Bitcoin Blog a1

Friday, January 23, 2015

One year mark :)


Well today is the year mark for my Blog! One year ago today I made my first post. It interesting to compare what was going on then and now.  On January 23nd, 2014 bitcoin was trading for about $950 on Mt Gox (although on bitstamp it was trading at $818.) Today as you know, Mt Gox does not exist, but the price on bitstamp is about $235. That is quite the change. Its funny to think I was so excited over  getting a few satoshis, which really weren’t worth that much then, and really aren’t worth much now.

Which brings be to another topic I wanted to go over, the recent price drop. Bitcoin recently dropped to under $200 a coin recently. It since has been recovering, but I lost what feels like 33% of the value of my bitcoin. Luckily, in a way, I don’t have much.  I have .00585924 BTC, worth about $1.38 in my multi wallet, and another 0.00613654 BTC worth about $1.44. So in a year, it actually doesn’t look like I made it very far.In fact, $2.82 in a year.

In regards to dogecoin, in January of last year I didn’t even know they existed. Although, in my defense it was only introduced on December 8, 2013. I know have a little of 14,000 doge in my wallet :). But I guess I am still quite a bit from becoming a dogecoin millionaire. I also didn’t have any earthcoins then either, but I now have just a bit over a thousand. But really, its only worth about a satoshi each, which amounts to not much either.

This news is old as well but, Hash Profit has gone offline (https://hashprofit.com). I signed up for this site based on the free mining offer, which I said, well ok, if its free. I quickly did the math, and learned that with the free offer, you don’t earn enough to withdraw anything or do anything. So my only hope was referrals, which might given me enough hashrate to get me something. As such, it is currently in my support me section ( but I probably should remove it).

I had a few questions when I got to the site, the first one was, why to they mine with a workweek? A 9-5 weekday mining schedule with limited weekend mining. I guess Asics and other mining equipment have families too. Further, they claim they didn't just mine bitcoin, but a mix of coins that they would exchange for bitcoin. This is thought was strange too, I asked myself, is there anyway to confirm that they are even mining? The answer of course to this question was no, as it is clear now the entire operation was a ponzi scheme. Some poor buyers bought what they thought would be bitcoin returns in perpetuity were really just buying bitcoin returns for a few months. I think there is a clear take away from this scam, and that is that is it important to ensure that a site in question is doing what they really claim to; perhaps, by asking can I confirm this to be true. If not, you might not want to invest your money there. But I send my condolences to anyone who lost money.

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