Here’s the result of the bitcoin experiment

As I wrote yesterday, for experiment, I rented on eBay a 6 GH/s bitcoin miner for 24 hours, paying it 6 euro. Before renting it, I calculated that, in average, a 6 GH/s rig in 24 hours makes around 4 euro worth of bitcoins (quite obvious, if it was more profitable, the seller would have kept the gain for himself, right?), so I gave instruction to mine alternative cryptocurrencies, that I would have exchanged later for an higher profit.
I got:
  • 2.84346867 Freicoin
  • 33.96338019 Zetacoin
  • 0.72134190 Terracoin
That, if they were exchanged immediately at the moment which I bid on the eBay auction (18 hours before the actual start), they would have been worth a dozen of euro.
But, I got them much later: 18 hours for the auction to expire, 24 hours to mine them, other 18 hours waiting for my “shares” to be completed and finally 5 hours to see them credited on my Cryptsy account. Almost three days have passed, and now those coins are worth around 2 euro…

Well, at least now I can have fun on Cryptsy doing “virtual” forex:

And I can create orders to get rid of those cryptocurrencies that are useless to anyone except speculators.
Conclusion: this approach isn’t profitable, even if teached me a lot on this world. If I’m good in exchanging this coins, seeing the extreme volatility of those currencies, I could recover my losses (now: 4 euro)
Before doing this experiment and renting the 6 GH/s for 6 euro, I evalutated the situation carefully, I saw people on eBay that paid 15-20 euro for renting just 1 GH/s: I thought that they were professionals, that they would have got back the money, instead they were just crazy. Meh.

Scared me!

I was giving a last glance to Twitter just before going to sleep, when I read this:
OHMYGOD! All bitcoin private keys leaked??? How that could happen??
I got goosebumps! If a private key of a wallet is leaked, it means everyone can take possess of the coins inside! And, if this is true, it means now the bitcoin value is ZERO! With my heart beating very fast, I check the price on Mtgox… it’s still around $1000… weird? I copy a private key and I try to import that wallet on mine: ERROR!
I feel relieved! It’s just a joke!
But… maybe… someone could actually believe it… and the value of a bitcoin could fall!

Ps: I rented a 6 GH/s ASIC miner for 24 hour, soon I’ll write results!