BTC Consumption

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thebitcoincpa

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Location: Metro Phila

BTC Consumption in an interesting inquiry therefore I decided to chime in. I am currently on a self-guided MBA program with bitcoin almost completely immersing myself to the point of spending nearly 50% of my time if I include all of my thought energy. It's basically all I think about.

Also keep in mind that I am writing a book called The Ultimate Bitcoin Business Guide for Entrepreneurs and Small Businesses which has turned into a massive undertaking. I am so committed to the project that I have to think about bitcoin constantly to get this project done.

I think its a healthy obsession. Its seems like I never been more excited about something in my entire life than bitcoin and all its possibilities. Also my intention is to turn the 50% of my time into 100% of my time focused on crypto related projects.

That's all for now Kirk out.

Posted on July 10, 2014 at 6:19 PM
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MikeJohnson

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@kerneloops My enthusiasm and participation level ebbs and flows, partly because of a random work schedule, both in weekdays and time of day, and partly due to the overall atmosphere in the Bitcoin community at a given time. After a media blitz of bad news for a few weeks, like the likes of Mt.Gox, Silk Road or NeoBee shutdown, I tend to withdraw and not care much about bitcoins' where/what/when/how, but once the bad-news-wave passes (as it always does), I'm back on Reddit, LTB etc to put some good vibes in storage for the next low point in the Bitcoin space. I'm quite comfortably past the "if" of Bitcoin, so most of my interest revolves around Bitcoin 2.0 of which the LTB network does a good job of following.

I started mining with GPU's mid-2013, and initially it consumed all of my days off, trying to configure and tweak for optimal hashrate/temp/fan noise while maintaining system stability and so on, but with the onset of pretty much plug-and-play of modern ASICs like Antminer S1 etc. mining has become sort of boring. I still partake, but it doesn't give me the tickles of building a rig, tweaking and running it. And no, none of my mining ventures have really had a positive ROI...

I've noticed that lots of interest ebbs and flows with the good news and the bad news. Just a quick look at the Google trends charts shows that when bad news is happening it peaks and I have noticed the trolls come out but the regulars kind of taper off a bit on reddit and a few other places.

I completely agree that the days of mining being "fun" are basically over with the advent of ASICS. I have them but they aren't as fun as building, tweaking and testing all of the time.

That was one of the major reasons I enjoyed the mining side of things was because of the interesting technical challenges that it would provide.

Posted on July 10, 2014 at 6:30 PM
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angrycanuck

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Posts: 31
Location: Canada

I could easily take 50% of my day with it, the entirety of the BTC and offshoots is HUGE. However I try and limit myself to

Posted on July 10, 2014 at 8:31 PM
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MikeJohnson

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@dirtyboots702 I'm enamored with the ideas that the community as a whole are coming up with and having a lot of fun jumping on specific alt coins and giving some, not a lot, of financial support...but god knows a lot of time. probably 30-40%

I would call 40% a lot of time ;)

HAHAHA Is that spare time or time you are setting aside though?

Posted on July 10, 2014 at 9:27 PM
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cyberclones

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Location: Canada

When I first got into bitcoin I spent 100% of my time the first 7 days or so reading everything I could find on bitcoins then I found out that there were these things called altcoins so that took some time as I wanted to learn all about all of them(I had a lot of free time last summer as I had taken it as I wanted a break before going back to school in the fall). I was able to ween myself off of it slowly over the summer to the point that when sept came I was only spending about 20% of my free time on it.

Now since I'm not as inclined to chase every new altcoin that is coming out and have dialed in the projects I want to follow I would guess I spend about 1-2 hours a day reading what I can however I have managed to go a couple of days without checking whats new a couple of times too.

Posted on July 10, 2014 at 10:21 PM
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mich

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Location: Philadelphia

I try to remain balanced. When I first really spent time learning about how Bitcoin works, it was hard not to obsess because the idea is fascinating and there are so many things that can develop from it as a technology. There are so many questions to answer and factors to include in this whole thing. Plus there is always news. And very dramatic turns for the better and worse.

Nowadays I try not to get too involved because I want to spend time being outside, with friends, and learning new things.

I kindof count my time spent discussing bitcoin and keeping up with the current events as part of my time on the internet/computer. By limiting computer time, my life definitely finds more balance.

But man, 'bitcoin'+'chatting on the internet' is a pretty addictive combo.

Posted on July 10, 2014 at 10:40 PM
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adam

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Posts: 1980
Location: California, USA

I've given up on balance, I get up at 5am and go to sleep around 11pm. I usually eat two meals a day, i've recently started taking half days on sundays and wednesdays.

Posted on July 10, 2014 at 10:50 PM
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TheAnarchistBlockchainQueen

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Posts: 15
Location: Earth

I first heard about Bitcoin in 2011 at Libertopia. I got home and occasionally mined some bits but didn't get very far because it was already sucking a lot of energy from my laptop. I didn't get really interested until I was working at a bank a little over a year ago. My tasks were menial and I had the ability to listen to complex ideas with my headphones at the same time. I got very interested and learned a lot, and very excited. I started reading all the articles I could in my free time...so a large percentage of my time over the last year. Now, though, I'm focusing really hard on making my own company work (Savory Scents), so not so much time spent on learning about Bitcoin. I wish there was more time in the day..

Posted on July 10, 2014 at 10:56 PM
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MikeJohnson

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@mich The bitcoin subreddit is the biggest timesink. Well, reddit in general.

Yeah, I can't even begin to think about how much time over the last several years I was sucked in to reddit and now a lot of my time is spent on /r/bitcoin as well.

If reddit was like World of Warcraft and had a /played time... I would shudder at the thought.

Posted on July 10, 2014 at 11:39 PM
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ChainRadio

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Posts: 161

@coinfire Howdy,

One thing that I've heard fairly consistently from people inside my social circle is that Bitcoin is literally consuming a ton of time.

When you first learned about Bitcoin did you suddenly find a majority of your time being sucked up by Bitcoin?

It certainly seems that when you first learn about Bitcoin you have to spend a lot of time learning about Bitcoin, and then you become sucked in to Bitcoin.

How much of your time is consumed by Bitcoin each day? 10%, 20%, even higher?

I have to admit we are at 100% for me right now. I literally get up and start each day with Bitcoin and go to bed each night as I wrap up with Bitcoin.

What about you?

About 50% of my free time right now is dedicated to Bitcoin and about 25% of my free time to the other cryptocurrencies.

The other 25% I have tried to reserve of my free time to pursue other interests but as things get busier and busier in the world of cryptocurrencies I see this changing dramatically.

Posted on July 11, 2014 at 12:14 AM
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