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Hiya Everyone,
I've been daydreaming a lot, about exactly how I'm going to handle what coins to hold, what to mine, and what to trade. So, I think I've laid out a plan that I want to share. Obviously, how people go about these things is rather *subjective*, so I figured I would first lay out my underlying assumptions (and some personal factors) that underlie my ideas. To be honest, these ideas are probably much more interesting than just simple list of "hey these are the crypto I hold and how I get it."
I will try to arrange the justifications to my actions in something that almost resembles a deductive argument (but definitely not, as you see nothing logically follows from them). I will talk about a specific assumption I have - the premises that guide me to towards it - honestly listing, and dividing my premises based on whether they are "objectively" true, an idea to consider, something about my relationship towards action or idea OR an opinion or intuition. This way you can see where I take *facts* combine them with my feelings, intuitions, and beliefs, that leads me to a plan of action. I will be honest about what is backed back by evidence, what is not, and provide a little commentary as I go through my thoughts. This is also serves as an exercise for myself too.
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*My subjective assumption that I want to examine today: *
**GPU mining (as a "thing") is going to be worthwhile for me for good time to come.**
-- This is likely one premise that is going to raise an eyebrow, and I'd love to touch on a couple factors that I think drive this assumption (don't take it literally though, who knows if computers will even have gpu's in a far future). Before reading further it is critical you understand that I am not talk about ASIC mining here (https://en.bitcoin.it/wiki/ASIC). The moment a coin becomes minable via ASIC, throw it out the window in terms of what I have to say.
-- Its important to state what *I* mean by worthwhile (1, that it will be somewhat profitable (obviously in the future a good chunk less than what mining ETH is like now), and 2, that I will enjoy it).
**Here are a couple statements that are true** (more or less backed empirical evidence (or self report if it is a statement about my attitude towards something). Though I understand that I am the one making claims, I do not plan to sit here and defend these over a long chain of replies here, these facts are not so crazy that a quick google search (not of some person's opinion of forum) but of one reviewing evidence should provide sufficient evidence. I do believe the burden of proof is on the person who is making a claim, however, will take explicitly exemption here to prevent myself from writing a review article for brevity and actually getting out content sake. With that said *do* **keep in mind the exact verbiage I have selected** (usually in terms of a temporal context of the reference or the specifics comparisons). I would be happy to discuss these (especially my phrasing). Errr if anyone does want some reference for these facts that you sincerely have trouble finding yourself in less then 15 minutes googling, let me know in the comments.
1) Coins of value can be mined via GPU right now.
2) There are coins that can be mined by reputable mining GPU (let's say an rx480 or something like that) are worth more than the electricity it costs to obtain in the US beyond just ETH. http://www.coinwarz.com/cryptocurrency for a rough reference (ignore the crap coins lol).
4) GPUs will exist for their normative purpose until something better replaces them (this one I would be hardpressed to actually show you evidence - but I think it might be sufficient logically (grain of salt) to be more or less true enough).
*Some statements about myself*
3) I enjoy building and running computer hardware.
4) Having something that I control that generates items that bring me utility (phrased carefully :3, you know "makes beanies babies" if you will) makes me feel independent and empowered.
**Here are a couple statements, that are not necessarily true, but worth considering**
1) GPU based coins will likely exist, and hold some value driven by the desire of those who want to utilize GPU based PoW mining.
-- If someone in economics might want to comment on this, this would be much welcome. Do keep in mind, the idea should be treated differently than "value is created only by miners, because they want to mine" as I think that statement might just make everything worth exactly nothing or just break even for electricity costs (more or less).
2) GPUs as a standard in computer hardware is likely to last for at least another 5 years.
2) GPUs themselves have reasonably decent resale value (I think this is more or less true, but I do not want to go through all the data to actually back it haha).
3) I could be wrong consideration "1)"
My **action** based on my subjective interpretation of those items listed. Well, for this one its simple - I keep building and mining...
*Taken together, I think its worthwhile for *me* to keep mining and keep making mining rigs, as long as I personally forsee something that resembles 1/3rd of what ETH brings in now (holy moly cheers though for what mining ETH is like right now!).* I more than acknowledge a *tremendous* amount of this based on my 3rd fact which is that I very much enjoy assembling and owning the hardware end of it - (i.e. building in of itself is a hobby - and this funds it) as well as my 4th fact. I suspect that there are many who will share my opinion about item #4... though, depending on your financial states the relative value something that brings in 2 ETH a week will be much different.
With this all said, this is by no means a recommendation of what you ought to do. FFS I don't even believe in ought statements at a fundamental level. However, I wanted to share my thoughts.. you know a "blog" post if you will. I feel annoyed I had to make a bunch of disclaimers - but the majority of that is to prevent myself from feeling obligated to discuss this in a "shallow" way, and that also that intend to tag this in the philosophy section hoping to draw some comments discussing flaws or challenges in my underlying thought process or logic (where applicable).
Cheers folks.
-y
Sources not mentioned in text.
Mining Pictue: www.dunlopconveyorbelting.com/typo3temp/pics/9b8d8a8578.jpg
Warning Assumptions Ahead Sign:
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