Anyone end up investing in Bitcoins?

[boardjnky4]

I can see if you are already planning on building a gaming PC, then mining in the off-hours, might as well.

[rugsr]

@boxxa and @LZ
I signed up for Coinbase/Gdax already…bittrex is my next step I believe. Just wondering what app you store your coins in when not trading.

Ledger Wallet?

[Skurge]

@Onyx Z32

The mining stuff is more interesting to me than any other aspect of bitcoin.

@Skurge with current conditions, how long until a rig built today would be obsolete? In other words, if a $2k rig pays for itself in under a year, how many years until that rig is too old to keep up with newer tech and needs to be replaced?

Buy the dip, only buy the high with incremental, smaller amounts if at all. And only buy with discretionary income.

i’m not really sure on how to answer that, it all depends, eventually the chain will be too big to mine ETH on a 4gb card, so you’ll need larger ones. as for now they are fine. I really cant say how long it will take to become non-profitable. i even mine ZCASH on an rx550 2gb, you can mine other coins and not need the high powered card, that card doesn’t even have external power.

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@boxxa

People don’t realize unless you are building a true farm and have the capital, you are better off long term just buying the coin.

that is exactly our plan, within 6 months we should have a few rigs running, as of right now i’m going to guess 5 or 6, possibly more, so there’s money to be made. we are looking to get the second one up and running about a week after this one(parts are all on the way already)

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@boardjnky4

I can see if you are already planning on building a gaming PC, then mining in the off-hours, might as well.

I do this as well on 2 pc’s at home, one rig is dual 8gb RX470’s, take home is 100/mo just from that one dual card rig

[LZ1]

What’s your plans for cooling?

[Skurge]

@LZ

What’s your plans for cooling?

for starters we have a few options, first off the cases i’m using are open racks, not normal pc cases. I’ve setup many a server room a various job sites and at home even. our current setup is an office with 4 rooms, has AC now. our main issue is just going to be getting the heat out of the space. which is where the basement like windows come into play, for venting.

realistically i dont think we’ll have any heat issues until we get a bunch of rigs in there. with my two running now, they haven’t overheated and they are in actual computer cases, no AC on, no fans blowing etc, they’ve been running for months now.

if it comes down to it I have a friend that does exactly that for a living, HVAC for server rooms. so we are all good there.

in reality we wont know what we are working with for a little bit, and i really dont think one rig is going to overheat in over 1000 sqft( my area at home is 1000sqft with two rigs, also on the second floor)

[LZ1]

I have one rig with 8 x GPUs and cooling and power in our current server room is a problem when its running full tilt.

I asked because its a scaling issue and a cost.

[Skurge]

@LZ

I have one rig with 8 x GPUs and cooling and power in our current server room is a problem when its running full tilt.

I asked because its a scaling issue and a cost.

yep, its something we are going to monitor and scale accordingly. we have a pretty large space so we may be better off than we expect

[ubengineering]

@rugsr

@boxxa and @LZ
I signed up for Coinbase/Gdax already…bittrex is my next step I believe. Just wondering what app you store your coins in when not trading.

Ledger Wallet?

DON’T USE BITTREX, ugh their customer service is TERRIBLE. Use another exchange that offers their coins. And yes, Ledger Nano S

[ubengineering]

11.5K I bought 1G at 9500. I’m anticipating a 30% correction just based on the past dips. Also mark your calendars, Dec 11th. wall street comes into bitcoin (CME).

[TradersBASE]

@boxxa

Not worth it unless you are dedicated to it with cooling, hardware, power resources, and getting very good discounts. Buying and holding is easier since difficulty is variable and your profits aren’t guaranteed.

Divested a lot out of Bitcoin the past few days. Waiting for the next break and euphoria to wear off. When you hear randomy people in the bar talking about Bitcoin and how easy it is to make money, figure a pull back is on its way.

Congrats man and good info offered ITT. One of the interesting things to note up here is large short interest, despite brokers requiring 30% equity on short positions. I wouldn’t advise shorting this momentum but cashing out into it seems wise given the exponential rise and common folks raving about crypto. The herd never wants to feel left behind, large clusters of new accounts is most likely weak hands, mid-late adopters. Price the past week or so seems to confirm this insanity, there has been no meaningful dip from 8k up to nearly 11k. I think alot of this leg also has to do with that open short interest getting squeezed, 70% is significant margin with volatility like this. The play can stay insane longer than most can stay solvent, this is one thing that is certain.

[LZ1]

People try to treat bitcoin just like the stock market I think is the major fail.

I look back at posts here and other forums about Bitcoin and everyone being skeptical at every major price point along the way.

[Onyx_Z32]

Bitcoin is all over the news the past few days… you know what that means!

[rugsr]

If Wall Street comes into play then the price would sky rocket right?

[LZ1]

@rugsr

If Wall Street comes into play then the price would sky rocket right?

If you look around at the total amount invested in Bitcoin its pretty small compared to the stock market then you look at Bitcoin is world wide it has the potential to go high.

It just depends on the level of risk you accept.

There was a guy on Offtopic for the past 2 years poured entire salary into it and cashed out earlier this week and is now retired :lol:

[TradersBASE]

For every wild success story there will be a wild sob story and everything in between. Speculation is speculation once you boil out all the impurities. Charts show price, time and volume…actual participation. When you want to understand perceived value you can go off what neckbeards say on BTC forums or you can look for where money actually entered the play. Market sentiment (stocks, BTC, cattle) is and always will be driven by the fear & greed cycle, psychology.What is the BTC marketcap?

[LZ1]

300 billion

[Blue_Eyed_Devil]

.

[boxxa]

@rugsr

If Wall Street comes into play then the price would sky rocket right?

Opening up institution money to trade could allow a lot of downward pressure on it too.

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Welcome to bitcoin. Sub $9000 now.

Fuck. I am good at this.

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I will say, if you try to trade during a flash crash like this, I would avoid panic moves. Exchanges to the public will be down and show false data so if you are able to get logged in and make a trade, your price data is usually incorrect so you will get filled at unexpected prices. The trading engines are still running so you are fighting against retail traders who have direct access so try not to panic.

[Onyx_Z32]

@boxxa

Welcome to bitcoin. Sub $9000 now.

Fuck. I am good at this.

Damn, I was planning on buying the next dip but in only a few hours it crashed and is already rebuilding, lol. 10k+ now.

[ubengineering]

Shit it dipped 2 g’s and is sitting at 10.1 I’m hoping this is a support level.