I've been reading extensively on bitcoin for the past few days and there are a few holes here and there that I'm trying to understand. So far it makes me believe that this whole mining thing is some sort of elaborated scam. Here is a few unorganized points that are confusing to me.
Why are other currencies like litecoin slowly becoming popular and why people want them to become popular? What purpose do litecoin serves that bitcoin doesn't? If the second to bitcoin, a redundant currency like litecoin becomes popular and that people want it to become popular, then what's stop more of those currencies to all becoming popular making each of them just spammy/redundant at the end, don't we only need one of those currencies to serve the purpose of worldwide decentered transactions?
The so popular and referred mining hardware comparison
sheet gives a list of videocard that are recommended to use. Combined with this calculator
people can make some calculations to see if they should invest electricity cost into mining.
Now it seems to yield a little free income at the end of the month, all seems well until you investigate further. The power consumption of your videocard shown there is, in the radeon 6850 case, only half
of what it truly use at full usage
Now to add to this, I've been mining for more than a day at full power without stopping nor interfering in the process. It tells me I should be making 0.0125 bitcoin a day but I barely made half of that in a bit more than a day, yet I am positive the videocard ran at full strength for the whole process.
Now, double electricity cost vs half production, it becomes almost a profitless operation. To this, combined that the current bitcoin value is tenfold what it was 3 months ago, how could it have been profitable back then if it is not right now?
Now another suspicious part to me is those 2 websites 1 2
. They offer what every person would ever want, a way to make a lot of money easily.
Both of them deliver their products months after purchase and, the 2nd website especially, is selling something that would potentially
pays for itself back in less than a month, after which huge profit would come in. How convenient, to sell something that yields huge profit and pays itself back so quickly, better sell than use ourselves right?
The first site has sold out, and funnily enough are selling the next batch for 75 bitcoin per... which they could just mine themselves faster than their delivery time, so what's their gain really? Conveniently we have the 2nd website, not sold out, selling something similar to the 1st website, without any pictures of what the behind of their miner
looks like, who won't mention anywhere the power consumption of their product but say that it comes with a usb cord, plug and play!
That sure not sound fishy at all since the asic counterpart is shown on the comparison sheet as using 600 W, for sure the usb connector hole can output that kind of power right?
Hopefully someone can shed some light on all this to the better understanding of least common asked matters, yet quite important for anyone who wants to jump in this... bandwagon...
I'm legitimately trying to see things optimistically but so far I only see a few root members trying to scam the entire world by projecting this half legit currency world unto us.
Note: sorry for my relatively poor english, I tried putting my thoughts into word as precisely as I could, but I couldn't do it as well as I wish I could.
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