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Cryptocurrency |OT| Nothing from Money

P

PastorOfMuppets

Banned
IHeartTSwift said:
Appreciate the OP. Question. I'm just getting started into this whole cryptocurrency and I don't have a whole lot of money to work with. Is it better to slowly invest into something like Bitcoin even if the price is where it's at (ex. Depositing $500-1k at a time) enough got a coin or twos worth and then invest a couple hundred into others (Eth, siacoin, LTC, Stratis)?

I don't have much money to invest as I should but I figure it's now or never ya know
Click to expand...

That's what I did basically. Then I slowly increased my holdings in ETH over as time went on. It's as valid of a strategy as any.
 
I

IHeartTSwift

Member
PastorOfMuppets said:
That's what I did basically. Then I slowly increased my holdings in ETH over as time went on. It's as valid of a strategy as any.
Click to expand...
Appreciate your response friend. And that's good to know as I continue to do more research and get comfortable with this. I'm thinking of putting my chips down into ETH but Stratis is looking like it'll increase as well

I keep hearing talk of a market crash of some sort. Anyone care to shed some light on this issue and what that would mean for BTC and ETH?
 
A

Absinthe

Member
Brandson said:
Anyone care to write something up about preferred mining strategies and pm it to me? I haven't done any mining myself.
Click to expand...

Here's what I've learned so far (very new to all this).

You can mine using NiceHash miner directly to a Bitcoin address and they will payout based on their internal schedule.

If you want to mine ETH you can mine through Ethermine.org and use on of the miners they have on their homepage (I'm using Claymores CUDA miner).

Mining other currencies get's a little more complicated depending on the currency but most of them rely on a specific TCP url. For other currencies I have used CCMiner, and CGMiner.
 
A

Aztechnology

Member
Switched from Nicehash to mining ETH from a pool for myself using Jaxx as my wallet. Just seemed to make more sense. And it's more fun to be mining something that could potentially go up a lot more in the future. Or down. But still.
 
N

neonglow

Member
Aztechnology said:
Switched from Nicehash to mining ETH from a pool for myself using Jaxx as my wallet. Just seemed to make more sense. And it's more fun to be mining something that could potentially go up a lot more in the future. Or down. But still.
Click to expand...

Is there a tutorial on how to get started mining ETH and which pool did you join?
 
S

ShadowKingpin

Member
Aztechnology said:
Switched from Nicehash to mining ETH from a pool for myself using Jaxx as my wallet. Just seemed to make more sense. And it's more fun to be mining something that could potentially go up a lot more in the future. Or down. But still.
Click to expand...

How is Jaxx? That's the basic free wallet, right? I was looking at a Ledger Nano S for down the road, but keep hearing about Jaxx. Safe and trustworthy (Jaxx)?
 
E

Earthbound64

Banned
Well, I divested most of the smaller (price-per-coin) coins that I had (made like $15 off them) and put it back into ETH. Only enough for ~0.1ETH. We'll see if that can make something today, though.
 
B

Brandson

Member
Factom up 46% and Golem up 8% since yesterday. I actually converted my small XBY holdings to Golem yesterday. Might buy a bit more Golem later this month.
 
J

Jebusman

Banned
So what's driving these increases in like every cryptocoin?

Around March/April they all started spiking, almost simultaneously. It feel like the bubble is just going to burst on them any second.
 
C

CaptainZombie

Member
Brandson said:
Eth at USD$265 now. 270 later today?
Click to expand...

I feel like next week we will hit $300 for sure. There is another conference that is happening, some huge rumors going around. For my own purposes, I hope it drops back down to $250 by tomorrow so I can buy some more............then to the moon from there.
 
B

Brandson

Member
Jebusman said:
So what's driving these increases in like every cryptocoin?

Around March/April they all started spiking, almost simultaneously. It feel like the bubble is just going to burst on them any second.
Click to expand...

I agree many altcoins are probably highly overvalued. Some of the increase is a growing number of people seeing the potential in something like Ethereum, who then buy, and the price goes up, and there is media attention, so more people find out about it, and buy in, driving the price up some more. Ethereum also had a great few months of news, which contributed to that growth cycle, and media outlets like Bloomberg are talking about it almost every day now. There is also a lag between when someone finds out about it, decides to get in, and can actually buy some, due to verification and wire transfer times. Sometimes it can take 3 or more weeks for the average person to get through all of those steps, so any good news in crypto takes a few months to fully affect the price.

As for altcoins, I think it's a lot of people not wanting to miss on the next Ethereum. Once the market realizes that only a handful of cryptocurrencies really have a future, there will be a big crash for sure. I could be wrong but I see Bitcoin kind of like Myspace, and Ethereum like Facebook. And there won't be much room for multiple Ethereums. It's possible another coin could show up to take Ethereum's place, but Ethereum does enough things right and has a big head start that I think it will ultimately be the market leader. Before we get to the crash though, there is money to be made riding the bubbles in the short term.
 
J

Jebusman

Banned
Brandson said:
Before we get to the crash though, there is money to be made riding the bubbles in the short term.
Click to expand...

Yeah like that's the thing. I've already missed the train enough times to know I'm not willing to risk it again, but this seems like an awfully major crash is coming in the short term.

At the same time I'm scrambling to find any backups of any wallets I might have had because I'm sure I had like $100 worth of Dogecoin at one point (which would now be like, $1K worth of Dogecoin?).
 
L

Lilalaunebaer

Member
Jebusman said:
Yeah like that's the thing. I've already missed the train enough times to know I'm not willing to risk it again, but this seems like an awfully major crash is coming in the short term.
Click to expand...

That´s where I personally am at. I cashed like half of my coins out a week or so ago. Waiting for the crash after the current bubble over the next 12 months or so to rebuy. Like, it could just continue and bitcoin could go to 10k but if i look at the history of cryptocurrencies i seriously doubt it.

At the same time I'm scrambling to find any backups of any wallets I might have had because I'm sure I had like $100 worth of Dogecoin at one point (which would now be like, $1K worth of Dogecoin?).
Click to expand...

Maybe, Dogecoin is inflationary as hell though, so that might reduce the gains you made. Still, probably nice gains if you find the wallet.

But i looked through all my backups as well, and found some nice things. Darkcoin had a rebrand happening that i didn´t know about so i though it was worthless, didn´t find it on coinmarketcap either. But then i read about it and found out it´s DASH now, that was a nice 1.5k outta nowhere. And just from mining for like 2 weeks 3 years ago. Good luck on the hunt.
 
J

johnsavage

Member
Jebusman said:
Yeah like that's the thing. I've already missed the train enough times to know I'm not willing to risk it again, but this seems like an awfully major crash is coming in the short term.

At the same time I'm scrambling to find any backups of any wallets I might have had because I'm sure I had like $100 worth of Dogecoin at one point (which would now be like, $1K worth of Dogecoin?).
Click to expand...

This recent boom reminded me that I mined Dogecoin in 2014. I stopped as soon as I hit $100 USD (the silence after a month or so of mining was glorious). It is worth like ~$700 right now. I'm thinking of taking half and converting it to other currencies since it seems like (from my very uneducated observation) that the value of Doge is directly related to the value of bitcoin.

I started re-mining again. ETH seems profitable to mine at the moment and since I'm using Claymore I'm mining siacoin since it can mine both at once and I'm throwing money at FCT (which is paying off in the short term at least).

I've convinced myself to get another GPU so make mining more worth it.... I want off this ride
this is actually quite interesting and potentially profitable
.
 
S

ShadowKingpin

Member
I honestly feel that as long as Bitcoin keeps going up, a lot of these cheap Alt's will continue to rise. Not in the way ETH & BTC are, but enough for a long term profit. That's only based on hoping some of these penny coins make it to $1 based on Bitcoin's success. We shall see.
 
S

Souldestroyer Reborn

Banned
Just sunk a couple of grand into ethereum.

Fingers crossed.

Be bold they said.

I wish I had bought bitcoin back in 2010. I distinctly remember going to spend £50 on them and I didn't :(
 
E

Earthbound64

Banned
Nice, made $20 on buying on the bottom of the sinking of XBY and XVG, and they're starting to head back up again.
I'm up ~$35 on my initial principal of $150.
 
I

IKizzLE

Member
Started investing in cryptocurrency two weeks ago and I've already made $1500.
Shout outs to BTC, ETH, LTC, XRP, DGB, STR and STRAT.
 
A

Aztechnology

Member
neonglow said:
Is there a tutorial on how to get started mining ETH and which pool did you join?
Click to expand...


There's a few tutorials but I can always help you get setup too. It's not that difficult honestly.

The tweaking is the more time consuming part. A lot like OC'ing. But sometimes inverse lol.

ShadowKingpin said:
How is Jaxx? That's the basic free wallet, right? I was looking at a Ledger Nano S for down the road, but keep hearing about Jaxx. Safe and trustworthy (Jaxx)?
Click to expand...

Yea it's a basic wallet. They have great integration and I'm using it as an intermediary as I can't mine directly into a coinbase account. Not sure how I'm going to approach this going forward. May have to create a local wallet.

Conversion inside the app is a nice feature, I haven't used it yet. But I likely will trade some of my BTC I made through Nicehash for ETH.
 
Compsiox

Compsiox

Banned
Aztechnology said:
There's a few tutorials but I can always help you get setup too. It's not that difficult honestly.

The tweaking is the more time consuming part. A lot like OC'ing. But sometimes inverse lol.



Yea it's a basic wallet. They have great integration and I'm using it as an intermediary as I can't mine directly into a coinbase account. Not sure how I'm going to approach this going forward. May have to create a local wallet.

Conversion inside the app is a nice feature, I haven't used it yet. But I likely will trade some of my BTC I made through Nicehash for ETH.
Click to expand...

What does your mining rig consist of exactly?
 
A

Aztechnology

Member
Compsiox said:
What does your mining rig consist of exactly?
Click to expand...

All I could get ahold of. 2 RX 480's from that awesome woot deal where the PC was $450 for a bunch of stuff. You can find it on Google although it's expired now.

Aside from that a 750w platinum Rosewill PSU. A 5 PCI-E 1151 ASRock H17a-X1 Mobo. Two RX 480's hashing 28-29 MH/s each on an ethermine pool. 4GB DDR4 ram and a I5 6400. Which mainly just idles pulling less than 10w usually.

I have been trying to get ahold of extra cards on the cheap. But the inflation across the board on both Nvidia and AMD cards sucks. I haven't seen a good deal on like a month on GPU's.

Outside that 1080ti deal which really isn't worth it for mining.
 
Compsiox

Compsiox

Banned
Aztechnology said:
All I could get ahold of. 2 RX 480's from that awesome woot deal where the PC was $450 for a bunch of stuff. You can find it on Google although it's expired now.

Aside from that a 750w platinum Rosewill PSU. A 5 PCI-E 1151 ASRock H17a-X1 Mobo. Two RX 480's hashing 28-29 MH/s each on an ethermine pool. 4GB DDR4 ram and a I5 6400. Which mainly just idles pulling less than 10w usually.

I have been trying to get ahold of extra cards on the cheap. But the inflation across the board on both Nvidia and AMD cards sucks. I haven't seen a good deal on like a month on GPU's.

Outside that 1080ti deal which really isn't worth it for mining.
Click to expand...
Sounds like a pretty good build all things considered. Good luck with getting more cards.

I'm just going to stick with my 1080ti build for now. I'm getting like 37-42 MH/s so it's not too bad but yeahhh could definitely be better.
 
S

ShadowKingpin

Member
I was going to use my PC for mining, but there is no way I will ever financially or power-wise be able to compete with an Antminer or other mining PC's. I'm just going to stick to buying coins for the time being.
 
P

PastorOfMuppets

Banned
Brandson said:
I agree many altcoins are probably highly overvalued. Some of the increase is a growing number of people seeing the potential in something like Ethereum, who then buy, and the price goes up, and there is media attention, so more people find out about it, and buy in, driving the price up some more. Ethereum also had a great few months of news, which contributed to that growth cycle, and media outlets like Bloomberg are talking about it almost every day now. There is also a lag between when someone finds out about it, decides to get in, and can actually buy some, due to verification and wire transfer times. Sometimes it can take 3 or more weeks for the average person to get through all of those steps, so any good news in crypto takes a few months to fully affect the price.

As for altcoins, I think it's a lot of people not wanting to miss on the next Ethereum. Once the market realizes that only a handful of cryptocurrencies really have a future, there will be a big crash for sure. I could be wrong but I see Bitcoin kind of like Myspace, and Ethereum like Facebook. And there won't be much room for multiple Ethereums. It's possible another coin could show up to take Ethereum's place, but Ethereum does enough things right and has a big head start that I think it will ultimately be the market leader. Before we get to the crash though, there is money to be made riding the bubbles in the short term.
Click to expand...

I agree with this. Basically I see the coins like this right now:

Bitcoin - Store of value. It's useless for pretty much anything else until they resolve the blocksize issue.

Ethereum - Man, this one is hard to sum up in a sentence but Ethereum at its fullest potential could be the backbone of the next evolution of the internet with what it allows people to do. There are a whole bunch of alt coins attempting to emulate its Smart Contracts system but I don't think any are even attempting to do what Ethereum is with it's decentralized application functions.

Dash - I think this is what Bitcoin was initially meant to be. The transactions are instant and it has an interesting governance model. It also limits the power of miners and has the ability to make transactions private.

Privacy Centric Coins - I don't think there is a clear leader in this category yet. There's Monero but the dev team is completely untrustworthy. There's also ZCash and DASH as well as a whole bunch of other alt speculative altcoins. I think these coins might not have as much utility in the developed world but I can see them being very useful for people who live under authoritarian governments.
 
A

Aztechnology

Member
Compsiox said:
Sounds like a pretty good build all things considered. Good luck with getting more cards.

I'm just going to stick with my 1080ti build for now. I'm getting like 37-42 MH/s so it's not too bad but yeahhh could definitely be better.
Click to expand...

I have a 1070 in my gaming rig I plan to run while I'm not playing games room just waiting for my PCI-E risers.
 
X

x3sphere

Member
PastorOfMuppets said:
I agree with this. Basically I see the coins like this right now:

Bitcoin - Store of value. It's useless for pretty much anything else until they resolve the blocksize issue.

Ethereum - Man, this one is hard to sum up in a sentence but Ethereum at its fullest potential could be the backbone of the next evolution of the internet with what it allows people to do. There are a whole bunch of alt coins attempting to emulate its Smart Contracts system but I don't think any are even attempting to do what Ethereum is with it's decentralized application functions.

Dash - I think this is what Bitcoin was initially meant to be. The transactions are instant and it has an interesting governance model. It also limits the power of miners and has the ability to make transactions private.

Privacy Centric Coins - I don't think there is a clear leader in this category yet. There's Monero but the dev team is completely untrustworthy. There's also ZCash and DASH as well as a whole bunch of other alt speculative altcoins. I think these coins might not have as much utility in the developed world but I can see them being very useful for people who live under authoritarian governments.
Click to expand...

With Dash though due to its node structure I fear it could become more centralized over time. I don't believe the privacy features are on the level of Monero or ZCash either. But yea, in terms of governance this could be an advantage in the future but I'd say there are possible pitfalls as well.

On the privacy centric coins it is a tossup between Monero / ZCash for me. I lean more towards Monero because the tech behind ZCash is more experimental and it also required a trusted setup at the start. You can read more about it here - https://blog.okturtles.com/2016/03/the-zcash-catch/

I don't think the entire dev team of Monero is untrustworthy. I'm aware there's one outspoken dev that trolls on Twitter on occasion, but he doesn't represent the entire team. Some Bitcoin devs have contributed to Monero as well, like Greg Maxwell. The code has also been vetted by some crypto experts.

Hard to say what will come out of top, though, I agree. I still think Monero could ultimately, despite the PR issues they've been having. Aside from that the smaller privacy coins so far haven't been interesting to me, most (all?) are just forks of XMR, ZCash, or DASH with some parameters changed.

On another note I should have listened to my own advice a few days ago and bought Factom. Notice it's doubled since! Still thinking of buying but I'll wait it out a bit.
 
B

Bedlam

Member
Souldestroyer Reborn said:
Just sunk a couple of grand into ethereum.

Fingers crossed.

Be bold they said.

I wish I had bought bitcoin back in 2010. I distinctly remember going to spend £50 on them and I didn't :(
Click to expand...
Yup. Same here. Bought 10 ETH when the price was still ~160€ a couple of days ago and made some profit already. Now I will just hold onto it in my wallet, vowed to never touch it for trading.

A friend and I also started a 2-year mining contract for ETH on genisis mining. If anyone wants to join, here is a code for 3% off:
rJ5s3i
(yes, we will also get some small percentage depending on the money invested by the code user, profit for both! :)

Trading at Poloniex is currently not really functioning btw. They can't cope with the increased load it seems. /edit: works again, but chat is deactivated (which is probably good)
 
O

OG Kush

Member
Tim Ferriss just posted a great podcast on Cryptocurrency. It's a really good starting point for anyone interested in cyrptocurrencies:
The Quiet Master of Cryptocurrency — Nick Szabo
“Trusted third parties are security holes.”
– Nick Szabo

Nick Szabo (@NickSzabo4) is a polymath. The breadth and depth of his interests and knowledge are truly astounding.

He’s a computer scientist, legal scholar, and cryptographer best known for his pioneering research in digital contracts and cryptocurrency.

The phrase and concept of “smart contracts” were developed by Nick with the goal of bringing what he calls the “highly evolved” practices of contract law and practice for the design of electronic commerce protocols between strangers on the Internet. Nick also designed Bit Gold, which many consider the precursor to Bitcoin.

This wide-ranging conversation is co-hosted by Naval Ravikant, a mutual friend and one of the most successful investors in Silicon Valley, who also happens to be one of Nick’s biggest admirers.

We cover a lot, including:

What is Bitcoin, what are cryptocurrencies, and what problem do they solve?
What is “social scalability?”
What is Ethereum and what makes it unique? Strengths and weaknesses?
How will smart contracts actually get adopted or go mainstream?
What are ICOs (Initial Coin Offerings)?
Blockchain governance — is there any existential risk?
“Wet” versus “dry” code
Pascal’s scams
Quantum thought
What fields will you be working on in the future?
Click to expand...
 
H

Hisoka

Member
Dear ethereum. Dip to 225 so i can buy some. Coinbase rapes me with fees. Gdax wants my passport but doesn't accept it.
 
A

Arkanius

Member
I'm mining BTC until I make 100€. The coin is too hard to mine for end-users but the current prices make you a profit.
I'm changing my output to ETH for when I'm away from home.

Anyway, I'm storing my BTC on the NiceHash wallet, but that 10 € fee is gigantic.
Any recommended Wallets to store my BTC coins and future ETH coins?
 
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