GoldCoin Talk
Alternate Currencies => Altcoin Discussion => Topic started by: Stouse49 on September 25, 2013, 02:29:53 AM
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Here is an interesting discussion on mining. At this point, I determined that my 7870 card uses more electricity than what can be mined from it.
https://bitcointalk.org/index.php?topic=300854.0
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same here.. :)
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I was just reading that post. You know what the problem is?
People don't mine to support a coin any more. They are just looking for profits so they jump from one coin to the next. If a new coin comes out people switch to it because the diff is low and at some point it will be on a exchange and they'll sell it for BTC or LTC. They don't support the coin or any coin. It's like everyone thinks every coin will be the next BTC or LTC and yet not one coin has a chance because not enough people support any one coin. Even GLD can't get support, more people will mine it if the profit is high enough other than that they don't care or mine it if the profit margin drops.
Even I jump around because I know I can mine a coin, sell it and buy more Goldcoins than I can mine. So if people want any coin to go up in value, they'll need to select a coin and mine that coin only. No matter what the Diff, current price or profit margin is. That would be the only way to make a coin work. Support it no matter what.
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You know what the problem is?
People don't mine to support a coin any more.
That is an excellent point.
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Gold and silver mines are operating at a loss for almost a year now.
Anytime you can buy a commodity below the cost of production it is a good buy.
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Mining is way to busy now, even six months ago was late now with so many people coming in to mine it is just getting ridiculous.