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While I am still terribly sad that I didn't mine bitcoins with my workstation 3-4 years ago, I am glad I can stand at the sidelines and watch this amazing drama

While I am still terribly sad that I didn't mine bitcoins with my workstation 3-4 years ago, I am glad I can stand at the sidelines and watch this amazing drama unfold. Incidentally, I never figured out how to pronounce "Mt.Gox" But now I know: "Empty Gox" sounds about right :-)

dodyg 13y ago
7 - 8 years ago I was envying all my friends who were buying properties that keep going up and up ...
- mcv 13y ago
  I bought my house 6 years ago. I bought some bitcoins this autumn.
  - davidiach 13y ago
    You lucky bastard! :D
  - deleted 13y ago
    [deleted]
  - kokey 13y ago
    It sounds like a winning investment strategy would be to go short on whatever you are investing in.
    - stcredzero 13y ago
      Can this be applied recursively? Can you go short on your own going short, then go short on that as well?
    - bertil 13y ago
      That was the best back-handed compliment I’ve heard since the last episode of Downtown Abbey. I'm sure csv hates you every tiny bit I love you right now. :)
      - mcv 13y ago
        I don't hate anyone. I love living in my house, and I was fully aware of the risk when I bought my bitcoins. And I actually bought them just after the collapse when China dropped out, so I bought them at EUR 470, and now they're EUR 430 or thereabouts. The loss isn't huge. Yet. I'm not sure if I should cut my losses at this point.
    - mcv 13y ago
      Then I would have lost a lot on my Apple investment years ago. My only mistake there was to sell years too early. Also, I'm not sure how I can go short on the house I intend to live in.
  - edelans 13y ago
    please tell me about your next investment so I can keep my money safe
  - zanny 13y ago
    Just FYI, bitcoin has had half a dozen 50% retraces into 1000% explosions already. This is probably another one (I hope, at least, I just bought another 2 btc at 480).
    - bushido 13y ago
      >has had half a dozen 50% retraces into 1000% explosions already. Something shared by almost every hyped and now defunct securities out there. Upside potential should not be the only factor for selecting an investment. Risk management => Downside risk, liquidity, momentum etc. are way more important than limited past performance.
      - kordless 13y ago
        A better argument would be the evidence the hash rate is going through the roof. The inertia of those miners won't be stopped by bad sentiment caused by even worse software venerabilities. You either believe in the idea of what crypto currency technologies bring us, or you don't. Invest accordingly and leave your fears at the door.
        mbreese 13y ago
        When the price of electricity is higher than the mining payout, the hash rate will again plummet. Even though hashing with ASICs is much more efficient than CPUs or GPUs, it still takes electricity. And if the transaction rate remains low, the payouts are going to be smaller and smaller. Mining capacity should act like a utility company that spins up and down power stations in response to demand for electricity. Mining slows until transactions payments go up enough to make it worthwhile. (And that doesn't even cover the fact that mining is still a lottery for the pools).
        vidarh 13y ago
        Change in hash rate only gives you a loose indication of what the miners guesses the price development will be, assuming you know their cost base well enough (i.e. there are no ASIC developments that people have been keeping quiet).
- deleted 13y ago
  [deleted]
- lurkinggrue 13y ago
  I blew all my money on Beanie Babies and tulips.
Igglyboo 13y ago
I'm pretty sure its "Mount Gocks". Funny fact, Mt.Gox originally stood for Magic The Gathering Online eXchange.
- nextstep 13y ago
  No, it almost certainly did not originally stand for "Magic the Gathering Online Exchange". https://en.wikipedia.org/wiki/Talk:Mt.Gox#Possible_citogenesis_concerning_whether_MtGox_ever_hosted_an_MtG_trading_site https://en.wikipedia.org/wiki/Talk:Mt.Gox#Possible_citogenes... Discussion about this topic on HN: https://news.ycombinator.com/item?id=7249615 https://news.ycombinator.com/item?id=7249615
  - triangleman 13y ago
    It almost certainly did, but it was never used for that purpose.
  - deleted 13y ago
    [deleted]
  - skwirl 13y ago
    It certainly did, which is easily confirmed with archive.org: https://web.archive.org/web/20070525044536/http://mtgox.com/gwt/mtgox.php https://web.archive.org/web/20070525044536/http://mtgox.com/...
    - TophWells 13y ago
      Clarification: MTGOX was intended to stand for that, but the card exchange was never finished, probably for lack of interest.
      - Atroxide 13y ago
        Which means Mt.Gox did originally indeed stand for Magic The Gathering Online eXchange. Doesn't really matter if it was finished or not when talking about what the origin of it is.
rockdoe 13y ago
You didn't need to mine any coins. You just had to pick your buy and sell points correctly.
- Symbol 13y ago
  That's all you need to do to make money on stocks, or bonds, or any other speculative trade. The trick is being consistent :)
  - rockdoe 13y ago
    Sure. The point is that mining wouldn't have helped if you sold at the wrong moment.

dodyg 13y ago

7 - 8 years ago I was envying all my friends who were buying properties that keep going up and up ...

mcv 13y ago
I bought my house 6 years ago. I bought some bitcoins this autumn.
- davidiach 13y ago
  You lucky bastard! :D
- deleted 13y ago
  [deleted]
- kokey 13y ago
  It sounds like a winning investment strategy would be to go short on whatever you are investing in.
  - stcredzero 13y ago
    Can this be applied recursively? Can you go short on your own going short, then go short on that as well?
  - bertil 13y ago
    That was the best back-handed compliment I’ve heard since the last episode of Downtown Abbey. I'm sure csv hates you every tiny bit I love you right now. :)
    - mcv 13y ago
      I don't hate anyone. I love living in my house, and I was fully aware of the risk when I bought my bitcoins. And I actually bought them just after the collapse when China dropped out, so I bought them at EUR 470, and now they're EUR 430 or thereabouts. The loss isn't huge. Yet. I'm not sure if I should cut my losses at this point.
  - mcv 13y ago
    Then I would have lost a lot on my Apple investment years ago. My only mistake there was to sell years too early. Also, I'm not sure how I can go short on the house I intend to live in.
- edelans 13y ago
  please tell me about your next investment so I can keep my money safe
- zanny 13y ago
  Just FYI, bitcoin has had half a dozen 50% retraces into 1000% explosions already. This is probably another one (I hope, at least, I just bought another 2 btc at 480).
  - bushido 13y ago
    >has had half a dozen 50% retraces into 1000% explosions already. Something shared by almost every hyped and now defunct securities out there. Upside potential should not be the only factor for selecting an investment. Risk management => Downside risk, liquidity, momentum etc. are way more important than limited past performance.
    - kordless 13y ago
      A better argument would be the evidence the hash rate is going through the roof. The inertia of those miners won't be stopped by bad sentiment caused by even worse software venerabilities. You either believe in the idea of what crypto currency technologies bring us, or you don't. Invest accordingly and leave your fears at the door.
      - mbreese 13y ago
        When the price of electricity is higher than the mining payout, the hash rate will again plummet. Even though hashing with ASICs is much more efficient than CPUs or GPUs, it still takes electricity. And if the transaction rate remains low, the payouts are going to be smaller and smaller. Mining capacity should act like a utility company that spins up and down power stations in response to demand for electricity. Mining slows until transactions payments go up enough to make it worthwhile. (And that doesn't even cover the fact that mining is still a lottery for the pools).
      - vidarh 13y ago
        Change in hash rate only gives you a loose indication of what the miners guesses the price development will be, assuming you know their cost base well enough (i.e. there are no ASIC developments that people have been keeping quiet).
deleted 13y ago
[deleted]
lurkinggrue 13y ago
I blew all my money on Beanie Babies and tulips.

Igglyboo 13y ago

I'm pretty sure its "Mount Gocks". Funny fact, Mt.Gox originally stood for Magic The Gathering Online eXchange.

nextstep 13y ago
No, it almost certainly did not originally stand for "Magic the Gathering Online Exchange". https://en.wikipedia.org/wiki/Talk:Mt.Gox#Possible_citogenesis_concerning_whether_MtGox_ever_hosted_an_MtG_trading_site https://en.wikipedia.org/wiki/Talk:Mt.Gox#Possible_citogenes... Discussion about this topic on HN: https://news.ycombinator.com/item?id=7249615 https://news.ycombinator.com/item?id=7249615
- triangleman 13y ago
  It almost certainly did, but it was never used for that purpose.
- deleted 13y ago
  [deleted]
- skwirl 13y ago
  It certainly did, which is easily confirmed with archive.org: https://web.archive.org/web/20070525044536/http://mtgox.com/gwt/mtgox.php https://web.archive.org/web/20070525044536/http://mtgox.com/...
  - TophWells 13y ago
    Clarification: MTGOX was intended to stand for that, but the card exchange was never finished, probably for lack of interest.
    - Atroxide 13y ago
      Which means Mt.Gox did originally indeed stand for Magic The Gathering Online eXchange. Doesn't really matter if it was finished or not when talking about what the origin of it is.

rockdoe 13y ago

You didn't need to mine any coins. You just had to pick your buy and sell points correctly.

Symbol 13y ago
That's all you need to do to make money on stocks, or bonds, or any other speculative trade. The trick is being consistent :)
- rockdoe 13y ago
  Sure. The point is that mining wouldn't have helped if you sold at the wrong moment.