Originally Posted by andino
I have to admit that I'm getting a kick out of watching Dave and KAC. I can see doing a small farm like them. $7K to $10K.... At the end of it they get nice stuff and it's a fun hobby that will make them some money.
What really freaked me out were the people dropping upwards of $50k into mining with the expectation of getting a return on startup within 3 to 4 months. That's just very optimistic.
There are going to be a ton of people that lose their shirt over this stuff. But there always are people that get into something and don't realize the technical skills that are needed to maintain a rig and the time and knowledge to use it wisely.
I can guaranty that there are people out there OCing the whole rig to burn through the algorithms and are killing their equipment. Sometimes slow and steady wins the race. That's why I'm not too keen on getting used cards right now.
It's still interesting to me. I'll see how it all goes. I'm now more concerned about how the transfer of bitcoin to cash will actually work and the fees associated with doing this long term. Then there are the taxes and what not with it all. I'd freaking hate to get audited over BitCoin.
Read my mind all around
And I've got to read up about the taxes part...