs.com/products/

With this, and my low electricity rates, I can make a profit in the first year with the Single.  I am probably going to get one.  The Rig does twice as many hashes per second!  My house couldn't run that, but with my low electricity rates that thing would make bank!  Damn. 

This is all dependent on the current exchange rate, which is a bit high I think.

Still, Im going to get at least one of the Singles I think.

(Plus, I live where I use electric heaters often during the year.  This electricity usage will displace my heating costs and save me a little more than calculated)


$$$$


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Anonymous

Re: Can I get a loan? for dis investment [Re: DieCommie]
    #15861516 - 02/25/12 11:46 AM (11 years, 10 months ago)

-


Edited by Anonymous (03/12/12 12:46 PM)


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InvisibleMr. Bojangles
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Re: Can I get a loan? for dis investment [Re: Anonymous]
    #15861579 - 02/25/12 12:09 PM (11 years, 10 months ago)

Inflation works a little differently than in the world of fiat currency, since there is a fixed number of bitcoins available and no central authority.  Basically, if no one used bitcoins you get massive inflation (or exchange rate drops off), if everyone uses bitcoins, you get massive deflation (or exchange rate takes off). 

The value of bitcoin fluctuates with trading just like other currencies.  Trading takes place through a few bitcoin exchanges.  The exchange rate is usually changing and.  It's around 4-5 USD per bitcoin right now but it was as high as ~30 USD/BTC last year.  There's not a whole lot of volume in the BTC exchanges though, which makes me think it's easy for someone with a lot of money to be manipulating price action, but I haven't really looked too deeply into the system.  I just know vol hasn't ever gone above 400,000


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"It is dangerous to be right in matters on which the established authorities are wrong."

Francois-Marie Arouet


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OfflineEpigallo
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Re: Can I get a loan? for dis investment [Re: Mr. Bojangles]
    #15900302 - 03/04/12 06:00 PM (11 years, 10 months ago)

Quote:

Mr. Bojangles said:
Quote:

I produces around 800 Mhash/s which means at the current markey value (its at a low right now) per Month: 17.77bitcoins > $74.65.  Now thats just an approximate, could be off by 30-50%.




You do know that you can only get blocks of 50 right?  Unless you're in a pool with other people, which most of those are already set up right now.  By December, Bitcoin will have reached it's 50 block limit and go down to 25 bitcoin per block.  The algorithms also get tougher to solve as each block is mined.  Not a good investment...It was a couple years ago, and those people are most definitely making bank...but the Bitcoin ship has sailed.




Why do you say it is not a good investment? Yeah, in the short term it might not pay off very well, but if the Bitcoin system continues to gain traction...which it seems to be doing, then breaking even in the short term would be very valuable.


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Offlinejammin
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Re: Can I get a loan? for dis investment [Re: Epigallo]
    #15900318 - 03/04/12 06:04 PM (11 years, 10 months ago)

i think you need a thing called credit in order to get a loan, and I will conjecture that with you being 18, means you have absolutely no credit. Get a credit card and pay everything off if you want to build credit. Good luck!


--------------------

    And when I see you coming down the line
    With eyes wide open
    Somewhere in between the past and future
    Where you drift in time
    And you can see a different point of view



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OfflineCuriousgeorge22
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Re: Can I get a loan? for dis investment [Re: tospace]
    #15900530 - 03/04/12 07:15 PM (11 years, 10 months ago)

Quote:

tospace said:
I'm 18



18 eh? so why did you join the forum in 2009? when you were 15?


--------------------
-------------------------------------------------------------------------------------------------------
“The people who were trying to make this world worse are not taking the day off.
Why should I?” - Bob Marley


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InvisibleMr. Bojangles
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Re: Can I get a loan? for dis investment [Re: Epigallo]
    #15900571 - 03/04/12 07:23 PM (11 years, 10 months ago)

Quote:

bradley said:
Quote:

Mr. Bojangles said:
Quote:

I produces around 800 Mhash/s which means at the current markey value (its at a low right now) per Month: 17.77bitcoins > $74.65.  Now thats just an approximate, could be off by 30-50%.




You do know that you can only get blocks of 50 right?  Unless you're in a pool with other people, which most of those are already set up right now.  By December, Bitcoin will have reached it's 50 block limit and go down to 25 bitcoin per block.  The algorithms also get tougher to solve as each block is mined.  Not a good investment...It was a couple years ago, and those people are most definitely making bank...but the Bitcoin ship has sailed.




Why do you say it is not a good investment? Yeah, in the short term it might not pay off very well, but if the Bitcoin system continues to gain traction...which it seems to be doing, then breaking even in the short term would be very valuable.




What do you mean by gaining traction?  The price has only been dropping since the beginning of the year.  The thing about bitcoins is the complexity of the algorithms increases as more blocks get mined.  And more people are hopping into mining pools by the week.  More people > more blocks uncovered > more complex algorithms > longer it takes to mine a block.  It only takes longer.  Time is running out as well...by the end of the year you will only be able to mine 25 bitcoin per block instead of the 50 you get today. 

At the OP's 800 mhash/s that means that it will take OP a little over 3 months to mine his first bitcoins (worth ~$250 at todays prices, who the fuck knows what it'll be in 3 months).  It'll take him 6 months to be able to fully pay back that video card.  Granted this is if prices stay around $5 per BTC.  He might get one more block of 50 out of the current scheme before the blocks go down to 25 BTC near the end of the year (estimated).  Around the end of this year, he'll be mining ~$125 every 4 or more months.  Again, this is if prices stay the same.  The blocks are getting harder to obtain (more complex algorithms) and you're now getting less BTC for your time.  The 50 to 25 BTC per block drop is huge, at every milestone you essentially go from getting a certain number to half that...and we're reaching that first milestone very quickly.

If you don't have any expenses, like OP, and can throw away a few hundred for 6 months in order to get a couple more hundred for the remainder of it...then it's worth it.  But highly valuable?  Not at the moment, the bubble popped last summer.


--------------------
"It is dangerous to be right in matters on which the established authorities are wrong."

Francois-Marie Arouet


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OfflineEpigallo
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Re: Can I get a loan? for dis investment [Re: Mr. Bojangles]
    #15900685 - 03/04/12 07:51 PM (11 years, 10 months ago)

Right. More people are trying to acquire bitcoins. The ones that already have the rigs will want to continue mining, and then, like you said, plenty of people are hopping into mining. That means if you buy now or invest now, you are obtaining a resource that is becoming increasingly more scarce and in increasingly higher demand.

I think you are thinking of the investment in terms of a traditional investment like real estate or a dividend stock, when you have a fixed or increasingly large return each year (if it is a wise investment). It is true that won't happen here. You will make fewer and fewer bitcoins over time.

But I think of it as a two tier investment. One, the short term investment that mining, if you buy the right hardware, will give you over simply buying bitcoins from someone else. Obviously the higher end hardware is going to produce a better return. And what kind of return do you expect from a $600 investment anyway? I think you have to go bigger to make the mining worthwhile. There's probably only a couple years to get your ROI before electricity cost swallows what you make from mining.

The second tier however is the long term investment due to increasing scarcity, higher demand, and increased utilization of bitcoins. I admit I don't know if this will happen for sure, but if more and more people are mining and more are accepting bitcoins as currency, then it would seem that the bitcoin to USD conversion factor would increase over time, even if there are bubbles and fluctuations in the shorter term.

no?


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