Bitcoin Tops 5000 USD

Can you still set up a mining rig?
Might be worth it at these prices

originally posted by: SprocketUK
Can you still set up a mining rig?
Might be worth it at these prices

For BC, it would cost you more in electricity than you would get from mining on a home rig, at this point.

originally posted by: nOraKat
a reply to: booyakasha

When you say 'most countries' I assume you are talking about the citizens, because the governments do not want to see the banking systems change. At a recent finance/banking forum, many European leaders were talking about how Bitcoin can be used by criminals and terrorists. I already see it coming.

Dead on.

The only way to tax the people for crypto is through exchanges, right now. That's where you convert from one coin to another or to and from cash.

That can't stop the exchange for goods which can't be taxed very well unless it's through sites like say Amazon but for silk road types of exchanges and private exchanges, there is no way to track that. This will be the fall of crypto because simply put, government can't track it.

I can't go to a bank right now and pull out more than 5-10k of my OWN money without the bank asking me what it's going to be used for. If I decline to tell them, the feds will be notified and my account frozen, no matter how little or how much money my account holds.

Yet, I can transfer 100k worth of bitcoins to anyone and no one other than myself and the receiver would be the wiser. The government can't regulate this so ultimately it WILL be destroyed and conquered, taken over and tracked or it wont be allowed to exist at all.

The imminent downfall has been parroted for years: The Economist’s Take on Bitcoin - November 2013

As someone said earlier, the smart play is to buy low, sell high...I wouldn’t advise anyone to jump on the Bitcoin train at it’s all-time high, but I would consider making a play at some point in the future once the froth has dissipated. Bitcoin/crypto is here to stay.

Sidebar: I believe that same issue of The Economist mentioned something about a pilot program of Bitcoin ATMs being placed in Toronto and Vancouver. That was 4 years ago when Bitcoin was hovering around $600 (USD). Anyone up North come across a Bitcoin ATM?

originally posted by: StallionDuck

originally posted by: SprocketUK
Can you still set up a mining rig?
Might be worth it at these prices

For BC, it would cost you more in electricity than you would get from mining on a home rig, at this point.

Crikey, what price does it have to reach to be profitable?

a reply to: SprocketUK

It can be profitable now to mine, you just need a hangar full of miners, like most miners now, they are co-ops who have pooled money together to create enough machines together that it pays for the electricity and overhead.

OR you can find altcoins you want to mine, get the right type of miner for its algo, and mine that and sell for btc, that's an indirect way of mining btc, and can be pretty profitable. You can also take those altcoins and trade on exchanges to leverage your altcoins to make even more btc than you otherwise would have selling them flat out. Gotta play the market, but it can get tiring if you have kids, and a job, since you become a slave to price tickers lol.

But if you don't have that kinda cash to invest ( which I think COMPLETELY erases the decentralized aspect, because only the RICH can afford the miners after 2015, which by that very fact, means the majority of BTC is centralized while only a minority exists by others, that small percent of people with the vast amounts can EASILY sway the price )

Back in 2012 - 2014 I rode that last wave of ROI you could of had from how much the miners cost, to the electricity costs needed compared to the amount you could sell BTC for.

We need cryptocurrency that EVERYONE can mine ALL THE TIME, otherwise, I don't see it taking off, and lasting.

a reply to: Tranceopticalinclined

Makes me wonder if you couldn't do something with mining in this way for communities...like the sort of gardening co ops that club together for a bit of land to grow veggies and share them among every one.

originally posted by: SprocketUK

originally posted by: StallionDuck

originally posted by: SprocketUK
Can you still set up a mining rig?
Might be worth it at these prices

For BC, it would cost you more in electricity than you would get from mining on a home rig, at this point.

Crikey, what price does it have to reach to be profitable?

Considering it would take an extremely long time for you to bust a block chain and it would have to be done all by your lonesome... It's not possible. It might have been worth it say back around 2009 to 2013 (maybe if even that long) but the only way you'll get anything out of it is if you're part of a very large group of miners all working together and even STILL you would use more electricity by leaps and bounds than you would get from your very small fraction of a bit coin.

You're better off buying them and only when they're really low. Unfortunately, it could drop to 1k tomorrow and 5 seconds later drop to 300, 1 minute later raise to 500 then another 10 seconds back down to 300 or below. It's so unpredictable that you could loose your shirt or you could gain enough profit to buy a new shirt, depending on how much you're tossing in to it.

Honestly, it's not worth it.

It's more worth your wild to mine a bunch of random new coins that 'may or maynot' make it big. There are so many ways to do this without spending money.

At some point, you can take those coins that you spent little effort mining and trade them in for bitcoins or you can hold on to them and hope they make it big or at least gain some worth.


Hope I didn't mess this response up too bad I'm working so my attention is all over the place.

originally posted by: SprocketUK
a reply to: Tranceopticalinclined

Makes me wonder if you couldn't do something with mining in this way for communities...like the sort of gardening co ops that club together for a bit of land to grow veggies and share them among every one.

Goto Reddit. There are people and sites that do this already. There are even mining systems you can 'rent' that will do it for you on their mad setups.

You can also obtain coins by going to various websites that will literally give you alt coins every so many hours just by clicking a button. People give alt coins away as a way of advertising. Sometimes the coins go places, sometimes they done. Sometimes it's quick, sometimes it can take a few years to gain any worth. You can play the market.. think penny stocks but way less worth than a penny in most cases



Ya just have to dig... delve in to it and let the wave carry you away. It's a very deep hole to fall into with a seemingly endless bottom of alt coins. Most are trash and will never amount to anything.

I suggest going to an exchange and start with the coins listed. If they're listed then they will usually have some worth... any worth no matter how little, is better than zero worth. The prices rise and fall all the time, constantly. You can rock back and forth till you have a little nest egg of worth.. Just don't trade or invest in one coin... you can loose it all in a blink of an eye and have to wait months before the price of that coin goes up again... If at all. Don't back your coins up in Bitcoin. It's too high and way too volatile right now. Make sure to keep an offline wallet so you dont get loose it to hackers.

Finally... NEVER EVER go to websites that let you gamble for more coins. You might win a little here and there but all of them... ALL of them are scams. The moment you're feeling lucky and toss your stash to gamble away, you will loose it all. It's rigged that way.

originally posted by: SprocketUK
Can you still set up a mining rig?
Might be worth it at these prices

much cheaper to "buy" mining time.

originally posted by: Painterz
I find it really odd how the value is spiking after the Chinese shut down the trading centers, and the Russians are talking about shutting it down too.

Does the Chinese/Russian decision to ban trading in it not impact the value at all?

They banned ICO's. Still plenty of crypto floating around those countries and they don't have to cash them in there either.

a reply to: JinMI

how do the people renting out their kit make a profit?




reply to: StallionDuck

Thanks for that comprehensive advuce, Duck.

Still mining if you go gpu mining you gonna mine alt-coin to mine bitcoin you need asic miners still get a nice roi these day mining is still profitable i live from it

a reply to: Dolby_X

Whoa really?! You have it set up in your house?

a reply to: SprocketUK

Depends on the service. Essentially when you buy mining time, you choose your coin and you get a market rate in return/dollar from what I understand. It is still profitable.

a reply to: StallionDuck

Now a days you have special compact hardware w ASICS that do the job for less electricity and space.

Also many people set up mining operations where electricity is cheap, like Iceland who make all (or most of) their electricity from volcanic activity.

Be aware of some of these mining farms for rent. It is sort of a scam and ripoff with minimal returns.

also keep in mind that these miners also believe the price of bitcoin will reach 100,000 in the future. That makes it incredibly profitable to mine in the long run.

Either way everyone knows fiat currency is worthless as long as central banks have the ability to print as much money out of thin air to bail out their failing corporations in order to keep the war machine turning.

What's the best bitcoin app to use for a beginner in bitcoin?? Play store is flooded with apps...ugh

a reply to: Komodo

If you just want to Buy / Sell Bitcoin, Litecoin, Ethereum, I trust Coinbase, however, they want a license and bank account or credit card, so you need to be cool with that, but it's nice and easy after.

Buy a Scrypt miner, Buy a Sha miner, ( the usb ones for 50 - 100 bucks will be fine ( amazon it ) ( do some research ) ).

Goto multipool.us and sign up for an account and follow the help section to get started - www.multipool.us...

You can then put your scrypt miner or sha miner to a pool that will mine multiple altcoins at once, and the most profitable, you can choose to keep or sell but they will even tell you the price you have total in btc.

It's a great way to get the bug,

You can also use cex.io... to buy virtual mining hash, and point it at multipool, but its a way to have miners without physically having them or setting them up.

a reply to: booyakasha

It’s profitable now if you know what you’re doing