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nazgulnarsil comments on General Bitcoin discussion thread (June 2011) - Less Wrong
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66% pullback in price this weekend. This certainly isn't a market for the fainthearted.
My probability distribution looks something like 90% chance of going to 0 and 10% chance of going to multiple hundreds of dollars.
My downside is limited to having paid market price for 2 video cards and a power supply if bitcoins go to zero. My friend just built a mining rig with three cards for around $650. I tried to talk him out of it but the concept of free money seems to override people's ability to make cost benefit analysis.
Clearly, the market is responding to people questioning its efficacy on Less Wrong. :P
Are you buying bitcoins? Expected utility is in the multiple tens of dollars if you believe that.
I'm mining. And my utility is not uniform over my money. Money now is significantly more valuable than money will be once I graduate college.
If I had more disposable income I would have bought some directly.
I'm curious, are you still mining? Also, are you living in a dorm with fixed electricity cost?
mining was unprofitable for a long while until just recently with the price recovery. mining now is worth it for the free heating.