I shut my rig down - now using my money set aside for electric to buy bitcoin.

greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
edited June 2016 in Mining
So I did the math and took the plunge. I went short on Eth. I had been mining solo and converting eth to btc but what with the current diff and hashrate, plus electric prices, and solo catching blocks too infrequently. I needed to think again. Also, pool mining just does not give me the margin I am looking for.

I moved what eth I had left to btc yesterday, and last night and early this morning I witnessed a sudden burst of buying pressure in Bitcoin, driven by Chinese buyers at OKCoin . It has spiked the virtual currency higher.... BTC to USD trading volume is up over 40% on the month on dramatic volume, look. https://bitcoinwisdom.com/ (OKCoin exchange reportedly has 90% of global Bitcoin traffic). This is the highest 'China' Bitcoin price since May 2014

Could the Chinese (the second richest country in the world and the biggest potential consumer market) drop the Yuan for Bitcoin? Who knows? But with the UK on the edge of leaving Europe (making the pound more uncertain) and Eth to Bitcoin prices falling, Bitcoin looks like it is going from strength to strength. Yes i know the halfing is due 4 weeks, 5 hours from now before you all say "it is because of the halving".

The money I was going to spend running my mining rig this month is now (as of yesterday) invested in Bitcoin! I am betting a better rerturn than a month worth of mining!

Here is this mornings chart for OKCoin. Is anyone else ridding these coat tails?






Comments

  • ethfanethfan Member Posts: 458 ✭✭✭
    So it is back to the casino strategy, eh?
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    Hay, holding eth is a gamble! And i would go as far as to say holding Gold is these days. Moreover, working for a living just makes you a contributor to the Casino Gulag Economy, especially since the Proletariat were made Precaviat.
    Good luck to the Chinks, If they dump their fiat for BTC, the financial terrorists at the Federal Reserve won't be able to skew the global economy for them by printing more dollars.
    The Brits may have to follow very soon if we leave the European Union and the pound falls.
    Are you not aware of how sick the financial system has become?
  • workwork Member Posts: 2,084 ✭✭✭✭
    Eth up by a good margin today.
  • boysieboysie Member Posts: 591 ✭✭✭
    tbh I think he did well given the hike btc got over night ...but I'm still happy eth is up as it helps us all :)
  • workwork Member Posts: 2,084 ✭✭✭✭
    @boysie depends when he sold ofc. ETH/BTC ratio is almost back to where it was 24hr ago.
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    boysie said:

    tbh I think he (she) did well given the hike btc got over night ...but I'm still happy eth is up as it helps us all :)

    @boysie pronouns please!
    @work don't worry, im watching... I may be back yet if that BTC - ETH price closes and the hashrate levels. ;)

  • Marvell9Marvell9 Member Posts: 593 ✭✭✭
    the hash rate will never level it will go up until we get a definitive date on pos, so dont factor that into your calculation
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    @Marvell9 i try factor everything in as best as i can. So you think / believe the hashrate will continue to climb? Ok,....
    I always get nervous when a large number of people buy into an idea and see no downside. There is not much critique around ethereum here. Hmmmm....

    Hay, i think eth is the best thing since sliced bread. Without it i could not have had the capital to have speculated on BTC this weekend. But eth too has rallied 10% now.. just lagging BTC by about 5hours.
    The US market is bullish on BTC too. (Trump? Recession?)
    The London metals market also has done nuts this week (Brexit?)
    Any theories? Come on, there has to be more to eth than blind faith?
    When do you think it will be good to buy eth again with my BTC and why/what price?
  • Marvell9Marvell9 Member Posts: 593 ✭✭✭
    @greenuser those of us mining since 2012 have seen this play out before its nothing new where its profitable to mine peolple will band wagon mine till they kill the profibliaty hapened with dodge,vertcoin,dash and more coins than i can name (asics also had something to do with the unprpfiblialty of some of those too)

    peopole are not stupid everyone wants free money printing machines which ia why people were buying bitmain hardware even though roi is doubtful at best.

    the only thing that will slow this down if a gpu shortage which wont happen heck more powerful cards are being released this month and the chineese and others with cheap or free electricity are buying old generation cards by the boatload
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    edited June 2016
    Sorry to hear that the DAO failed. Not good for Ethereum.
    Looks like the dev team are acting like central bankers now. Fork and bail!
    I hope the guy or gal that coded the money away spends it in their local community. That Hat is no thief. They coded the value away fair and square. Much better than it sat on some investment anyhow!
    I am glad i dumped all my eth for Btc @ 0.023 last weekend.
    Always be ahead of the curve..... Anyway, im not here to gloat... this time i was lucky (again).

    looking at https://www.whattomine.com
    it looks like Feathercoin is now the most profitable coin to mine.
    Anyone heading out there?

    @ethfan casino strategy, eh?
    @MrYukonC you still disagree with me? That's cool!
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