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44378 No.44378[DELETED]  [Reply] [Original]

Why do you all believe that crypto currency mining is a viable income generator?

>> No.44423

>>44378
I don't. It's all Tulips to me.
http://en.wikipedia.org/wiki/Tulip_mania

>> No.45065

Because there is some fool who will pay for it in the short term, and the internet is filled with foolish 18-20somethings who want to throw their money at this right now even though the structure of mining is literally built in such a way as to induce boom and bust.

>> No.45412

but-but it's the future

>> No.45425

>>44378
Honestly, I only like crypto currency as a form of speculation--no different than sophisticated gambling.

I would never utilize it for income generation or retirement planning.

>> No.45428

I don't. Just sage and hide.

>> No.45437

because I've been making $30 a day for 2 months without doing any work. Tell me how I haven't been getting viable income

>> No.45473

>>44378
Obviously it isn't going to last for long. Just enjoy it while it lasts.

>> No.45502

>>44378
Assume 2 (3) things

You're transferring real money into crypto
>you don't know the bubbles
>you're investing via online hype
>you're clearly not "buying fear, selling greed"
>you're playing chances and probabilities, ie gambling

>you do know the bubbles
>you profiteer and gain more money than you put in
>the sleazy company you traded with pretends its bankrupt
>you get nothing... because you thought you could profiteer
This has happened to Mt Gox traders

Or...

You're mining/minting
>you mine and mint 0.00000001btc
>it's worth a few dollars
>you spent twice that on electricity costs
>your computer has been kept at a high temperature for too long
>that ASIC/FPGA you bought isn't going to pay or itsemoneylf until 5 years down the track
>you're losing more than you're gaining.

Lastly...
>you win!
>you make it out and have millions of bitcoins
>you wait for international acceptance...
>... and then the international monetary policy for tariff and tax free international trade uses its own cryptocurrency
>your millions are now worthless
You didn't actually think bitcoins would ever be accepted... did you?

Now, no more of this, you're all wasting your money.

>> No.45503

If you have electric bill you will most likely lose money unless you have a higher end AMD/ATI card.

If you can get away with mining without worrying about the electric company than its free money

Some people set up rigs in dorms or they pay a flat rate for electricity in their apartment complex, in that case, mine away!

>> No.45529

>>45503
>If you have electric bill you will most likely lose money unless you have a higher end AMD/ATI card.
And make a whole 10 dollars a year in difference!!!1!!

Crypto currency is an obnoxious troll that's gone on for too long. Thank you Satoshi for developing the future in currency technology... but it's not useful until an actual monetary authority backs it.

>> No.45543

Can someone explain what that even means, in non-jargon plain layman terms?

>> No.45578

>>45543
you literally print money that has less value that Zimbabwe's but gains value via speculation and bubbles

>> No.45691

>>45529

With the right rig/multiple rigs you can make a huge profit if the market stays stable, some people have sold at bubbles and made thousands.

>> No.45696

nigga you just hating

>> No.45771

>>45502
lmao
>millions of bitcoins
confirmed for not knowing squat

>> No.47045

It is. a few will get popular and weed out the rest basically. right now there is competition going on and thatll die down. then maybe some other featurecwill surpass current cryptos and get popular

>> No.47182
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47182

>Want to get into cryptocurrency
>No idea where to start
Any suggestions?

>> No.47216

Who said it was an income generator?
It is an investment for a plausible future.

>> No.47231

>>47182
Doge for a little and Mint for a lot.
Bitcoin and litecoin train has passed. These rockets are still at home.