Quote from: Epicblood on October 07, 2013, 06:01:53 PM

Quote from: kuusj98 on October 07, 2013, 05:44:33 PM

If you started mining with ~10 HD5870's in 2011 and kept doing just that and you kept most of the BTC you are perfectly fine to spend your free money on these 60% chance scams.
But for the avarage joe like us we just can't spend 10K on something we don't even know if it wil ever come...

Yea this is basically how I feel. I mined with just a GPU back in the day and after a few weeks finally got 1 BTC, then I sold it when the price skyrocketed to 270 xD

Now I really just want some BTC for the vanity and to play some of those betting games, but don't really want to spend too much money on it as in a few months whatever hardware I buy will be outdated and close to useless

I think it depends on how you look at things. If you want to get bitcoins in an anonymous way you have to mine them. If you do mine in a proper way, and you mine yourself, nobody may ever be able to track you back.

I am using a number of bitcoins for save transactions while one of my kids is abroad. Key advantage is, there are no bank fees (1-3%), there are limited trading fees etc.

People here in the Forum tend to compare the bitcoin price to actual or $ or Rubels. I think this attitude is wrong. A btc is a btc and all you produced is a certain digit. btc is not subject to inflation. If you mine it you may currently pay 200 per btc, so it is cheaper to buy them. Does not matter too much if the price jumps to 1.000 per btc. I wouldn't sell for less, if at all. The price of 100 may be an indication of miners cashing out though, having produced cheaper. Actually given current felt inflation rates eg in the EU (3,5% to 4,5%) it is no question how much a btc will be in some years. So given some rise also by extended use in some applications, given a reasonable rate of Inflation a bitcoin may be a good Investment and one that cannot be easily taxed, especially if you are average Joe. (Here you may earn a couple of btc free of taxes.)

In the long run btc will only work if the miners make profit and if there are the Joes. So mining is an Option for you and me, but maybe not right now or not by directly cashing out. I am experimenting and being patient. The ASICS can go to lets say 14nm, but somewhere below there may a Limit. I can wait for 14nm USB block eruptor (3,3 GH/s, 1 Watt) buy some of these 2014 / 2015 and and see profit coming in. Bigger guys will have to pay taxes (25-42%) so this is there disadvantage. Havent heard yet that btc are accepted in Monaco, Bermudas or in Switzerland.