You would be, but thats the gamble that they would be going for. Or betting on the value of the bitcoin to increase once the block reward is halved.
Since everybody is speculating, let me jump on the bandwagon.
If I am not wrong then ice_chill is in the UK and his electricity cost is probably 3 or 4 times more than the quoted $0.07 (and indefinitely more than $0.00).
He'd have to pay a few hundred US$ shipping cost to the UK for his Mini Rig.
He'd have to smuggle the Mini Rig to the UK in order to avoid a $3202 (21% VAT) charge of import duties.
A $3202 crime (smuggling/undervaluing shipment etc) is not just a slap on the finger if caught, so he is probably going to do the right thing and support the queen.
He is selling his 24K gold in order to buy a Mini Rig and pay the shipping/taxes.
His strategy" depends on many IFs
- if the price of BTC goes up
- if BFL delivers before August
- if the Mini Rig does what was promised and just works
- if the gold wouldn't have done better
- if the BTC goes up after block reward is halved
He legitimates this purchase with the fact that he lost $10k on the Forex market and hence it's no big deal. I am wondering if he didn't lose his $10k because it his "business strategy" looked somewhat like his new master plan to increase his wealth by using a BFL Mini Rig.
If this is true, then wouldn't it make more sense for ice_chill to just buy BTC for his gold and lean back and enjoy the show if he is already betting on so many IFs?