Quote from: nwfella on July 04, 2014, 03:39:42 PM

Not heading anywhere but down fellas Sad

This really, really sucks! Gotta say, I'm seriously disappointed with lack of communication by cryptx and crew. But after giving it some serious thought, I came to the conclusion that the reason communication is so freaking terrible from the cryptx camp is because any news they could/would deliver would simply wake more people up faster to this dual-disaster (for investors anyway).

I think that trying to profit by mining in general is now a lost cause. CryptX has little to do with the fact that the model in general is one that currently guarantees losses. Let me explain as follows:

Whenever the "next" greatest mining chip is being planned, you have to pre-order months in advance. Your estimate of profits is based on getting the chips exactly in time and the network hashrate going up in set intervals. The problem is that there are always delays and hashrate (from existing chips still coming online) will be much higher when you get your chips. If you look at any mining projections the first few weeks are crucial to whether you break even, let alone make a profit. Once a set of chips are released then this immediately will cause a huge jump in hashrate when this new technology comes online.

Another thing that I find curious is the huge increase in hashrate a couple of weeks ago, followed by the current dip. I have no proof but I suspect that many manufacturers were "testing" the miners for a couple of weeks before sending them out. If you think about this it makes perfect sense as they now have taken the miners offline in order to ship them, thus the current lull in hashrate. Once customers receive their miners the hashrate will abruptly rise. The problem is that the BTC/LTC mined during testing should belong to the customers and this BTC/LTC is crucial to a customer being able to make a profit from the miners they purchased in good faith. They are essentially stealing from their customers by doing this. The problem is that they can justify this by saying that they need to test the equipment. I believe if a customer has pre-paid for any chips or mining equipment, then any BTC/LTC mined during testing should be the customers and taken off the price of the equipment.

Yet another issue is the perceived profitability of mining shares based on the annual yield. The problem is that hashrate is always going up, which in turn causes dividends to drop, which in turn causes share price to drop and this of course causes the annual yield to again go up. The problem is that the annual yield is now based on a LOWER share price! You are in reality simply paying yourself a dividend by eating away at your initial investment capital. The fact that the mining chips will never generate enough BTC/LTC to pay for themselves, let alone provide for profits, means that the current BTC/LTC mining model is a losing proposition for investors.

Do not base the current BTC/LTC mining situation on what happened in the past!! The easy mining days are over.