The bitcoin millionaires when will they cash out?

[repoman0]

edit: wrong thread

 

[Six]

One of my co-workers claimed he had something like 80 bitcoins that he forgot about until all the hype. He was looking at ways to cash it out, was planning on traveling the world, etc, etc. And then a month later, it was all gone.

 

[Aikouka]

Is bit coin mining actually profitable? I have this guy on my steam friend list who at one time just keeps on ranting to me that he was making thousands just from mining bitcoins using several nvidia 1070 cards. He said it was his primary income. I found that hard to believe.

I'm assuming this was probably a few months ago during the huge Ethereum craze. The RX 580 was pretty much nowhere to be found, so people settled for the GTX 1070 instead. Unfortunately for those going purely for gaming performance, the GDDR5X in the 1080 and 1080 Ti actually hurt Ethereum mining performance, which is very memory based. (You can see that in how the 1070 Ti shows almost no hash difference compared to the 1070 in Ethereum, because they have the same memory.)

The thing is... you would have needed a few 1070s to be able to make enough money per month to sustain yourself. Given the phrasing of "primary income", maybe he also had another job to help provide a bit more income.

 

[zinfamous]

I'm very late to the bitcoin craze, is it worth setting up a rig solely for bitcoin mining? I'm willing to pay up to $1,000 and $50/mo for electricity.

probably for ethereum, but now with BTC, you simply can't do that without a garage-sized rig of ASICs as a starter. maybe it's not that crazy, but a simple GPU-based tower rig can no longer mine BTC (OK, maybe it takes 5-10 years to get a single BTC with that...maybe longer?).

I think the RX Vega 56 is currently the most efficient miner with the proper firmware and tools, at something like 44-45 HS..arsh...er, whatever that damn value is for hash/hour something something. It's also extremely power-efficient when it comes to cryptomining, unlike when using Vega for gaming.

 

[Ne0]

I purchased $30k of Litecoin in the $90's last week (Have a friend who bought more when it was in the $30's). I will probably just hold onto it for a while and hope it goes to $1,000 or more in the future.

 

[Red Squirrel]

I'm very late to the bitcoin craze, is it worth setting up a rig solely for bitcoin mining? I'm willing to pay up to $1,000 and $50/mo for electricity.

Mining not really but buying, maybe, but it's a risk. There's some rumour that it's suppose to go up to like 60k before it crashes, but that's just a rumour so I would take it with a grain of salt. But if you have a couple hundred or even thousand that you are ready to lose and gamble you could buy some.

Eth may be worth it, before the ASICs come out. When ASICs start to take over basically the only people who have a chance are those who have their own semiconductor fab. The ones you can buy are used ones and past their prime as difficulty goes up.

It's crossed my mind to build a solar farm but even that is probably not worth while. Ex: it would take way too long to make up the cost, even if your power is free. I may possibly attempt it though, there's a piece of land I keep thinking of buying and it would be prime for solar, I just need something that can make use of that power. Mining Eth may be the answer. Start small to see how it works and then if I see profits I would just grow bigger. Will try it in my shed before I buy any land though. Hydro does not buy power anymore so selling it back to the grid is not really an option. The sign up is closed for the FIT program.

 

[slayer202]

I purchased $30k of Litecoin in the $90's last week (Have a friend who bought more when it was in the $30's). I will probably just hold onto it for a while and hope it goes to $1,000 or more in the future.

sure

 

[Printer Bandit]

I purchased $30k of Litecoin in the $90's last week (Have a friend who bought more when it was in the $30's). I will probably just hold onto it for a while and hope it goes to $1,000 or more in the future.

Dude, why didn't you get NEO instead?

 

[Zeze]

I wanna buy some eth too

 

[FelixDeCat]

Ill offer 100 FelixCoins for every .1 Bitcoins.

Any takers?

*shifty eyes*

 

[luv2liv]

somebody here pls start a thread and show us how to make some money with all this crypto craze.
i dont want to use real money to buy a coin. but i wouldnt mind buying a graphics card or too to do the mining since i usually have 1 or 2 computer running nonstop anyways

 

[BurnItDwn]

I cashed out shortly after they broke $100 for the first time. I only had like 3.3 BTC though from mining a number of years before that. Bought some good cigars from puroexpress for like 3.1BTC.
Then, when they went up to like 1000, I cashed out the last 0.2 BTC I had.

 

[madoka]

I cashed out shortly after they broke $100 for the first time. I only had like 3.3 BTC though from mining a number of years before that.

How hard was it to mine one bitcoin?

 

[BurnItDwn]

How hard was it to mine one bitcoin?

I mined for a while with a radeon x1800 + socket 939 CPU I don't know how long ago.
Then, back after I bought a pair of radeon 6870s for eyefinity gaming, (like 2012ish) I mined for a couple of weeks or so ...

At first, with the x1800 when difficulty was low, I was doing like 1 BTC per week
after the upgrade ... when difficulty was higher, I was getting around .5 BTC per week

 

[Red Squirrel]

I so regret not getting in when GPUs were valid to use. I might get into eth though but it's still a lot of money. If I build a rig with 8 high end video cards and it turns out to not make profit then I have 8 high end video cards that will no longer be considered high end so they wont really have a resell value. It's kind of a risky thing to get into but those who took the risk with BTC are rich now. The key is to find a free (and legal) source of power though like solar or wind.

 

[Zstream]

I had over 300 bitcoins and sold them when it was around $8 each. I have a bunch of lite coins but apparently wemineltc was hacked or some bullshit. So I have no way of getting them back, do I?

 

[Hugo Drax]

So anyone here pay off thier mortgage yet via cashing in those bitcoins? There has to be a couple of ATOT millionaires. Or is everyone holding for bitcoin to the moon.

The funniest article was this Buisness Insider article interviewing all thes millenial bitcoin millionaires living in a hostel type housing in Sanfrancisco, bunkbeds and all.

http://www.businessinsider.com/young-bitcoin-millionaires-living-in-crypto-castle-sf-2017-8

Fuck that if I had millions In Bitcoin I would be selling and buying a house with some of the proceeds not living in some shared dorm.

 

[Red Squirrel]

Lol no kidding. If I was a millionaire the last thing I'd want is to live with a bunch of other people. I'm not a millionaire and even now I live alone.

 

[Hugo Drax]

I think they all know in deep down they are just Paper Millionaires and are afraid to cash out only to find out the market is thin a they cant get out.

From what I heard exchanges even limit the amounts you can cash out as well to prevent liquidity issues, coinbase I heard was 10K USD, assuming your bank would even allow a deposit without freezing your account.

Notice all the ads everywhere are about buying bitcoin etc. everyone wants to sell you bitcoin.

 

[Zeze]

I think they all know in deep down they are just Paper Millionaires and are afraid to cash out only to find out the market is thin a they cant get out.

From what I heard exchanges even limit the amounts you can cash out as well to prevent liquidity issues, coinbase I heard was 10K USD, assuming your bank would even allow a deposit without freezing your account.

Notice all the ads everywhere are about buying bitcoin etc. everyone wants to sell you bitcoin.

Gemini is unlimited wire transfer to your bank.

 

[Red Squirrel]

That's the thing too even if you have a million in crypto I doubt it's easy to get it in liquid. Not to mention the tax aspects. You have 1 mil in crypto, you might be left with a couple hundred grand after taxes if you do it legally. Assuming it's even taxable, there does not seem to be clear info on this yet. In this situation you pretty much need to involve a financial adviser and CPA to make sure you do it legally.

Best bet is to cash in a bit at a time. Do like 8-9k every couple weeks. But even then I would involve a CPA. Better to be legal than to hope you're not breaking some kind of law and get caught later.

 

[VirtualLarry]

I'm very late to the bitcoin craze, is it worth setting up a rig solely for bitcoin mining? I'm willing to pay up to $1,000 and $50/mo for electricity.

I'm no "Bitcoin millionare" (that I know of), but I am doing some mining on the side using GPUs and NiceHash. I'm using 13 GPUs and 7 PCs. I make maybe $16-18 / day, after fees, before electricity and before taxes. I don't think that this is nearly retirement money. But $5K / yr extra (in theory - it seems that I'm not even at the end of Jan., and I've had to spool up more hardware just to maintain revenue), on top of my $15K / yr disability check, is like 25% extra income. Granted, the disability isn't taxed.

 

[WhoBeDaPlaya]

"Old school" BTC mining, with 58x0s, and 6xx0s. Generated enough heat to keep a ~1,500 sq ft townhouse somewhat warm in IA winters
Woke up one morning freezing cold, and knew that the net connection had gone out

If I had kept the coins from CPU and GPU mining, I'd be retired now in my 30s

 

[FelixDeCat]

I had over 300 bitcoins and sold them when it was around $8 each. I have a bunch of lite coins but apparently WeMineLTC was hacked or some bullshit. So I have no way of getting them back, do I?

What ever happened to people that ran this scam? I googled but found nothing.

And speaking of ether-coin-crypto scams, here's the latest:

https://pageone.ng/2018/01/25/investors-lose-least-2-4-million-benebit-ico-turns-scam/

Hundreds and if not thousands of token investors are counting their losses as Benebit, an initial coin offering has turned out to be an outright scam.

Owners of the scam have immediately taken to their heels making away with at least $2.4 million and perhaps up to 4 million, according to analysts estimates.

The chicken came home to roost after someone who researched into the pedigree of the people behind Benebit project was phoney individuals who are using stolen pictures from a British boys’ school website.

It is now clear that Benebit was a well carried out scam. The website, social media accounts and all eletronic content used officially sell the ICO have now dissapeared from the Internet.

 

[Zstream]

What ever happened to people that ran this scam - fraud? I googled but found nothing. Even back in 2013 they were suspecting of skimming up to 5000 coins per month.

And speaking of ether-coin-crypto scams, here's the latest:

https://pageone.ng/2018/01/25/investors-lose-least-2-4-million-benebit-ico-turns-scam/

Not sure, I don’t think anything. I feel punked in a way, but nothing I can do about it.