Simply I just quit playing for now, lost 82% of my BTC asset. I don't blame anyone but my own poor judgement of investment. Without proper regulation and stable exchange, BTC securities investment is just a kid's play, of course, a dangerous one.
it's a kids play if you don't know how to play. Of course crappy exchanges are a big problem, I just hope the free market will take care of it in near future (meaning that there will be at least a few stable and reliant exchanges). I'm holding direct shares which is obviously the safest option right now but if I wanted to trade with them it's pretty hard.
Is there a way to play the game right now??
I have invested in both AM and KNC (2nd day order !) at different times, and both have seriously let me down.
I'm really worried about the mining ecosystem...
1. GHash.io is the largest pool. They have proven to be dishonest.
2. ASICMiner tanked and its health depends entirely on the promise of Gen3 for Q1.
3. I can't find an actual number.. but it seems to me like the vast majority of people who invested on (any) Gen1 ASIC lost money in terms of BTC. Let's not even mention the guys who pre-ordered BFL, they should've known.
4. All ASIC companies have pre-mined with the for-sale equipment (correct me if I'm wrong here, but that is my understanding).
For me it boils down to a dilemma I cannot wrap my head around:
If I make a money printing machine, why would I sell it for less than the money it can print?
If I sell it for less, who would wanna buy it?
It seems like all ASIC companies have chosen to sell for more than the machines can produce, and from their point of view, it was the correct decision.
They knew the answer to the second question: the inexperienced, the misinformed, the lazy and the gullible.
So what I want to know actually, is who profited the most out of Gen1 ?
Clearly it was not the customers.
All clues lead to the ASIC companies.
Why is it not reflected on div or cheaper costs for the next gen ??
How long can this strategy work, where all losses go to the customers and all profits to ASIC makers?
I'm not investing in mining again any time soon, but I see there are lots of people who think it's still a great idea to get on that 1st day pre-order..
I know there's a lot of experienced and heavily invested miners here. Maybe I'm missing something here?
Can someone please enlighten me??
Literally anything you do with btc will not yeild as much return as just holding btc due to the rapid increase in price. In terms of USD almost everyone who bought an asic or invested in asicminer came out ahead.
The reason we are seeing such a price dip is because gen2 chips from AM were skipped which lead to a long gap between new hardware. The reason it was skipped was due to unsatisfactory performance and FC believes gen3 is more promising. Also by skipping gen2, gen3 will arrive sooner.