Quote:
Originally Posted by Hack&Lube
I've been doing this for 2 years and it's a slippery slope. I still need work income and constant reminders to myself to keep going even though I should have had a million dollars in BTC by now if didn't sell to pay my bills in 2011. It's currently more profitable to mine some of the alt currencies (feathercoin, novacoin, digitalcoin) but converting them to BTC and then cashing out is more difficult and uncertain.
For me, alt currency (including Litecoin) is there only to help pay for Bitcoin mining. Bitcoin mining is probably the way you want to go to replace your day job if you can afford to drop a couple grand to stay ahead of the constantly growing ASIC mining curve. I currently have thousands put into Butterflylabs and KnC miners that I don't even have in my possession yet.
Having no wife helps  |
I have a hard time investing into machines I can't physically see. I know I could get a Saturn for no more than 8 bitcoins, but on an ROI level it isn't necessarily worth it.
To be honest though, if it wasn't for day-trading and the fact that I diversified, I wouldn't have made the equivalency of 3.5btc in 3 weeks with /mainly/ two 50 GH Butterfly Labs miners. But I've also researched alt-coins non-stopped and played around on exchanges to make 0.05btc here and there, but I've also gone for whatever is the most profitable at the time. Even among ASIC mining, Bitcoin is rarely the most profitable for more than an hour or two at a time, so spending a few hours a day on others isn't a bad idea. I wish I could pay attention to it full-time, but alas.