BTC mining-pools ...

From: Mike Robinson 
------------------------------------------------------
Ahh, notice how adroitly your pocket is being picked:  a bitcoin has no =
real value, but $110 USD certainly does, and it not-coincidentally more =
or less matches what this "phantom unit of non-currency" "sells" for =
these days. You're being conned into =3Dpaying=3D for "money for =
=3Dnothing.=3D"

There is NO such thing as a Free Lunch.  There are, however, "two to =
take him."


>=20
> On Mon, Aug 5, 2013 at 11:48 AM, Lynn Dixon  =
wrote:
>=20
>> Prices are at about $110 USD per btc. They have risen and leveled off
>> these past few weeks.
>>=20
>> I have been using eclipsemc.com as my pool since Bithasher.com shut =
down.
>> I used to mine st btcguild but switched a while back.

=============================================================== From: James Nylen ------------------------------------------------------ Ahh, notice how adroitly your pocket is being picked: a dollar has no real value, but a loaf of bread certainly does, .... Call it what you will, but those who got into Bitcoin early have done extremely well. Also, there is a pretty clear exponential trend relative to the dollar, which implies its value is still increasing. http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl

=============================================================== From: Matt Keys ------------------------------------------------------ I thought I was doing great when I stockpiled roughly 100 of them around $2-6 value and in Dec sold at $12. Imagine the sickening feeling I had when I saw the price hit +$230 in Feb. In the btc world it seems a bird in the hand is not worth two in the bush. Hang on to them if you got them -- I don't think they'll go anywhere but up from here.

=============================================================== From: Lynn Dixon ------------------------------------------------------ I had been holding ALOT of btc. luckily, I held onto them until they hit the $240 mark and then dumped every single one I had. I got them from my mining operations, as well as "day-trading" using BTC in buying and selling foreign currencies. So, I guess I made a few thousand USD off by using BTC as a trade medium for FOREX. I am glad I sold off all I had, since it topped out around $260-ish. I have kept my mining rigs going, and I have collected a "few" more btc since then, and I have been holding on to them. I have made a metric crap ton of money from BTC. I always love hearing the critics of BTC telling me "better be careful! It has no value!" because I can prove that they do indeed have value...and lots of it. And thats about all I want to share of my earnings on a public list :-) I am still a bit worried what I will do come tax time, and I have to move that money back into the US.

=============================================================== From: Lynn Dixon ------------------------------------------------------ Phil, Thats a pretty good idea! Did you have any issues reporting the income come tax time? , ce se I I ird m e or =3D" f

=============================================================== From: Phil Sieg ------------------------------------------------------ Lynn, I made a small pile of money about 8 years ago in forex. All was = offshore, and I transferred it to an offshore bank that offered = international ATM cards. I simply withdrew cash for a long time as I needed it. Phil Sieg President SeniorTech LLC / snapf=C5=8Dn=C2=AE www.snapfon.com phil.sieg@seniortechllc.com Phone: 423.535.9968 Fax: 423.265.9820 Mobile: 423.331.0725 "The computer is the most remarkable tool that we've ever come up with. = It's the equivalent of a bicycle for our minds." Steve Jobs, 1955-2011 hit the $240 mark and then dumped every single one I had. =20 BTC in buying and selling foreign currencies. So, I guess I made a few = thousand USD off by using BTC as a trade medium for FOREX. I have kept my mining rigs going, and I have collected a "few" more btc = since then, and I have been holding on to them. hearing the critics of BTC telling me "better be careful! It has no = value!" because I can prove that they do indeed have value...and lots of = it. :-) I am still a bit worried what I will do come tax time, and I have = to move that money back into the US. around $2-6 value and in Dec sold at $12. Imagine the sickening feeling = I had when I saw the price hit +$230 in Feb. In the btc world it seems a = bird in the hand is not worth two in the bush. Hang on to them if you = got them -- I don't think they'll go anywhere but up from here. no real value, but a loaf of bread certainly does, .... extremely well. Also, there is a pretty clear exponential trend = relative to the dollar, which implies its value is still increasing. = http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl wrote: no real value, but $110 USD certainly does, and it not-coincidentally = more or less matches what this "phantom unit of = non-currency" "sells" for these days. You're being conned into =3Dpaying=3D= for "money for =3Dnothing.=3D" take him." wrote: off shut down.

=============================================================== From: Phil Sieg ------------------------------------------------------ None, other than the PAIN of doing so ;-) Phil Sieg President SeniorTech LLC / snapf=C5=8Dn=C2=AE www.snapfon.com phil.sieg@seniortechllc.com Phone: 423.535.9968 Fax: 423.265.9820 Mobile: 423.331.0725 "The computer is the most remarkable tool that we've ever come up with. = It's the equivalent of a bicycle for our minds." Steve Jobs, 1955-2011 income come tax time? offshore, and I transferred it to an offshore bank that offered = international ATM cards. with. It's the equivalent of a bicycle for our minds." hit the $240 mark and then dumped every single one I had. =20 BTC in buying and selling foreign currencies. So, I guess I made a few = thousand USD off by using BTC as a trade medium for FOREX. I have kept my mining rigs going, and I have collected a "few" more btc = since then, and I have been holding on to them. hearing the critics of BTC telling me "better be careful! It has no = value!" because I can prove that they do indeed have value...and lots of = it. :-) I am still a bit worried what I will do come tax time, and I have = to move that money back into the US. around $2-6 value and in Dec sold at $12. Imagine the sickening feeling = I had when I saw the price hit +$230 in Feb. In the btc world it seems a = bird in the hand is not worth two in the bush. Hang on to them if you = got them -- I don't think they'll go anywhere but up from here. no real value, but a loaf of bread certainly does, .... done extremely well. Also, there is a pretty clear exponential trend = relative to the dollar, which implies its value is still increasing. = http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl wrote: no real value, but $110 USD certainly does, and it not-coincidentally = more or less matches what this "phantom unit of non-currency" "sells" = for these days. You're being conned into =3Dpaying=3D for "money for = =3Dnothing.=3D" take him." wrote: off shut down.

=============================================================== From: Phil Sieg ------------------------------------------------------ Also remember that it is taxable in the YEAR that it is repatriated. Depending on how much money is involved, you may want to spread the = withdrawals over 2 or 3 tax years. As a business owner my taxes fluctuate wildly, and pushing earnings = forward until they can be offset by loss has saved me a ton. All totally = legal and handled by my accounting firm. Phil Sieg President SeniorTech LLC / snapf=C5=8Dn=C2=AE www.snapfon.com phil.sieg@seniortechllc.com Phone: 423.535.9968 Fax: 423.265.9820 Mobile: 423.331.0725 "The computer is the most remarkable tool that we've ever come up with. = It's the equivalent of a bicycle for our minds." Steve Jobs, 1955-2011 income come tax time? offshore, and I transferred it to an offshore bank that offered = international ATM cards. with. It's the equivalent of a bicycle for our minds." hit the $240 mark and then dumped every single one I had. =20 BTC in buying and selling foreign currencies. So, I guess I made a few = thousand USD off by using BTC as a trade medium for FOREX. I have kept my mining rigs going, and I have collected a "few" more btc = since then, and I have been holding on to them. hearing the critics of BTC telling me "better be careful! It has no = value!" because I can prove that they do indeed have value...and lots of = it. :-) I am still a bit worried what I will do come tax time, and I have = to move that money back into the US. around $2-6 value and in Dec sold at $12. Imagine the sickening feeling = I had when I saw the price hit +$230 in Feb. In the btc world it seems a = bird in the hand is not worth two in the bush. Hang on to them if you = got them -- I don't think they'll go anywhere but up from here. no real value, but a loaf of bread certainly does, .... done extremely well. Also, there is a pretty clear exponential trend = relative to the dollar, which implies its value is still increasing. = http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl wrote: no real value, but $110 USD certainly does, and it not-coincidentally = more or less matches what this "phantom unit of non-currency" "sells" = for these days. You're being conned into =3Dpaying=3D for "money for = =3Dnothing.=3D" take him." wrote: off shut down.

=============================================================== From: lists@cluebat.net ------------------------------------------------------ I understand that mining and trading for a few has netted you some, but I'm curious, when you say you've made a couple thousand off BTC, is that net or gross? If it's gross, how do the numbers look after you figure in your cost for electricity and the costs for the mining rigs? It's hard for me to take Bitcoin seriously, as I'm pretty sure I can get a better return on investment through more traditional investment avenues. From: chugalug-bounces@chugalug.org [mailto:chugalug-bounces@chugalug.org] On Behalf Of Lynn Dixon Sent: Monday, August 05, 2013 6:50 PM To: Chattanooga Unix Gnu Android Linux Users Group Subject: Re: [Chugalug] BTC mining-pools ... I had been holding ALOT of btc. luckily, I held onto them until they hit the $240 mark and then dumped every single one I had. I got them from my mining operations, as well as "day-trading" using BTC in buying and selling foreign currencies. So, I guess I made a few thousand USD off by using BTC as a trade medium for FOREX. I am glad I sold off all I had, since it topped out around $260-ish. I have kept my mining rigs going, and I have collected a "few" more btc since then, and I have been holding on to them. I have made a metric crap ton of money from BTC. I always love hearing the critics of BTC telling me "better be careful! It has no value!" because I can prove that they do indeed have value...and lots of it. And thats about all I want to share of my earnings on a public list :-) I am still a bit worried what I will do come tax time, and I have to move that money back into the US. I thought I was doing great when I stockpiled roughly 100 of them around $2-6 value and in Dec sold at $12. Imagine the sickening feeling I had when I saw the price hit +$230 in Feb. In the btc world it seems a bird in the hand is not worth two in the bush. Hang on to them if you got them -- I don't think they'll go anywhere but up from here. Ahh, notice how adroitly your pocket is being picked: a dollar has no real value, but a loaf of bread certainly does, .... Call it what you will, but those who got into Bitcoin early have done extremely well. Also, there is a pretty clear exponential trend relative to the dollar, which implies its value is still increasing. http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl On Mon, Aug 5, 2013 at 2:31 PM, Mike Robinson wrote: Ahh, notice how adroitly your pocket is being picked: a bitcoin has no real value, but $110 USD certainly does, and it not-coincidentally more or less matches what this "phantom unit of non-currency" "sells" for these days. You're being conned into =paying= for "money for =nothing.=" There is NO such thing as a Free Lunch. There are, however, "two to take him."

=============================================================== From: Matt Keys ------------------------------------------------------ Gross but it depends on the price of btc when you cash out. Back when I was CPU/GPU mining I made very little profit after deducting the cost of power -- but keep in mind BTC wasn't in the $100-200 range it was around the $1-10 range. Since I've changed to ASIC devices instead of CPU/GPU the power consumption costs have dropped dramatically -- close to $100 less on my power bill. The first two weeks I used my BFL devices they paid themselves off. The next two or three weeks I made about 5 more btc but gave them away to a family in need so they could make a house payment. I think I've got about 4 or 5 more that I've mined since then... so figure around 15 coins since mid-May at around $100 ea, deduct $500 for the hardware and about $30 extra on the power bill each month. The difficulty has indeed gone way up. I'm not popping out a coin every other day like I did when I first got the jalas, but I'm still generating one coin every week or two. If you're interested in mining to immediately cash out you need to get into the game with the right equipment early enough to beat the difficulty increase. Once the difficulty catches up the profitability goes down unless price goes up with it. If you're interested in long term return it's no different than traditional investment avenues... buy low sell high. You don't have to mine for them to do that, but from what I've read if you're buying and selling that may eventually fall into the capital gains taxation area. Mining for them on the other hand would not be taxable.